納微半導體 (NVTS) 2022 Q4 法說會逐字稿

Thank you for holding, and welcome everyone to the Navitas Semiconductor Fourth Quarter 2022 Earnings Call. (Operator Instructions)

感謝大家的捧場，歡迎大家參加納微半導體2022年第四季度財報電話會議。 （操作員說明）

Thank you. I will now turn the call over to Stephen Oliver, VP, Corporate Marketing and Investor Relations. Mr. Oliver, please go ahead.

謝謝。我現在將把電話轉給企業營銷和投資者關係副總裁斯蒂芬奧利弗。奧利弗先生，請繼續。

Good afternoon, everyone. I am Stephen Oliver, Vice President of Corporate Marketing and Investor Relations. Thank you for joining Navitas Semiconductor's fourth quarter and full year 2022 results conference call. I am joined today by Gene 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 第四季度和 2022 年全年業績電話會議。今天，我們的董事長、總裁、首席執行官兼聯合創始人 Gene Sheridan 加入了我的行列；和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 the call. Additional information related to our business is also posted on the Investor Relations section of our website.

本次電話會議後約 1 小時，我們的網站將重播本次網絡廣播，錄製的網絡廣播將在電話會議後約 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 fourth quarter earnings release and also posted on our website in the Investor Relations section.

我們的收益發布包括非 GAAP 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四季度收益發布中，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. 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 sections in our most recent 10-K and 10-Qs. 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.

在本次電話會議中，我們將對未來事件或 Navitas 的未來財務業績（包括收購）做出前瞻性陳述。您可以通過我們期望或我們相信的詞語或類似術語來識別這些陳述。我們想提醒您，此類前瞻性陳述受風險和不確定因素的影響，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。另請參閱我們最新的 10-K 和 10-Q 中的風險因素部分。我們的估計或其他前瞻性陳述可能會發生變化，除法律要求外，Navitas 不承擔更新前瞻性陳述以反映實際結果、改變的假設或可能發生的其他事件的義務。

And now, over to Gene Sheridan, CEO.

現在，輪到首席執行官 Gene Sheridan 了。

Thank you, Steve, and welcome to everyone on the call today. I am very pleased with our Q4 results, which came in above our midpoint guidance across all key metrics. For 2022 in total, I am especially happy with the dramatic expansion and diversification we achieved both organically and through acquisitions.

謝謝史蒂夫，歡迎大家參加今天的電話會議。我對我們第四季度的業績感到非常滿意，該業績高於我們所有關鍵指標的中點指導。總的來說，我對 2022 年通過有機和收購實現的顯著擴張和多元化感到特別高興。

Navitas entered this year with a solid position in 5 major growth markets with leading-edge GaN and silicon carbide, along with complementary silicon drivers and controllers. Such a position gives us confidence to reiterate our expectations to double our revenues in 2023 as compared to 2022. This month, we completed the buyout of our silicon controller joint venture, constituting our third transaction in just 9 months, all major steps in building a portfolio of leading-edge GaN and silicon carbide with silicon-based digital isolators and analog controllers optimized for wide band-gap materials, which we believe is unequaled in our industry. This pure-play focus on next-generation power semiconductors without any distraction or dilution by traditional silicon power devices uniquely positions Navitas for growth and leadership in next-generation electrified systems from EV and renewables to industrial and appliance markets to mobile, consumer and data center segments. In total, these transactions have expanded our market opportunity by 75% from $13 billion to over $23 billion per year by 2026.

Navitas 憑藉領先的 GaN 和碳化矽以及互補的矽驅動器和控制器，在 5 個主要增長市場中佔據穩固地位。這樣的立場讓我們有信心重申我們的預期，即 2023 年的收入比 2022 年翻一番。本月，我們完成了對矽控制器合資企業的收購，這是我們在短短 9 個月內的第三筆交易，所有重要步驟都是為了建立一個先進的 GaN 和碳化矽產品組合，以及針對寬帶隙材料優化的矽基數字隔離器和模擬控制器，我們相信這在我們的行業中是無與倫比的。 Navitas 專注於下一代功率半導體，不受傳統矽功率器件的干擾或稀釋，這使 Navitas 在從電動汽車和可再生能源到工業和家電市場再到移動、消費者和數據中心的下一代電氣化系統中處於增長和領導地位。段。總的來說，到 2026 年，這些交易使我們的市場機會增加了 75%，從每年 130 億美元增加到超過 230 億美元。

2022 is an extraordinary year for our company. We rapidly expanded into these new market segments, transitioning from a company in 2021 that was 100% mobile consumer focused to a more diversified set of markets resulting in 2022 revenues with approximately 30% in appliance and industrial, 12% in solar and storage, 5% in EV and 40% in mobile and consumer segments. With these diversified markets also comes a diversified regional footprint with 24% of our '22 sales in North America, 32% in Europe and 44% in Asia.

2022年對我們公司來說是不平凡的一年。我們迅速擴展到這些新的細分市場，從 2021 年 100% 專注於移動消費者的公司轉變為更多元化的市場，導致 2022 年的收入約有 30% 來自家電和工業，12% 來自太陽能和儲能，5 % 在電動汽車和 40% 在移動和消費者領域。這些多元化的市場也帶來了多元化的區域足跡，我們 22 年銷售額的 24% 在北美，32% 在歐洲，44% 在亞洲。

Let me explain further about our joint venture controller transaction. Elevation Semiconductor was a JV created in 2021 with Halo Microelectronics. The JV was started to create application-specific silicon analog controllers, optimized for high-frequency GaN and silicon carbide to enable even higher efficiency, density and integration at a lower cost. As you know, Navitas has a unique capability with our GaN integrated circuits. Much of what we're integrating in GaN has traditionally been designed into these silicon analog controllers. With this new capability and controllers, we can accelerate our pace of development and innovation with the optimal partitioning and integration between the silicon controllers and the GaN power devices to deliver more value and a more complete solution to our customers. The initial products from this venture target mobile chargers, consumer adapters and appliance auxiliary power supplies. Over time, we expect this technology will be introduced in all of our target markets, including EV, solar and storage, data center and more industrial applications. We closed the Elevation transaction last week with 20 new employees joining our company composed mainly of design, applications, products and test engineers. The first generation products were introduced last year and already have generated dozens of customer wins and appreciable ramping revenues. These products will be rebranded as Navitas, plus we will launch a new generation family in March at the APEC Power Electronics Show.

讓我進一步解釋一下我們的合資控制人交易。 Elevation Semiconductor 是 2021 年與 Halo Microelectronics 成立的合資企業。該合資企業開始創建專用矽模擬控制器，針對高頻 GaN 和碳化矽進行了優化，以更低的成本實現更高的效率、密度和集成度。如您所知，Navitas 在我們的 GaN 集成電路方面擁有獨特的能力。我們在 GaN 中集成的大部分內容傳統上都是設計到這些矽模擬控制器中的。憑藉這一新功能和控制器，我們可以通過矽控制器和 GaN 功率器件之間的最佳分區和集成來加快我們的開發和創新步伐，從而為我們的客戶提供更多價值和更完整的解決方案。該合資企業的初始產品目標是移動充電器、消費類適配器和電器輔助電源。隨著時間的推移，我們預計這項技術將被引入我們所有的目標市場，包括電動汽車、太陽能和儲能、數據中心以及更多的工業應用。我們上週完成了 Elevation 交易，有 20 名新員工加入我們公司，主要由設計、應用、產品和測試工程師組成。第一代產品於去年推出，已經贏得了數十家客戶，收入也出現了可觀的增長。這些產品將更名為 Navitas，而且我們將在 3 月的 APEC 電力電子展上推出新一代產品系列。

Let's turn our progress to each of our target markets. In EV, we have established a strong position with our silicon carbide technology in ultrafast roadside chargers. Our Level 3 DC fast chargers deliver up to 350 kilowatts of power or up to 20 miles per minute of charging and a 10% to 80% charge in only 18 minutes, dramatically reducing range anxiety concerns for consumers. Our silicon carbide differentiation resides in the technology itself in which we deliver industry-leading in-circuit efficiencies and cooler temperatures. Furthermore, Level 3 charger architectures are moving to a higher bus voltage from 1,000 volts to 1,500 volts, which helps to increase power density, simplify design can further improve efficiency, reliability and cost. A 1,500-volt bus requires up to 3,300 volt silicon carbide device capability, a voltage range for an Navitas silicon carbide brings unequal performance with limited competition.

讓我們把我們的進展轉向我們的每個目標市場。在電動汽車領域，我們憑藉碳化矽技術在超快路邊充電器領域確立了強勢地位。我們的 3 級直流快速充電器可提供高達 350 千瓦的功率或每分鐘充電高達 20 英里，並且僅需 18 分鐘即可充滿 10% 至 80% 的電量，極大地減少了消費者對續航里程的擔憂。我們的碳化矽差異化在於我們提供行業領先的在線效率和更低溫度的技術本身。此外，Level 3 充電器架構正在轉向更高的總線電壓，從 1,000 伏到 1,500 伏，這有助於提高功率密度，簡化設計可以進一步提高效率、可靠性和成本。 1,500 伏的總線需要高達 3,300 伏的碳化矽器件能力，納微碳化矽的電壓範圍在競爭有限的情況下帶來了不平等的性能。

Our silicon carbide technology has already been adopted by over a dozen roadside charger customers and is being integrated in over 50% of the U.S. roadside chargers, including Electrify America and EVgo. Just one of these customers, we expect shipments to approach 1 million units by the end of Q2. The total roadside charger potential for silicon carbide is estimated to be over $1 billion by 2030, growing at a 30% annual growth rate. We believe this year's rollout of the Inflation Reduction Act, which includes $7.5 billion for EV charging infrastructure will accelerate this roadside charger growth rate and add significant upside to this market. This month, the Biden administration announced a goal to install 0.5 million EV chargers in the U.S. by 2030, with all EV chargers funded through the Bipartisan Infrastructure Law built in the United States. Also by July 2024, at least 55% of the cost of all components will need to be manufactured domestically, which matches well with our Texas-based silicon carbide wafer manufacturing with our supply chain partner, X-FAB.

我們的碳化矽技術已被十幾家路邊充電器客戶採用，並被集成到超過 50% 的美國路邊充電器中，包括 Electrify America 和 EVgo。僅這些客戶之一，我們預計到第二季度末出貨量將接近 100 萬台。據估計，到 2030 年，碳化矽路邊充電器的總潛力將超過 10 億美元，年增長率為 30%。我們相信，今年推出的《降低通貨膨脹法案》（其中包括 75 億美元用於電動汽車充電基礎設施）將加快路邊充電器的增長率，並為該市場帶來顯著的上行空間。本月，拜登政府宣布了到 2030 年在美國安裝 50 萬個 EV 充電器的目標，所有 EV 充電器均通過在美國建造的兩黨基礎設施法提供資金。同樣到 2024 年 7 月，所有組件成本的至少 55% 將需要在國內製造，這與我們與供應鏈合作夥伴 X-FAB 在德克薩斯州的碳化矽晶圓製造非常匹配。

In addition to the roadside chargers, our silicon carbide technology is in development or production for EV onboard chargers with major customers that include General Motors, BYD and Mercedes AMG. As previously announced, we have created a joint EV design center in Geely, a rising China-based EV player with almost 10% of worldwide EV sales in 2022. This center will initially co-develop next-generation onboard chargers for Geely, utilizing a combination of our GaN, silicon carbide and digital isolators to address both 400-volt and 800-volt battery systems. With the Geely center in our existing EV system design center, we are developing 5 onboard system platforms supporting 10 customer projects to utilize our GaN or silicon carbide, and we are still on track for our first GaN-based EVs in production in 2025.

除了路邊充電器，我們的碳化矽技術正在開發或生產電動汽車車載充電器，主要客戶包括通用汽車、比亞迪和梅賽德斯 AMG。正如之前宣布的那樣，我們已經在吉利建立了一個聯合電動汽車設計中心，吉利是一家新興的中國電動汽車公司，到 2022 年將佔全球電動汽車銷量的近 10%。該中心最初將共同為吉利開發下一代車載充電器，利用我們的 GaN、碳化矽和數字隔離器的組合可解決 400 伏和 800 伏電池系統的問題。借助我們現有 EV 系統設計中心中的 Geely 中心，我們正在開發 5 個車載系統平台，支持 10 個客戶項目，以利用我們的 GaN 或碳化矽，我們仍在按計劃在 2025 年生產首款基於 GaN 的 EV。

Let's turn to renewable energy. We installed solar power capacity is expected to exceed that of natural gas in 2026 and of coal by 2027, becoming the largest in the world, reflecting a 3x increase in installed capacity from 2022 to 2027. In commercial string inverters, we have over 20 customers in production or development today, including AP Systems, power electronics, Chint, Growatt, Sungrow, BYD and X-FAB. As with EV DC fast chargers, bus voltages in solar energy storage are also rising to 1,500 volts driving more of this market to our strength with 3,300 volt silicon carbide capability. As recently announced, [GeneSiC MOSFET] has achieved 25 degree C cooler temperatures and 3x longer expected lifetime in their 4.6 kilowatt solar string inverters, thanks to our unique trench-assisted planar silicon carbide technology. For residential solar, microinverters convert low-voltage DC to high-voltage AC power at 350 to 450 watts per individual panel. Here, GaN is still on track for a significant 2024 revenue ramp with multiple solar residential customers. We also anticipate accelerated growth in this segment as the Inflation Reduction Act dedicates over $50 billion to solar, storage and wind starting this year.

讓我們轉向可再生能源。我們的太陽能裝機容量預計將在 2026 年超過天然氣，到 2027 年將超過煤炭，成為世界上最大的，反映出從 2022 年到 2027 年裝機容量增長了 3 倍。在商用串式逆變器方面，我們擁有 20 多個客戶目前正在生產或開發的公司包括 AP Systems、電力電子、正泰、Growatt、陽光電源、比亞迪和 X-FAB。與 EV DC 快速充電器一樣，太陽能存儲中的總線電壓也上升到 1,500 伏，這推動了更多這個市場的發展，我們擁有 3,300 伏的碳化矽能力。正如最近宣布的那樣，[GeneSiC MOSFET] 憑藉我們獨特的溝槽輔助平面碳化矽技術，其 4.6 千瓦太陽能串式逆變器的溫度降低了 25 攝氏度，預期壽命延長了 3 倍。對於住宅太陽能，微型逆變器以每個面板 350 至 450 瓦的功率將低壓直流電轉換為高壓交流電。在這裡，GaN 仍有望在 2024 年與多個太陽能住宅客戶實現顯著的收入增長。我們還預計這一領域的增長會加速，因為從今年開始，《降低通貨膨脹法案》將向太陽能、儲能和風能領域投入超過 500 億美元。

Turning to home appliance and industrial applications, we continue to make excellent progress across GaN and silicon carbide, and we now have over 45 customer projects either in production or development. In gallium nitride or GaNSense half-bridge ICs are shipping in high volume in the appliance market, while silicon carbide is shipping volume today with high-power industrial motor control applications. In total, we anticipate 2023 appliance and industrial revenues will increase nicely as a percentage of Navitas revenues. Here again, the Inflation Reduction Act dedicates $9 billion to upgrade U.S. home appliance efficiencies, which we anticipate will create additional tailwinds in this segment.

轉向家電和工業應用，我們繼續在 GaN 和碳化矽領域取得卓越進展，我們現在有超過 45 個客戶項目正在生產或開發中。氮化鎵或 GaNSense 半橋 IC 在家電市場的出貨量很大，而碳化矽在當今高功率工業電機控制應用中的出貨量很大。總的來說，我們預計 2023 年家電和工業收入佔 Navitas 收入的百分比將有很好的增長。同樣，《降低通貨膨脹法案》撥款 90 億美元用於提升美國家電的效率，我們預計這將在這一領域產生更多的推動力。

In data center news, the European Union's high efficiency requirement for power supplies and known as Titanium Plus came into effect on January 1. Navitas' dedicated data center team continues to develop 4 high-performance system platforms to deliver Titanium Plus efficiencies, higher power density and lower system costs compared to legacy silicon systems. These system platforms have enabled 10 customer development projects, all of its target production later this year or early 2024.

在數據中心新聞方面，歐盟對電源的高效率要求和所謂的 Titanium Plus 於 1 月 1 日生效。Navitas 專門的數據中心團隊繼續開發 4 個高性能係統平台，以提供 Titanium Plus 效率、更高的功率密度與傳統矽系統相比，系統成本更低。這些系統平台已經啟用了 10 個客戶開發項目，所有目標都將在今年晚些時候或 2024 年初投產。

In mobile, fast and ultrafast charging for smartphones and laptops, design wins continue at a strong pace despite the market slowdown in 2022. Last year, Navitas and our customers developed nearly 100 new GaNFast charger designs from Samsung, OPPO, Lenovo, Dell, Anker and more, plus the recent 210 watt GaNFast charger for Xiaomi's Redmi Note 12, which enables a 100% charge in a lightning fast 9 minutes. In addition, our GaN technology is utilized in the new OnePlus 210 watt fast charger and Navitas was just featured in the global OnePlus 11 5G launch alongside Google, Qualcomm and other major technology partners. And this week, we announced the Realme GT3 with a 240 watt GaNFast charger. Given our market expansion and diversification, we anticipate our mobile and consumer business to be appreciably less as a percentage of revenue in 2023 as compared to 2022.

儘管 2022 年市場放緩，但在智能手機和筆記本電腦的移動、快速和超快速充電方面，設計繼續以強勁的速度獲勝。去年，Navitas 和我們的客戶開發了近 100 種來自三星、OPPO、聯想、戴爾、Anker 的新型 GaNFast 充電器設計等等，再加上最近為小米的 Redmi Note 12 配備的 210 瓦 GaNFast 充電器，可在閃電般的 9 分鐘內實現 100% 的充電。此外，我們的 GaN 技術被用於新的 OnePlus 210 瓦快速充電器，Navitas 剛剛與穀歌、高通和其他主要技術合作夥伴一起在全球 OnePlus 11 5G 發布中亮相。本週，我們發布了配備 240 瓦 GaNFast 充電器的 Realme GT3。鑑於我們的市場擴張和多元化，我們預計我們的移動和消費者業務在 2023 年佔收入的百分比將明顯低於 2022 年。

In summary, 2022 was a year of significant expansion and diversification of technology, markets and regions. Now, with leading-edge GaN, silicon carbide, digital isolators and analog controllers, we are uniquely positioned to displace legacy silicon power devices in multibillion dollar established markets, while also enabling the electrification of major new growth markets like solar, energy storage and electric vehicles.

總之，2022 年是技術、市場和地區顯著擴張和多樣化的一年。現在，憑藉領先的 GaN、碳化矽、數字隔離器和模擬控制器，我們處於獨特的地位，可以在價值數十億美元的成熟市場中取代傳統的矽功率器件，同時還可以實現太陽能、儲能和電力等主要新增長市場的電氣化汽車。

Now, over to Ron Shelton, our CFO.

現在，輪到我們的首席財務官 Ron Shelton 了。

Thank you, Gene, and thanks, everyone, for joining us this afternoon. In my comments today, I'll first take you through our fourth quarter and annual 2022 financial results. Then I'll walk you through our outlook for the first quarter and the full year of 2023.

謝謝 Gene，也謝謝大家今天下午加入我們。在今天的評論中，我將首先向您介紹我們的第四季度和 2022 年年度財務業績。然後我將向您介紹我們對 2023 年第一季度和全年的展望。

Revenue for the fourth quarter grew to $12.3 million. That represents 68% growth from the fourth quarter of 2021. For the full year of 2022, we grew revenue to $37.9 million, representing year-over-year growth of 60%. This was in line with our guidance.

第四季度的收入增長到 1230 萬美元。這比 2021 年第四季度增長了 68%。到 2022 年全年，我們的收入增長到 3790 萬美元，同比增長 60%。這符合我們的指導。

Looking back, 2022 was truly a pivotal year for Navitas. As we entered the year, we had most of our revenue coming from GaN-based products focused on the China mobile market. We exit the year with our end markets diversifying beyond that smartphone market into home appliances, solar, data center, industrial and EV. Not only have we maintained our leadership position in the GaN market, our acquisition of GeneSiC immediately gave us entry into the silicon carbide market with industry-leading products, for which we are seeing significant demand. Together with GaN, we exit the year as a pure-play next-generation power semiconductor company with a complete set of products, industry-leading technology, organizational scale and our most important asset, a group of incredibly talented and committed employees to successfully address the market opportunity totaling over $23 billion by 2026.

回顧過去，2022 年對納微來說確實是關鍵的一年。當我們進入這一年時，我們的大部分收入來自專注於中國移動市場的基於 GaN 的產品。我們結束了這一年，我們的終端市場從智能手機市場擴展到家用電器、太陽能、數據中心、工業和電動汽車市場。我們不僅保持了我們在 GaN 市場的領先地位，我們對 GeneSiC 的收購立即讓我們以行業領先的產品進入碳化矽市場，我們看到了對這些產品的巨大需求。與 GaN 一起，我們作為一家純粹的下一代功率半導體公司退出了這一年，擁有全套產品、行業領先的技術、組織規模和我們最重要的資產，一群才華橫溢、敬業的員工成功地解決了到 2026 年，市場機會總額將超過 230 億美元。

Before addressing expenses, I'd like to refer you to the GAAP to non-GAAP reconciliations in our press release earlier today. In the rest of my commentary, all costs and operating expense commentary will refer to non-GAAP costs and operating expenses. Non-GAAP gross margin in the fourth quarter was 40.6%, an increase from 38.4% in the third quarter as we benefited from a shift in the mix of our product revenue. For fiscal year 2022, non-GAAP gross margin was 40.8% compared to 45.4% in the prior year as we were adversely impacted during the year by higher wafer prices from TSMC and a strategic decision early in 2022 to absorb lower margins in a targeted new market. Margins in this new home appliance, industrial market will significantly expand through 2023 as we transition the cost-optimized Gen 4 GaN products.

在解決費用問題之前，我想在今天早些時候的新聞稿中向您介紹 GAAP 與非 GAAP 對賬。在我的其餘評論中，所有成本和運營費用評論都將參考非 GAAP 成本和運營費用。第四季度的非美國通用會計準則毛利率為 40.6%，高於第三季度的 38.4%，因為我們受益於產品收入結構的轉變。在 2022 財年，非美國通用會計準則毛利率為 40.8%，而上一年為 45.4%，這是因為我們在這一年受到了台積電更高的晶圓價格以及 2022 年初的一項戰略決策的不利影響，該戰略決定在有針對性的新業務中吸收較低的利潤率市場。隨著我們過渡到成本優化的第 4 代 GaN 產品，到 2023 年，這個新家電、工業市場的利潤率將顯著擴大。

Total non-GAAP operating expenses were $16.9 million for the fourth quarter of 2022. Our non-GAAP SG&A expense was $7.1 million, and non-GAAP R&D was $9.8 million in the fourth quarter of 2022. Fourth quarter expenses reflect a full quarter of GeneSiC operations and continued investment in that business, a full quarter of consolidating results from our joint venture, which we subsequently acquired and closed last week. And as we mentioned in our remarks last quarter, increased compensation, including a bonus paid to China employees, which was effectively an additional month of salary. For fiscal year 2022, non-GAAP operating expenses were $56.2 million compared to $35.3 million in the prior year. This increase reflects continued significant investments in new products, technologies and markets and includes expenses arising from the completion of our GeneSiC and VDD acquisitions and consolidation of our joint venture beginning in Q3. All of these investments are laying the stage for significant growth in the future.

2022 年第四季度非 GAAP 運營總費用為 1690 萬美元。2022 年第四季度我們的非 GAAP SG&A 費用為 710 萬美元，非 GAAP 研發費用為 980 萬美元。第四季度費用反映了 GeneSiC 的整個季度運營和對該業務的持續投資，我們合資企業的整整四分之一的合併結果，我們隨後於上週收購併關閉了該合資企業。正如我們在上個季度的評論中提到的那樣，增加了薪酬，包括支付給中國員工的獎金，這實際上是額外一個月的工資。 2022 財年，非美國通用會計準則運營費用為 5620 萬美元，上年為 3530 萬美元。這一增長反映了對新產品、技術和市場的持續重大投資，包括從第三季度開始完成我們的 GeneSiC 和 VDD 收購以及合併我們的合資企業所產生的費用。所有這些投資都為未來的顯著增長奠定了基礎。

Putting all this together, the non-GAAP loss from operations was $11.9 million compared to a loss from operations of $6.9 million in the fourth quarter of 2021 as we continue to invest simultaneously across new markets in this phase of our company's growth.

將所有這些加在一起，非 GAAP 運營虧損為 1190 萬美元，而 2021 年第四季度的運營虧損為 690 萬美元，因為我們在公司發展的這個階段繼續同時投資新市場。

Our weighted average basic share count for the fourth quarter was 152.4 million shares.

我們第四季度的加權平均基本股數為 1.524 億股。

Turning to the balance sheet. It continues to remain strong with high levels of liquidity. After paying off debt of $4.5 million, cash and cash equivalents at quarter end were $110.3 million. Components of working capital, we continue to remain a focus and we are seeing progress on that front. Accounts receivable was $9.3 million compared to $10.9 million in the prior quarter, reflecting improved days sales outstanding. Inventory rose to $19.1 million compared to $17 million in the prior quarter, and that was largely due to the transition from one generation of products to the next. We carefully manage that transition and days in inventory were relatively flat sequentially. Over time, we're confident that our inventory levels will trend towards our long-term target for inventory turns of better than 3x.

轉向資產負債表。它繼續保持強勁，流動性水平很高。在還清 450 萬美元的債務後，季度末的現金和現金等價物為 1.103 億美元。營運資金的組成部分，我們仍然是一個重點，我們看到這方面取得了進展。應收賬款為 930 萬美元，而上一季度為 1090 萬美元，反映出銷售未清天數有所改善。庫存從上一季度的 1700 萬美元增加到 1910 萬美元，這主要是由於從一代產品過渡到下一代產品。我們仔細管理過渡期，庫存天數環比持平。隨著時間的推移，我們相信我們的庫存水平將趨向於我們的庫存周轉率超過 3 倍的長期目標。

Moving on to guidance. For the first quarter, we currently see revenues as relatively flat on a sequential basis. This represents substantial year-over-year growth of approximately 85% over the $6.7 million we recorded in the first quarter of 2022, and it reflects expansion of our product lines and new market opportunities. Our guidance assumes continued strength in demand for silicon carbide products with some limitations in supply and a shortened quarter due to Chinese New Year. As we look further out into 2023, we believe with our expansion of supply availability for silicon carbide products, recovery in the mobile market beginning in Q2 and anticipated expansion into new markets that we can double revenue over 2022.

繼續指導。對於第一季度，我們目前認為收入環比持平。這比我們在 2022 年第一季度錄得的 670 萬美元大幅同比增長約 85%，這反映了我們產品線的擴展和新的市場機會。我們的指引假設碳化矽產品的需求持續強勁，但由於中國農曆新年，供應受到一定限制且季度有所縮短。當我們進一步展望 2023 年時，我們相信隨著碳化矽產品供應量的擴大、移動市場從第二季度開始復蘇以及預計向新市場的擴張，我們可以在 2022 年實現收入翻番。

Gross margin for the first quarter is also expected to be relatively flat on a sequential basis due to an increase in GaN wafer pricing from our foundry partner. However, we continue to expect that gross margins will expand over the next few quarters as we transition the Gen 4 GaN products and gain share in new higher-margin market segments. For these reasons, we expect our gross margins will continue to grow through the year and trend to the mid-40s as we exit 2023.

由於我們代工合作夥伴的 GaN 晶圓價格上漲，預計第一季度的毛利率也將相對持平。然而，隨著我們過渡到第 4 代 GaN 產品並在利潤率更高的新細分市場中獲得份額，我們繼續預計未來幾個季度的毛利率將擴大。出於這些原因，我們預計我們的毛利率將在今年繼續增長，並在我們退出 2023 年時趨向於 40 年代中期。

In total, our non-GAAP operating expenses in Q1 are expected to be approximately $18 million, and this excludes stock-based comp, transaction expenses and amortization of intangible assets. The sequential increase is due primarily to compensation increases and incremental audit fees. We will continue to invest in growth, but expenses will decline as a percentage of revenue as we scale throughout the year. With that in mind, we expect that expenses will increase at a rate of mid- to high-single digits on a quarterly sequential basis.

總的來說，我們第一季度的非 GAAP 運營費用預計約為 1800 萬美元，這不包括股票補償、交易費用和無形資產攤銷。連續增加主要是由於薪酬增加和增量審計費用。我們將繼續投資於增長，但隨著我們全年規模的擴大，支出佔收入的百分比將下降。考慮到這一點，我們預計支出將按季度連續以中高個位數的速度增長。

For the first quarter of 2023, we expect our weighted average basic share count to be approximately 156 million shares.

對於 2023 年第一季度，我們預計我們的加權平均基本股數約為 1.56 億股。

So in closing, we are pleased with the results for the quarter, and we are excited about the significant opportunities in front of us. As the only pure-play next-generation power semiconductor company in the industry, we intend to invest resources in our targeted end markets, products and technologies with the intent of becoming one of the fastest-growing power semiconductor companies in the world.

因此，最後，我們對本季度的結果感到滿意，我們對擺在我們面前的重大機遇感到興奮。作為業內唯一一家純粹的下一代功率半導體公司，我們打算在目標終端市場、產品和技術上投入資源，以期成為全球增長最快的功率半導體公司之一。

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

接線員，讓我們開始問答環節。

(Operator Instructions) Our first question comes from the line of Ross Seymore with Deutsche Bank.

（操作員說明）我們的第一個問題來自德意志銀行的 Ross Seymore。

Thanks for the end market color. The diversification is very impressive to see. Just wondered if you thought by those end markets within the doubling of revenue growth and even the first quarter guidance, any sort of directional color by those end markets.

感謝終端市場的顏色。多樣化令人印象深刻。只是想知道您是否認為這些終端市場在收入增長翻倍甚至第一季度指導中，這些終端市場的任何方向顏色。

Yes. Ross, nice to hear from you. Yes, I think each of them are growing. We commented that the mobile recovery we see starting in Q2. But given that recovery is starting in Q2 and flowing into the second half of the year, we see that growing less than the others overall, but each market shows strong growth year-on-year.

是的。羅斯，很高興收到你的來信。是的，我認為他們每個人都在成長。我們評論說，我們看到的移動復甦始於第二季度。但鑑於復蘇從第二季度開始並進入下半年，我們看到整體增長低於其他市場，但每個市場都顯示出同比強勁增長。

And then, Gene, for my follow-up, you talked about the gross margin increasing and exiting the year at about 45% or the mid-40s. Can you just talk about the puts and takes? I know mix is going to be a tailwind, Gen 4 traction, but any sort of color on those metrics?

然後，吉恩，在我的後續行動中，你談到毛利率增加並以大約 45% 或 40 多歲的水平退出今年。你能談談 puts 和 takes 嗎？我知道混合將成為順風，第 4 代牽引力，但這些指標有任何顏色嗎？

Really, as Ron said, it's primarily the Gen 4 transition. Silicon carbide prices are stable. Those margins are north of 50%, as we've commented before, will also benefit from increasing margins as the GaN enters higher margin, higher power markets. So those are the primary factors driving that incremental improvement.

真的，正如羅恩所說，這主要是第 4 代過渡。碳化矽價格穩定。正如我們之前評論的那樣，這些利潤率超過 50%，隨著 GaN 進入更高利潤率、更高功率的市場，它們也將受益於利潤率的增加。因此，這些是推動漸進式改進的主要因素。

Blake Friedman with Bank of America.

美國銀行的布萊克弗里德曼。

I just wanted to follow-up on the gross margin side of the business. Is there any way you can quantify the headwind that's coming from the higher wafer cost that you mentioned in the opening remarks?

我只想跟進業務的毛利率方面。有沒有什麼方法可以量化您在開場白中提到的更高晶圓成本帶來的不利因素？

Yes. We had actually mentioned it. It's been commented on by many in the industry. There was a 6% additional increase one-time that kicked in, in January of this year. That's causing some of the muted margin or flat margin Q4 to Q1. But to put that in perspective, for the full year, that's no more than 1% gross margin impact and is quickly offset by our margin expansion and cost reduction coming from Gen 4.

是的。我們實際上已經提到了它。許多業內人士對此發表了評論。今年 1 月，一次性增加了 6%。這導致 Q4 到 Q1 的利潤率有所下降或持平。但從長遠來看，就全年而言，這對毛利率的影響不超過 1%，並且很快被我們來自第 4 代的利潤率擴張和成本降低所抵消。

Got it. Helpful. And then just quickly following up. I believe you previously said that SiC-related sales were on track to grow at a 60% CAGR into this year. I just want to confirm that you remain on track with that target for this year.

知道了。有幫助。然後快速跟進。我相信您之前曾說過，與 SiC 相關的銷售額今年有望以 60% 的複合年增長率增長。我只是想確認您今年的目標是否保持在正軌上。

Yes. We haven't given a breakdown or a specific growth target for GaN and SiC but it's fair to say both are growing very strongly year-on-year, contributing to that doubling.

是的。我們沒有給出 GaN 和 SiC 的細分或具體增長目標，但可以公平地說，兩者的同比增長都非常強勁，為實現翻番做出了貢獻。

Tristan Gerra with Baird.

特里斯坦·杰拉和貝爾德。

This is Tyler on for Tristan. Could you provide an update on the adoption rate in smartphones for GaN that you're currently seeing and maybe provide a year-end target of where you think adoption rates could go?

這是特里斯坦的泰勒。您能否提供您目前看到的 GaN 在智能手機中採用率的最新情況，並可能提供您認為採用率可能達到的年終目標？

Yes. Tyler, thanks for your question. Yes, I think as we've described before, a few factors. Number 1, the adoption rate is -- we don't have a specific percentage, but it's certainly very strong in what we call the ultrafast chargers, the 100 watt and higher, you saw us highlight a number of them. We see that trend now moving and strong adoption moving into more mainstream in the 60 to 100 watt range, and we see some adoption picking up even below that. But certainly, the strongest adoption is in that 100 watt and above, and we think that will continue.

是的。泰勒，謝謝你的問題。是的，我認為正如我們之前所描述的，有幾個因素。第一，採用率是——我們沒有具體的百分比，但它在我們所謂的超快充電器中肯定非常強大，100 瓦及更高功率，你看到我們突出了其中的一些。我們看到這種趨勢現在正在發生變化，並且在 60 到 100 瓦範圍內越來越成為主流，我們看到一些採用率甚至低於這個範圍。但可以肯定的是，最強勁的採用是在 100 瓦及以上，我們認為這將繼續下去。

The other comment I would make is, we're also on track for system cost parity with silicon chargers, that will contribute heavily to accelerating the adoption of that mainstream category of sort of 30 to 100 watt range.

我要發表的另一個評論是，我們也在努力實現與硅充電器的系統成本平價，這將大大有助於加速採用 30 至 100 瓦範圍的主流類別。

Great. And then for my follow-up, what are the implications of the ramp of AI and data centers on power supplies and the potential benefit for the adoption of your GaN technology in the data center?

偉大的。然後對於我的後續行動，AI 和數據中心的發展對電源的影響是什麼，以及在數據中心採用 GaN 技術的潛在好處是什麼？

Yes, great question. In fact, we didn't really give that color, but you have 2 fundamental challenges. You've got these new standards for higher efficiency, Titanium Plus demanding higher efficiency. At the same time, the AI intensive data centers are demanding more power, that's putting a lot of pressure on the power supplies, that have to deliver on both of those requirements. That pressure, of course, is great for GaN because silicon struggles to deliver the higher power density but also struggles to hit the higher efficiencies of Titanium Plus. So we think all of that is contributing to the acceleration in that market. And, of course, we'll be launching our first GaN-based data centers, as we talked about, or shipping into those markets later this year and ramping significantly into '24.

是的，很好的問題。事實上，我們並沒有真正給出那種顏色，但你有 2 個基本挑戰。您已經獲得了更高效率的這些新標準，Titanium Plus 要求更高的效率。與此同時，AI 密集型數據中心需要更多電力，這給必須同時滿足這兩個要求的電源帶來了很大壓力。當然，這種壓力對 GaN 來說是巨大的，因為矽難以提供更高的功率密度，但也難以達到 Titanium Plus 的更高效率。因此，我們認為所有這些都有助於該市場的加速發展。而且，當然，我們將推出我們的第一個基於 GaN 的數據中心，正如我們所說的那樣，或者在今年晚些時候運送到這些市場，並大幅增加到 24 年。

Kevin Cassidy with Rosenblatt Securities.

羅森布拉特證券公司的凱文卡西迪。

This is McClain on for Kevin Cassidy. In your prepared remarks, you spoke briefly on this, but could you give us some detailed commentary on the current silicon carbide supply dynamic?

這是凱文卡西迪的麥克萊恩。在您準備好的發言中，您簡要地談到了這一點，但您能否就當前的碳化矽供應動態給我們一些詳細的評論？

Yes. Very good question. We didn't talk much about it. But last quarter, we announced that we signed a multiyear long-term agreement with X-FAB and the material suppliers for the silicon carbide substrate in epi that enables a 5x increase in supply from middle of last year when we acquired the company throughout this year and ramping into next year. So that's a major supply agreement. As you know, we're shipping all we can build as much of the industry is. And that supply agreement starts in Q1, but it's for wafer starts and the material to feed those starts. So we actually feel the significant capacity expansion and therefore, the commensurate revenue growth in Q2 when all that increased supply goes through the supply chain. So that's on track. It's a great deal for us and will fuel a lot of the silicon carbide growth from Q2 and beyond.

是的。很好的問題。我們沒有談太多。但上個季度，我們宣布與 X-FAB 和外延碳化矽襯底的材料供應商簽署了一項多年長期協議，與去年年中收購該公司時相比，供應量增加了 5 倍。並進入明年。所以這是一個重要的供應協議。如您所知，我們正在運送我們可以建造的所有東西，就像這個行業一樣。該供應協議從第一季度開始，但它是針對晶圓啟動和為這些啟動提供材料的。因此，我們實際上感受到了顯著的產能擴張，因此，當所有增加的供應都通過供應鏈時，第二季度的收入也會相應增長。所以這是正常的。這對我們來說意義重大，並將推動第二季度及以後的大量碳化矽增長。

Okay. And then kind of as a related follow-up, could you just give us the provider qualification for your new substrate provider?

好的。然後作為相關的後續行動，你能給我們新的基板供應商的供應商資格嗎？

Yes, we haven't revealed the name or disclosed the name of the suppliers. So there's not much more color to add about the substrate and epi suppliers at this point.

是的，我們沒有透露名稱或透露供應商的名稱。因此，此時沒有更多關於基板和外延供應商的顏色可以添加。

Quinn Bolton with Needham.

奎因博爾頓與李約瑟。

This is Trevor Janoskie on for Quinn. So on the EV silicon carbide announcements and sorry if I missed this, but when do you expect the roadside charger and onboard charger opportunities to begin ramping and become a material part of revenue?

這是 Quinn 的 Trevor Janoskie。因此，關於 EV 碳化矽公告，如果我錯過了這個，很抱歉，但您預計路邊充電器和車載充電器的機會何時開始增加並成為收入的重要組成部分？

Yes, that ramp has already occurred. We were shipping even last year when we acquired the company. In fact, we commented that EV last year, and that's only with a quarter and a half benefit of the GeneSiC acquisition was at 5% of last year's revenue. So that's almost all OBC, onboard chargers, as well as roadside charger. And we highlighted that both of those are growing nicely and really will be accelerated by our EV design center, both the general one, supporting customers globally, as well as the new Geely collaborative one that we've created, and we gave a number of comments about significant position in roadside chargers and why that's moving up into the right.

是的，那個斜坡已經發生了。去年我們收購這家公司時，我們甚至還在出貨。事實上，我們評論說去年的 EV 僅佔 GeneSiC 收購的四分之一半，佔去年收入的 5%。所以幾乎都是OBC，車載充電器，還有路邊充電器。我們強調，這兩者都在很好地增長，而且我們的 EV 設計中心確實會加速發展，包括支持全球客戶的通用設計中心，以及我們創建的新吉利協作中心，我們提供了一些關於在路邊充電器中的重要地位以及為什麼它向右移動的評論。

And can you comment on the ASP for these solutions?

您能否對這些解決方案的 ASP 發表評論？

Yes, silicon carbon, it depends on the power level and the application. But in general, the silicon carbon devices tend to have ASPs that will range from anywhere from $2 to $20. It can extend beyond that range. It depends on the power level and oftentimes you're paralleling many of them in some systems, depending upon, again, the application power level, it can be dozens of devices and dozens of dollars, if not $100 of content per system, but it really does vary depending upon the power level and application.

是的，矽碳，這取決於功率級別和應用程序。但總的來說，矽碳器件的平均售價在 2 美元到 20 美元之間。它可以超出該範圍。這取決於功率水平，並且通常您在某些系統中並聯許多它們，再次取決於應用功率水平，它可能是幾十個設備和幾十美元，如果不是每個系統 100 美元的內容，但它確實會因功率級別和應用而異。

Okay. And a quick clarification. You stated that the mobile charging should be less of a percentage of revenue in '23 relative to '22. Did you mean total revenue or GaN revenue?

好的。并快速澄清。您表示，相對於 22 年，23 年的移動收費佔收入的百分比應該更低。您是指總收入還是 GaN 收入？

Total.

全部的。

Gould with Gould Tactical Growth.

古爾德與古爾德戰術成長。

This is Dick Gould. As a follow-up to Kevin's question on the silicon carbide supply. Can you give a sense of how much the insufficient supply in silicon carbide held back your revenue? It sounded like you could have shipped more had you had the substrate available.

這是迪克·古爾德。作為凱文關於碳化矽供應問題的後續行動。您能否說明碳化矽供應不足在多大程度上阻礙了您的收入？如果您有可用的基板，聽起來您可以運送更多。

Yes. So you are referring, Dick, to Q3, Q4 last year?

是的。迪克，你指的是去年第 3 季度、第 4 季度？

Yes.

是的。

Yes. I don't think we gave specific numbers. It's always hard to judge because there's quite a bit of demand there that could have been shipped, but certainly $1 million or $2 million per quarter is sort of a conservative estimate.

是的。我認為我們沒有給出具體數字。總是很難判斷，因為那裡有相當多的需求可以發貨，但肯定每季度 100 萬或 200 萬美元是一種保守估計。

Okay. And then just a follow-up on the GaN side, can you also describe your supply situation? I understand you are adding to supply over the course of this year. I guess -- I mean, I'm assuming similarly to silicon carbide ramping gradually from first quarter on.

好的。然後就是跟進GaN這邊，能不能也介紹一下你們的供貨情況？我知道你們在今年增加了供應。我想——我的意思是，我假設碳化矽從第一季度開始逐漸增加。

Yes. Actually -- and last year, we had announced is that, TSMC had tripled the capacity last year. Most of that capacity was added, I think, by the end of last year. When you couple that tripling and we took a big share of that capacity as their leading customer with the softening in the China mobile market that we saw middle of last year and the second half of last year, that opened up a lot of capacity. So it's a pretty different situation. We entered the year with a pretty strong capacity situation. We are not supply limited in the case of GaN, and we expect that will continue throughout the year.

是的。實際上——去年，我們宣布的是，台積電去年的產能增加了兩倍。我認為，大部分產能是在去年年底增加的。當你把這三倍結合起來時，我們作為他們的主要客戶佔據了很大一部分容量，而我們在去年年中和去年下半年看到中國移動市場的疲軟，這就開闢了很多容量。所以這是一個非常不同的情況。我們以相當強勁的產能形勢進入了這一年。就 GaN 而言，我們的供應不受限制，我們預計這一情況將持續全年。

Sam Peterman with Craig-Hallum.

山姆·彼得曼和克雷格-哈勒姆。

I think I heard Eugene say in response to a question earlier that mobile as an end market was going to show growth in '23 over '22. I guess, that was a little surprising to me just given kind of the run rate that you're exiting the year at. Can you talk about -- I guess, did I hear that right? And then can you talk about kind of the assumptions that are baked into your mobile outlook for the year?

我想我聽到 Eugene 早些時候在回答一個問題時說，移動作為終端市場將在 23 年超過 22 年出現增長。我想，考慮到您今年結束時的運行率，這對我來說有點令人驚訝。你能談談——我想，我沒聽錯嗎？然後你能談談你對今年移動前景的假設嗎？

Yes, no, you heard it right. It will grow strongly not as fast as the other markets since it gets sort of a slow start with that Q2 recovery just starting next quarter. But it does benefit, not only from that market coming back, we see inventory levels on the channel quite low, we see forecasts and even backlog coming back and indicating that Q2 recovery in a stronger second half of the year. We also highlighted nearly 100 new GaN chargers developed with our customers last year, adding to the ones already released in the market, that puts us at something like 250 plus GaN chargers released to production, many of them ready to launch as that market comes back. And we still got another 250 in development behind that. So there's a lot of positive things there that will drive that growth, but we're still cautiously optimistic and planning that growth, as I said, good growth year-on-year, but even stronger growth in the other markets.

是的，不，你沒有聽錯。它將強勁增長，但不會像其他市場那樣快，因為它在下個季度才開始的第二季度復甦中起步緩慢。但它確實受益，不僅是因為市場回暖，我們看到渠道庫存水平很低，我們看到預測甚至積壓都回來了，表明第二季度在今年下半年將出現更強勁的複蘇。我們還重點介紹了去年與我們的客戶一起開發的近 100 種新型 GaN 充電器，加上已經投放市場的產品，這使我們大約有 250 多種 GaN 充電器投入生產，其中許多準備在市場恢復時推出.我們還有另外 250 個正在開發中。因此，有很多積極的因素會推動這種增長，但我們仍然持謹慎樂觀的態度，併計劃這種增長，正如我所說，同比增長良好，但其他市場的增長更為強勁。

Okay. That's really helpful. I guess, as a follow-up, I wanted to ask on the data center market, you talked before about I think last quarter a $5 million purchase order that you thought would ship in the back half of this year. Is that still on track? And then more broadly, I know you have -- I think you said you got 10 programs right now. I think you had 9 last quarter. What are you seeing in terms of design activity? And just in that market I know there's certain areas that spending is slowing in the data center, but I mean, you guys obviously being at the leading-edge may not be seeing that, but I'm just curious, how you're seeing the data center market.

好的。這真的很有幫助。我想，作為後續行動，我想問一下數據中心市場，你之前談到過我認為上個季度你認為將在今年下半年發貨的 500 萬美元的採購訂單。這還在軌道上嗎？然後更廣泛地說，我知道你有——我想你說過你現在有 10 個程序。我想你上個季度有 9 個。你在設計活動方面看到了什麼？就在那個市場中，我知道數據中心的某些領域的支出正在放緩，但我的意思是，你們這些顯然處於領先地位的人可能沒有看到這一點，但我很好奇，你們是怎麼看的數據中心市場。

Yes, that particular program we highlighted last time has delayed into '24. But with that said, as you pointed out, we've actually increased the customer pipeline, including that one from 9 to 10. So trending up a little bit there. We don't see any signs of slowdown. I think that one program that pushed to '24 is kind of unique and not a reflection of any macroeconomic trends that we can see. So I think it looks positive, but as you say, we're early in that market. We're not the best indicator of it. We see all upside coming from 0 and we see a lot of strong tailwinds between Titanium Plus and the earlier comments about the AI data centers demanding more power from these power supplies.

是的，我們上次強調的那個特定程序已延遲到 24 年。但是話雖如此，正如您所指出的，我們實際上已經增加了客戶渠道，包括從 9 到 10 的客戶渠道。所以那裡有一點點上升的趨勢。我們沒有看到任何放緩的跡象。我認為一個推進到 24 年的計劃有點獨特，並沒有反映我們可以看到的任何宏觀經濟趨勢。所以我認為它看起來很積極，但正如你所說，我們在那個市場還處於早期階段。我們不是最好的指標。我們看到所有的上行空間都來自 0，我們看到 Titanium Plus 和之前關於 AI 數據中心需要這些電源提供更多電力的評論之間存在很多強勁的順風。

Jon Tanwanteng with CJS Securities.

CJS 證券的 Jon Tanwanteng。

This is Ross Kesselman in for Jon. A quick question, could you maybe specify on the traction you were seeing from policy changes such as the IRA and different funds for renewables and the Titanium standards for Europe? I know you touched upon it, but do you think you could add a little bit more color?

這是喬恩的羅斯凱塞爾曼。一個簡短的問題，您能否具體說明您從政策變化中看到的牽引力，例如 IRA 和可再生能源的不同基金以及歐洲的鈦標準？我知道你提到了它，但你認為你可以添加更多顏色嗎？

Yes. I think that Titanium standard is a unique one, that's already in place started January 1. It's specific to EU, but most of these power supplies are designed to meet global standards. So I have to meet the minimum required standard out there, which is -- or the toughest standard, I should say, which is the Titanium one in Europe. So that one is clearly driving strong trends for us. We have actually 4 different customer platforms, server platforms, 4 data centers in development, all of them meeting that Titanium standard, working closely with those 10 customers that I talked about.

是的。我認為 Titanium 標準是獨一無二的，它已於 1 月 1 日開始實施。它特定於歐盟，但大多數這些電源都是為滿足全球標準而設計的。所以我必須滿足那裡的最低要求標準，或者我應該說的最嚴格的標準，即歐洲的鈦標準。因此，這顯然正在為我們推動強勁的趨勢。我們實際上有 4 個不同的客戶平台、服務器平台、4 個正在開發的數據中心，它們都符合 Titanium 標準，與我談到的那 10 個客戶密切合作。

I think Inflation Reduction Act is a little different. It's huge amounts of money. As we highlighted over $50 billion, $60 billion in our target markets. It is just rolling out this year. So I think it's early to talk exactly what the impact is going to be. Those are big numbers. They're bound to have an impact in each of these areas. Sustainability or I should say renewability and solar, in particular, upgrading home appliance energy efficiency and also the EV roadside charger infrastructure. But I think time will tell exactly what that impact will be as we see those dollars flow to consumers, to our customers, and then ultimately to our business.

我認為通貨膨脹減少法案有點不同。這是一筆巨款。正如我們強調的那樣，我們的目標市場價值超過 500 億美元，600 億美元。今年剛剛推出。所以我認為現在談論具體的影響還為時過早。這些都是很大的數字。他們必然會對這些領域中的每一個領域產生影響。可持續性，或者我應該說可再生能源和太陽能，特別是提升家用電器的能源效率以及電動汽車路邊充電器基礎設施。但我認為，隨著我們看到這些資金流向消費者、我們的客戶，然後最終流向我們的業務，時間會確切地告訴我們這種影響會是什麼。

Got it. I know you've mentioned previously that there has been a kind of a constraint on the silicon carbide products. Have you seen any indications of improvement in that area?

知道了。我知道您之前提到過碳化矽產品存在某種限制。您是否看到該領域有任何改善的跡象？

Yes, I'd go back to the long-term agreement we signed last quarter that now starts this quarter and it translates into increased revenue capacity to support that revenue starting next quarter. And that's a 5x increase. It's not a step function, but it's 5x from middle of last year when we acquired GeneSiC and ramping throughout this year and into next year. So that gives us a lot of headroom to do more if we can do it.

是的，我會回到我們上個季度簽署的長期協議，該協議現在從本季度開始，它轉化為增加的收入能力，以支持下個季度開始的收入。這是 5 倍的增長。這不是一個階躍函數，但它是去年年中我們收購 GeneSiC 並在今年和明年持續增長的 5 倍。所以如果我們能做到的話，這給了我們很大的空間來做更多的事情。

(Operator Instructions) Natalia Winkler with Jefferies.

（操作員說明）Natalia Winkler 與 Jefferies。

So the one I had was for Eugene, I just wanted to understand this joint venture acquisition a little bit better. Is it fair to assume that it's moving you guys to the parity with silicon in terms of pricing faster for GaN solutions or is that kind of accelerating that parity for the higher voltage application?

所以我有一個是給尤金的，我只是想更好地了解這次合資收購。假設它正在使你們在 GaN 解決方案的定價更快方面與硅持平，或者是否正在加速更高電壓應用的平價，這是否公平？

Yes. Thanks, Natalia. No, it's a great question and a good observation. You're exactly right. What we're doing there is, not only developing leading edge analog controllers that are optimized for higher frequency GaN and silicon carbide, we're actually co-packaging them with our optimized GaN. When you combine that with the cost reduction and performance improvement of Gen 4, that's also rolling out simultaneously, you get a really nice improvement in performance, reduced size footprint, improved power density, but also helping us on that (inaudible) cost. And it is a factor driving us to that system cost parity compared to silicon, specifically around mobile chargers, consumer adapters, and I also mentioned the home appliance auxiliary power supplies.

是的。謝謝，納塔利婭。不，這是一個很好的問題和很好的觀察。你完全正確。我們在那裡所做的是，不僅開發針對高頻 GaN 和碳化矽進行了優化的前沿模擬控制器，我們實際上還在將它們與我們優化的 GaN 共同封裝。當您將其與 Gen 4 的成本降低和性能改進相結合時，它也會同時推出，您會在性能上獲得非常好的改進，減少尺寸佔用空間，提高功率密度，同時也幫助我們降低（聽不清）成本。這是促使我們與硅相比系統成本平價的一個因素，特別是圍繞移動充電器、消費適配器，我還提到了家用電器輔助電源。

That's really helpful. And then the other one I had was about the TSMC. Gene, if I understood correctly, you mentioned that you guys saw a 6% increase this January, January, 2023. Is that fair? And then how -- like, I guess, I think historically we've heard of maybe some potential kind of annual increases in November. How should we think about that dynamic? Do you have some kind of -- already expected price increases or contractual ones?

這真的很有幫助。然後我得到的另一個是關於台積電的。吉恩，如果我沒理解錯的話，你提到你們在 2023 年 1 月，2023 年 1 月看到了 6% 的增長。這公平嗎？然後 - 就像，我想，我認為從歷史上看，我們聽說過 11 月可能有某種潛在的年度增長。我們應該如何看待這種動態？您是否有某種 - 已經預期的價格上漲或合同上漲？

Yes, that's right, 6% in January. I think you heard that from probably many suppliers. It's certainly not unique to us in any way we had alluded or anticipated it in earlier quarters. There was a prior 20% as the whole industry discussed and felt. But we do see these as one-time events that are unique in the supply and demand, unique situation for the industry. Obviously, the whole industry is shifting. I think it's shifting to a more balanced place and we look forward to a more healthy cost reduction environment. And that's certainly what we expect going forward. We certainly don't anticipate any further cost increases and don't have any contractual agreements that would suggest any cost increases.

是的，沒錯，一月份是 6%。我想你可能從許多供應商那裡聽說過。它肯定不是我們在前幾個季度提到或預期的任何方式所獨有的。整個行業都在討論和感受，之前有20%。但我們確實將這些視為一次性事件，在供需和行業獨特情況下是獨一無二的。顯然，整個行業都在發生變化。我認為它正在轉向一個更平衡的地方，我們期待一個更健康的成本降低環境。這當然是我們對未來的期望。我們當然不會預期任何進一步的成本增加，也沒有任何暗示任何成本增加的合同協議。

Ross Seymore with Deutsche Bank.

德意志銀行的 Ross Seymore。

The end market color again was very helpful. I just wanted to walk through just a little bit of your view on the mobile market. I know you said it will start growing again in the second quarter. Can you just talk about where the channel inventory is? And if I'm doing my math at all, correct, it seems like you didn't ship very much at all in the fourth quarter itself into the mobile market. Was that generally correct in order to get the channel inventory down before it starts popping back?

終端市場的顏色再次非常有幫助。我只是想簡單介紹一下您對移動市場的看法。我知道你說過它會在第二季度再次開始增長。能不能簡單說說渠道存量在哪裡？如果我在做我的數學，正確的，似乎你在第四季度本身並沒有向移動市場出貨太多。為了在開始彈回之前降低渠道庫存，這通常是正確的嗎？

Yes, Q4 and Q1 were both pretty soft, certainly not 0, but certainly soft compared to expectations and even prior quarters. We don't report channel inventory, but we certainly see that significantly reduced and hopefully bottomed out. And that only adds to our confidence. Coupled with actual increased order intake, we have a very strong backlog fully booked out on Q1, strong bookings into Q2 and increased forecast from the customer. So all of that taken together leads to our anticipation of that Q2 recovery.

是的，第四季度和第一季度都非常疲軟，當然不是 0，但與預期甚至前幾個季度相比肯定是疲軟的。我們不報告渠道庫存，但我們確實看到庫存顯著減少並有望觸底。這只會增加我們的信心。加上實際增加的訂單量，我們在第一季度有非常多的積壓訂單，第二季度的預訂量很大，客戶的預測也有所增加。因此，所有這些加在一起導致我們對第二季度復甦的預期。

And is there a seasonality to that business or is the channel dynamics and China reopening and the prevalence of a huge number of design wins, much more important to think about than any sort of seasonal pattern?

該業務是否存在季節性，或者渠道動態和中國重新開放以及大量設計獲勝的流行是否比任何季節性模式都更重要？

No, I think seasonality is always a factor in mobile and consumer. Q1 is typically soft anyway. Independent of this unique situation, you've also got Chinese New Year, which always has an impact both on consumption and production. So I think all of that rolls together to add to sort of a softer or modest Q1, and probably then adds to the recoveries that we're seeing in Q2.

不，我認為季節性始終是移動和消費者的一個因素。 Q1 通常是軟的。除了這種獨特的情況，還有中國農曆新年，它總是對消費和生產都有影響。因此，我認為所有這些因素結合在一起，使第一季度更加疲軟或適度，然後可能會增加我們在第二季度看到的複蘇。

This concludes the Q&A portion of the call and concludes the Navitas Semiconductor fourth quarter 2022 earnings conference call. We thank you for your participation. You may now disconnect.

電話的問答部分到此結束，納微半導體 2022 年第四季度收益電話會議也到此結束。我們感謝您的參與。您現在可以斷開連接。