納微半導體 (NVTS) 2022 Q2 法說會逐字稿

Good afternoon. My name is Dennis, and I will be your conference operator today. At this time, I would like to welcome everyone to the Navitas Semiconductor Second Quarter 2022 Results Conference Call. (Operator Instructions) I would now like to turn the conference over to Stephen Oliver, Vice President of Corporate Marketing and Investor Relations. Please go ahead.

下午好。我叫丹尼斯，今天我將擔任您的會議接線員。在這個時候，我想歡迎大家參加納微半導體 2022 年第二季度業績電話會議。 （操作員說明）我現在想將會議轉交給企業營銷和投資者關係副總裁 Stephen Oliver。請繼續。

Good afternoon, everyone. I'm Stephen Oliver, Vice President of Corporate Marketing and Investor Relations. Thank you for joining Navitas Semiconductor's Second Quarter Results Conference Call. I'm joined today by Eugene Sheridan our Chairman, President, CEO and Co-Founder; and Ron Shelton, our CFO and Treasurer.

大家下午好。我是企業營銷和投資者關係副總裁 Stephen Oliver。感謝您參加 Navitas Semiconductor 第二季度業績電話會議。今天，我們的董事長、總裁、首席執行官兼聯合創始人 Eugene Sheridan 加入了我的行列；以及我們的首席財務官兼財務主管 Ron Shelton。

A replay of this webcast will be available on our website approximately 1 hour following this conference call. And the recorded webcast will be available for approximately 30 days following this conference call. Additional information related to our business is also posted on the Investor Relations section of our website.

電話會議結束後約 1 小時，我們的網站將提供此網絡廣播的重播。錄製的網絡廣播將在本次電話會議後的大約 30 天內提供。與我們業務相關的其他信息也發佈在我們網站的投資者關係部分。

Our earnings release and this presentation includes certain non-GAAP financial measures. Reconciliations of these non-GAAP financial measures with the most directly comparable GAAP measures are included in our second quarter earnings release and also posted on our website in the Investor Relations section.

我們的收益發布和本演示文稿包括某些非公認會計原則財務措施。這些非 GAAP 財務指標與最直接可比的 GAAP 指標的對賬包含在我們的第二季度收益發布中，並發佈在我們網站的投資者關係部分。

In this conference call, we will make forward-looking statements about future events or about the future financial performance of Navitas, including acquisitions. You can identify these statements by words like we expect or we believe or similar terms.

在本次電話會議中，我們將對未來事件或納微未來財務業績（包括收購）作出前瞻性陳述。您可以通過我們預期或我們相信的詞語或類似詞語來識別這些陳述。

We wish to caution you that such forward-looking statements are subject to risks and uncertainties that could cause actual events or results to differ materially from expectations expressed in our forward-looking statements. Important factors that can affect Navitas business, including factors that could cause actual results to differ from our forward-looking statements, are described in our earnings release. Please also refer to the risk factors affecting Navitas discussed in our SEC filings, including our annual report on Form 10-K of 2021 and our second quarter Form 10-Q filed today with the SEC.

我們希望提醒您，此類前瞻性陳述存在風險和不確定性，可能導致實際事件或結果與我們前瞻性陳述中表達的預期存在重大差異。我們的收益發布中描述了可能影響 Navitas 業務的重要因素，包括可能導致實際結果與我們的前瞻性陳述不同的因素。另請參閱我們提交給 SEC 的文件中討論的影響 Navitas 的風險因素，包括我們關於 2021 年表格 10-K 的年度報告和我們今天向 SEC 提交的第二季度表格 10-Q。

Our estimates or other forward-looking statements may change, and Navitas assumes no obligation to update forward-looking statements to reflect actual results, changed assumptions or other events that may occur except as required by law.

我們的估計或其他前瞻性陳述可能會發生變化，並且 Navitas 不承擔更新前瞻性陳述以反映實際結果、更改的假設或可能發生的其他事件的義務，除非法律要求。

And now over to Gene Sheridan, CEO.

現在交給首席執行官 Gene Sheridan。

Hello, and welcome to our Q2 earnings call. We have exciting news today with the acquisition of GeneSiC Semiconductor, a highly profitable, fast-growing pioneer in silicon carbide. We will talk about our recent acquisition of VDD Tech while reviewing our second quarter results and our business outlook.

您好，歡迎來到我們的第二季度財報電話會議。今天，我們收到了令人振奮的消息，收購了高利潤、快速發展的碳化矽先驅 GeneSiC Semiconductor。我們將在回顧我們的第二季度業績和業務前景的同時討論我們最近對 VDD Tech 的收購。

First, let me welcome Ron Shelton, our new CFO, who will cover financial details later in the call. Ron brings rich experience as a public company CFO in semiconductors, in M&A and other strategic transactions, which will be invaluable in our mission to become the leading next-generation power semiconductor company. Ron is at the ground running and was instrumental in our acquisitions of GeneSiC and VDD Tech.

首先，讓我歡迎我們的新首席財務官 Ron Shelton，他將在稍後的電話會議中介紹財務細節。作為一家上市公司的首席財務官，Ron 在半導體、併購和其他戰略交易方面擁有豐富的經驗，這對於我們成為領先的下一代功率半導體公司的使命非常寶貴。 Ron 處於起步階段，在我們收購 GeneSiC 和 VDD Tech 中發揮了重要作用。

Let me start by talking about why Navitas purchased a silicon carbide company. Navitas has the mission to electrify our world as we accelerate our plans transition from fossil fuels to clean electrical energy. GaN and silicon carbide are both advanced technologies that enable greater energy savings, faster charging, smaller size, lighter weight and lower system costs when compared to traditional silicon-based power systems.

讓我先談談為什麼 Navitas 收購了一家碳化矽公司。 Navitas 的使命是讓我們的世界電氣化，因為我們加快了從化石燃料向清潔電能過渡的計劃。與傳統的基於矽的電源系統相比，GaN 和碳化矽都是先進技術，可實現更大的節能、更快的充電、更小的尺寸、更輕的重量和更低的系統成本。

Taken together, GaN and silicon carbide make electrical energy more efficient, more reliable and lower cost across a broad range of applications serving to accelerate our planet's transition from fossil fuels to electrical energy and accelerate our company's mission. While both GaN and silicon carbide offer similar physical advantages to silicon, they do have some fundamental differences.

總之，GaN 和碳化矽使電能在廣泛的應用中更高效、更可靠和成本更低，有助於加速我們的星球從化石燃料向電能的過渡，並加速我們公司的使命。雖然 GaN 和碳化矽都提供與硅相似的物理優勢，但它們確實存在一些根本差異。

Silicon carbide has better voltage and temperature capabilities, making it ideal for applications over 1,000 volts. GaN offers higher frequency operation and higher integration, making it the ideal choice for applications below 1,000 volts, particularly those that can take advantage of its higher switching speeds.

碳化矽具有更好的電壓和溫度能力，非常適合 1,000 伏以上的應用。 GaN 提供更高頻率的操作和更高的集成度，使其成為 1,000 伏以下應用的理想選擇，尤其是那些可以利用其更高開關速度的應用。

With the GeneSiC acquisition, Navitas becomes the world's first pure-play next-generation power semiconductor company with proven leading-edge GaN and silicon carbide technologies and the capability to address a full range of applications from 20-watt smartphone chargers to 20 kilowatts EV charging to 20-megawatt grid infrastructure power systems and everything in between as we look to address an aggregate opportunity that we expect will grow to over $20 billion per year by 2026.

通過收購 GeneSiC，Navitas 成為世界上第一家擁有成熟領先的 GaN 和碳化矽技術的純下一代功率半導體公司，並能夠滿足從 20 瓦智能手機充電器到 20 千瓦電動汽車充電的全方位應用到 20 兆瓦的電網基礎設施電力系統以及介於兩者之間的一切，因為我們希望解決我們預計到 2026 年將增長到每年超過 200 億美元的總體機會。

GeneSiC is both a great silicon carbide company and more specifically, an ideal silicon carbide partner for Navitas. Their technology offers industry-leading performance, world-class robustness, the widest portfolio and a broad and synergistic customer base with impressive revenue growth and profitability.

GeneSiC 既是一家偉大的碳化矽公司，更具體地說，是 Navitas 理想的碳化矽合作夥伴。他們的技術提供行業領先的性能、世界級的穩健性、最廣泛的產品組合以及廣泛而協同的客戶群，以及令人印象深刻的收入增長和盈利能力。

Based on Navitas' testing, GeneSiC delivers the industry's best silicon carbide performance under high temperature and high switching speeds. This is essential to maximize customer benefits in energy saving, size, weight and cost for the end application. Also of critical importance is the ability to survive harsh electrical environments. GeneSiC technology offers industry-leading robustness with the highest 100% tested Avalanche tradings and world-class short circuit capability, both of which work together to ensure the greatest ruggedness and reliability in customer applications.

基於 Navitas 的測試，GeneSiC 在高溫和高開關速度下提供業界最佳的碳化矽性能。這對於最大限度地提高客戶在最終應用的節能、尺寸、重量和成本方面的利益至關重要。同樣至關重要的是能夠在惡劣的電氣環境中生存。 GeneSiC 技術通過最高 100% 測試的 Avalanche 交易和世界一流的短路能力提供行業領先的穩健性，這兩者共同確保客戶應用具有最大的穩健性和可靠性。

In addition, GeneSiC offers the widest portfolio of silicon carbide devices in the industry, ranging from 650 volts to 6,500 volts during the broadest set of applications possible. All of this market-leading technology has led to over 500 customers in production or development across solar, EV, energy storage, wind and grid installations.

此外，GeneSiC 提供業內最廣泛的碳化矽器件組合，電壓範圍從 650 伏到 6,500 伏，適用於最廣泛的應用。所有這些市場領先的技術已為超過 500 家客戶帶來了太陽能、電動汽車、能源存儲、風能和電網裝置的生產或開發。

Existing GeneSiC markets are diverse, but also synergistic with Navitas existing and targeted customers. In electric vehicles, for example, Navitas' GaN is optimized for 400-volt battery systems while GeneSiC technology is best suited to address 800-volt architectures.

現有的 GeneSiC 市場多種多樣，但也與 Navitas 現有和目標客戶產生協同效應。例如，在電動汽車中，Navitas 的 GaN 針對 400 伏電池系統進行了優化，而 GeneSiC 技術最適合解決 800 伏架構。

GeneSiC has existing revenue and development customers, including BYD, the world's #1 EV supplier; Land Rover; Mercedes AMG, Geely, Shinry, LG Magna, Saab, and Inovance. Our EV-focused design center will immediately add developments with GeneSiC technology and accelerate its success into an even broader range of EV customers and applications.

GeneSiC 擁有現有的收入和開發客戶，包括全球第一大電動汽車供應商比亞迪；路虎；梅賽德斯 AMG、吉利、Shinry、LG 麥格納、薩博和匯川。我們專注於 EV 的設計中心將立即添加 GeneSiC 技術的開發，並加速其在更廣泛的 EV 客戶和應用中的成功。

In solar, Navitas' GaN targets residential applications while GeneSiC is already shipping into higher power, commercial solar and energy storage customers, including Alpha Power Solutions, Advanced Energy, Chint, GoodWe, Growatt, Sungrow, CATL and Exide.

在太陽能領域，Navitas 的 GaN 面向住宅應用，而 GeneSiC 已經向更高功率、商業太陽能和儲能客戶提供產品，包括 Alpha Power Solutions、Advanced Energy、正泰、固德威、Growatt、Sungrow、CATL 和 Exide。

Another area of GeneSiC strength is an even higher voltage in higher power markets, including rail, UPS, wind, grid distribution, industrial and medical imaging, all immediate revenue expansion areas for Navitas.

GeneSiC 的另一個優勢領域是更高功率市場的更高電壓，包括鐵路、UPS、風能、電網配電、工業和醫療成像，這些都是 Navitas 的直接收入增長領域。

In terms of talent, we're delighted to welcome a very innovative and experienced technical GeneSiC team to Navitas. Founder and President, Dr. Ranbir Singh has dedicated his life to the mission of high-performance, high-reliability silicon carbide devices, including 20 years in founding and leading GeneSiC. Dr. Singh is highly respected in the power semiconductor community with several awards, over 200 journal and conference papers and over 30 U.S. patents. He joins Navitas as an Executive Vice President for the GeneSiC business, and we expect to retain all GeneSiC employees.

在人才方面，我們很高興歡迎一個非常創新和經驗豐富的技術 GeneSiC 團隊加入 Navitas。創始人兼總裁 Ranbir Singh 博士畢生致力於高性能、高可靠性碳化矽器件的使命，包括 20 年創立和領導 GeneSiC。 Singh 博士在功率半導體界備受推崇，獲得多項獎項、200 多篇期刊和會議論文以及 30 多項美國專利。他加入 Navitas 擔任 GeneSiC 業務執行副總裁，我們希望保留所有 GeneSiC 員工。

As the GeneSiC team is focused heavily on core silicon carbide design process and technology, Navitas has invested heavily in global sales and operations, strong technical support and system design centers in bringing our GaN IT technology to market. These capabilities are a perfect complement to GeneSiC and will serve to further accelerate their growth trajectory.

由於 GeneSiC 團隊專注於核心碳化矽設計流程和技術，Navitas 在全球銷售和運營、強大的技術支持和系統設計中心投入巨資，將我們的 GaN IT 技術推向市場。這些能力是對 GeneSiC 的完美補充，將有助於進一步加速其增長軌跡。

This GeneSiC acquisition is also a great combination with our recent acquisition of VDD Tech. This Belgium start-up has developed high-speed robust digital isolators, which are critical safety barrier circuits that interfaces low-voltage logic to the high-voltage power required in virtually all power systems.

此次收購 GeneSiC 也是我們最近收購 VDD Tech 的絕佳組合。這家比利時初創公司開發了高速穩健的數字隔離器，這是一種關鍵的安全屏障電路，可將低壓邏輯連接到幾乎所有電力系統所需的高壓電源。

This digital isolator technology has already been optimized for the high switching speeds of GaN and silicon carbide and will allow Navitas to offer complete power stage chipsets or integrated solutions in delivering more value and content to our customers in each target market, including data center, solar, energy storage, EV and others.

這種數字隔離器技術已經針對 GaN 和碳化矽的高開關速度進行了優化，並將允許 Navitas 提供完整的功率級芯片組或集成解決方案，從而為每個目標市場的客戶提供更多價值和內容，包括數據中心、太陽能、儲能、電動汽車等。

We expect digital isolators will add up to $4 of content per system and open up an additional estimated $1 billion per year market opportunity for Navitas. We anticipate first products to launch in 2023 and appreciable revenue contribution in 2024.

我們預計數字隔離器將為每個系統增加多達 4 美元的內容，並為 Navitas 帶來每年 10 億美元的額外市場機會。我們預計首批產品將於 2023 年推出，並在 2024 年實現可觀的收入貢獻。

Let me now turn to our second quarter results with a focus on the existing GaN business. We are pleased with Q2 revenues that were in line with guidance and increased 58% year-on-year. Also gross margins came in on the upper end of our guidance. The future of mobile charging is GaN, and Navitas has a leadership position with 9 of the top 10 mobile OEMs in production today and 10 of those 10 in development with Navitas GaN IC for their next-generation chargers.

現在讓我談談我們的第二季度業績，重點是現有的 GaN 業務。我們對第二季度的收入符合預期並同比增長 58% 感到滿意。毛利率也位於我們指導的上限。移動充電的未來是 GaN，Navitas 在當今生產的 10 大移動 OEM 中的 9 家和這 10 家中的 10 家正在使用 Navitas GaN IC 開發下一代充電器方面處於領先地位。

In Q2 alone, our customers launched over 20 GaNFast and ultra-fast chargers. The number of GaN chargers in the market is expanding rapidly with new OEM launches that include Vivo's X Fold, Motorola edge+, OnePlus 10R and 10T models, including charging power levels that reach up to 200 watts, setting a new industry benchmark of 0% to 100% charging in less than 10 minutes.

僅在第二季度，我們的客戶就推出了 20 多款 GaNFast 和超快速充電器。市場上 GaN 充電器的數量正在迅速擴大，新的 OEM 推出包括 Vivo 的 X Fold、摩托羅拉 edge+、OnePlus 10R 和 10T 型號，包括高達 200 瓦的充電功率水平，為 0% 至不到 10 分鐘即可充滿 100%。

New aftermarket GaN charger launches include Anchor's new GaN prime series at 120, 140 and 150 watts and Belkin's new 108W 4-port GaNFast charger, which is now available in the Apple store. Q2's In-Box laptop charger launches include Xiaomi's Redmi, Lenovo's Legion and the Dell XPS 13 Pro models.

新推出的售後市場 GaN 充電器包括 Anchor 的 120、140 和 150 瓦的新 GaN prime 系列和 Belkin 的新 108W 4 端口 GaNFast 充電器，現已在 Apple Store 有售。 Q2 推出的 In-Box 筆記本電腦充電器包括小米的 Redmi、聯想的 Legion 和戴爾 XPS 13 Pro 型號。

In Q2, we have also made excellent progress in our expansion markets. We have 4 data center power platforms in development that meet or exceed the new demanding titanium plus efficiency standard and are supporting 8 customer projects with projected revenues ramping next year. In addition, we expect the GeneSiC acquisition will accelerate our revenue plans in data center.

在第二季度，我們在擴展市場方面也取得了出色的進展。我們有 4 個數據中心電源平台正在開發中，它們達到或超過了新的苛刻的鈦加效率標準，並正在支持 8 個客戶項目，預計明年的收入會增加。此外，我們預計收購 GeneSiC 將加速我們在數據中心的收入計劃。

In solar, we now have 2 major solar residential customers committed to a broad transition from silicon to GaN, which is anticipated to drive significant revenue growth in 2024. And GeneSiC gives us immediate revenue with many synergistic solar and energy storage customers as they accelerate their adoption of silicon carbide.

在太陽能領域，我們現在有 2 個主要的太陽能住宅客戶致力於從矽向 GaN 的廣泛過渡，預計這將在 2024 年推動收入顯著增長。GeneSiC 為我們提供了直接的收入，與許多協同太陽能和儲能客戶加速他們的合作採用碳化矽。

And in electric vehicles, we have 3 new onboard charger platforms in development, which we expect to set new industry standard benchmarks in charging speed, efficiency and power density and are supporting 5 major customer programs expected to ramp revenues by 2025.

在電動汽車方面，我們正在開發 3 個新的車載充電器平台，我們預計這些平台將在充電速度、效率和功率密度方面樹立新的行業標準，並支持 5 個預計到 2025 年將增加收入的主要客戶計劃。

Here again, GeneSiC not only brings us immediate additional EV revenues and synergistic customers that will be accelerated by our EV design center, but also opens up new opportunities for our GaN technology into many of those same GeneSiC customers.

再次，GeneSiC 不僅為我們帶來了直接的額外 EV 收入和協同客戶，我們的 EV 設計中心將加速這些客戶，而且還為我們的 GaN 技術為許多相同的 GeneSiC 客戶帶來了新的機會。

Looking forward to Q3. While our GaN position in the mobile market has never been stronger, we do see significant headwinds given the softness in the China smartphone market. We see a combination of supply chain disruptions from shutdowns and shortages, but also now excess smart inventories, which are impacting the timing and sell-through of new model launches. While visibility is limited, we anticipate this softness will likely continue through Q4 and possibly into early '23.

期待Q3。雖然我們在移動市場上的 GaN 地位從未如此強大，但鑑於中國智能手機市場的疲軟，我們確實看到了巨大的阻力。我們看到供應鏈因停工和短缺而中斷，但現在還有過多的智能庫存，這正在影響新車型發布的時間和銷售情況。雖然能見度有限，但我們預計這種疲軟可能會持續到第四季度，甚至可能會持續到 23 年初。

As noted last quarter, we are making very good progress in regional and market diversification as we're ramping a significant program with a leading home appliance customer in Europe. This new program represents the first of many anticipated in an entirely new market for Navitas, which uses our GaN IC and motor drives for home appliance and a broad array of industrial motor applications. We will share further details on this exciting new market expansion in upcoming investor events and our Q3 earnings call.

正如上個季度所指出的，我們在區域和市場多元化方面取得了非常好的進展，因為我們正在與歐洲領先的家電客戶一起推進一項重要計劃。這項新計劃代表了 Navitas 在全新市場中預期的眾多計劃中的第一個，該計劃將我們的 GaN IC 和電機驅動器用於家用電器和廣泛的工業電機應用。我們將在即將舉行的投資者活動和第三季度財報電話會議上分享有關這一令人興奮的新市場擴張的更多細節。

The addition of the GeneSiC revenue, together with this Europe motor drive business helps to mitigate some of the China mobile softness in the second half of the year. To conclude, despite near-term challenges in the China mobile market, Navitas has established an extraordinary position as the GaN IC leader, and we've now combined that with an industry-leading, highly accretive silicon carbide company that creates a diversified high-growth business and forms the industry's only pure-play next-generation power semiconductor company.

GeneSiC 收入的增加以及歐洲電機驅動業務有助於緩解下半年中國移動的一些疲軟。總而言之，儘管中國移動市場近期面臨挑戰，但納微已經確立了作為 GaN IC 領導者的非凡地位，我們現在已經將其與行業領先、高增值的碳化矽公司結合起來，創造了一個多元化的高-增長業務，並形成業界唯一一家純下一代功率半導體公司。

We are well positioned to electrify our world and accelerate the transition of our planet from fossil fuel to clean electrical energy.

我們已做好準備使我們的世界電氣化，並加速我們的星球從化石燃料向清潔電能的轉變。

With that, let me turn it over to our CFO, Ron Shelton, to discuss our financial results, the GeneSiC acquisition and our forward-looking guidance in further detail.

有了這個，讓我把它交給我們的首席財務官 Ron Shelton，以進一步詳細討論我們的財務業績、GeneSiC 收購和我們的前瞻性指導。

Thanks, Gene, and thanks, everyone, for joining us today. In my comments today, I'll first take you through our second quarter results. I'll then walk you through the details on the GeneSiC transaction, and then we'll wrap it up with our guidance for Q3.

謝謝，吉恩，也謝謝大家今天加入我們。在我今天的評論中，我將首先帶您了解我們的第二季度業績。然後，我將向您介紹 GeneSiC 交易的詳細信息，然後我們將在第三季度的指導中結束它。

GAAP revenue for the quarter grew to $8.6 million. That represents 58% growth from the second quarter of 2021. This was in line with our guidance. And while we began to see the impact of a slowdown in China during the quarter, this was offset by gains we made in diversifying our end markets and customer base.

本季度的 GAAP 收入增長至 860 萬美元。這比 2021 年第二季度增長了 58%。這符合我們的指導。雖然我們在本季度開始看到中國經濟放緩的影響，但這被我們在終端市場和客戶群多樣化方面取得的收益所抵消。

GAAP gross margin was 42% in the second quarter and at the high end of our guidance. As we have discussed before and as was expected, gross margins have come down about 400 basis points on a year-over-year basis, primarily due to TSMC's 20% wafer price increase earlier this year.

第二季度 GAAP 毛利率為 42%，處於我們指引的高端。正如我們之前所討論的和預期的那樣，毛利率同比下降了約 400 個基點，這主要是由於台積電今年早些時候晶圓價格上漲了 20%。

With regard to expenses, we continue to make investments in our research and development, field applications and sales and marketing teams as we build out our capability to penetrate new markets and expand into new regions. We are beginning to see the results of that activity now as we begin to see meaningful revenue outside of the mobile space. At the same time, we are taking a disciplined approach to overall spending in the business.

在費用方面，我們將繼續投資於我們的研發、現場應用以及銷售和營銷團隊，以增強我們打入新市場和擴展到新地區的能力。我們現在開始看到這項活動的結果，因為我們開始在移動領域之外看到有意義的收入。與此同時，我們對業務的整體支出採取了嚴格的方法。

As a result, operating expenses were essentially flat on a sequential basis with total non-GAAP operating expenses of $12.5 million for both the first and second quarter of 2022. Our non-GAAP SG&A expense was $6.0 million and non-GAAP R&D was $6.5 million in the second quarter of 2022. Putting all of this together, non-GAAP net loss from operations was $8.9 million compared to a net loss from operations of $5.8 million in the second quarter of 2021 as we invest simultaneously across new markets in this phase of our company's growth.

因此，運營費用環比基本持平，2022 年第一季度和第二季度的非公認會計原則運營費用總額為 1250 萬美元。我們的非公認會計原則 SG&A 費用為 600 萬美元，非公認會計原則研發費用為 650 萬美元在 2022 年第二季度。將所有這些放在一起，非公認會計原則的運營淨虧損為 890 萬美元，而 2021 年第二季度的運營淨虧損為 580 萬美元，因為我們在這一階段同時投資於新市場我們公司的成長。

Our basic share count at the end of the second quarter was 124 million shares and our diluted share count was 132.1 million shares.

第二季度末我們的基本股數為 1.24 億股，稀釋後的股數為 1.321 億股。

Turning to the balance sheet. It continues to remain very strong with high levels of liquidity. Cash and cash equivalents at quarter end and prior to the acquisition we announced earlier today were $240.5 million. Accounts receivable was $9.4 million compared to $9.6 million in the prior quarter, reflecting the improved days sales outstanding.

轉向資產負債表。它繼續保持非常強勁的流動性水平。季度末和我們今天早些時候宣布的收購之前的現金和現金等價物為 2.405 億美元。應收賬款為 940 萬美元，而上一季度為 960 萬美元，這反映了未結銷售天數的改善。

Inventory rose slightly to $14.0 million compared to $13.1 million in the prior quarter, given softness in the China mobile market. We're confident that as the China mobile market recovers, over time, our inventory levels will trend towards our long-term target for inventory turns of 3 to 4x.

鑑於中國移動市場疲軟，與上一季度的 1,310 萬美元相比，庫存小幅上升至 1,400 萬美元。我們相信，隨著中國移動市場的複蘇，隨著時間的推移，我們的庫存水平將趨向於我們的長期目標，即庫存周轉率為 3 至 4 倍。

Turning to the GeneSiC acquisition. As we noted, it is highly accretive to our business in all respects. It is a high-growth and highly profitable business with greater than 25% EBITDA margins, and we expect to realize those benefits immediately. Total consideration consisted of approximately $100 million in cash, 24.9 million shares of Navitas stock and up to $25 million in a cash earnout subject to achieving substantial GeneSiC revenues over the 4 quarters ending September 30, 2023.

轉向 GeneSiC 收購。正如我們所指出的，它在各個方面都對我們的業務有很大的促進作用。這是一項高增長和高利潤的業務，EBITDA 利潤率超過 25%，我們希望立即實現這些好處。總對價包括約 1 億美元現金、2490 萬股 Navitas 股票和高達 2500 萬美元的現金收益，前提是在截至 2023 年 9 月 30 日的 4 個季度內實現可觀的 GeneSiC 收入。

After the acquisition, we continue to have an exceptionally strong balance sheet with approximately $140 million of cash and virtually no debt. As we indicated earlier, a major benefit of this GeneSiC acquisition is its high profit margins, which will accelerate our path to overall profitability and positive cash flow.

收購後，我們繼續擁有異常強勁的資產負債表，擁有約 1.4 億美元的現金，幾乎沒有債務。正如我們之前指出的，此次 GeneSiC 收購的主要好處是其高利潤率，這將加速我們實現整體盈利能力和正現金流的道路。

So to summarize, we are and continue to be well capitalized and have sufficient capital available to us to fund and grow the combined business and capitalize on the opportunities we see in front of us.

總而言之，我們現在並繼續資本充足，有足夠的資金來資助和發展合併後的業務，並利用我們看到的機會。

Now moving on to guidance. For the third quarter of 2022, GAAP revenues are expected to be between $9 million and $11 million, and that's compared to $5.6 million in the third quarter of 2021. Our guidance for the quarter includes a partial quarter of operations for the GeneSiC business. And while we are beginning to see growth outside of the mobile market, we do expect revenues to continue to be adversely impacted by softness in the China mobile space.

現在繼續指導。 2022 年第三季度，GAAP 收入預計在 900 萬美元至 1100 萬美元之間，而 2021 年第三季度為 560 萬美元。我們對該季度的指導包括 GeneSiC 業務的部分季度運營。雖然我們開始看到移動市場以外的增長，但我們確實預計收入將繼續受到中國移動領域疲軟的不利影響。

Gross margin for the third quarter is expected to be approximately 40%, plus or minus 2%. We expect continued impact from the shift in the mix of our products away from mobile as we invest in expanding into new markets, which initially have lower gross margins. As we noted last quarter, we believe this impact on gross margins is temporary. We expect that gross margins will improve over the next few quarters as we transition to our Generation 4 products and the China mobile market begins to improve.

第三季度的毛利率預計約為40%，正負2%。我們預計，隨著我們投資擴張到最初毛利率較低的新市場，我們的產品組合從移動設備轉移會繼續產生影響。正如我們上個季度所指出的，我們認為這種對毛利率的影響是暫時的。我們預計，隨著我們向第 4 代產品過渡以及中國移動市場開始改善，未來幾個季度的毛利率將有所改善。

In total, our non-GAAP operating expenses in Q3, which included a partial quarter of expenses for GeneSiC, are expected to be approximately $14 million, plus or minus 3%, which excludes stock-based compensation and amortization of intangible assets.

總體而言，我們在第三季度的非公認會計原則運營費用（包括 GeneSiC 的部分季度費用）預計約為 1400 萬美元，正負 3%，其中不包括基於股票的補償和無形資產的攤銷。

Our preliminary outlook for revenue in the fourth quarter of 2022 ranges from $13 million to $16 million and that reflects continued softness in the China mobile market, and our outlook for gross margins is in the range of 43%, plus or minus 2%.

我們對 2022 年第四季度收入的初步預期在 1300 萬美元至 1600 萬美元之間，這反映了中國移動市場的持續疲軟，我們對毛利率的預期在 43% 上下浮動 2% 之間。

In summary, we're excited about the growth opportunities in front of us and how the combination of Navitas and GeneSiC accelerates our vision of becoming the industry's next-generation power semiconductor leader.

總之，我們對擺在我們面前的增長機會以及 Navitas 和 GeneSiC 的結合如何加速我們成為行業下一代功率半導體領導者的願景感到興奮。

Operator, let's begin the Q&A session.

接線員，讓我們開始問答環節。

(Operator Instructions) And your first question is from the line of Kevin Cassidy with Rosenblatt Securities.

（操作員說明）您的第一個問題來自 Rosenblatt Securities 的 Kevin Cassidy。

Congratulations on the acquisition. Maybe if you could tell us a little more details about GeneSiC, what the revenues might be or how many employees are you acquiring?

祝賀你的收購。如果你能告訴我們更多關於 GeneSiC 的細節，收入可能是多少，或者你收購了多少員工？

Sure. Yes, Kevin, thanks for your call and it's GeneSiC to help on that pronunciation as well. But it's about 19 people, and we're estimating this year's revenue at about $25 million.

當然。是的，Kevin，感謝您的來電，GeneSiC 也可以幫助您解決發音問題。但它大約有 19 人，我們估計今年的收入約為 2500 萬美元。

Okay. And I think in the press release, it's growing at 60%.

好的。我認為在新聞稿中，它以 60% 的速度增長。

That's right. Annualized demonstrated growth rate.

這是正確的。年化顯示增長率。

Okay. Great. And on your Generation 4, is that shipping for revenue now? Or is it going to be just ramping in the third quarter?

好的。偉大的。在您的第 4 代上，現在運輸是為了收入嗎？還是會在第三季度逐漸增加？

Yes. We're releasing to first customers in Q3. It's not material in Q3. It's more appreciable in Q4, and the biggest impact will be next year.

是的。我們將在第三季度向第一批客戶發布。這在第三季度並不重要。在第四季度更為明顯，最大的影響將在明年。

Your next question is from the line of Tristan Gerra with Baird.

您的下一個問題來自 Tristan Gerra 和 Baird。

Also some follow-up questions on GeneSiC. How much cash flow impact you think you would incur from manufacturing equipment purchases as you build capacity? And would you be potentially a recipient of the CHIPS Act if you build or if you just expand new capacity for that company in silicon carbide?

還有一些關於 GeneSiC 的後續問題。您認為在建設產能時購買製造設備會產生多大的現金流影響？如果您建立或只是擴大該公司在碳化矽方面的新產能，您是否有可能成為 CHIPS 法案的接受者？

Ron may comment, but I'll just explain. It is a fabless model just as the Navitas fabless model, while Navitas on GaN works with TSMC who takes care of the bulk of the CapEx investments. In the case of GeneSiC, they're working with X-FAB, who is aggressively expanding their silicon carbide capacity in their Texas facility just like TSMC has been rapidly expanding theirs for us on gallium nitride in Taiwan.

羅恩可能會發表評論，但我會解釋一下。就像 Navitas 無晶圓廠模型一樣，它是一個無晶圓廠模型，而 Navitas on GaN 與負責大部分資本支出投資的台積電合作。就 GeneSiC 而言，他們正在與 X-FAB 合作，X-FAB 正在積極擴大其德克薩斯工廠的碳化矽產能，就像台積電在台灣為我們迅速擴大氮化鎵產能一樣。

And in addition in silicon carbide, it has the added dimension of critical and substrate and epi layers. And that GeneSiC team has done a great job of qualifying, proving and using multiple substrate and epi suppliers in combination with X-FAB. So it's a very flexible and robust supply chain but also doesn't require significant CapEx in the short term.

此外，在碳化矽中，它還增加了關鍵層、襯底層和外延層的尺寸。 GeneSiC 團隊在與 X-FAB 結合使用多個基板和外延供應商方面做得非常出色。所以這是一個非常靈活和強大的供應鏈，但在短期內也不需要大量的資本支出。

Okay. And then as a quick follow-up then. How should I be looking at GeneSiC gross margin at scale? Is it going to be similar to current levels? Or is there any changes that we would expect as the revenue continues to ramp from the $25 million this year?

好的。然後作為快速跟進。我應該如何看待大規模的 GeneSiC 毛利率？會不會和現在的水平差不多？或者，隨著收入從今年的 2500 萬美元繼續增長，我們預計會有什麼變化？

This is Ron. So the way that we think about it again is we're guiding a single number as a single company right now of about -- Q3, it was $9 million to $11 million and margins around 40%. And then going forward, in my comments, you saw that we were guiding margins up a little bit to 43%, plus or minus 2%. So that's the trend in margins. And again, over time, they'll march in lockstep. I mean, we kind of look at it that way. So we just look at this as a single company.

這是羅恩。因此，我們再次考慮的方式是，我們現在將一個單一的數字作為一家公司指導——第三季度，它是 900 萬美元到 1100 萬美元，利潤率約為 40%。然後繼續前進，在我的評論中，您看到我們將利潤率提高到 43%，上下浮動 2%。這就是利潤率的趨勢。再一次，隨著時間的推移，他們會步調一致地前進。我的意思是，我們是這樣看的。因此，我們只是將其視為一家公司。

We're a power semiconductor company. We're going to report on a consolidated basis. I will point out, and we put in the comments and the releases, that this business is very profitable. So we referred to it as being accretive. It's accretive immediately. It's got 25% plus EBITDA margins. So we're very excited about it. We think it will generate cash.

我們是一家功率半導體公司。我們將在合併的基礎上進行報告。我會指出，我們會在評論和發布中指出，這項業務非常有利可圖。所以我們把它稱為增值。它立即增值。它的 EBITDA 利潤率為 25%。所以我們對此感到非常興奮。我們認為它將產生現金。

So net-net-net, when you add all that up, we think it's a really good financial transaction and business transaction.

所以 net-net-net，當你把所有這些加起來時，我們認為這是一個非常好的金融交易和商業交易。

Your next question is from the line of Blake Friedman with Bank of America.

您的下一個問題來自美國銀行的布萊克弗里德曼。

I just kind of wanted to further go into the GeneSiC acquisition. I know in the past few years, there have been several players who are beginning to enter the silicon carbide landscape. So I was curious if you could further elaborate on the competitive advantages GeneSiC holds relative to existing vendors in the industry.

我只是想進一步了解對 GeneSiC 的收購。我知道在過去的幾年裡，已經有幾家玩家開始進入碳化矽領域。因此，我很好奇您能否進一步詳細說明 GeneSiC 相對於業內現有供應商所擁有的競爭優勢。

Yes, definitely, Blake. Thanks for the question. Yes, we're super excited about it. We've done, of course, a lot of due diligence, some intensive testing of their technology compared to others. And in fact, we share some of those findings in an investor presentation that's going to be posted online.

是的，絕對是，布萊克。謝謝你的問題。是的，我們對此感到非常興奮。當然，我們已經做了很多盡職調查，與其他技術相比，對他們的技術進行了一些密集測試。事實上，我們在將發佈在網上的投資者演示文稿中分享了其中的一些發現。

But the findings there, as we highlighted in some of the prepared remarks, our really extraordinary performance particularly in high temperature, high-frequency switching applications, which is really how you want to use these devices. Of course, that's the benefit of wide bandgap technologies, be it GaN or silicon carbide.

但是那裡的發現，正如我們在一些準備好的評論中強調的那樣，我們確實具有非凡的性能，特別是在高溫、高頻開關應用中，這正是您想要使用這些設備的方式。當然，這是寬帶隙技術的好處，無論是 GaN 還是碳化矽。

So excellent in-circuit switching performance, but they also went a step further and developed some of the best robustness we've ever seen. Parameters like Avalanche in short circuit are really world-class. And it's that combination of reliability, robustness and in-circuit performance that's impressive and hard to achieve and a real credit to the GeneSiC team and Dr. Ranbir Singh and his work over the last 20 years at his company and really his whole career.

如此出色的電路內開關性能，但他們也更進一步，開發了一些我們所見過的最好的魯棒性。短路雪崩等參數確實是世界級的。正是可靠性、穩健性和在線性能的結合令人印象深刻且難以實現，這是對 GeneSiC 團隊和 Ranbir Singh 博士以及他在公司過去 20 年的工作以及他整個職業生涯的真正功勞。

So it puts them in a very strong industry-leading performance position, and I think it speaks to and explains why they're growing faster than the market and gaining share in the market, even though it's a later entrant to the market.

因此，這使他們處於非常強大的行業領先性能地位，我認為這說明並解釋了為什麼他們的增長速度超過市場並在市場中獲得份額，即使它是後來進入市場的人。

Good to know. And then just kind of quickly following up more on the legacy business. I know you called out softness in the China smartphone market similar to peers. I was just wondering if you can kind of quantify that weakness, both maybe in Q3 and Q4.

很高興知道。然後只是快速跟進遺留業務。我知道您稱中國智能手機市場與同行一樣疲軟。我只是想知道你是否可以量化這種弱點，可能在第三季度和第四季度。

Yes, this is Ron. So the way to think about the business is, and as Gene pointed out, it is a little soft. And so relative to the first half of this year, we think about it as flat to slightly down off the first half for the second half. And again, it's -- right now, visibility is limited, similar to what you've seen in other companies.

是的，這是羅恩。因此，考慮業務的方式是，正如 Gene 指出的那樣，它有點軟。因此，相對於今年上半年，我們認為下半年持平至略低於上半年。再說一次，現在，可見性是有限的，就像你在其他公司看到的一樣。

So it's really kind of a 2- to 3-quarter thing where we're looking at it and saying it's just going to be a little bit limited. So revenues out of China are muted right now and expect to be certainly through the rest of this year.

所以這真的是一個 2 到 3 個季度的事情，我們正在研究它並說它只會有點有限。因此，中國以外的收入目前處於低迷狀態，預計肯定會持續到今年剩餘時間。

Your next question is from the line of Ross Seymore with Deutsche Bank.

您的下一個問題來自德意志銀行的羅斯·西莫爾（Ross Seymore）。

Let me ask a question. Ron, welcome to Navitas. Gene, just want to go into GeneSiC as far as the revenue growth rate side of things. I know you talked about the proven revenues or demonstrated. I assume that's kind of backwards looking. What sort of growth rate should we think of forward-looking? That 60% number is incredibly impressive, but I'm not sure if that applies going forward just as much as it has looking backwards.

讓我問一個問題。羅恩，歡迎來到納維。 Gene，就收入增長率方面而言，只想進入 GeneSiC。我知道您談到了已證實的收入或已證明的收入。我認為這有點向後看。什麼樣的增長率我們應該認為是前瞻性的？這個 60% 的數字令人印象深刻，但我不確定這是否適用於向前看和向後看一樣多。

Yes. Thanks, Ross. Good question. You're right. It's the demonstrated annual growth rate of 60% or more. We're not giving any official guidance for '23 just yet. We plan to do that in our next quarterly announcement in November, and that will give us some time to better judge the poor visibility with the China smartphone business as well as do some more deeper integration and financial planning with the GeneSiC team. But at this point, I think we're still bullish that, that growth rate should be in that same ballpark going forward. And we'll tell you more in November.

是的。謝謝，羅斯。好問題。你是對的。顯示的年增長率為 60% 或更高。我們還沒有為 23 年提供任何官方指導。我們計劃在 11 月的下一個季度公告中這樣做，這將使我們有時間更好地判斷中國智能手機業務的低能見度，並與 GeneSiC 團隊進行更深入的整合和財務規劃。但在這一點上，我認為我們仍然看好這一點，未來的增長率應該在同一個範圍內。我們將在 11 月告訴您更多信息。

Got it. And then on the core business, Ron, you gave that half over half. That color was helpful to a prior question. But generally, Gene and/or Ron, what do you see is the core problem here? Was it excess inventory? Is it anything that's specific to Navitas? Obviously, we all know the end market is weak, but was there excess inventory of your components on top of the customer side of things?

知道了。然後在核心業務上，羅恩，你給了一半多一半。這種顏色對前面的問題很有幫助。但總的來說，吉恩和/或羅恩，你認為這裡的核心問題是什麼？是庫存過剩嗎？是 Navitas 特有的嗎？顯然，我們都知道終端市場疲軟，但是在客戶方面，你們的組件庫存是否過多？

And I guess what I'm really getting at is, you guys are gaining share. You've gone from 6 to 8 to 9 of the top 10 vendors. It doesn't seem like the share gains are significantly offsetting the weakness in the broader market. So I just want to kind of get a little bit more color on the interaction between those 2 dynamics.

我想我真正想說的是，你們正在獲得份額。在前 10 名供應商中，您已經從 6 家增加到 8 家到 9 家。股價上漲似乎並沒有顯著抵消大盤的疲軟。所以我只是想在這兩種動態之間的相互作用上獲得更多的色彩。

Yes. And I could add, our design position in the charger market globally and in China has never been better, 20 brand-new launches, some really amazing brands, benchmark fast charging experiences. We've not lost a single design, so there's no loss of market share. We're just continuing to gain share against silicon and even against other discrete GaN.

是的。我可以補充一下，我們在全球和中國充電器市場的設計地位從未像現在這樣好，20 款新品發布，一些真正令人驚嘆的品牌，標杆快速充電體驗。我們沒有丟失任何設計，因此沒有丟失市場份額。我們只是繼續在與硅甚至其他分立 GaN 的競爭中獲得份額。

So I think the real dynamic is that the existing models built up some inventory of the smartphones themselves. And when that happens, we see the major players hitting the brakes on new model launches because they don't want to launch the new ones while they push the sell-through on the existing models.

所以我認為真正的動態是現有模型本身建立了一些智能手機庫存。當這種情況發生時，我們看到主要參與者在推出新車型時踩剎車，因為他們不想在推出新車型的同時推動現有車型的銷售。

And when you're in a very strong print position on the new models, all those premium new models, there was 20 or so, a lot of them are in China, that fuels an impact there. The good news is though all of those wins are done, they're queued up, they're launched and either have limited volume in the early stages or they're holding them back to launch them until they complete the sell-through on some of the existing production models.

當你在新型號上處於非常強大的印刷位置時，所有那些優質的新型號，大約有 20 種，其中很多在中國，這會在中國產生影響。好消息是，儘管所有這些勝利都已經完成，它們已經排好隊，它們已經推出，並且要么在早期階段數量有限，要么在它們完成一些銷售之前阻止它們推出它們現有的生產模式。

So I think we're in a very strong position, stronger than we've ever been before. And as that market recovers, we'll see significant revenue gains to go with it.

所以我認為我們處於非常有利的位置，比以往任何時候都更強大。隨著該市場的複蘇，我們將看到隨之而來的顯著收入增長。

Your next question is from the line of [Sam Peterman] with Craig-Hallum.

您的下一個問題來自 [Sam Peterman] 與 Craig-Hallum 的對話。

Kind of a 2-part question, but I wanted to ask. First, just to clarify on those 3 electric vehicle On-Board charger programs on the 5 customers. I just want to clarify, those are all from GeneSiC and not from Navitas.

有點兩部分的問題，但我想問。首先，只是為了澄清這 3 個電動汽車車載充電器程序對 5 位客戶的影響。我只是想澄清一下，這些都來自 GeneSiC，而不是來自 Navitas。

And then curious, kind of On-Board chargers seem like just in the industry like a place where GaN could potentially win against silicon carbide. So curious kind of how you think about where your GaN products could slide in at an EV as you go to market now with kind of both solutions.

然後奇怪的是，板載充電器似乎只是在行業中，就像 GaN 有可能戰勝碳化矽的地方一樣。當您現在使用兩種解決方案進入市場時，您如何看待您的 GaN 產品可以在電動汽車中滑入的位置，真是太奇怪了。

Yes. Yes. Thank you, Sam. And to clarify, the 3 EV platforms and development supporting those 5 major customers are actually just on the GaN side. And those programs are tracking really well, probably a little bit ahead of schedule for us.

是的。是的。謝謝你，山姆。需要澄清的是，支持這 5 個主要客戶的 3 個 EV 平台和開發實際上只是在 GaN 方面。這些程序跟踪得非常好，對我們來說可能比計劃提前了一點。

But as we've said in the past, those would probably start really contributing significant revenue out in 2025. With the GeneSiC acquisition, we're immediately shipping to dozens of EV customers. We named a few of them in the prepared remarks, Mercedes-AMG, BYD, many others.

但正如我們過去所說，這些產品可能會在 2025 年開始真正貢獻可觀的收入。通過收購 GeneSiC，我們立即向數十家電動汽車客戶發貨。我們在準備好的評論中提到了其中一些，梅賽德斯-AMG、比亞迪等等。

So those are really all additive. And effectively, we've just accelerated our participation in some of our target high-power markets like solar, like EV and energy storage by 2 to 3 years compared to our prior plan. So those all roll together.

所以這些真的都是添加劑。實際上，與我們之前的計劃相比，我們剛剛將參與太陽能、電動汽車和儲能等一些目標大功率市場的速度加快了 2 到 3 年。所以這些都滾在一起。

Got you. Okay. And then second, I wanted to ask on the acquisition earlier in the quarter of VDD. Can you describe a little bit more kind of what that technology brings to Navitas? And then can you elaborate a little bit on the -- I think you said an additional $1 billion a year market opportunity. Is that across GaN and silicon carbide? And kind of -- is that across all your markets? Any color on that would be helpful.

得到你。好的。其次，我想問一下 VDD 季度早些時候的收購。您能否描述一下該技術為 Navitas 帶來了什麼？然後你能詳細說明一下 - 我想你說過每年額外 10 億美元的市場機會。是否跨越 GaN 和碳化矽？有點——你們所有的市場都是這樣嗎？上面的任何顏色都會有幫助。

Yes, definitely, Sam. And we've talked about it since the IPO to become our mission in next-generation power semiconductor. While we're not investing in legacy silicon power devices, there are silicon controller or complementary chips that are very important to get the most out of GaN and silicon carbide. Silicon digital isolators like developed by VDD Tech are exactly that. In fact, these little isolators are needed in almost all these high-power systems, sometimes 6, 10, even 12 of these little digital isolators are needed.

是的，當然，山姆。自 IPO 以來，我們一直在談論它，以成為我們在下一代功率半導體領域的使命。雖然我們不投資傳統的矽功率器件，但有矽控制器或互補芯片對於充分利用 GaN 和碳化矽非常重要。像 VDD Tech 開發的矽數字隔離器就是這樣。事實上，幾乎所有這些大功率系統都需要這些小隔離器，有時需要 6、10 甚至 12 個這些小數字隔離器。

Here again, we're releasing an investor presentation, which gives some more detail, not only on the GeneSiC presentation or acquisition, but also on the VDD Tech. One, we love that company in particular because they already optimized those digital isolators for the high-speed, high-frequency capability of GeneSiC silicon carbide technology and GaN. So it's a perfect fit for us, and we'll be integrating and commercializing products with that technology to launch next year, and then it'll be ramping shortly after that.

在這裡，我們再次發布投資者演示文稿，其中提供了更多詳細信息，不僅涉及 GeneSiC 演示文稿或收購，還涉及 VDD Tech。一，我們特別喜歡這家公司，因為他們已經針對 GeneSiC 碳化矽技術和 GaN 的高速、高頻能力優化了這些數字隔離器。所以它非常適合我們，我們將在明年推出使用該技術的產品集成和商業化，然後很快就會加速。

We did estimate that it could be up to 12 of these isolators in every system, as I mentioned, that could be up to $4 of content. And as you said, up to $1 billion market potential. That is really separate and additional or incremental to the GaN and silicon carbide device TAMs and market opportunities that we've described.

正如我所提到的，我們確實估計每個系統中最多可能有 12 個這些隔離器，這可能是高達 4 美元的內容。正如你所說，高達 10 億美元的市場潛力。這對於我們所描述的 GaN 和碳化矽器件 TAM 和市場機會來說確實是獨立的、額外的或增量的。

Your next question is from the line of Jon Tanwanteng with CJS.

您的下一個問題來自於 CJS 的 Jon Tanwanteng。

Congrats on the acquisition. I wanted to ask you, Gene, how the regions are doing outside of China. I think you gave some color last quarter that you actually picked up some wins outside. Can you just give us a little more detail how everything is going by geography?

祝賀收購。我想問你，吉恩，這些地區在中國以外的情況如何。我認為你在上個季度給出了一些顏色，表明你實際上在外面取得了一些勝利。你能告訴我們更詳細的地理情況嗎？

Yes, definitely. We've certainly been very successful in diversifying into other regions. That's obviously been accelerated by the softness in China. But in particular, Europe is the one to highlight. We see good stability in all of the regions and growth in almost all of the regions, but Europe in particular, is that major program we highlighted last quarter and now we've given more color that this is a major premium home appliance company that's adopting GaN ICs for the first time for motor drive applications.

當然是。我們在向其他地區多元化方面當然非常成功。中國的疲軟顯然加速了這種情況。但特別要強調的是歐洲。我們看到所有地區的穩定性和幾乎所有地區的增長，尤其是歐洲，是我們上個季度強調的主要計劃，現在我們更加強調這是一家正在採用的主要高端家電公司GaN IC 首次用於電機驅動應用。

And that really put Europe as a significant percentage of our overall total revenues. So it's a pretty balanced view now across China, the broader Asia, U.S. customers who are generally building in Asia and then the Europe business.

這確實使歐洲占我們總收入的很大一部分。因此，現在對中國、更廣泛的亞洲、美國客戶來說，這是一個相當平衡的觀點，他們通常在亞洲建立業務，然後是歐洲業務。

Got it. And then second, I was wondering if you could just talk a little bit about how you model growth going forward in these high-power markets, not the charger market, but EV, solar, in light of the climate bill that's passing, how that's going to move a lot of units of these types of applications. Have you done any work as to how much that would actually move the needle for you guys?

知道了。其次，我想知道你是否可以談談如何根據正在通過的氣候法案來模擬這些大功率市場的未來增長，而不是充電器市場，而是電動汽車、太陽能，那是怎麼回事打算移動很多單位的這些類型的應用程序。你有沒有做過任何工作來確定這會給你們帶來多少實際影響？

Yes, it's a great question. And obviously, that world is still unfolding as that climate Clean Energy Act gets passed and implemented. But between the CHIPS Act in the U.S. to encourage semiconductor companies and manufacturing. And now this dramatically larger $300 billion-plus Clean Energy Act, this is perfect for what we do and especially as we become the only pure-play next-generation power semiconductor company with both GaN and SiC. I'm sure our customers, our markets and our business is really going to benefit from those investments.

是的，這是一個很好的問題。顯然，隨著氣候清潔能源法案的通過和實施，這個世界仍在發展。但在美國的 CHIPS 法案之間鼓勵半導體公司和製造。現在，這項規模大得多的 3000 億美元以上的清潔能源法案，非常適合我們的工作，尤其是當我們成為唯一一家同時擁有 GaN 和 SiC 的純下一代功率半導體公司時。我相信我們的客戶、我們的市場和我們的業務真的會從這些投資中受益。

In fact, if you breakdown what we know of those bills, they're very focused in 2 key areas: driving energy-efficient home appliances in the home and electrifying the applications like heating, which is commonly gas-based and not electric based, to move to things like heat pumps but also, of course, continuing to incentivize and accelerate electric vehicle and e-mobility more broadly.

事實上，如果你分解我們對這些賬單的了解，它們非常關注兩個關鍵領域：在家庭中推動節能家電和使加熱等應用電氣化，這通常是基於燃氣而不是基於電力的，轉向熱泵之類的東西，當然，還要繼續更廣泛地激勵和加速電動汽車和電動汽車。

Those are all obviously right up our alley, not just with GaN and what we're already working on over the next few years, but now immediately going to benefit our silicon carbide business, we're already shipping into those markets. So we're very excited on the government initiatives, and we're looking forward to learning more and quantifying how that exactly translates into an acceleration of our business.

這些顯然都在我們的小道上，不僅是 GaN 以及我們在未來幾年內已經開展的工作，而且現在將立即使我們的碳化矽業務受益，我們已經在向這些市場發貨。因此，我們對政府的舉措感到非常興奮，我們期待了解更多信息並量化這究竟如何轉化為我們業務的加速。

Great. One more, if I could. With the combination with GeneSiC, what market can you go after or applications can you go after them either you could do by yourselves? Is there any platform that it requires both GaN and SiC or some way that one helps you get into another?

偉大的。如果可以的話，再來一張。與 GeneSiC 的結合，你可以去追求哪些市場或者你可以自己去追求的應用？是否有任何平台需要 GaN 和 SiC 或某種方式可以幫助您進入另一個平台？

Yes. I think there's both an interesting diversity to it and a synergistic nature. It's opening up all new customers and applications that we wouldn't have done GaN only and conversely, I think the same for GeneSiC on the silicon carbide side, but also there's good overlap and synergies.

是的。我認為它既有有趣的多樣性，也有協同作用。它打開了我們不會只做 GaN 的所有新客戶和應用，相反，我認為 GeneSiC 在碳化矽方面也是如此，但也有很好的重疊和協同作用。

I'm probably most excited about the overlap in synergies because a lot of these markets, there's choices to be made by the customer. And a lot of suppliers show up either with GaN technology, but not silicon carbide or maybe trying to push the older legacy silicon devices or conversely might have silicon carbide, but not GaN.

我可能對協同效應的重疊感到最興奮，因為在很多這些市場中，客戶可以做出選擇。許多供應商要么採用 GaN 技術，但沒有採用碳化矽，要么可能試圖推出較舊的傳統矽器件，或者相反可能採用碳化矽，但沒有採用 GaN。

Navitas is going to show up with leading-edge GaN, leading-edge silicon carbide and really help the customer find the right technology. And I think there's overlap there. That's a great opportunity for Navitas to be the one who delivers the best technology, whatever that might be. I think there's a lot of overlap in electric vehicle, whether it's a 400-volt battery or 800-volt battery. There's a lot of overlap and opportunity in solar and in energy storage.

Navitas 將展示領先的 GaN、領先的碳化矽，並真正幫助客戶找到合適的技術。我認為那裡有重疊。這對 Navitas 來說是一個很好的機會，可以提供最好的技術，不管是什麼。我認為電動汽車有很多重疊之處，無論是 400 伏電池還是 800 伏電池。太陽能和儲能領域有很多重疊和機會。

So having this unique combination is, I think, going to pay a lot of dividends to guide the customer to the right optimize next-generation solution. And no matter what is the winner in any of these sort of overlap markets, of course, Navitas is going to be there to benefit.

因此，我認為，擁有這種獨特的組合將帶來很多好處，以引導客戶正確優化下一代解決方案。無論在這些重疊市場中的贏家是什麼，當然，Navitas 都會從中受益。

(Operator Instructions) Your next question is from the line of Mark Lipacis with Jefferies.

（操作員說明）您的下一個問題來自 Jefferies 的 Mark Lipacis。

I had 2. So Gene, just to -- I wanted to make sure I understood that last comment, which I think was very clarifying. So this is not necessarily an R&D cost synergy reduction opportunity and then refocusing.

我有 2 個。所以 Gene，我想確保我理解最後一條評論，我認為這非常清楚。所以這不一定是研發成本協同降低機會，然後重新聚焦。

You have -- you had a -- before you picked up GeneSiC, you had like kind of a roadmap for higher voltage applications on your GaN product, you're pushing forward with on-board chargers. You have solar roadmap and you completely expect to extend that. And then you have the silicon carbide portfolio that we sit on top of it and that would be a portfolio of products. Is that the right understanding?

在您選擇 GeneSiC 之前，您已經擁有了一個類似的路線圖，用於在您的 GaN 產品上應用更高電壓，您正在推進車載充電器。你有太陽能路線圖，你完全希望擴展它。然後你有我們坐在它上面的碳化矽產品組合，這將是一個產品組合。這是正確的理解嗎？

Yes. I think that's definitely the right way to think about it, Mark. As you said with GaN, it was going to take us 2 to 3 years. These are long development cycles. We're optimizing our technology for the higher power. We're doing great and on track or even a little bit ahead of schedule in that regard.

是的。我認為這絕對是正確的思考方式，馬克。正如你所說的 GaN，我們需要 2 到 3 年的時間。這些都是很長的開發週期。我們正在優化我們的技術以獲得更高的功率。在這方面，我們做得很好，步入正軌，甚至比計劃提前了一點。

But with GeneSiC, this puts us immediately in production with significant relationships and revenue, a lot of those same EV customers, solar customers, energy storage customers. And now we show up very quickly with not only leading-edge silicon carbide, but leading-edge GaN to make sure we've got the right tool in the toolbox to deliver whatever is going to get them the very best next-generation power system capability. So it's a real game changer for accelerating and diversifying our business completely in line where we're intending to go, but it's a real accelerant to that plan.

但是有了 GeneSiC，這讓我們立即投入生產，擁有重要的關係和收入，其中有很多相同的 EV 客戶、太陽能客戶、儲能客戶。現在，我們很快就出現了，不僅有前沿的碳化矽，還有前沿的 GaN，以確保我們在工具箱中擁有正確的工具，以提供任何能讓他們成為最好的下一代電源系統的東西能力。因此，它是一個真正的遊戲規則改變者，可以完全按照我們打算去的方向加速和多樣化我們的業務，但它是該計劃的真正促進劑。

Got you. Okay. That's helpful. And then the follow-up question on the slowdown in China. I don't know, Ron, you started to talk about this, and I didn't -- I don't think I was able to take the notes fast enough. What is the -- what is your own inventory strategy on this? Is this a market you believe in and so therefore, you just continue to expect to build inventories because you know it's going to be there?

得到你。好的。這很有幫助。然後是關於中國經濟放緩的後續問題。我不知道，羅恩，你開始談論這個，而我沒有——我認為我記筆記的速度不夠快。什麼是——你自己的庫存策略是什麼？這是一個你相信的市場，因此，你只是繼續期望建立庫存，因為你知道它會在那裡？

Or do you kind of try to tap down on the wafers getting produced for you and then wait until the market comes back and then kind of trying to manage the working capital that way? And in line with that, is there a risk of a write-down on any of the inventories that you're carrying?

或者您是否嘗試利用為您生產的晶圓，然後等到市場恢復，然後嘗試以這種方式管理營運資金？與此一致，您持有的任何庫存是否存在減記的風險？

Yes, sure. Good question. So with respect to inventory, I think where we want to go is we'll align inventory over time with the state of the business. And by that, I mean, we're -- our inventory turn is about 1.5x right now. And as we go forward, we'll target 3 to 4 times a year. So it's just we'll keep inventories on hand that align with our outlook at any point in time.

是的，當然。好問題。所以關於庫存，我認為我們想要去的地方是我們將隨著時間的推移使庫存與業務狀況保持一致。我的意思是，我們現在的庫存周轉率約為 1.5 倍。在我們前進的過程中，我們的目標是每年 3 到 4 次。因此，我們只是隨時保留與我們的前景保持一致的庫存。

I mean, so put it in another way, the intent is not to just keep building inventory to build inventory. We're going to align it with the market and our outlook as we go forward.

我的意思是，換一種說法，其目的不僅僅是繼續建立庫存來建立庫存。在我們前進的過程中，我們將使其與市場和我們的前景保持一致。

I think the second part of your question was about write-downs and there's no reason for us to think about write-downs right now. I think those are the kinds of things we look at every quarter. And a lot of it is based on outlook in the state of the market. So we do that every quarter, and we didn't have any of this last quarter.

我認為你問題的第二部分是關於減記的，我們現在沒有理由考慮減記。我認為這些是我們每個季度都會關注的事情。其中很多是基於市場狀況的展望。所以我們每個季度都這樣做，而上個季度我們沒有這樣做。

Your next question is from the line of Quinn Bolton with Needham & Company.

您的下一個問題來自於 Quinn Bolton 和 Needham & Company。

Just wanted to follow up on Mark's question there about inventory write-downs. I guess if the current designs, current chargers or sort of inventoried up, you've got a slew of new design sitting behind them possibly based on your fourth-generation products. Why wouldn't there be a risk that some of this Gen 3 stuff might have to see a write-down just given the lower overall demand for those older generation chargers?

只是想跟進馬克關於庫存減記的問題。我想如果當前的設計、當前的充電器或某種庫存，您可能會根據您的第四代產品獲得大量新設計。鑑於對那些老一代充電器的總體需求較低，為什麼不存在某些第 3 代產品可能不得不減記的風險？

Yes. I think there may be lower demand currently for it. But again, I think it's not as if the product is bad per se. I think it's -- we have existing inventory. We have outlooks and forecasts and the idea is certainly not to write anything off. And at this point, again, what I can tell you is we'll look at it every quarter. It's based on outlooks at that period of time. When we looked at it in Q2, there wasn't any write-offs like I said, and we'll look at it giving Q3 and we'll look at it again in Q4 and so on.

是的。我認為目前對它的需求可能較低。但同樣，我認為產品本身並不是壞的。我認為是——我們有現有的庫存。我們有前景和預測，我們的想法當然是不註銷任何東西。在這一點上，我可以再次告訴你的是，我們將每季度查看一次。它基於當時的前景。當我們在第二季度查看它時，沒有像我說的那樣進行任何註銷，我們將在第三季度查看它，我們將在第四季度再次查看它等等。

And I could add a little color, too. In terms of where our real volumes are, it's really spread over maybe a dozen part numbers. So we're not looking at a real high mix situation. We're looking at clearly a delay in consumption in the China market in particular, but not really high mix.

我也可以添加一點顏色。就我們的實際數量而言，它實際上分佈在十幾個零件號上。所以我們不是在考慮真正的高混合情況。我們正在明確地看到中國市場的消費延遲，但並不是真正的高混合。

Generation 4, in particular, each generation can be different, Generation 4 in particular, is what we call a die shrink and a pin-to-pin replacement. So the good thing it's there. If customers want to move to Gen 4, they aren't required to do it. We have flexibility in whether we're shipping them Gen 3 or Generation 4 even if they're designed in one versus the other.

特別是第 4 代，每一代都可能不同，特別是第 4 代，就是我們所說的芯片收縮和引腳對引腳的替換。好在它就在那裡。如果客戶想要遷移到第 4 代，他們不需要這樣做。我們可以靈活地選擇將它們運送到第 3 代還是第 4 代，即使它們是在一個與另一個之間設計的。

So generationally, that helps to reduce risk and the fact that we're -- our volumes are spread over no more than about a dozen partners results to help to reduce inventory risk related to mix.

因此，從代際角度來看，這有助於降低風險以及我們的事實——我們的數量分佈在不超過十幾個合作夥伴的結果中，以幫助降低與混合相關的庫存風險。

Got it. And then I just wanted to follow up, maybe I missed it and I apologize if I did. Did you say what date you closed the GeneSiC acquisition?

知道了。然後我只是想跟進，也許我錯過了，如果我錯過了，我道歉。你有沒有說你結束對 GeneSiC 的收購的日期？

Today.

今天。

Today.

今天。

Today. Okay. All right. So you've got about half a quarter of GeneSiC then in your third quarter guidance, roughly speaking.

今天。好的。好的。因此，粗略地說，在您的第三季度指導中，您擁有大約四分之一的 GeneSiC。

Right.

正確的。

Got it. So if I just do some quick math, you gave us a $25 million run rate for GeneSiC. They're probably about $6 million, $6.5 million of revenue to Q4, which would imply your GaN revenue probably increases sequentially. Is that sort of being driven by the non-mobile markets or this European motor driver opportunity? And sort of a related question, does the margin increase, the [300] basis points margin, is that really more reflection of just getting the full quarter of GeneSiC? Or are you seeing an improvement in the GaN margins as well in Q4?

知道了。因此，如果我只是快速計算一下，您給了我們 GeneSiC 2500 萬美元的運行費率。它們可能約為 600 萬美元，到第四季度的收入為 650 萬美元，這意味著您的 GaN 收入可能會依次增加。這種驅動是由非移動市場還是這個歐洲電機驅動機會驅動的？還有一個相關的問題，保證金是否增加，[300] 個基點保證金，這真的更多地反映了剛剛獲得 GeneSiC 的整個季度嗎？或者您是否看到 GaN 利潤率在第四季度也有所改善？

Yes. This is Ron. Let me start. So, yes. There's a few questions in there. So let me start at a high level. So yes, we did say GeneSiC is about $25 million a year. We also talked about the GaN business being flat to down sequentially kind of from the first half to the second half.

是的。這是羅恩。讓我開始吧。所以，是的。裡面有幾個問題。所以讓我從高水平開始。所以是的，我們確實說過 GeneSiC 每年的收入約為 2500 萬美元。我們還談到了 GaN 業務從上半年到下半年依次下降。

I think when you look at margins going forward and they're starting to move up in Q4, it's really -- part of it is mix on the GaN side, both end market and customer base.

我認為，當您展望未來的利潤率並且它們在第四季度開始上升時，這實際上是——其中一部分是 GaN 方面的混合，包括終端市場和客戶群。

And then also Gen 4, we're introducing Gen 4 and the full quarter of GeneSiC. So there are a few things leading into the margin improvement in Q4. But again, it's at a high level, it's that. But again, business, like I said, it's flat to down in the second half. That's fine. Gene, I don't know if you have anything.

然後還有第 4 代，我們將介紹第 4 代和整個季度的 GeneSiC。因此，有一些因素導致第四季度的利潤率提高。但同樣，它處於高水平，就是這樣。但同樣，正如我所說，業務在下半年持平到下降。沒關係。吉恩，我不知道你有沒有什麼。

No, I think that's right. Those are the main drivers that are leading to some incremental margin improvement in Q4, and we expect that will continue into next year.

不，我認為這是對的。這些是導致第四季度利潤率有所提高的主要驅動因素，我們預計這種情況將持續到明年。

Great. And then last one for me, Gene. I know you've given us sort of the updated timing with Gen 4. I think previously, you had expected Gen 5, which brings you to price parity with silicon to sort of ship or to be introduced by the end of calendar '23. Just wondering, are you guys still sort of tracking to that late '23 introduction of Gen 5 that brings you to price parity with silicon?

偉大的。然後是我的最後一個，吉恩。我知道你已經給我們提供了第 4 代的更新時間。我認為以前，你曾期望第 5 代，它使你與硅的價格平價，以某種方式出貨或在 23 年日曆結束時推出。只是想知道，你們是否還在跟踪 23 世紀末推出的第 5 代，它使您與硅價格平價？

Yes. No, that's good memory and good notes, Quinn, and no change to that guidance.

是的。不，那是很好的記憶和很好的筆記，Quinn，並且沒有改變那個指導。

(Operator Instructions) Your next question is a follow-up from the line of Tristan Gerra with Baird.

（操作員說明）您的下一個問題是 Tristan Gerra 與 Baird 的後續問題。

So I understand GeneSiC accelerates and diversify your business, very synergistic. How should I look at your positioning relative to some analog companies that are ramping silicon carbide, but they're targeting $1 billion plus in silicon carbide revenue next year?

因此，我了解 GeneSiC 可以加速您的業務並使您的業務多樣化，非常具有協同效應。我應該如何看待您相對於一些正在增加碳化矽的模擬公司的定位，但他們的目標是明年碳化矽收入超過 10 億美元？

If I kind of look at let's say, you do $65 million in 3 years. And if I divide this by the average silicon carbide content in EVs, we obviously get a fairly low unit number. So how differentiated you are going to be relative to those higher volume (inaudible) in silicon carbide? Or are you going to be targeting lower volume applications within those markets?

如果我看一下，假設你在 3 年內賺了 6500 萬美元。如果我將其除以電動汽車中的平均碳化矽含量，我們顯然會得到一個相當低的單位數。那麼，相對於碳化矽中的高容量（聽不清），您將如何區分？或者您打算針對這些市場中的小批量應用程序？

Yes. Thanks, Tristan. Yes, to give a little bit more color. As I stated before, we're starting with a very impressive capability. GeneSiC is not well known. It's kind of the new kid on the block, has not been aggressively marketed, and we're about to change all of that. But with that said, the technology is already driving that faster than market growth, adoption and market share gains. And I think that's all a reflection of the significant performance and robustness differentiation that's already been designed into the silicon carbide by the GeneSiC team and Dr. Ranbir Singh.

是的。謝謝，特里斯坦。是的，給一點顏色。正如我之前所說，我們從一個非常令人印象深刻的能力開始。 GeneSiC 並不為人所知。這是一種新的東西，沒有被積極推銷，我們即將改變這一切。但話雖如此，該技術的推動速度已經超過了市場增長、採用和市場份額的增長。我認為這完全反映了 GeneSiC 團隊和 Ranbir Singh 博士已經在碳化矽中設計的顯著性能和穩健性差異。

With that said, Navitas is going to bring a whole lot of capabilities, system innovation, circuit innovation, package innovation and further device innovation that we think are going to combine together, including other technologies like the digital isolators from the VDD Tech acquisition.

話雖如此，Navitas 將帶來我們認為將結合在一起的大量功能、系統創新、電路創新、封裝創新和進一步的設備創新，包括其他技術，例如來自 VDD Tech 收購的數字隔離器。

So we have a lot of variables. We have a lot of other layers of value that Navitas has already been demonstrating and integrating into our GaN technology, and we're very anxious to do the same with the GeneSiC technology. So all of those, I think, are going to layer in over time, adding to the strong starting point we have with technology differentiation for the GeneSiC silicon carbide MOSFETs.

所以我們有很多變數。 Navitas 已經展示了許多其他價值層並將其集成到我們的 GaN 技術中，我們非常渴望對 GeneSiC 技術做同樣的事情。因此，我認為，隨著時間的推移，所有這些都將逐步增加，為我們在 GeneSiC 碳化矽 MOSFET 的技術差異化方面增加了堅實的起點。

Great. And then earlier this year, I think you talked about how your Gen 4 product in gallium nitride was going to be an offset to the higher wafer pricing from TSMC. So to the extent that the Gen 4 migration potentially gets delayed a little bit, as you continue to reduce your inventories in Gen 3, how should I look at the puts and takes for gross margin over the next several quarters as a result?

偉大的。然後今年早些時候，我想你談到了你的第 4 代氮化鎵產品將如何抵消台積電更高的晶圓定價。因此，在第 4 代遷移可能會稍微延遲的情況下，隨著您繼續減少第 3 代的庫存，我應該如何看待接下來幾個季度的毛利率的看跌期權和收益？

Yes. We've -- I think we're quite on track, first of all, with our Gen 4. We've mentioned it before we started sampling in Q2, we're releasing to first customers in Q3 and then seeing that ramp in some material contribution to the margin reduction -- margin improvement and cost reduction in Q4.

是的。我們已經 - 我認為我們已經走上了正軌，首先，我們的 Gen 4。我們在第二季度開始抽樣之前已經提到過它，我們將在第三季度向第一批客戶發布，然後看到增長對利潤率下降的一些實質性貢獻——第四季度利潤率的提高和成本的降低。

As we talked about, we've been pretty conservative in our outlook in the China market, as we talked about, while we want to wait and make sure that we see that recovery can better judge it. So I think all of those things are pretty well baked into the guidance we've shared today. And again, we're in pretty good shape here in terms of hitting our plans or even running a little bit ahead of our plans on Gen 4 rollout and customer adoption.

正如我們所說，正如我們所說，我們對中國市場的前景相當保守，同時我們希望等待並確保我們看到復蘇可以更好地判斷它。所以我認為所有這些東西都很好地融入了我們今天分享的指導中。再說一次，我們在實現我們的計劃甚至比我們在第 4 代推出和客戶採用方面的計劃提前一點方面都處於非常好的狀態。

This concludes the question-and-answer portion of today's call. I'll turn the call over to Gene Sheridan for any closing remarks.

今天電話會議的問答部分到此結束。我會將電話轉給 Gene Sheridan 以獲取任何結束語。

Thank you very much, operator, and thanks to all of you who joined this call. It's a really extraordinary time in our company's history after just 1 year since our IPO to have completed some of the acquisitions that we alluded to in our company's strategy of not just being a GaN leader, but being that next-generation power semiconductor leader. Now adding silicon chips with the VDD digital isolators, now adding an extraordinary company with GeneSiC and the silicon carbide capability really positions us to follow our strategic plan very well and positions us as the only pure-play next-generation power semiconductor company.

非常感謝您，接線員，並感謝所有參加此電話會議的人。在我們的首次公開募股僅僅一年之後，我們完成了我們公司戰略中提到的一些收購，這在我們公司的歷史上是一個非常不平凡的時期，我們不僅要成為 GaN 的領導者，而且要成為下一代功率半導體的領導者。現在添加帶有 VDD 數字隔離器的矽芯片，現在添加了一家具有 GeneSiC 和碳化矽能力的非凡公司，這確實使我們能夠很好地遵循我們的戰略計劃，並將我們定位為唯一一家純粹的下一代功率半導體公司。

So we're very happy about our position and very happy all of you could join us today. Thank you very much.

所以我們對我們的職位感到非常高興，也非常高興你們今天能加入我們。非常感謝。

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

今天的電話會議到此結束。謝謝大家的參與。您現在可以斷開連接。