納微半導體 (NVTS) 2023 Q1 法說會逐字稿

Good afternoon. My name is Emma, and I will be your conference operator today. At this time, I would like to welcome everyone to the Navitas Semiconductor First Quarter 2023 Earnings Conference Call. (Operator Instructions) Stephen Oliver, Investor Relations, you may begin your conference.

下午好。我叫艾瑪，今天我將擔任你們的會議接線員。此時，歡迎大家參加納微半導體2023年第一季度財報電話會議。 （操作員說明）斯蒂芬奧利弗，投資者關係，你可以開始你的會議。

Good afternoon, everyone. I'm Stephen Oliver, Vice President of Corporate Marketing and Investor Relations. Thank you for joining Navitas Semiconductor's First Quarter 2023 Results Conference Call. I'm joined today by Gene Sheridan, our Chairman, President, CEO and Cofounder; 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 2023 年第一季度業績電話會議。今天，我們的董事長、總裁、首席執行官兼聯合創始人 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. 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 first quarter earnings release and also posted on our website in the Investor Relations section.

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。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一季度收益發布中，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.

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。

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 section 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.

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.

現在請首席執行官 Gene Sheridan 發言。

Thanks, Steve. I'm very pleased with our Q1 results as we exceeded our guidance for all financial metrics and experienced solid growth in key markets, including electric vehicle, solar, energy storage and appliance industrial with the market recovery started in our mobile business. In the past 12 months, we completed 3 strategic transactions. All 3 are progressing and integrating very well. With VDD tech, we will be sampling our GaN and silicon carbide optimized high-frequency digital isolators by the end of this year with revenues to ramp late next year, adding up to $4 per system when combining with GaN and silicon carbide in electric vehicles, solar, energy storage and appliance industrial applications.

謝謝，史蒂夫。我對我們第一季度的業績感到非常滿意，因為我們的所有財務指標都超出了我們的指導，並且隨著我們移動業務的市場復甦開始，我們在電動汽車、太陽能、儲能和家電工業等主要市場實現了穩健增長。在過去的 12 個月裡，我們完成了 3 筆戰略交易。所有 3 個都在進步和整合得很好。借助 VDD 技術，我們將在今年年底對我們的 GaN 和碳化矽優化高頻數字隔離器進行抽樣，明年年底收入將增加，在電動汽車中與 GaN 和碳化矽結合使用時，每個系統增加 4 美元，太陽能、儲能和家電工業應用。

With Elevation, we have just launched our next-generation platform called GaNSense Control. And in total we already have over 50 customer projects in development and have shipped a cumulative 1 million units into mobile and consumer customers. The GaNSense Control family will be expanding to address appliance industrial customers as well as data center customers over time. GeneSiC is our largest acquisition to date and positions Navitas as the only next-generation pure-play power semiconductor company. I'm excited to announce that nearly the entire GeneSiC team is relocating to our new headquarters in Southern California and is integrated very nicely across all key functions in the company, especially taking advantage of the Navitas global sales, FAE and system design centers, driving over 100 new opportunities since the acquisition across all of our target markets. Let me now update on our product and business development progress in each of our key markets.

借助 Elevation，我們剛剛推出了名為 GaNSense Control 的下一代平台。我們總共已經有 50 多個客戶項目在開發中，並且已累計向移動和消費者客戶出貨 100 萬台。隨著時間的推移，GaNSense 控制系列將不斷擴展，以滿足家電工業客戶和數據中心客戶的需求。 GeneSiC 是我們迄今為止最大的一筆收購，將 Navitas 定位為唯一的下一代純功率半導體公司。我很高興地宣布，幾乎整個 GeneSiC 團隊都將搬遷到我們在南加州的新總部，並很好地整合了公司的所有關鍵職能，特別是利用 Navitas 全球銷售、FAE 和系統設計中心，推動自收購以來，我們在所有目標市場創造了 100 多個新機會。現在讓我更新我們在每個主要市場的產品和業務發展進展。

In electric vehicle, which includes onboard charging, DC-to-DC converters, traction control and fast roadside chargers across both GaN and silicon carbide, we have strong momentum in shipments, backlogs and pipeline with over 25 customer projects either shipping with silicon carbide or in development with GaN and silicon carbide and the total revenue pipeline of over $300 million. In particular, our prior announcement for our joint system design center with Geely, the fifth largest EV supplier globally last year has already delivered exciting results with our new silicon carbide onboard charging design that will generate an additional $15 million to $20 million in revenue next year. We are still on track for GaN-based EVs in production in 2025. Our EV system design center now has 5 system designs in development, working closely with our top EV customers, utilizing a combination of GaN and silicon carbide.

在電動汽車領域，包括車載充電、DC-DC 轉換器、牽引力控制和採用 GaN 和碳化矽的快速路邊充電器，我們在出貨量、積壓訂單和管道方面勢頭強勁，超過 25 個客戶項目採用碳化矽或正在開發 GaN 和碳化矽，總收入超過 3 億美元。尤其是，我們之前宣布與去年全球第五大電動汽車供應商吉利建立聯合系統設計中心，我們新的碳化矽車載充電設計已經取得了令人振奮的成果，明年將產生 1500 萬至 2000 萬美元的額外收入.我們仍有望在 2025 年生產基於 GaN 的電動汽車。我們的 EV 系統設計中心現在有 5 個系統設計正在開發中，與我們的頂級 EV 客戶密切合作，利用 GaN 和碳化矽的組合。

In solar and energy storage, we have strong momentum in shipments, backlog and pipeline with over 35 customers in production or in development and a total revenue pipeline of over $150 million. We have development projects with the majority of the top 10 solar players globally with many shipping now with silicon carbide and GaN shipments into the solar market on track to ramp next year. In home appliance and industrial, we have over 45 customers in production or development and a revenue pipeline of over $150 million, fueled by strong government funding and regulations in U.S., Europe and other regions, driving clean energy upgrades to homes and factories.

在太陽能和儲能領域，我們在出貨量、積壓訂單和管道方面勢頭強勁，有超過 35 個客戶正在生產或開發中，管道總收入超過 1.5 億美元。我們與全球前 10 大太陽能企業中的大多數都有開發項目，其中許多現在出貨，碳化矽和 GaN 出貨量進入太陽能市場，有望在明年實現增長。在家電和工業領域，我們擁有超過 45 個生產或開發客戶，收入超過 1.5 億美元，這得益於美國、歐洲和其他地區強大的政府資金和法規，推動家庭和工廠的清潔能源升級。

Last week at PCIM, a major power electronics trade show in Europe, we introduced our first silicon carbide power module called the SiCPAK. This strategic announcement is the first of many as Navitas enters the high-power silicon carbide module market, which is a significant percentage of the entire silicon carbide market. The SiCPAK will be a key package technology to expand our silicon carbide business in the industrial markets in the near term. In data centers, we are well-positioned to address the accelerating power requirements being driven by AI, IoT and data in general. We continue sampling our new high-powered GaN ICs, which we launched to the market in Q4 and have increased our customer development projects to 15, representing a revenue pipeline of over $60 million.

上週在歐洲主要的電力電子貿易展 PCIM 上，我們推出了我們的第一個碳化矽功率模塊，稱為 SiCPAK。這一戰略公告是 Navitas 進入高功率碳化矽模塊市場的第一個戰略公告，該市場在整個碳化矽市場中佔有很大的比例。 SiCPAK 將成為我們近期在工業市場擴展碳化矽業務的關鍵封裝技術。在數據中心，我們處於有利地位，可以解決由人工智能、物聯網和數據驅動的加速功率需求。我們繼續對我們於第四季度推向市場的新型高功率 GaN IC 進行採樣，並將我們的客戶開發項目增加到 15 個，代表著超過 6000 萬美元的收入管道。

Our design center is developing 6 system designs that are supporting and accelerating these customer revenues, which are on track to ramp late this year and next. Also at PCIM last week, we announced our Gen 5 silicon carbide MPS diodes, which are a perfect fit for data center power supplier and a great complement to our new GaN ICs, adding appreciably to the total value and dollar content we expect to deliver to all of our data center customers.

我們的設計中心正在開發 6 種系統設計來支持和加速這些客戶的收入，這些收入有望在今年晚些時候和明年實現增長。同樣在上週的 PCIM 上，我們發布了我們的第 5 代碳化矽 MPS 二極管，它非常適合數據中心電源供應商，並且是我們新的 GaN IC 的重要補充，大大增加了我們期望交付給的總價值和美元含量我們所有的數據中心客戶。

Finally, in our mobile business, we see the beginning of a market recovery with 20 new mobile chargers launched in Q1 and strong bookings going into Q2. These launches include the latest Xiaomi 13 Pro and Ultra flagship phone inbox designs and Lenovo's ThinkBook Biscuit laptop charger, which has an amazing profile of only 12.8 millimeters. In mobile, we have over 150 customer projects in development with a revenue pipeline of over $100 million. In summary, I'm very pleased with our progress across acquisitions, product launches, customer developments and market expansion. We now see all target markets in solid growth mode and our strategy to deliver leading-edge GaN and silicon carbide with complementary silicon controllers and isolators is translating into significant customer value, market adoption and financial results.

最後，在我們的移動業務中，我們看到市場開始復蘇，第一季度推出了 20 款新的移動充電器，第二季度的預訂量也很強勁。這些發布包括最新的小米 13 Pro 和 Ultra 旗艦手機收件箱設計以及聯想的 ThinkBook Biscuit 筆記本電腦充電器，其外形驚人，只有 12.8 毫米。在移動領域，我們有 150 多個客戶項目正在開發中，收入渠道超過 1 億美元。總之，我對我們在收購、產品發布、客戶開發和市場擴張方面取得的進展感到非常滿意。我們現在看到所有目標市場都在穩步增長，我們提供領先的 GaN 和碳化矽以及互補的矽控制器和隔離器的戰略正在轉化為重要的客戶價值、市場採用率和財務業績。

Now let me turn it over to our CFO, Ron Shelton, to update on those financial results as well as our guidance.

現在讓我將其轉交給我們的首席財務官 Ron Shelton，以更新這些財務結果以及我們的指導。

Thank you, Gene.

謝謝你，吉恩。

In my comments today, I'll first take you through our first quarter results, then I'll walk you through our outlook for the second quarter and the full year of 2023. Before I get into the results for the first quarter, I first want to step back and remind you of some of our commentary last quarter. As you might recall, we indicated that we could see revenue doubling in 2023 as compared to 2022. Our first quarter results are a great start to meeting that objective. Revenue in the first quarter of 2023 grew to $13.4 million, which was higher than our guidance. This represents 98% growth over the first quarter of 2022 and an 8% increase on a sequential basis. The beginning of the year is unfolding as we discussed last quarter. We're seeing growth in silicon carbide products as we add capacity and expand our pipeline of opportunities. The mobile market seems to be bottoming and starting to recover in Q2. And in general, our overall customer engagement and activity continues to expand.

在我今天的評論中，我將首先向您介紹我們第一季度的業績，然後我將向您介紹我們對第二季度和 2023 年全年的展望。在我進入第一季度的業績之前，我首先想退後一步，提醒您我們上個季度的一些評論。您可能還記得，我們曾表示，與 2022 年相比，2023 年的收入可能翻一番。我們第一季度的業績是實現該目標的良好開端。 2023 年第一季度的收入增長至 1340 萬美元，高於我們的預期。這比 2022 年第一季度增長了 98%，環比增長了 8%。正如我們上個季度所討論的那樣，今年年初正在展開。隨著我們增加產能和擴大我們的機會渠道，我們看到碳化矽產品的增長。移動市場似乎在第二季度觸底並開始復蘇。總的來說，我們的整體客戶參與度和活動繼續擴大。

Before addressing expenses, I'd like to refer you to the GAAP to non-GAAP reconciliations in our press release issued 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 first quarter was 41.1% as compared to 44.0% in the first quarter of 2022, an increase from 40.6% in the fourth quarter of 2022. In last quarter's call, we discussed some of the drivers behind expanding gross margins for this year, among them transitioning to next-generation products and gaining share in new higher-margin market segments. And the first quarter results represent the beginning of those efforts taking hold in our results.

在解決費用問題之前，我想請您參考我們今天早些時候發布的新聞稿中的 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。第一季度的非美國通用會計準則毛利率為 41.1%，而 2022 年第一季度為 44.0%，高於 2022 年第四季度的 40.6%。在上一季度的電話會議中，我們討論了毛利率擴大背後的一些驅動因素今年的利潤率，其中包括過渡到下一代產品並在新的更高利潤的細分市場中獲得份額。第一季度的業績代表了這些努力在我們的業績中佔據一席之地的開始。

Total non-GAAP operating expenses were $17.8 million for the first quarter of 2023. Our non-GAAP SG&A expense was $7.6 million, and non-GAAP R&D was $10.2 million, slightly better than guidance as we continue to invest for growth in a disciplined manner. Putting all this together, the non-GAAP loss from operations was $12.3 million compared to a loss from operations of $9.6 million in the first quarter of 2022 as we continue to invest simultaneously across new markets and focus on growth opportunities. Our weighted average basic share count for the first quarter was 156.8 million shares.

2023 年第一季度非 GAAP 運營費用總額為 1780 萬美元。我們的非 GAAP SG&A 費用為 760 萬美元，非 GAAP 研發費用為 1020 萬美元，略好於指導，因為我們繼續以有紀律的方式投資增長.綜上所述，由於我們繼續在新市場同時投資並專注於增長機會，因此非 GAAP 運營虧損為 1230 萬美元，而 2022 年第一季度運營虧損為 960 萬美元。我們第一季度的加權平均基本股數為 1.568 億股。

Turning to the balance sheet. It continues to remain very strong with high levels of liquidity. We've talked in the past about keeping a focus on working capital, and we're making significant improvements in those areas. Cash and cash equivalents at quarter end were $100.8 million, and we carry no debt. Accounts receivable was $7.4 million compared to $9.1 million in the prior quarter, reflecting improved days sales outstanding. Inventory declined to $18.9 million compared to $19.1 million in the prior quarter as we continue to drive inventory levels to more closely align with our business going forward.

轉向資產負債表。它繼續保持非常強勁的流動性水平。我們過去曾討論過關注營運資金，我們正在這些領域做出重大改進。季度末的現金和現金等價物為 1.008 億美元，我們沒有負債。應收賬款為 740 萬美元，而上一季度為 910 萬美元，反映出銷售欠款天數有所改善。庫存從上一季度的 1910 萬美元下降至 1890 萬美元，因為我們繼續推動庫存水平以更貼近我們未來的業務發展。

Over time, we're confident that our inventory levels will trend towards our long-term target for inventory turns of better than 3x. Lastly, we continue to work on terms with our suppliers to better align payment terms with standard industry practice.

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。最後，我們繼續與供應商就條款進行合作，以更好地使付款條款與標準行業慣例保持一致。

Moving on to guidance. For the second quarter, we currently see revenues in the range of $16 million to $17 million. At the midpoint, this represents substantial year-over-year growth of approximately 90% over the $8.6 million we recorded in the second quarter of 2022 and a 24% sequential increase over the first quarter of 2023. Our guidance is based on robust strength in EV, solar, appliance industrial and the beginnings of a recovery in the mobile and consumer markets, all further evidenced by a more than 50% increase in backlog during the quarter. As I mentioned earlier, we believe this translates to a doubling of revenue over 2022 that we discussed in last quarter's call.

繼續指導。對於第二季度，我們目前看到收入在 1600 萬至 1700 萬美元之間。從中點來看，這比我們在 2022 年第二季度記錄的 860 萬美元大幅同比增長約 90%，比 2023 年第一季度環比增長 24%。我們的指導基於強勁的實力電動汽車、太陽能、家電工業以及移動和消費市場開始復蘇，本季度積壓訂單增加 50% 以上進一步證明了這一點。正如我之前提到的，我們認為這意味著我們在上個季度的電話會議上討論的 2022 年收入翻了一番。

Gross margins for the second quarter are expected to move slightly higher in the range of 25 to 50 basis points. We continue to expect that gross margins will expand over the next few quarters as we transition to next-generation products and gain share in new higher-margin market segments. For these reasons, as previously discussed in last quarter's call, we expect our gross margins will continue to grow through the year and trend to the mid-40s as we exit 2023. In total, our non-GAAP operating expenses in the second quarter are expected to be approximately $19 million. And this excludes stock-based compensation, transaction expenses and amortization of intangible assets. We will continue investing 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. For the second quarter of 2023, we expect our weighted average basic share count to be approximately 162 million shares.

第二季度的毛利率預計將略微上升 25 至 50 個基點。我們繼續預計，隨著我們向下一代產品過渡並在利潤率更高的新細分市場中獲得份額，未來幾個季度的毛利率將會擴大。出於這些原因，正如之前在上一季度的電話會議中所討論的那樣，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。總的來說，我們第二季度的非 GAAP 運營費用為預計約為 1900 萬美元。這不包括基於股票的薪酬、交易費用和無形資產攤銷。我們將繼續投資於增長，但隨著我們全年擴大規模，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。對於 2023 年第二季度，我們預計我們的加權平均基本股數約為 1.62 億股。

In closing, we are extremely pleased with the results for the quarter, and we are excited about the significant opportunities in front of us, which are starting to show up in our results as noted in our second quarter and full year guide. As I've said before, we are the only pure-play next-generation power semiconductor in the industry, and we intend to invest resources in our targeted end-markets, products and technologies with the intent of becoming one of the fastest-growing semiconductor companies in the world. We're off to a great start.

最後，我們對本季度的業績感到非常滿意，我們對擺在我們面前的重大機遇感到興奮，正如我們第二季度和全年指南所述，這些機遇開始體現在我們的業績中。正如我之前所說，我們是業內唯一一家純粹的下一代功率半導體，我們打算在目標終端市場、產品和技術上投入資源，以期成為增長最快的公司之一世界半導體公司。我們有了一個良好的開端。

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

接線員，讓我們開始問答環節。

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

（操作員說明）您今天的第一個問題來自德意志銀行的 Ross Seymore。

Congrats on the solid results. Just wanted to dig a little bit into how the demand is growing. You talked about the backlog going up 50% sequentially. So any surprises in the sources of that? And I think last quarter you talked about, generally speaking, what would rise or fall as a percentage of sales in the doubling for the fiscal year. Any updates to those numbers, please?

祝賀你取得了不錯的成績。只是想深入了解一下需求是如何增長的。你談到積壓訂單連續增加 50%。那麼它的來源有什麼驚喜嗎？我想上個季度你談到了，一般來說，在本財年翻番的情況下，銷售額佔銷售額的百分比會上升或下降。請問這些數字有更新嗎？

Sure. Thanks, Ross, for your question. Yes, we see strength in each of the markets as mentioned, and they're all contributing to the growth in backlog. Certainly of note, the mobile recovery that we commented on was not showing up in Q1 revenue but actually in that backlog growth, setting up good growth into Q2, but we see that growth also continuing in the other sectors. In terms of full year outlook, again, they're all growing year-on-year, which is great, of course, and that's across 5 different markets. In particular, I'd highlight EV and solar and energy storage, probably the strongest growth of the bunch, but good growth across each of those.

當然。羅斯，謝謝你的問題。是的，我們看到了上述每個市場的實力，它們都對積壓的增長做出了貢獻。當然值得注意的是，我們評論的移動復甦並沒有出現在第一季度的收入中，而是實際出現在積壓增長中，為第二季度的良好增長奠定了基礎，但我們看到其他行業也在繼續增長。就全年前景而言，同樣，它們都在同比增長，這當然很好，而且跨越 5 個不同的市場。特別是，我要強調電動汽車、太陽能和儲能，這可能是這些領域中增長最強勁的，但每一個領域都有良好的增長。

Great. And I guess for my follow-up, one for Ron. It seems like you're on track again, just like on revenues, but on gross margin this time. Any updates as to how getting to the 45% or mid-40s exiting is perhaps changing with the backlog? Or is it all just pretty much on schedule there, too?

偉大的。我想我的後續行動，一個是給羅恩的。看起來你又回到了正軌，就像收入一樣，但這次是毛利率。關於如何達到 45% 或 40 多歲退出的任何更新可能會隨著積壓而改變？還是一切都按計劃進行？

Thanks, Ross. No, it's all on schedule. So again, I think we've discussed it will increase sequentially each quarter, and that's what we're seeing. And so there's really no changes. It's kind of laying out like we thought it would.

謝謝，羅斯。不，一切都在按計劃進行。所以，我認為我們已經討論過它會在每個季度依次增加，這就是我們所看到的。所以真的沒有變化。它有點像我們想像的那樣佈局。

Got you. And then last quick one for me. Any changes on the cost side of the equation in supply in general? I know you guys have been somewhat supply-limited on the silicon carbide side and then some of your foundry partners have been raising prices. Any surprises or updates on those metrics? And then I'll pass it on to the next questioner.

明白了然後對我來說是最後一個快速的。一般來說，供應方程式的成本方面有什麼變化嗎？我知道你們在碳化矽方面供應有限，然後你們的一些代工合作夥伴一直在提高價格。這些指標有什麼驚喜或更新嗎？然後我會把它傳遞給下一個提問者。

No change, Ross. To reiterate, we already signed that long-term agreement for a 500% increase on the silicon carbide slide with both material and suppliers in X-FAB. That's kicking in, in Q1. That includes a stable, predictable cost reduction over time. And I think on the GaN side, we had mentioned the TSMC price increase of 6% late last year that kicked in in Q1, that's already factored in the guidance that Ron talked about. So really no changes. And I think only decrease in costs over time or anticipated at this point.

沒有變化，羅斯。重申一下，我們已經與 X-FAB 的材料和供應商簽署了碳化矽載玻片增加 500% 的長期協議。這在第一季度開始了。這包括隨著時間的推移穩定、可預測的成本降低。我認為在 GaN 方面，我們曾提到去年底台積電價格在第一季度上漲 6%，這已經在 Ron 談到的指導中考慮到了。所以真的沒有變化。而且我認為只會隨著時間的推移或在這一點上預期的成本降低。

Your next question comes from the line of Kevin Cassidy with Rosenblatt Securities.

你的下一個問題來自 Rosenblatt Securities 的 Kevin Cassidy。

Congratulations on great results. But maybe along those lines, can you tell where the upside came from? Was it that you were able to get more silicon carbide than expected, why you came in above your guidance or was it a pull-in or shift from inventory? Just a little feel of what happened in the quarter and maybe why maybe we're seeing more momentum going forward.

祝賀你取得好成績。但也許沿著這些思路，你能說出上行空間從何而來嗎？是不是您能夠獲得比預期更多的碳化矽，為什麼您超出了您的指導，或者它是從庫存中拉入或轉移？只是對本季度發生的事情有一點感覺，也許為什麼我們會看到更多的動力。

Yes. Great question, Kevin. Yes, in Q1, each market is feeling some strength. As I mentioned, the mobile recovery is mostly in the backlog, feeding into Q2. But we are seeing the beginnings of our silicon carbide supply agreement kicking in, a little bit in Q1, mostly in Q2 as well. And I think we see general strength in each of the markets actually, a lot of the design wins we talked about last year kicking in and contributing. And now we've got our entire sales force selling in the silicon across multiple markets. All of this adding together to give us the confidence to reiterate the doubling this year, improving the guidance for Q2 and even sharing some of the sector pipeline opportunities that we see by market, by revenue across the coming years for growth.

是的。好問題，凱文。是的，在第一季度，每個市場都感受到了一些力量。正如我所提到的，移動恢復主要是積壓的，進入第二季度。但我們看到我們的碳化矽供應協議開始生效，在第一季度有一點，大部分也在第二季度。而且我認為我們實際上看到了每個市場的總體實力，我們去年談到的許多設計勝利開始發揮作用並做出貢獻。現在我們的整個銷售團隊都在多個市場銷售矽片。所有這些加在一起讓我們有信心重申今年的翻倍，改善第二季度的指導，甚至分享我們按市場看到的一些行業管道機會，按未來幾年的收入增長。

Okay. Great. And maybe just to help us out here. Can you tell us your definition of the pipeline? I mean those are all very impressive numbers. Is that from the life of the product of your customers' products? Or is this like what you can see as far as the forecasts are coming from your customers?

好的。偉大的。也許只是為了幫助我們。你能告訴我們你對管道的定義嗎？我的意思是這些都是非常令人印象深刻的數字。那是來自客戶產品的產品生命嗎？還是就客戶的預測而言，這就像您所看到的那樣？

Yes. Yes. Yes. It is a new important metric. We're certainly very excited about the magnitude and the diversity of that. To define it, it is the revenue potential for qualified new customer opportunities. So it doesn't include ongoing production programs. They may be ramping themselves, that's independent of it. Those are prequalified programs. So we're really scrubbing them to make sure the program is real. The fit is good for our technology. The value prop anticipated is solid for our customers. So we believe we've taken a pretty conservative view. And as you implied, it is lifetime revenue, that can vary by market. We've been pretty conservative, I think, on our calculations or assumptions there as well on what that program lifetime duration might be.

是的。是的。是的。這是一個新的重要指標。我們當然對它的規模和多樣性感到非常興奮。為了定義它，它是合格的新客戶機會的收入潛力。所以它不包括正在進行的生產計劃。他們可能會自行升級，這與它無關。這些是經過資格預審的程序。所以我們真的在擦洗它們以確保程序是真實的。適合我們的技術。預期的價值支撐對我們的客戶來說是可靠的。所以我們認為我們採取了相當保守的觀點。正如您所暗示的，這是終生收入，可能因市場而異。我認為，在我們的計算或假設以及程序生命週期的持續時間方面，我們一直非常保守。

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

你的下一個問題來自 Baird 的 Tristan Gerra。

As a follow-up to the last question, what percentage of that revenue pipeline you would expect will turn into actual revenue from the potential, which defines the pipeline to what you think becomes an actual signed design win?

作為最後一個問題的後續問題，您期望收入管道中有多少百分比會轉化為潛在的實際收入，這將管道定義為您認為成為實際簽署的設計勝利的管道？

Yes. Thanks, Tristan. Yes, it's a new metric. So that percentage conversion will be determined sort of over time. But as I emphasized, we've taken a pretty conservative view, scrubbing to make sure these are really committed production programs, that fit to our technology is good. The value and interest in using this technology is good. Ultimately, the percentage that converts into actual revenue will depend, of course, on multiple factors. One is the final decision to use our technology, what share, if it's multisource. Then ultimately, of course the customer's timing of project ramp and project volumes. So it's a little hard to predict that number, but we feel real good about the opportunity to capture an appreciable percentage of that $760 million, which is what it is when you total it across all the markets.

是的。謝謝，特里斯坦。是的，這是一個新指標。因此，百分比轉換將隨著時間的推移而確定。但正如我強調的那樣，我們採取了相當保守的觀點，進行清理以確保這些是真正承諾的生產計劃，適合我們的技術是好的。使用這項技術的價值和興趣是好的。當然，最終轉化為實際收入的百分比將取決於多種因素。一個是最終決定使用我們的技術，共享什麼，如果它是多源的。然後最終，當然是客戶對項目斜坡和項目量的時間安排。因此，很難預測這個數字，但我們對有機會獲得這 7.6 億美元中相當大的一部分感到非常高興，這就是你在所有市場上加起來的數字。

Okay. And then looking at your backlog, what do you think, based on that, your market share in gallium nitride can be in consumer exiting this year? And maybe if you could give us some metrics as to your view of the adoption rate of gallium nitride-based chargers in the smartphone market today? And also how much of that is actually bundled with OEM versus aftermarket?

好的。然後看看你的積壓，你認為，基於此，你在氮化鎵的市場份額今年可以在消費者中退出嗎？也許您能否就您對當今智能手機市場上基於氮化鎵的充電器的採用率的看法向我們提供一些指標？還有，其中有多少實際上是與 OEM 和售後市場捆綁在一起的？

Yes, Tristan, all good questions. While there's not maybe perfect third-party market report, certainly from our view, we have established a clear technology and market leadership position in our target markets that today, of course, is the high-voltage GaN market for mobile chargers and consumer adapters. So I think we're in a strong position there and even probably continue to grow that market position. That will, of course, expand and we believe will establish that technology market leadership position in the other markets in GaN, as we go into the higher power markets, data center ramping later this year, solar next year and EV in 2025. So I think all of those will contribute to a pretty strong position. Back to your other question on the mobile handset market, I still think we lost a bit of time last year with the slowdown, namely in China, but even more broadly in mobile, and we're happy to see the recovery starting. But with that, I think we're still kind of in the 1% to 2% adoption if you look at the real total potential versus what we're shipping in others. So that's still a lot of revenue growth, a lot of adoption ahead of us going forward. And finally, I think you asked about in-box versus out-of-box, if you will, or aftermarket. That's still pretty dynamic. It used to be that 70%, 80% easily of the opportunity was in-box. 20 to 30 aftermarket. I think that's shifting. But even when it's not in the box, it's still going to be shipping by the major OEMs, even if it's an optional purchase. So you'll continue to see us continue to focus big dollar opportunities on the major mobile players, whether they offer it as an optional accessory or shipping in the box sort of for free to the consumer. So I think that delineation will not matter as much, but it is pretty dynamic and shifting. And luckily, we're in a strong market position both with the aftermarket guys and tended to the top 10 mobile players.

是的，特里斯坦，都是好問題。雖然可能沒有完美的第三方市場報告，但從我們的角度來看，我們已經在我們的目標市場建立了明確的技術和市場領導地位，當然，今天是移動充電器和消費適配器的高壓 GaN 市場。所以我認為我們在那里處於強勢地位，甚至可能繼續擴大該市場地位。當然，這會擴大，我們相信隨著我們進入更高功率市場、今年晚些時候數據中心、明年太陽能和 2025 年電動汽車，我們將在 GaN 的其他市場確立技術市場領導地位。所以我認為所有這些都將有助於獲得相當強勢的地位。回到你關於手機市場的其他問題，我仍然認為去年我們在經濟放緩方面浪費了一些時間，即在中國，但更廣泛的是在移動領域，我們很高興看到復蘇開始。但是，如果你看看真正的總潛力與我們在其他方面的表現，我認為我們仍然處於 1% 到 2% 的採用率。所以這仍然是一個很大的收入增長，在我們前進之前有很多采用。最後，我想你問的是開箱即用還是開箱即用，如果你願意的話，或者是售後市場。那還是很有活力的。過去，70%、80% 的機會很容易就在盒子裡。 20 到 30 售後市場。我認為這正在改變。但即使它不在盒子裡，它仍然會由主要 OEM 發貨，即使它是可選的購買。因此，您將繼續看到我們繼續將巨大的機會集中在主要的移動播放器上，無論他們是將其作為可選配件提供還是以盒裝形式免費提供給消費者。所以我認為劃分並不那麼重要，但它是非常動態和變化的。幸運的是，我們在售後市場和前 10 名移動廠商中都處於強大的市場地位。

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

你的下一個問題來自 Quinn Bolton 與 Needham & Company 的合作。

I'll offer my congratulations as well on the nice results and outlook. I guess maybe, Gene, just starting with the recovery in the mobile backlog. It sounds like it didn't really contribute to revenue in Q1, but certainly will contribute in Q2. Does that backlog extend out now into the second half? Do you have better confidence that this mobile recovery has legs? Or do you think it was sort of short-term replenishment, but the second half outlook is still a little murky?

我也會對好的結果和前景表示祝賀。吉恩，我想也許只是從移動積壓的恢復開始。聽起來它並沒有真正為第一季度的收入做出貢獻，但肯定會在第二季度做出貢獻。現在積壓的訂單會延伸到下半年嗎？您是否更有信心認為這種移動恢復有優勢？還是您認為這是一種短期補貨，但下半年前景仍然不明朗？

Yes. Good question, Quinn. Certainly it contributed to the run-up in backlog in Q1, gives us really strong visibility in Q2 and even into Q3. So I would not say we have backlog visibility for the entire year, but that's typical. We typically only have 3 to 6 months visibility in terms of backlog for mobile. We've got good forecast coming in from the customers on top of that backlog, which gives us good confidence. But I would sort of summarize by saying we're cautiously optimistic that that recovery continues in the second half of the year, and we'll kind of update you each quarter, of course.

是的。問得好，奎因。當然，它促成了第一季度積壓的增加，讓我們在第二季度甚至第三季度都有很強的可見性。所以我不會說我們全年都有積壓可見性，但這是典型的。就移動積壓而言，我們通常只有 3 到 6 個月的可見性。除了積壓之外，我們還從客戶那裡得到了很好的預測，這給了我們很大的信心。但我想總結一下，我們對下半年的複蘇持謹慎樂觀態度，當然，我們每個季度都會向您通報最新情況。

Great. And then on the Geely onboard charger that you talked about being $15 million to $20 million opportunity in 2024. Can you discuss, is that sort of one model of Geely cars? Is it across multiple models? And does that business, would you expect it to grow to a higher number in 2025? I mean are we still in ramp? Or does that $15 million to $20 million sort of contemplate more of a steady state for that onboard charger and the model hitting steady state next year?

偉大的。然後是吉利車載充電器，你談到 2024 年將有 1500 萬到 2000 萬美元的機會。你能討論一下，這是吉利汽車的一種型號嗎？是否跨多個模型？您是否希望該業務在 2025 年增長到更高的數量？我的意思是我們還在斜坡上嗎？或者這 1500 萬到 2000 萬美元是否考慮了車載充電器的更多穩定狀態以及明年該型號達到穩定狀態？

Yes. Yes. Those are -- it's one model. We're certainly working on more. But this is a great start and a great win. The $15 million to $20 million is considered to be the run rate kind of average starting next year. It actually ramps this year. So the $15 million to $20 million is considered steady state next year and for outer years as well. And then we are working on many more, as I said, which would likely add to that.

是的。是的。那些是 - 這是一個模型。我們當然正在做更多的工作。但這是一個偉大的開始，也是一場偉大的勝利。 1500 萬到 2000 萬美元被認為是明年開始的平均運行率。它實際上是今年的坡道。因此，1500 萬至 2000 萬美元被認為是明年的穩定狀態，對於其他年份也是如此。然後我們正在研究更多，正如我所說，這可能會增加。

Great. And then just lastly for me on the -- you talked about the industrial and appliance market, the outlook being pretty strong there. Wondering, is that more of an AC to DC application? Or is that starting to ramp some of the motor control applications as well?

偉大的。最後對我來說——你談到了工業和家電市場，那裡的前景非常強勁。想知道，這更像是一種 AC 到 DC 的應用嗎？或者這是否也開始增加一些電機控制應用？

Yes, good insightful question. And it's both. Certainly, I mentioned over 45 customer projects in production or development. Most of those are in development. Most of those are starting ramps next year. The high percentage are motor control that takes advantage of our latest generation GaNSense half-bridges, our most advanced, highest performance, most integrated GaN IC we offer, and that's a great fit. But our new family of GaNSense control, where we integrate the low-voltage controller with the GaN chip not only fits for mobile chargers and consumer adapters, it's a perfect fit for the power supply applications, namely the auxiliary power supplies that power the LED display that's increasingly common in all of these home appliances. So it's a nice combination of both. But the biggest majority is the motor control with that GaNSense half-bridge.

是的，很有見地的問題。兩者兼而有之。當然，我提到了超過 45 個正在生產或開發中的客戶項目。其中大部分都在開發中。其中大部分將於明年開始上坡。高百分比是利用我們最新一代 GaNSense 半橋的電機控制，這是我們提供的最先進、性能最高、集成度最高的 GaN IC，非常適合。但是我們新的 GaNSense 控制系列，我們將低壓控制器與 GaN 芯片集成在一起，不僅適用於移動充電器和消費類適配器，而且非常適合電源應用，即為 LED 顯示屏供電的輔助電源這在所有這些家用電器中越來越普遍。所以這是兩者的完美結合。但最大的一部分是帶有 GaNSense 半橋的電機控制。

(Operator Instructions) Your next question comes from the line of Jon Tanwanteng from CJS Securities.

（操作員說明）你的下一個問題來自 CJS 證券的 Jon Tanwanteng。

This is Ross in for John. A quick question. Do you have any changes to when you expect to achieve positive cash flow?

這是約翰的羅斯。一個快速的問題。您對預期實現正現金流量的時間有何改變？

No, we haven't updated any of that. So typically, what we've talked about in terms of operating breakeven, it's late '24, early '25 and around $50 million a quarter in revenue. That's roughly the time frame that we've talked about. Now having said that, I'll add, as you've seen, we've got $100 million of cash on the balance sheet, no debt. So the balance sheet is very strong, and we feel really good about the cash position in terms of being able to fund the organic business to breakeven.

不，我們還沒有更新任何內容。因此，通常情況下，我們在運營盈虧平衡方面所談論的是 24 世紀末、25 年初和每季度約 5000 萬美元的收入。這大致就是我們談到的時間框架。話雖如此，我要補充一點，如您所見，我們的資產負債表上有 1 億美元現金，沒有債務。因此，資產負債表非常強勁，我們對能夠為有機業務提供資金以實現收支平衡的現金狀況感到非常滿意。

Got it. And then my quick follow-up. Are any competitors closer to you now in discrete [Tan] or GaN or silicon products? Have you observed any stronger competition?

知道了。然後是我的快速跟進。現在在分立 [Tan] 或 GaN 或矽產品方面是否有任何競爭對手離您更近？您是否觀察到任何更激烈的競爭？

We really haven't seen a change in the competitive landscape. So we feel good about where we're at, both in leading in GaN integrated circuit, but also leading in the silicon carbide MOSFETs with the best in-circuit high temperature performance we've ever tested. We are extending, looking to extend that lead. We just launched the Generation 4 silicon carbide MPS diodes which set some new performance benchmarks there. And we're fast ramping Generation 4 and working on Generation 5 in the gallium nitride space. So no change to the landscape and feel pretty good about the technology position we have and look to grow it quite soon.

我們真的沒有看到競爭格局發生變化。因此，我們對自己所處的位置感到滿意，不僅在 GaN 集成電路方面處於領先地位，而且在具有我們測試過的最佳在線高溫性能的碳化矽 MOSFET 方面也處於領先地位。我們正在擴大，希望擴大領先優勢。我們剛剛推出了第 4 代碳化矽 MPS 二極管，它在那裡設定了一些新的性能基準。我們正在快速提升第 4 代，並在氮化鎵領域致力於第 5 代。因此，景觀沒有改變，對我們擁有的技術地位感覺非常好，並希望很快發展它。

Your next question comes from the line of Natalia Winkler with Jefferies.

你的下一個問題來自 Natalia Winkler 與 Jefferies 的合作。

Congrats on the results. I wanted to follow up on the data center market. June, would you mind maybe expanding a little bit more on the ramp that you guys are expecting at the end of this year? And also, how should we think about that market from the standpoint of pipeline and really kind of the number of years, I guess, that pipeline would typically include?

祝賀結果。我想跟進數據中心市場。六月，你介意在你們今年年底期待的斜坡上再擴大一點嗎？而且，我們應該如何從管道的角度來考慮這個市場，以及我猜管道通常包括的年數？

Yes, definitely, Natalia. So that one is unique in that we're not already shipping silicon carbide into that one, nor are we shipping into GaN. So it's the smallest in part just because we're only in sampling mode. We will release the production of our GaN IC for high-power applications later this year. At that point, we'll sort of step on the gas and open this up to even a broader set of customers. With all that said, that sampling has already led to more than 15 customers in development of the pipeline, over $60 million pipeline. I also think this pipeline is not really reflecting what's going on in the market today around generative AI. I think we're just scratching the surface on the potential applications and market implications of that technology and the massive data consumption that's going to go with it, which leads to a massive power consumption, which we're going to see in coming quarters, I believe, certainly coming years to create a big power problem, which is a big power opportunity for Navitas. So that's a bit on the medium to long term. But coming back to your question then, it's early days because we're in the sampling mode, as I said. We feel good about the number of customers that we've kind of carefully selected and cultivated in that $60 million pipeline. Again, we try to be always conservative on these program lifetimes. So there we're assuming something like 2 or 3 years type of duration, customer project duration.

是的，當然，納塔利婭。因此，這是獨一無二的，因為我們還沒有將碳化矽運送到那個，也沒有運送到 GaN。所以它是最小的部分，因為我們只處於採樣模式。我們將在今年晚些時候發布用於高功率應用的 GaN IC 產品。屆時，我們將加大力度，向更廣泛的客戶群開放。綜上所述，該採樣已經導致超過 15 個客戶開發管道，管道價值超過 6000 萬美元。我還認為這條管道並沒有真正反映當今市場上圍繞生成 AI 發生的事情。我認為我們只是在了解該技術的潛在應用和市場影響以及隨之而來的大量數據消耗，這會導致大量功耗，我們將在未來幾個季度看到這一點，我相信，未來幾年肯定會產生一個大功率問題，這對 Navitas 來說是一個大功率機會。所以這是中長期的一點。但是回到你的問題，現在還為時尚早，因為正如我所說，我們處於抽樣模式。我們對我們在 6000 萬美元的渠道中精心挑选和培養的客戶數量感到滿意。同樣，我們嘗試在這些程序生命週期上始終保持保守。因此，我們假設 2 或 3 年類型的持續時間，客戶項目持續時間。

Understood. That's very helpful. And then the second question I wanted to follow up, on the Geely announcement. Just trying to figure out how it usually works for these types of automotive sockets. Is that type of a primary secondary source arrangement? And then I guess would there be some exclusivity related to that arrangement? And just broadly, not necessarily even for Geely, but for any other potential sockets you guys will see like that going forward. What's the best way for us to think about the penetration level within the OEM?

明白了。這很有幫助。然後是我想跟進的第二個問題，關於吉利公告。只是想弄清楚這些類型的汽車插座通常是如何工作的。那種類型的主要次要來源安排？然後我想會有一些與該安排相關的排他性嗎？從廣義上講，甚至不一定是吉利，但對於你們未來會看到的任何其他潛在插座。我們考慮 OEM 滲透水平的最佳方式是什麼？

Yes, definitely. In the silicon carbide space, of course there's many discrete players. So oftentimes you can look at a multisource situation. In this case, that project happened very quickly in the last 6 or 9 months. In part, it's happening quickly because they're working directly with our EV design center. And late last year we announced a joint design center with Geely. So we're super-excited that this is a great example of how that system design center when focused and partnered with key EV players can really accelerate their adoption and their engineering work to go faster even in a generally longer development cycle market like EV. Not only that, they have started working with another supplier when they fully tested our parts in collaboration with our joint design center, that really demonstrated that better in-circuit high-temperature performance that we often allude to. And with that validation and competitive even premium pricing, it put us in a 100% market share position. So this is a really nice case study, if you will, about how fast we can accelerate things with our system design centers, but also how that technology performance and advantage can lead to a strong market share, in this case 100%. So I don't know if they'll all go that well, but this is certainly a good example. We look to repeat it many times over.

當然是。在碳化矽領域，當然有許多獨立的參與者。因此，您經常可以查看多源情況。在這種情況下，該項目在過去 6 或 9 個月內發生得非常快。在某種程度上，它發生得很快，因為他們直接與我們的 EV 設計中心合作。去年年底，我們宣布與吉利建立聯合設計中心。因此，我們感到非常興奮，這是一個很好的例子，說明系統設計中心如何在與主要 EV 參與者專注並合作時真正加速他們的採用和他們的工程工作，即使在像 EV 這樣通常較長的開發週期市場中也能更快地進行。不僅如此，當他們與我們的聯合設計中心合作對我們的零件進行全面測試時，他們已經開始與另一家供應商合作，這確實證明了我們經常提到的更好的在線高溫性能。憑藉這種驗證和有競爭力的甚至溢價定價，它使我們處於 100% 的市場份額位置。所以這是一個非常好的案例研究，如果你願意的話，關於我們可以用我們的系統設計中心加速多快，以及技術性能和優勢如何帶來強大的市場份額，在這個案例中是 100%。所以我不知道他們是否都會那麼順利，但這無疑是一個很好的例子。我們希望重複多次。

Your next question comes from the line of Richard Shannon with Craig-Hallum.

你的下一個問題來自 Richard Shannon 和 Craig-Hallum 的對話。

I'm going to ask you a first question on gross margin, not only second quarter but kind of the rest of the year here. Gross margin progression here in the second quarter is going up a little bit, and it seems like it would be implicitly being accelerating a little bit in the back half of the year. It seems like with -- if I caught and understand your comments correctly, that mobile is maybe growing a little bit less here in the second quarter. It seems like gross margins would do better in that environment, but maybe it's taking on some more costs from TSMC and others. So maybe you can help me understand kind of the mix and cost structure flow-throughs that lead to the gross margin dynamics you're talking about both in the second quarter and the second half.

我要問你關於毛利率的第一個問題，不僅是第二季度，還有今年餘下的時間。第二季度的毛利率增長略有上升，而且似乎在今年下半年會隱含地加速一點。看起來 - 如果我正確地理解並理解了你的評論，那麼第二季度移動設備的增長可能會有所減少。在那種環境下，毛利率似乎會更好，但它可能會從台積電和其他公司那裡承擔更多的成本。因此，也許您可以幫助我了解導致您在第二季度和下半年談論的毛利率動態的混合和成本結構流動。

Yes. Richard, it's Ron. So the way to think about margins again is we reiterated exiting the year in the mid-40s. So that hasn't changed. I think there are a couple of drivers this year that drive margins to that point. One is just getting into kind of more diversification into other markets that are generally higher margin, right? So it could be EV, it could be industrial and so on. But that's one path. The second is transitioning to next-generation products. And so in the very near term, that would have a bigger effect, and we're seeing that happening now, and that's what you see in Q2. And then that will be -- that transition will have fully occurred as we exit Q2. And so you'll see a little bit of a step-up in Q3.

是的。理查德，是羅恩。因此，再次考慮利潤率的方法是我們重申在 40 年代中期退出這一年。所以這沒有改變。我認為今年有幾個驅動因素將利潤率推高到這一點。一個只是進入其他通常利潤率更高的市場，對吧？所以它可能是電動汽車，也可能是工業等等。但這是一條路。第二個是過渡到下一代產品。所以在短期內，這會產生更大的影響，我們現在看到了這種情況，這就是你在第二季度看到的。然後就是——當我們退出第二季度時，這種轉變將完全發生。所以你會在第三季度看到一點點提升。

And Ron, (inaudible) your first to GaN products, right?

Ron，（聽不清）你第一次接觸 GaN 產品，對嗎？

The latter, yes, yes.

後者，是的，是的。

Yes. Okay. Okay. That is helpful. Maybe a follow-on question for Gene in the mobile space here. Maybe you could talk about the sweet spot that you're seeing in that market from a power perspective, where it's been, where it's going? And then also maybe you can talk about the cost, just from the cost side, GaN versus silicon and when we might see that crossover point.

是的。好的。好的。這很有幫助。也許這裡是移動領域中 Gene 的後續問題。也許你可以從權力的角度談談你在那個市場上看到的甜蜜點，它在哪裡，它會去哪裡？然後也許你可以從成本方面談談成本，GaN 與硅以及我們何時可以看到交叉點。

Yes, definitely, Richard. So we continue to see the same dynamics we talked of before. In general, the market wants faster charging. To do that, you're pushing those power levels up and up and up, but more into the sweet spot of GaN in general, and certainly Navitas GaN ICs in particular. We're also seeing the trend of multi-output chargers. Gone are the days when you had one charger for your phone, one charger for your tablet, one charger for your laptop. That not only means more output, it means more power. And again, feeding right back into the sweet spot of GaN where the GaN value is relatively modest at 20 watts or maybe 30 watts. It grows significantly as you push up to 50, 60 watts and even more so into this category we call ultrafast chargers at 100 watts and higher. And a high percentage of those 20 that were launched in Q1 and are driving a lot of the short-term backlog and growth and recovery are in that 65 watt and up or in a 100-watt and up space. So hopefully that gives you a little bit more color about the trends. No changes there. But certainly we see that trend continuing and now accelerating as the market recovers.

是的，當然，理查德。因此，我們繼續看到我們之前談到的相同動態。一般來說，市場需要更快的充電速度。要做到這一點，您需要將這些功率水平不斷提高，但通常會更多地進入 GaN 的最佳位置，尤其是 Navitas GaN IC。我們還看到了多輸出充電器的趨勢。手機一個充電器、平板電腦一個充電器、筆記本電腦一個充電器的日子已經一去不復返了。這不僅意味著更多的輸出，還意味著更多的功率。再一次，直接反饋到 GaN 的最佳點，其中 GaN 值相對適中，為 20 瓦或 30 瓦。當您將功率提高到 50、60 瓦甚至更多時，它會顯著增長，我們稱之為 100 瓦及更高功率的超快充電器。在第一季度推出並推動大量短期積壓、增長和復甦的這 20 個產品中，很大一部分是在 65 瓦及以上或 100 瓦及以上的空間。所以希望這能讓你對趨勢有更多的了解。那裡沒有變化。但可以肯定的是，隨著市場復甦，我們看到這種趨勢仍在繼續並且正在加速。

Okay. Perfect. And congrats on the nice start to year, guys.

好的。完美的。伙計們，祝賀今年開局不錯。

There are no further questions at this time. And this concludes today's conference call. Thank you for attending. You may now disconnect.

目前沒有其他問題。今天的電話會議到此結束。感謝您的出席。您現在可以斷開連接。