納微半導體 (NVTS) 2022 Q3 法說會逐字稿

Hello, and thank you for standing by. My name is Regina, and I will be your conference operator today. At this time, I would like to welcome everyone to the Navitas Semiconductor Third Quarter 2022 Earnings 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.

您好，感謝您的支持。我的名字是 Regina，今天我將成為您的會議接線員。在此，歡迎大家參加納微半導體 2022 年第三季度財報電話會議。 （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 Third 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 的第三季度業績電話會議。今天，我們的董事長、總裁、首席執行官兼聯合創始人 Eugene Sheridan 也加入了我的行列；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，而錄製的網絡廣播將在電話會議結束後的約 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 includes non-GAAP financial measures. Reconciliations of these non-GAAP financial measures with the most directly comparable GAAP measures are included in our third quarter earnings release and also posted on our website in the Investor Relations section. 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. 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.

我們的收益發布包括非公認會計準則財務指標。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三季度收益發布中，並發佈在我們網站的投資者關係部分。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。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。

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 and our third quarter report, which we expect to file on November 14. 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. And now over to Eugene Sheridan, CEO.

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，包括我們的 10-K 表格年度報告和我們預計將於 11 月 14 日提交的第三季度報告。我們的估計或其他前瞻性陳述可能會發生變化， 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。現在交給首席執行官 Eugene Sheridan。

Thank you, Steve, and thanks to everyone for attending today's call. I'd also like to thank our investors for meeting us in New York in September for investors unable to attend our investor meeting, we have posted the video and slides on our IR website. Navitas's Q3 results for revenue and expenses are in line with the guidance given in our Q2 call. Q3 revenue was $10.2 million, up 19% sequentially from $8.6 million in Q2. Non-GAAP gross margin at 38.4% was within range, but given onetime expenses of $3.5 million, which included some inventory write-downs, our GAAP gross margin was significantly lower. Despite the significant continued slowdown in the mobile space, we are very pleased with our quarterly growth and anticipate a similar growth rate for Q4.

謝謝你，史蒂夫，也感謝大家參加今天的電話會議。我還要感謝我們的投資者於 9 月在紐約與我們會面，因為投資者無法參加我們的投資者會議，我們已在我們的 IR 網站上發布了視頻和幻燈片。 Navitas 第三季度的收入和支出結果與我們在第二季度電話會議中給出的指導一致。第三季度收入為 1020 萬美元，比第二季度的 860 萬美元環比增長 19%。非 GAAP 毛利率為 38.4%，在範圍內，但考慮到 350 萬美元的一次性費用，其中包括一些庫存減記，我們的 GAAP 毛利率顯著降低。儘管移動領域持續顯著放緩，但我們對季度增長感到非常滿意，並預計第四季度的增長率類似。

Both GaN and our newly acquired silicon carbide business continues to show significant growth prospects fueled by our excellent progress in developing and launching new products, accelerating customer adoption with our unique system design center capabilities and expanding rapidly into new markets, regions and customers. We have now shipped over 65 million GaN ICs with 0 reported GaN field failures. In only about 3 months since acquiring GeneSic, we have added over 50 new silicon carbide opportunities, which adds to our strong revenue growth expected for next year. Revenues continue to diversify geographically as we ramp new business in Europe, the U.S., Taiwan and Korea, which are expected to create a balanced regional mix of revenues this year and into next.

GaN 和我們新收購的碳化矽業務繼續顯示出顯著的增長前景，這得益於我們在開發和推出新產品方面取得的卓越進展，憑藉我們獨特的系統設計中心能力加速客戶採用，並迅速擴展到新的市場、地區和客戶。我們現在已經出貨了超過 6500 萬個 GaN IC，其中 0 個報告了 GaN 現場故障。自收購 GeneSic 後僅約 3 個月，我們就增加了 50 多個新的碳化矽機會，這增加了我們預計明年的強勁收入增長。隨著我們在歐洲、美國、台灣和韓國開展新業務，收入繼續在地域上多樣化，預計這將在今年和明年創造一個平衡的區域收入組合。

China-centric mobile softness is anticipated to continue in Q4 and Q1, and we will continue to monitor closely and prepare to capitalize on the eventual recovery. Despite the mobile market softness, customer design win progress continues at a rapid pace with another 70 GaN-based chargers launched to the market in Q3, including record-setting Xiaomi ultrafast chargers that deliver over 200 watts, charging from 1% to 100% in only 9 minutes. These launches also include exciting new game chargers from many other leading brands such as Lenovo, Anchor, Moto and even leading retail channels like Best Buy and their Insignia brand.

以中國為中心的移動軟性預計將在第四季度和第一季度繼續，我們將繼續密切關注並準備利用最終的複蘇。儘管移動市場疲軟，但客戶設計贏得進展仍在快速推進，第三季度又有 70 款基於 GaN 的充電器推向市場，其中包括創紀錄的小米超快充電器，功率超過 200 瓦，充電率從 1% 到 100%只有9分鐘。這些發布還包括來自聯想、Anchor、Moto 等許多其他領先品牌的令人興奮的新遊戲充電器，甚至包括百思買及其 Insignia 品牌等領先零售渠道。

Also critical to our mobile business is our new Gen 4 GaN platform, which has been extremely well received with over 20 customer designs in development, including 6 of the top 10 mobile players already designing with our Gen 4 technology. Our new market focus on motor drive for home appliances and industrial applications continues with increased adoption of our latest GaNSense half-bridge ICs and over 15 new motor drive customer projects in development. Data center applications are ramping faster than expected, now with 9 customer projects in development.

對我們的移動業務也至關重要的是我們新的第 4 代 GaN 平台，該平台受到 20 多個正在開發的客戶設計的好評，其中包括已經使用我們的第 4 代技術進行設計的前 10 名移動廠商中的 6 家。隨著我們最新的 GaNSense 半橋 IC 和超過 15 個正在開發的新電機驅動客戶項目的採用率不斷提高，我們對家用電器和工業應用電機驅動的新市場重點繼續保持。數據中心應用程序的發展速度比預期的要快，現在有 9 個客戶項目正在開發中。

One project includes an initial $5 million purchase order already received for our new high-powered GaN or GaN IC technology to support the customer's expected production ramp starting in the middle of 2023. In the solar market, GaN IC business development activities continue with 2 leading residential solar players that will transition from silicon to GaN starting in 2024. Solar is already a significant portion of our silicon carbide business, and we are experiencing strong demand across all customers, which include Sungrow, Chint, APS, GoodWe and many others. Navitas's dedicated EV design center has quickly integrated the new Genetic portfolio with the existing GanFast range and updated our EV powertrain platform road map.

一個項目包括我們新的高功率 GaN 或 GaN IC 技術已收到的初始 500 萬美元採購訂單，以支持客戶從 2023 年年中開始的預期產量增長。在太陽能市場，GaN IC 業務發展活動繼續進行，其中 2 個領先住宅太陽能公司將從 2024 年開始從矽過渡到 GaN。太陽能已經是我們碳化矽業務的重要組成部分，我們正在經歷所有客戶的強勁需求，其中包括陽光電源、正泰、APS、固德威等。 Navitas 的專用 EV 設計中心已將新的 Genetic 產品組合與現有的 GanFast 系列快速集成，並更新了我們的 EV 動力總成平台路線圖。

There are now 4 onboard charger platforms in development, supporting 8 different customer projects that are on track to drive significant revenue rents by 2025. Last week, we announced a new joint system design center with leading EV systems provider, VREMT. VREMT is part of the Geely Group, which manages auto brands that include Zeekr, Volvo, Polestar and LOTUS. This joint lab will create next-generation power systems for Geely EVs utilizing Navitas GaN and silicon carbide. The silicon carbide EV continues to be a significant portion of our silicon carbide revenues. Since the acquisition, we have added 22 new EV silicon carbide customer projects, and we are seeing strong growth across all customers that include BYD, Geely, General Motors, SaaB, Land Rover Jaguar, [Shinry] and many others.

現在有 4 個車載充電器平台正在開發中，支持 8 個不同的客戶項目，這些項目有望在 2025 年之前推動可觀的收入租金。上週，我們宣布與領先的 EV 系統供應商 VREMT 建立一個新的聯合系統設計中心。 VREMT 隸屬於吉利集團，該集團管理的汽車品牌包括 Zeekr、沃爾沃、Polestar 和 LOTUS。該聯合實驗室將利用 Navitas GaN 和碳化矽為吉利電動汽車創建下一代動力系統。碳化矽電動汽車仍然是我們碳化矽收入的重要組成部分。自收購以來，我們新增了 22 個 EV 碳化矽客戶項目，我們看到所有客戶的強勁增長，包括比亞迪、吉利、通用汽車、薩博、路虎捷豹、[Shinry] 等。

In just the past 45 days, Navitas has signed a long-term supplier agreement for our silicon carbide wafers, which enables a 5x increase in our silicon carbide capacity in the next year. Given demand for our silicon carbide devices continues to outstrip our supply, this is a major achievement that will allow us to accelerate the growth for our silicon carbide business for 2023 and beyond. In addition to the strong secular trends that are driving the existing $20 billion per year power semiconductor market to move from silicon to GaN and silicon carbide, we are also very excited about 2 major U.S. initiatives.

在過去的 45 天裡，Navitas 就我們的碳化矽晶圓簽署了一份長期供應商協議，這將使我們的碳化矽產能在明年增加 5 倍。鑑於對我們碳化矽器件的需求繼續超過我們的供應，這是一項重大成就，將使我們能夠在 2023 年及以後加速我們的碳化矽業務的增長。除了推動現有每年 200 億美元的功率半導體市場從矽轉向 GaN 和碳化矽的強勁長期趨勢外，我們還對美國的兩項主要舉措感到非常興奮。

First, the chips will bring over $50 billion in investments for the U.S. semi industry, and we believe GaN and silicon carbide are perfect candidates to leverage such investments and dramatically improve costs and capacity in coming years. Second, the $300 billion plus investment in the inflation reduction at focused solely on accelerating clean energy and climate change initiatives perfectly aligns to Navitas focus on sustainable energy, EV and EV infrastructure and in particular, our spotlight upgrading homes from fossil fuels to clean, energy-efficient electricity-based home appliances.

首先，這些芯片將為美國半導體行業帶來超過 500 億美元的投資，我們相信 GaN 和碳化矽是利用這些投資並在未來幾年顯著提高成本和產能的完美候選者。其次，3000 億美元以上的通脹降低投資僅專注於加速清潔能源和氣候變化計劃，這與 Navitas 專注於可持續能源、電動汽車和電動汽車基礎設施，特別是我們關注將家庭從化石燃料升級為清潔能源的重點完全一致。 - 高效的基於電力的家用電器。

To summarize, despite the near-term mobile softness and the macroeconomic headwinds, we are very happy with our near-term and long-term growth expectations. In GaN, this includes upside we're seeing in data centers and in motor drives, while we are executing on schedule with our new Gen 4 platform and longer-term expansion into solar and EV -- in silicon carbide, we are seeing upside and a growing backlog across all segments that includes ED, solar, energy storage and industrial segments, all of which will significantly benefit from the long-term supply agreement that we've recently signed to support this growth. With that, let me turn it over to Ron Shelton, our CFO.

總而言之，儘管近期移動業務疲軟和宏觀經濟逆風，但我們對近期和長期增長預期感到非常滿意。在 GaN 中，這包括我們在數據中心和電機驅動器中看到的優勢，同時我們正在按計劃執行新的第 4 代平台以及對太陽能和電動汽車的長期擴張——在碳化矽方面，我們看到了優勢和包括 ED、太陽能、儲能和工業領域在內的所有領域的積壓工作都在不斷增加，所有這些領域都將大大受益於我們最近簽署的支持這一增長的長期供應協議。有了這個，讓我把它交給我們的首席財務官 Ron Shelton。

Thanks, Eugene, and thanks, everyone, for joining us today. In my comments today, I'll first take you through our third quarter results and then walk you through our outlook for the fourth quarter, and then I'll close with some comments about what we currently see for 2023. GAAP revenue for the quarter grew to $10.2 million, that represents an 82% growth from the third quarter of 2021. And -- this was in line with our guidance. While we continue to see the impact of the slowdown in the mobile market that is impacting the semiconductor industry broadly, this was offset by gains we made in diversifying our end markets and customer base and strong demand for our new silicon carbide products.

謝謝尤金，謝謝大家今天加入我們。在我今天的評論中，我將首先向您介紹我們的第三季度業績，然後向您介紹我們對第四季度的展望，然後我將對我們目前對 2023 年的看法發表一些評論。該季度的 GAAP 收入增長到 1020 萬美元，比 2021 年第三季度增長 82%。而且——這符合我們的指導。雖然我們繼續看到移動市場放緩對半導體行業的廣泛影響，但這被我們在終端市場和客戶群多樣化方面取得的收益以及對我們新的碳化矽產品的強勁需求所抵消。

GAAP gross margin was 3.8% in the third quarter, and non-GAAP gross margins were 38.4%, which is within the range of guidance we provided last quarter. We had several GAAP adjustments during the quarter, which impacted GAAP gross margins, they were comprised primarily of an adjustment for a step-up in the value of inventory related to the GeneSiC acquisition, totaling approximately $600,000 and a reserve for inventory of $2.8 million as we focus our efforts on higher power ultrafast mobile chargers, data center, solar, EV and motor drive markets.

第三季度 GAAP 毛利率為 3.8%，非 GAAP 毛利率為 38.4%，這在我們上季度提供的指導範圍內。我們在本季度進行了幾次 GAAP 調整，這些調整影響了 GAAP 毛利率，它們主要包括與 GeneSiC 收購相關的庫存價值增加的調整，總計約 600,000 美元和 280 萬美元的庫存準備金作為我們專注於更高功率的超快移動充電器、數據中心、太陽能、電動汽車和電機驅動市場。

Total non-GAAP operating expenses were $14.2 million for the third quarter of 2022. Our non-GAAP SG&A expense was $7.9 million and non-GAAP R&D was $6.3 million in the third quarter of 2022. Non-GAAP operating expenses were slightly higher than the midpoint of our guidance and reflect a partial quarter of expenses associated with the GeneSiC acquisition and higher spending associated with new product development.

2022 年第三季度非 GAAP 總運營費用為 1420 萬美元。2022 年第三季度，我們的非 GAAP SG&A 費用為 790 萬美元，非 GAAP 研發費用為 630 萬美元。非 GAAP 運營費用略高於我們指導的中點，反映了與 GeneSiC 收購相關的部分季度費用以及與新產品開發相關的更高支出。

While we will be prudent in how and where we invest, we will continue to make targeted investments in our business where we derive the most long-term value. Putting all this together, the non-GAAP loss from operations was $10.3 million compared to a loss from operations of $6.5 million in the third quarter of 2021 as we invest simultaneously across new markets in this phase of our company's growth. Our weighted average basic and diluted share count for the third quarter was 138.5 million shares.

雖然我們將謹慎投資的方式和地點，但我們將繼續對我們能夠獲得最長期價值的業務進行有針對性的投資。綜上所述，非公認會計原則的運營虧損為 1030 萬美元，而 2021 年第三季度的運營虧損為 650 萬美元，因為我們在公司增長的這一階段同時投資於新市場。我們第三季度的加權平均基本和稀釋股數為 1.385 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 were $124.8 million. Accounts receivable was $10.9 million compared to $9.4 million in the prior quarter, reflecting improved days sales outstanding. Inventory rose to approximately $17 million compared to $14 million in the prior quarter and is comprised of both inventory related to GeneSiC as we continue to increase supply to meet end market demand in the silicon carbide market and initial inventory builds for new products.

轉向資產負債表。它繼續保持非常強勁的流動性水平。季度末的現金和現金等價物為 1.248 億美元。應收賬款為 1,090 萬美元，而上一季度為 940 萬美元，反映出未結銷售天數有所改善。與上一季度的 1400 萬美元相比，庫存增至約 1700 萬美元，包括與 GeneSiC 相關的庫存，因為我們繼續增加供應以滿足碳化矽市場的終端市場需求，以及為新產品建立初始庫存。

We're confident that over time, our inventory levels will trend towards our long-term target for inventory turns of 3 to 4x. Moving on to guidance. For the fourth quarter of 2022, GAAP revenues are expected to grow to between $11 million and $13 million. That's compared to $7.3 million in the fourth quarter of 2021. At the midpoint, growth would be 64% year-over-year and 17% sequentially.

我們相信，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 3 到 4 倍。繼續指導。到 2022 年第四季度，GAAP 收入預計將增長到 1100 萬美元至 1300 萬美元之間。相比之下，2021 年第四季度為 730 萬美元。在中點，同比增長 64%，環比增長 17%。

Our guidance for the quarter includes a full quarter of operations for the GeneSiC business and reflects very strong demand for those products. At the same time, we continue to remain cautious about the China mobile end markets and have reflected that in our revenue guidance. Gross margin for the fourth quarter is expected to be approximately 40%, plus or -1% as our mix of silicon carbide products becomes a greater share of overall revenue.

我們對本季度的指導包括 GeneSiC 業務整個季度的運營，反映了對這些產品的非常強勁的需求。與此同時，我們繼續對中國移動終端市場保持謹慎態度，並在我們的收入指引中有所體現。由於我們的碳化矽產品組合在總收入中所佔的份額越來越大，第四季度的毛利率預計約為 40%，正負1%。

As we noted last quarter, we continue to believe that gross margins will expand over the next few quarters. As we transition to new game products and as the revenue contribution from our silicon carbide products continues to grow. In total, our non-GAAP operating expenses in Q4 are expected to be approximately $17.5 million, plus or minus 2%, and this excludes stock-based compensation and amortization of intangible assets. The sequential increase is related to a full quarter of GeneSiC operations and continued investment in that business.

正如我們上個季度所指出的，我們仍然相信毛利率將在未來幾個季度擴大。隨著我們過渡到新的遊戲產品以及我們的碳化矽產品的收入貢獻繼續增長。總的來說，我們在第四季度的非公認會計原則運營費用預計約為 1750 萬美元，正負 2%，這不包括基於股票的補償和無形資產的攤銷。連續增長與 GeneSiC 整個季度的運營以及對該業務的持續投資有關。

Increases in compensation type of bonuses paid to China employees, which is effectively an additional month of salary, which is standard in China and further investments in R&D, new products and added design center activity around future growth opportunities. However, we do expect the spending growth rate to moderate as we enter 2023. As all of you know, in the current environment, multi-quarter projections are increasingly challenging. That said, based on our existing backlog, new design activities, anticipated new product introductions and other identified opportunities, we believe we have a line of sight to potentially double revenue in 2023 compared to 2022.

增加支付給中國員工的獎金類型，這實際上是額外一個月的工資，這是中國的標準，並進一步投資於研發、新產品和圍繞未來增長機會增加的設計中心活動。然而，隨著我們進入 2023 年，我們確實預計支出增長率將放緩。眾所周知，在當前環境下，多季度預測變得越來越具有挑戰性。也就是說，根據我們現有的積壓工作、新的設計活動、預期的新產品推出和其他已確定的機會，我們相信與 2022 年相比，我們有可能在 2023 年實現收入翻番。

And as mentioned earlier, we expect continued margin expansion. We will have more detailed guidance for 2023 in our next earnings call in February. In summary, while we navigate near-term uncertainties that are impacting the entire semiconductor industry, we continue to be very excited about the growth opportunities in front of us. Navitas is the only pure-play next-generation power semiconductor company, and this provides us with advantages, opportunities and benefits for significant expansion. Operator, let's begin the Q&A session.

如前所述，我們預計利潤率將繼續擴大。我們將在 2 月份的下一次財報電話會議中提供 2023 年更詳細的指導。總之，在我們應對影響整個半導體行業的近期不確定性的同時，我們仍然對擺在我們面前的增長機會感到非常興奮。 Navitas 是唯一一家純粹的下一代功率半導體公司，這為我們提供了顯著擴張的優勢、機會和收益。接線員，讓我們開始問答環節。

(Operator Instructions) Our first question will come from the line of Kevin Cassidy with Rosenblatt Securities.

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

Congratulations on the progress. I guess the question -- the obvious question is do you split out what your silicon carbide revenue was versus your gallium nitride?

祝賀取得進展。我猜是這個問題——顯而易見的問題是，您是否將碳化矽收入與氮化鎵分開？

No, we're not splitting it out at this time, Kevin.

不，我們現在不把它分開，凱文。

Okay. Great. And in the China inventory, can you estimate about how over inventory you are? Is it aftermarket charges? Or is it the OEM charges?

好的。偉大的。在中國的庫存中，你能估計一下你的庫存有多少嗎？是售後費用嗎？還是OEM收費？

Yes. I think the over inventory and the softness affected both China, major OEMs as well as aftermarket. So I think it's spread across both.

是的。我認為庫存過剩和疲軟影響了中國、主要原始設備製造商以及售後市場。所以我認為它分佈在兩者之間。

Okay. And maybe just one other on that. In your new designs, how is that split between the 17 new designs as aftermarket charges versus inbox?

好的。也許只是另一個。在您的新設計中，作為售後市場費用與收件箱費用的 17 種新設計之間有何區別？

Yes, it continues to be a good mix. I think we continue to see new designs sort of equally across inbox or mobile players as well as the aftermarket. We highlighted a few of the bigger names. Those tend to be the bigger inbox or mobile OEMs, but it also included aftermarket wins like Best Buy and Anchor as well as the mobile players like Xiaomi, Lenovo and Moto.

是的，它仍然是一個很好的組合。我認為我們繼續在收件箱或移動播放器以及售後市場中看到同樣的新設計。我們強調了一些更大的名字。這些往往是更大的收件箱或移動原始設備製造商，但也包括百思買和 Anchor 等售後市場的勝利，以及小米、聯想和 Moto 等移動廠商。

Your next question comes 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）。

Ron, I know guiding to next year is difficult for all the reasons that you stated. I just wondered the Genesis side of things, is that still expected to be kind of a 60% CAGR in that market? And I guess as a second part of that, how do we align the 5x increase in capacity with that kind of 60% or whatever you're going to update us on growth rate? It seems like the capacity is ready for a lot more than 60%. But I know the timing can be a little bit off between the capacity and the revenue.

羅恩，我知道由於你所說的所有原因，指導明年是很困難的。我只是想知道 Genesis 方面的事情，在那個市場上仍然有望達到 60% 的複合年增長率嗎？我想作為第二部分，我們如何將 5 倍的容量增長與那種 60% 或任何你要向我們更新的增長率保持一致？似乎容量已準備好超過 60%。但我知道產能和收入之間的時間可能會有點偏差。

Yes, sure. I'll -- Ross, thanks for the question. Yes. So to answer the first part of the question, yes, we certainly expect in that business to continue to hit a 60% growth rate. So that's all teed up. I think in the comments we talked about all the additional opportunities we're seeing. Since we acquired the business, backlog is higher today, and we're seeing a lot more opportunities. So from that perspective, I mean, the business is doing as well as we thought it would when we acquired it. I think the additional manufacturing capacity -- the fact is we're trying to catch up. It's not catch up to demand right now. That comes up over time. As you know, it won't come up all at once. But yes, I think the idea is that we're putting in capacity that will support much higher levels of revenue than we're currently seeing in that business.

是的，當然。我會——羅斯，謝謝你的問題。是的。因此，要回答問題的第一部分，是的，我們當然希望該業務繼續達到 60% 的增長率。所以這一切都準備好了。我認為在評論中我們談到了我們看到的所有其他機會。自從我們收購了該業務以來，今天的積壓訂單更高，我們看到了更多的機會。因此，從這個角度來看，我的意思是，該業務的表現與我們收購它時的預期一樣好。我認為額外的製造能力——事實上我們正在努力追趕。現在還趕不上需求。這會隨著時間的推移而出現。如您所知，它不會一下子出現。但是，是的，我認為我們的想法是我們正在投入的能力將支持比我們目前在該業務中看到的更高水平的收入。

I guess as my follow-up, the gross margin side of things, I guess a 2 part on this one as well. It's good to see that it's going up a bit sequentially, but it is significantly lower than what you thought it would have been as of last quarter's call, where I believe you said it was kind of 43%, plus or minus 2 points. So why is that, I guess, on the lower end? And then when you talk about continued improvement for next year, any sort of either directional magnitude linearity? Just any more color on that would be helpful.

我想作為我的後續行動，毛利率方面，我想這也是一個 2 部分。很高興看到它連續上升了一點，但它明顯低於你在上個季度的電話會議上認為的水平，我相信你說它是 43%，正負 2 個點。那為什麼，我猜，在低端？然後當你談到明年的持續改進時，任何一種方向幅度線性？再多一點顏色就會有幫助。

Yes, sure. So on the first part No, it's a little lower than what we guided last quarter. And part of that is a mix issue. So silicon carbide wasn't -- and again, we talked about demand and supply wasn't as big as an overall percentage of the business as we thought it might be. So that's one. The second is, and as you recall earlier this year, we discussed this, where we consciously made a decision -- a strategic decision to invest in the space outside the charger business, which was at the time and is currently lower margin than kind of corporate averages. So that business is doing exceptionally well. And as a larger percentage of the overall business than it historically has been.

是的，當然。所以在第一部分不，它比我們上個季度的指導要低一點。其中一部分是混合問題。所以碳化矽不是——而且，我們再次談到需求和供應並不像我們想像的那樣佔整個業務的百分比。所以這是一個。第二個是，正如你記得今年早些時候，我們討論過這個問題，我們有意識地做出了一個決定——投資充電器業務之外的空間的戰略決定，當時和目前的利潤率低於同類產品。企業平均值。因此，該業務做得非常好。並且作為整體業務的比例比歷史上更大。

We certainly expect that business, and we've talked about this, where when we introduced Gen 4, margins in that business will expand. And so you'll see, and that's why we're pretty confident that margins in the next year will continue to move up. In terms of how much, I mean, I think right now, we would look to low to mid kind of 40s where we think that could go. And it should be relatively linear. We expect silicon carbide business continue to grow. And like I said, we have new products coming in on the GaN side that are -- that provide higher margins than what we would see today a better cost structure.

我們當然期待這項業務，並且我們已經討論過這一點，當我們推出第 4 代時，該業務的利潤率將會擴大。所以你會看到，這就是為什麼我們非常有信心明年的利潤率將繼續上升。就數量而言，我的意思是，我認為現在，我們會考慮到 40 多歲的中低水平，我們認為這可能會發生。它應該是相對線性的。我們預計碳化矽業務將繼續增長。就像我說的那樣，我們在 GaN 方面推出了新產品，它們提供了比我們今天看到的更好的成本結構更高的利潤率。

And I guess, if I could sneak just a clarification to that, and apologies for the third question, but the mix in the fourth quarter, I'm a little confused. Did you say that silicon carbide was a bigger percentage of your mix, I guess, implied in your guide or a smaller percentage of your mix implied in your guide that would lead the gross margin to not be terribly off from your 43%, but still below it at 40.

我想，如果我可以偷偷澄清一下，並為第三個問題道歉，但第四季度的混合，我有點困惑。您是說碳化矽在您的組合中佔更大比例嗎？低於40。

Yes. It's later. The mix of -- yes, silicon carbide was a little less than what we had anticipated when we guided 43.

是的。晚了。是的，碳化矽的混合比我們指導 43 時的預期要少一些。

Our next question will come from the line of Blake Friedman with Bank of America.

我們的下一個問題將來自美國銀行的布萊克弗里德曼。

Just kind of focusing on the mobile side of things first, just given what we kind of assume about the normalized run rate for the GeneSiC business if we look in the December quarter, it seems like the mobile declines are kind of in line with other Android peers. But I was just curious, I know visibility is limited, but your thoughts on maybe a potential bottoming in mobile sales maybe sometime in the December, March quarter from what we heard from your other peers?

只是首先關注移動方面同行。但我只是好奇，我知道知名度是有限的，但您對移動銷售可能觸底的想法可能會在 12 月、3 月季度的某個時候從我們從其他同行那裡聽到的？

Yes. Yes. Thanks, Blake, for your question. It is hard to predict, but we've got a strong team and a lot of strong relationships in China, the best indications we have is that Q4 and Q1 are both still pretty soft. But after that, we'd anticipate a decent recovery. And that's what we're factoring into our preliminary thinking about next year.

是的。是的。謝謝，布萊克，你的問題。很難預測，但我們在中國擁有一支強大的團隊和很多牢固的關係，我們最好的跡像是 Q4 和 Q1 仍然相當疲軟。但在那之後，我們預計會出現不錯的複蘇。這就是我們明年初步考慮的因素。

Great. And then just as a quick follow-up, I noticed you talked about some of the solar programs in your opening remarks. And just kind of curious, I know some of the -- on the GaN side of things, some of those programs starting to ramp in 24. I believe you mentioned earlier that it might begin in the second half of '23. I just wanted -- I was just curious if any of those programs are pushed out or if I'm just kind of -- that's an incorrect interpretation?

偉大的。然後作為一個快速跟進，我注意到你在開場白中談到了一些太陽能項目。有點好奇，我知道一些 - 在 GaN 方面，其中一些計劃在 24 年開始升溫。我相信你之前提到它可能在 23 年下半年開始。我只是想——我只是好奇這些程序中是否有任何一個被推出，或者我只是有點——這是一個不正確的解釋？

I know for the last couple of quarters, we've been talking about the GaN ramping in '24 across first one and now a second major residential solar player. So we're still tracking for 24 ramps on GaN with at least those 2 major players and likely more. The silicon carbide, of course, is already shipping into a lot of the solar leaders today. That include companies like APS, Sungrow, Chint and GoodWe and many others.

我知道在過去的幾個季度中，我們一直在談論 24 年第一個和現在第二個主要住宅太陽能參與者的 GaN 斜坡。因此，我們仍在跟踪 GaN 的 24 個坡道，至少有這 2 個主要參與者，甚至更多。碳化矽，當然，今天已經運往許多太陽能領導者。其中包括 APS、陽光電源、正泰和固德威等公司以及許多其他公司。

Our next question will come from the line of Jonathan Tanwanteng with CJS Securities.

我們的下一個問題將來自 CJS Securities 的 Jonathan Tanwanteng。

I just wanted to clarify, you said you had visibility or line of sight into a doubling of revenue. Are you talking about reported revenue or pro forma for Genetic to get there? And I understand that there's a 60% component there. So if it's on a reported basis or pro forma basically makes a difference?

我只是想澄清一下，您說您對收入翻倍有可見性或視線。你是在談論報告的收入還是為了讓基因到達那裡的備考？我知道那裡有 60% 的組件。那麼，如果它是在報告的基礎上或形式上基本上會有所作為？

Right. So it's on a reported basis. So if you look at our guide, midpoint of our guide in the first 9 months, we expect the full year to be around $38 million, $39 million in revenue. So when we talk about doubling, it's off that base.

正確的。因此，它是在報告的基礎上進行的。因此，如果您查看我們的指南，即前 9 個月指南的中點，我們預計全年收入約為 3800 萬美元，收入為 3900 萬美元。因此，當我們談論翻倍時，它是在這個基礎上的。

Understood. And then the second part is, I think you've mentioned that silicon carbide didn't sell quite as much as you expected in the quarter. It wasn't as big a part of the mix but then you said it was doing as expected. I'm just hoping you can reconcile that a little bit.

明白了。然後第二部分是，我認為您已經提到碳化矽在本季度的銷售量沒有您預期的那麼多。它不是混合的那麼大的一部分，但你說它按預期進行。我只是希望你能稍微調和一下。

Yes. Sorry. Go ahead.

是的。對不起。前進。

Yes, sure. I can jump in. I mean, at this point, we are selling every chip we can build. So we're working with our suppliers to ramp up as fast as we can. We do have some bottlenecks that are working through that makes the output a little bit choppy and led to a little bit less revenue in Q3 and Q4 than anticipated, which caused the mix shift and small gross margin impact that Ron talked about. But going forward, it looks like those supply issues are being resolved pretty thoroughly here in Q4, and we mentioned a long-term supply agreement that kicks in at the start of Q1, setting up a really strong capacity position and growth position for next year.

是的，當然。我可以加入。我的意思是，在這一點上，我們正在銷售我們可以製造的每一個芯片。因此，我們正在與我們的供應商合作，以盡可能快地提高產量。我們確實有一些瓶頸正在解決，這使得產出有點波動，導致第三季度和第四季度的收入比預期的要少一些，這導致了羅恩談到的混合轉變和小毛利率影響。但展望未來，這些供應問題似乎在第四季度得到了徹底解決，我們提到了在第一季度開始的長期供應協議，為明年建立了非常強大的產能和增長地位.

Great. That's helpful. Do you have any sense of how much revenue you left on the table or pushed out because of these bottlenecks?

偉大的。這很有幫助。您是否知道由於這些瓶頸您留下了多少收入或推出了多少收入？

Well, you can just look at what we guided compared to prior -- or what was our prior guidance compared to actual results and a bunch of that is silicon carbide.

好吧，你可以看看我們與之前相比的指導 - 或者與實際結果相比我們之前的指導是什麼，其中包括碳化矽。

Okay. So most of that was silicon carbide and the rest, I would assume it's just incremental mobile weakness.

好的。所以其中大部分是碳化矽，其餘的，我認為這只是增加的移動弱點。

Right. Exactly.

正確的。確切地。

Okay. Just a question on the acquisition strategically. Have you added any customers as a result of the acquisition where you were able to cross-sell to each other jointly develop things? Just wondering if there's any progress or developments there in the short time you've been together?

好的。只是一個關於戰略收購的問題。您是否因收購而增加了任何客戶，您可以相互交叉銷售共同開發產品？只是想知道你們在一起的短時間內是否有任何進展或發展？

Yes, definitely. In fact, we highlighted over 50 new silicon carbide opportunities since we acquired the company. So that's off to a great start. We've got our entire sales force. -- system design centers all trained up, all actively engaged, all working with customers around the world. We haven't named names yet because we need permission for that, typically. So many of those 50 projects will get revealed over time, but that's a heck of a great running start here in the last 3 months. And that obviously led to us wanting to be more bullish on capacity and securing the 5x increase that we talked about.

當然是。事實上，自我們收購該公司以來，我們重點介紹了 50 多個新的碳化矽機會。所以這是一個很好的開始。我們擁有整個銷售隊伍。 -- 系統設計中心都經過培訓，都積極參與，都與世界各地的客戶合作。我們還沒有命名名稱，因為我們通常需要獲得許可。隨著時間的推移，這 50 個項目中的許多項目都會被披露出來，但在過去的 3 個月裡，這是一個很好的開端。這顯然導致我們希望更加看好產能並確保我們談到的 5 倍增長。

Your next question will come from the line of Trevor Janoskie on behalf of Quinn Bolton with Needham.

您的下一個問題將來自 Trevor Janoskie 代表 Quinn Bolton 和 Needham 的發言。

This is Trevor on for Quinn. On GeneSiC, can we expect sequential growth throughout 2023 with the new capacity in place? And is it possible to see silicon carbide revenues outpacing GaN at any quarter during the year? Any color there would be great.

這是奎因的特雷弗。在 GeneSiC 上，隨著新產能到位，我們能否預期整個 2023 年連續增長？是否有可能在一年中的任何一個季度看到碳化矽的收入超過 GaN？任何顏色都會很棒。

Yes, certainly, sequential growth is our expectation that 5x, as we talked about earlier, gives us a whole lot of headroom to drive upside. So we're very anxious to do exactly that. So I don't see any reason why we wouldn't see strong potential growth, frankly, in the silicon carbide business and in the GaN business, depending upon that China recovery. So I think that sets us up pretty well across both businesses throughout the year next year.

是的，當然，連續增長是我們的預期，正如我們之前談到的，5 倍為我們提供了很大的上行空間。所以我們非常渴望做到這一點。因此，坦率地說，我看不出有任何理由說明碳化矽業務和 GaN 業務不會出現強勁的潛在增長，這取決於中國的複蘇。因此，我認為這使我們在明年全年的兩項業務中都取得了不錯的成績。

Okay. And just to clarify for the data center 5 million PO, how long does this agreement extend?

好的。而且只是為了澄清數據中心500萬的PO，這個協議會延長多久？

Yes, that purchase order is actually just for second half of next year. So it's just the beginning ramp-up of that business.

是的，那個採購訂單實際上只是明年下半年的。所以這只是該業務的開始。

Okay. So we can expect all $5 million in the second half?

好的。所以我們可以期待下半年所有的 500 萬美元？

That's right.

這是正確的。

Okay. And if I can just sneak in one more. At the time of the IPO, you spoke about GaN reaching price parity with silicon by the end of 2023. Has your view on this time line changed at all given the inflationary environment?

好的。如果我可以再偷偷溜進去一個。在 IPO 時，您談到 GaN 將在 2023 年底與硅價格持平。鑑於通貨膨脹環境，您對這一時間線的看法是否發生了變化？

Actually, no, it hasn't. There's been a lot of pluses and minuses there, but actually, we're still on track. In fact, many of the programs we're developing now, of course, the programs that get launched in '23, and we see that system cost parity being achieved across a number of products in a number of markets and customers.

實際上，不，它沒有。那裡有很多優點和缺點，但實際上，我們仍在軌道上。事實上，我們現在正在開發的許多程序，當然，是在 23 年推出的程序，我們看到許多市場和客戶的許多產品都實現了系統成本平價。

Our next question will come from the line of Tristan Gerra with Baird.

我們的下一個問題將來自 Tristan Gerra 和 Baird。

Could you talk a little bit about your positioning? And I know you've already provided details on GeneSiC. The feedback from silicon carbide conferences that we're attending is about the high end, high performance positioning. So are you highlighting any particular feature as differentiated as opposed to just going after the mass market? If you could just give us some color? And with some of the 50-plus new opportunities that you've mentioned, is it all automotive or if you could talk about more feedback on the end applications for those new opportunities since the acquisition closed.

你能談談你的定位嗎？我知道您已經提供了有關 GeneSiC 的詳細信息。我們參加的碳化矽會議的反饋是關於高端、高性能的定位。那麼，您是否強調了任何特定的功能，而不是僅僅追求大眾市場？如果你能給我們一些顏色？對於您提到的 50 多個新機會中的一些，是否都是汽車行業，或者您是否可以談論有關自收購結束以來這些新機會的最終應用的更多反饋。

Yes, definitely. Thanks for your questions, Tristan. So on the GeneSiC technology, it kind of falls in 3 categories: the high-performance in circuit test results are really extraordinary. We did a lot of benchmarking before we acquired the company across all the big guys. We found it to be the best efficiency under real-life high-temperature high-frequency operating conditions. So that efficiency, that performance is really second to none, and that certainly gets customers' attention first and foremost.

當然是。謝謝你的問題，特里斯坦。所以在 GeneSiC 技術上，它分為 3 類： 電路測試結果的高性能確實非同尋常。在我們收購所有大公司之前，我們做了很多基準測試。我們發現它是現實高溫高頻工作條件下的最佳效率。因此，效率、性能確實是首屈一指的，這無疑首先引起了客戶的關注。

Secondarily is the robustness and reliability. We're one of only 2 suppliers offering guaranteed excellent avalanche energy rating and also extremely good short circuit ratings, protection ratings, and that's critical. Obviously, in these high reliability applications. The third is the range of products itself. We go from 650 volts all the way on up to 6,500 volts.

其次是穩健性和可靠性。我們是僅有的 2 家提供有保證的出色雪崩能量等級和極好的短路等級、保護等級的供應商之一，這很關鍵。顯然，在這些高可靠性應用中。第三是產品本身的範圍。我們從 650 伏一直到 6,500 伏。

And so as you go up in voltage, those markets are not as big, but they are very demanding in performance and very limited and the supplier choices out there, Genetic being 1 of only 2, I think, at 3,500 volts on the only one with 6,500 volt -- so those are the 3 big differentiators that we're starting with today. And of course, we're going to be adding to those as we integrate our own R&D plans and system R&D capabilities mixing with the Genesis technology.

因此，當您提高電壓時，這些市場並沒有那麼大，但是它們對性能的要求非常高，而且供應商的選擇非常有限，Genetic 是僅有的 2 家中的 1 家，我認為只有 3,500 伏特使用 6,500 伏特——所以這些是我們今天開始的三大差異化因素。當然，當我們將我們自己的研發計劃和系統研發能力與 Genesis 技術相結合時，我們將增加這些功能。

Okay. Now that's great feedback. So as my follow-up then, are you able to price maybe at a premium on the basis of performance because clearly, the features that you just mentioned are already highlighted within the industry as critical going forward?

好的。現在這是很好的反饋。因此，作為我的後續行動，您是否能夠根據性能定價可能溢價，因為很明顯，您剛才提到的功能已經在行業中被強調為未來的關鍵？

And also, I guess, there is a relationship between shrinking those chips going forward, but then the reliability comes down. So at some point, there's going to be kind of a collision cross between more higher density, but keeping a minimum reliability, particularly for automotive applications. So how are you positioning price-wise? And what does that mean in terms of market share that you can get. Can you go after the mass market? Or are you going to really focus on the premium segment and presumably be at a premium on the pricing as well?

而且，我猜想，縮小這些芯片之間存在關係，但隨後可靠性下降。因此，在某些時候，更高密度之間會發生碰撞，但要保持最低可靠性，特別是對於汽車應用。那麼，您如何在價格方面進行定位？就您可以獲得的市場份額而言，這意味著什麼。你能追求大眾市場嗎？還是您將真正專注於高端市場，並且可能對定價也有溢價？

Yes. No, great questions. And definitely, it's a price premium strategy because it's a performance premium and reliability premium product. And that price premium strategy is working really well for us as we're growing faster than the market, taking share from others. And I think we'll be able to continue that for quite some time, albeit with an eye on mass market leadership position in the market. And we do have an aggressive cost reduction plan as well as an aggressive performance road map that I think will take us to mainstream leadership in cost performance and reliability in the silicon carbide market.

是的。不，很好的問題。毫無疑問，這是一種價格溢價策略，因為它是一種性能溢價和可靠性溢價的產品。而且這種價格溢價策略對我們來說非常有效，因為我們的增長速度超過了市場，並從其他人那裡獲得了份額。而且我認為我們將能夠在相當長的一段時間內繼續這樣做，儘管著眼於大眾市場在市場上的領導地位。而且我們確實有一個積極的成本降低計劃以及一個積極的性能路線圖，我認為這將使我們在碳化矽市場的成本性能和可靠性方面處於主流領導地位。

So I think we feel really good about that. growth rate that share and that pricing strategy. And I know you also Tristan asked about the opportunities. We did mention over 50 new silicon carbide opportunities since the acquisition. I also mentioned 22 of those were in EV. The other is pretty broadly spread around solar, industrial and energy storage, the other key markets. So it's a pretty broad-based market share gains and growth trajectory for us.

所以我認為我們對此感覺非常好。份額和定價策略的增長率。我知道你也特里斯坦問過機會。自收購以來，我們確實提到了 50 多個新的碳化矽機會。我還提到了其中的 22 個在 EV 中。另一個非常廣泛地分佈在太陽能、工業和能源存儲等其他主要市場。因此，對我們來說，這是一個基礎廣泛的市場份額增長和增長軌跡。

(Operator Instructions) Our next question is a follow-up from the line of Jonathan Tanwanteng with CJS Securities.

（操作員說明）我們的下一個問題是來自 CJS 證券的 Jonathan Tanwanteng 的後續問題。

Ron, you mentioned the growth rate of OpEx slowing down. I was wondering what are you planning for that to flow through as you enter next year?

Ron，你提到了 OpEx 的增長率放緩。我想知道當你明年進入時，你打算如何處理它？

Yes, sure. Good question. We'll target -- I mean, it will be mid-single digits sequentially, is what the target would be.

是的，當然。好問題。我們的目標是——我的意思是，它將是連續的中個位數，這就是目標。

Okay. And is that just into Q1 or through the year?

好的。這只是進入第一季度還是全年？

That's what will drive to through the year.

這就是全年的目標。

Okay. Great. And then what's the update to your cash burn expectations with the macro, I guess, headwinds you're seeing in the mobile plus a little bit of increased OpEx?

好的。偉大的。然後，我猜，你在宏觀上看到的現金消耗預期有什麼更新，你在移動設備中看到的逆風加上一點點增加的運營支出？

Yes. So first of all, I feel super good about the balance sheet. I mean we have a very clean balance sheet, almost no debt. So we have about $124 million in cash. And again, if you think about what we talked about potentially doubling our revenue next year and the margin guide and kind of the OpEx guide, I think you get to a number where it's $12 million to $14 million a quarter now, and it will go down through next year. But again, I think from a cash standpoint and a liquidity standpoint, we have no need to raise additional capital to fund the business. We have plenty of capital on hand to grow the business. So we feel really good about our position with cash and certainly not having to approach the markets in this environment.

是的。所以首先，我對資產負債表感覺非常好。我的意思是我們有一個非常乾淨的資產負債表，幾乎沒有債務。所以我們有大約1.24億美元的現金。再一次，如果你考慮一下我們談到的明年可能使我們的收入翻倍的內容以及利潤率指南和運營支出指南的類型，我認為你現在得到的數字是每季度 1200 萬到 1400 萬美元，而且它會去到明年為止。但同樣，我認為從現金和流動性的角度來看，我們不需要籌集額外的資金來為業務提供資金。我們手頭有足夠的資金來發展業務。因此，我們對自己的現金狀況感到非常滿意，當然不必在這種環境下進入市場。

Got it. Is there a plan for that cash just given the uncertainty that's out there? I know you've talked about M&A in the past, you've done a couple of things. But is it preferable just to hold on to that and probably earn a little bit more interest than maybe any thought it would.

知道了。鑑於存在的不確定性，是否有針對這筆現金的計劃？我知道您過去曾談到併購，您已經做過幾件事。但是，堅持這一點是否更可取，並且可能比任何人想像的都要多一點興趣。

Yes. I mean I think the first priority is to fund the existing business, right? We think we have great growth opportunities, both in GaN and silicon carbide. So initially, we'll focus resources there. I think having said that, we've indicated in the past in GeneSiC and VDD are examples of being willing to make acquisitions that make sense. And so we would be opportunistic should those situations arise. But again, the priority today is fund the existing business because there are great growth opportunities there and we plan to capitalize on it.

是的。我的意思是我認為首要任務是為現有業務提供資金，對嗎？我們認為我們在 GaN 和碳化矽方面都有很大的增長機會。所以最初，我們將把資源集中在那裡。我認為話雖如此，我們過去曾在 GeneSiC 和 VDD 中指出願意進行有意義的收購的例子。因此，如果出現這些情況，我們會投機取巧。但同樣，今天的首要任務是為現有業務提供資金，因為那裡有巨大的增長機會，我們計劃利用它。

Our next question is a follow-up from the line of Ross Seymore with Deutsche Bank.

我們的下一個問題是來自德意志銀行的羅斯·西莫爾的後續問題。

Just a high-level one. Lots of moving parts both on the demand side and the GaN versus silicon carbide and all of those sorts of things. But you guys had a plan of breaking even at some point during calendar year '24. Is that still the plan?

只是高級別的。需求方面和 GaN 與碳化矽以及所有這些方面都有很多活動部件。但是你們計劃在 24 日曆年的某個時候實現收支平衡。還是那個計劃嗎？

Yes. Ross, so again, I think it's a little challenging to forecast right now. The plan, obviously, is to drive to breakeven. And I don't want to commit -- I mean, ideally, it will be in '24. But I think for me to forecast that right now is probably a little premature given the market conditions.

是的。羅斯，再說一次，我認為現在預測有點挑戰。顯然，該計劃是為了實現盈虧平衡。而且我不想承諾——我的意思是，理想情況下，它會在 24 年。但我認為，鑑於市場狀況，我現在預測可能還為時過早。

And I will now turn the conference back over to Eugene Sheridan, CEO for any closing remarks.

現在，我將把會議轉回給首席執行官尤金·謝里丹 (Eugene Sheridan) 來做任何閉幕詞。

Great. Thank you, operator, and thanks to all of you for joining our call. I'll just close with a few comments about the overall outlook going forward. We couldn't be happier with our GeneSiC acquisition. That integration has gone extremely well. The market response has been fantastic. And together, it has us firing on all cylinders across GaN and silicon carbide expanding our markets into new regions, new applications and creating a very diversified business. So I thank everyone for joining us today and look forward to any follow-on discussions.

偉大的。謝謝你，接線員，也感謝你們所有人加入我們的電話。最後，我將就未來的整體前景發表一些評論。我們對 GeneSiC 的收購非常滿意。這種整合進行得非常順利。市場反應非常好。同時，它讓我們在 GaN 和碳化矽領域全力以赴，將我們的市場擴展到新的地區、新的應用，並創造了一個非常多元化的業務。因此，我感謝大家今天加入我們，並期待任何後續討論。

Ladies and gentlemen, that will conclude today's call. Thank you all for joining. You may now disconnect.

女士們先生們，今天的電話會議到此結束。謝謝大家的加入。您現在可以斷開連接。