納微半導體 (NVTS) 2023 Q3 法說會逐字稿

Good day, and welcome to the Navitas Semiconductor Q3 '23 Earnings Conference Call. (Operator Instructions) And finally, I would like to advise all participants, this call is being recorded. Thank you. I'd now like to welcome Stephen Oliver, Vice President of Corporate Marketing and Investor Relations, to begin the conference. Stephen, over to you.

美好的一天，歡迎參加 Navitas Semiconductor Q3 '23 收益電話會議。 （操作員說明）最後，我想提醒所有參與者，本次通話正在錄音。謝謝。現在我要歡迎企業行銷和投資者關係副總裁史蒂芬奧利佛開始會議。史蒂芬，交給你了。

Good afternoon, everyone. I'm Stephen Oliver, Vice President of Corporate Marketing and Investor Relations. Thank you for joining Navitas Semiconductor's Third Quarter 2023 Results Conference Call.

大家下午好。我是史蒂芬‧奧利佛，企業行銷與投資者關係副總裁。感謝您參加納維半導體 2023 年第三季業績電話會議。

I'm joined today by Gene Sheridan, our Chairman, President, CEO, and Co-Founder; and Ron Shelton, our CFO and Treasurer. 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 [after] the call. Additional information related to our business is also posted on the Investor Relations section of our website.

今天，我們的董事長、總裁、執行長兼聯合創始人吉恩·謝裡丹 (Gene Sheridan) 也加入了我的行列。以及我們的財務長兼財務長 Ron Shelton。本次電話會議後約 1 小時將在我們的網站上提供此網路廣播的重播，並且錄製的網路廣播將在電話會議後約 30 天內提供。與我們業務相關的更多資訊也發佈在我們網站的投資者關係部分。

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

我們的收益發布包括非公認會計準則財務指標。這些非公認會計原則財務指標與最直接可比較的公認會計原則指標的對帳包含在我們的第三季收益發布中，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納維未來財務表現（包括收購）做出前瞻性陳述。您可以透過我們期望或我們相信的字詞或類似術語來識別這些陳述。我們希望提醒您，此類前瞻性陳述存在風險和不確定性，可能導致實際事件或結果與我們前瞻性陳述中表達的預期有重大差異。

Important factors that can affect Navitas' business include factors that could cause actual results to differ from our forward-looking statements, are described in our earnings release. Please also refer to 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. And now over to Gene Sheridan, CEO.

我們的收益報告中描述了可能影響納維業務的重要因素，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聲明可能會發生變化，除法律要求外，納維不承擔更新前瞻性陳述以反映實際結果、假設變更或可能發生的其他事件的義務。現在請執行長吉恩·謝裡丹 (Gene Sheridan) 發言。

Thank you, Steve, and thanks to everyone for joining the call today. As we continue our mission to electrify our world with next-generation power electronics, I'm pleased to announce another record quarter for Navitas as our gallium nitride and silicon carbide technologies continue to display legacy power silicon in traditional markets and enable and accelerate new energy markets.

謝謝史蒂夫，也謝謝大家今天加入電話會議。在我們繼續履行透過下一代電力電子裝置讓世界電氣化的使命之際，我很高興地宣布納維公司又一個創紀錄的季度，因為我們的氮化鎵和碳化矽技術繼續在傳統市場上展示傳統的電力矽技術，並實現並加速新能源的發展市場。

Our Q3 revenues increased to $22 million, up 22% quarter-on-quarter and up 115% from Q3 of last year. On a non-GAAP basis, gross margin also continued to increase for the fourth quarter in a row to 42.1%, up from 41.5% sequentially and up from 38.4% in Q3 last year. We also remain confident that we will more than double revenues in total for 2023 as compared to 2022.

我們第三季的營收增至 2,200 萬美元，季增 22%，比去年第三季成長 115%。以非公認會計準則計算，第四季毛利率也連續成長至 42.1%，高於上一季的 41.5%，也高於去年第三季的 38.4%。我們仍有信心，2023 年的總收入將比 2022 年增加一倍以上。

Just yesterday, Navitas's dramatic growth stories was recognized for the second year running by Deloitte, including our company in their Fast 500 list. With the annual revenue increasing over 2,000% in just 3 years, Navitas is one of the fastest growth tech companies. In addition to our strong financial performance, it's a very exciting time at Navitas as we're launching 4 major new technology platforms in the second half of this year.

就在昨天，Navitas 的驚人成長故事連續第二年獲得德勤 (Deloitte) 認可，並將我們公司列入其高成長 500 強名單。 Navitas 的年收入在短短 3 年內成長了 2,000% 以上，是成長最快的科技公司之一。除了我們強勁的財務表現之外，對於納維來說，這是一個非常令人興奮的時刻，因為我們將在今年下半年推出 4 個主要的新技術平台。

Our GaNSafe technology launched last quarter set the new benchmark in our industry as the world's most protected, most reliable and highest performance GaN power semiconductors. With advanced protection, higher power capability and cool operation, GaNSafe breaks the glass ceiling that has prevented gallium nitride from entering these high-power, high reliability markets for a decade.

我們上季度推出的 GaNSafe 技術為我們行業樹立了新的基準，成為世界上受保護最充分、最可靠和性能最高的 GaN 功率半導體。憑藉先進的保護、更高的功率能力和低溫運行，GaNSafe 打破了十年來阻礙氮化鎵進入這些高功率、高可靠性市場的玻璃天花板。

Now applications from AI data centers and solar inverters to EV powertrains and traction drives can benefit from this high-speed feature-rich technology for higher power density, higher efficiency, robust reliability, faster charging and lower system costs. We are also launching our Generation 4 GaNSense half-bridge ICs, which are our most integrated GaN devices, replacing dozens of components with a single GaN IC to reduce footprint, simplify designs and enable switching frequencies up to 2 megahertz in mobile fast chargers and consumer adapters.

現在，從人工智慧資料中心和太陽能逆變器到電動車動力系統和牽引驅動器的應用都可以受益於這種高速、功能豐富的技術，以實現更高的功率密度、更高的效率、強大的可靠性、更快的充電速度和更低的系統成本。我們還推出了第4 代GaNSense 半橋IC，這是我們整合度最高的GaN 裝置，以單一GaN IC 取代了數十個組件，以減少佔地面積、簡化設計並在移動快速充電器和消費電子產品中實現高達2 兆赫的開關頻率適配器。

For home appliance motors, pumps and compressors, these application-specific Generation 4 ICs feature lossless current sensing and programmable turn on and turn off for efficient, small, quiet power delivery. This quarter we are also launching a new generation of our GeneSiC technology called Gen-3 Fast, with switching performance up to 50% better than competition.

對於家用電器馬達、泵浦和壓縮機，這些特定應用的第 4 代 IC 具有無損電流感應和可編程開關功能，可實現高效、小型、安靜的電力傳輸。本季我們也推出了新一代 GeneSiC 技術，稱為 Gen-3 Fast，其開關效能比競爭對手高出 50%。

Together, Gen-3 Fast silicon carbide and GaNSafe power ICs are targeting electric vehicles, roadside chargers, solar inverters, energy storage, data center and industrial applications in the 1 to 30 kilowatt range.

Gen-3 Fast 碳化矽和 GaNSafe 電源 IC 共同針對 1 至 30 千瓦範圍內的電動車、路邊充電器、太陽能逆變器、能源儲存、資料中心和工業應用。

The fourth and potentially the most exciting and impactful announcement is a breakthrough innovation called bidirectional GaN. Now for the first time, GaN ICs can operate quickly and efficiently conducting and blocking currents in both directions. This bidirectional GaN allows the replacement of up to 4 discrete power transistors, providing similar functionality while dramatically reducing component count, cost and complexity and delivering the speed and efficiency benefits of gallium nitride.

第四個可能是最令人興奮和最有影響力的公告是一項名為雙向 GaN 的突破性創新。現在，GaN IC 首次能夠快速、有效率地傳導和阻斷兩個方向的電流。這種雙向 GaN 可以取代多達 4 個分立功率晶體管，提供類似的功能，同時大幅減少組件數量、成本和複雜性，並提供氮化鎵的速度和效率優勢。

We believe this invention has the potential to create innovative advances in energy storage, grid infrastructure, motor drives and many other emerging topologies and architectures across multiple markets. Much more to come on this front. Let me now turn to updates for each of our target markets and how these new technologies are already having an impact.

我們相信，這項發明有潛力在能源儲存、電網基礎設施、馬達驅動以及跨多個市場的許多其他新興拓撲和架構方面創造創新進步。在這方面還有更多的事情要做。現在讓我談談我們每個目標市場的最新情況以及這些新技術如何產生影響。

In the mobile market, we continue to see strength and upside led by our major China OEMs, Xiaomi and Oppo, as they are rapidly expanding their use of GaN in a broader age with their mobile chargers. In fact, we now anticipate that about 30% of their total mobile charger shipments in 2024 will utilize GaN. This is a major milestone for our whole industry. GaN has moved from beachhead to mainstream.

在行動市場，我們繼續看到中國主要 OEM 廠商小米和 Oppo 的優勢和優勢，因為他們正在更廣泛的時代透過行動充電器迅速擴大 GaN 的使用。事實上，我們現在預計 2024 年行動充電器總出貨量中約 30% 將使用 GaN。這對我們整個產業來說是一個重要的里程碑。 GaN 已從灘頭堡走向主流。

In addition, we just announced a major win as Navitas GaN has been adopted at Samsung to power the latest Galaxy S23 among other models and is already contributing to our Q3 and Q4 revenue ramp. Our new Gen-4 GaNSense half-bridge is further accelerating our success in mobile as we now have over a dozen customer projects in development, targeting the fastest charging segment of 100 watts or more already projected to contribute over $10 million per year in revenue ramping next year.

此外，我們剛剛宣布了一項重大勝利，三星採用 Navitas GaN 為最新的 Galaxy S23 等其他型號提供動力，並且已經為我們第三季度和第四季度的收入增長做出了貢獻。我們的新型第四代GaNSense 半橋進一步加速了我們在行動領域的成功，因為我們現在有十多個客戶專案正在開發中，目標是100 瓦或以上的最快充電領域，預計每年將貢獻超過1000萬美元的營收成長明年。

In the solar and energy storage markets, we observed the same near-term macro market softness that others have observed, creating headwinds for our silicon carbide business. However, as GaN and silicon carbide are displacement technology versus legacy silicon MOSFET and IGBT, we also see robust growth in our customer pipeline.

在太陽能和儲能市場，我們觀察到與其他人觀察到的相同的近期宏觀市場疲軟，這給我們的碳化矽業務帶來了阻力。然而，由於 GaN 和碳化矽是相對於傳統矽 MOSFET 和 IGBT 的替代技術，我們也看到了客戶通路的強勁成長。

Our current outlook for the solar market, consistent with what we've seen from various analysts is for a recovery in the second half of 2024 and based on our pipeline and customer activity, we expect our revenue growth in solar to exceed that of the industry in 2024 and beyond. It's a similar story in EV. While some OEM forecasts have been tempered, we are experiencing significant increases in our customer pipeline in both onboard and roadside chargers.

我們目前對太陽能市場的展望與我們從多位分析師那裡看到的一致，即 2024 年下半年將復蘇，並且根據我們的管道和客戶活動，我們預計太陽能領域的收入增長將超過行業的增長2024年及以後。電動車中也有類似的故事。儘管一些原始設備製造商的預測有所緩和​​，但我們的車載和路邊充電器的客戶管道正在顯著增加。

Our EV system design centers just completed development of a 6.6 kilowatt 800-volt onboard charger platform which sets all new industry benchmarks in system efficiency, density and cost. We see significant customer interest in this exciting new hybrid platform, which achieved such high performance by integrating both our latest Gen-3 Fast silicon carbide devices and our new GaNSafe ICs.

我們的電動車系統設計中心剛剛完成了 6.6 千瓦 800 伏特車載充電器平台的開發，該平台在系統效率、密度和成本方面樹立了所有新的行業基準。我們看到客戶對這個令人興奮的新型混合平台非常感興趣，該平台透過整合我們最新的第 3 代快速碳化矽元件和新的 GaNSafe IC 實現瞭如此高性能。

In data center, as discussed previously, the recent dramatic technology and market developments surrounding AI have created unprecedented demand for more power, higher energy efficiency and greater power density. Our system design center has really stepped up to the challenge with a new 4.5 kilowatt AC to DC platform design that offers energy efficiencies well in excess of the 96%, Titanium Plus standard and has twice the power density of previous best-in-class legacy silicon designs.

在資料中心，如前所述，最近圍繞人工智慧的巨大技術和市場發展對更多功率、更高能源效率和更大功率密度產生了前所未有的需求。我們的系統設計中心真正迎接了挑戰，採用了全新的 4.5 千瓦交流到直流平台設計，其能源效率遠超過 96% 的 Titanium Plus 標準，功率密度是之前同類最佳傳統產品的兩倍矽設計。

As a result, the number of projects in our customer pipeline have grown significantly in the past quarter. The customer pipeline in appliance and industrial is also growing significantly as major OEMs initiate GaN or silicon carbide programs to meet regulatory requirements for energy efficiency and consumer demand for power density improvements, along with the transitions from gas-powered heating and cooling systems to fast adoption of heat pump technology.

因此，我們的客戶管道中的項目數量在過去一個季度顯著增長。隨著主要OEM 啟動GaN 或碳化矽專案以滿足能源效率的監管要求和消費者對功率密度提高的需求，以及從燃氣驅動加熱和冷卻系統到快速採用的轉變，家電和工業領域的客戶管道也在顯著成長熱泵技術。

As mentioned earlier, our Gen-4 GaNSense half-bridge ICs are application optimized and a big draw for 100 to 1,000 watt home appliance applications with Gen-3 Fast silicon carbide and GaNSafe power ICs addressing higher-power industrial markets. Looking across all of our target markets, the system benefits derived from GaN and silicon carbide are amplified by long-term secular tailwinds.

如前所述，我們的第4 代GaNSense 半橋IC 經過應用優化，對100 至1,000 瓦家用電器應用具有很大吸引力，而第3 代快速碳化矽和GaNSafe 功率IC 則可滿足更高功率的工業市場需求。縱觀我們所有的目標市場，來自 GaN 和碳化矽的系統優勢因長期長期有利因素而放大。

These include electrical energy storage conversion from fossil fuels to renewables, gas-powered vehicles transitioning to all forms of electric transportation and the intent in rapidly accelerating power demands of AI and edge computing. Additional momentum is provided by continued energy efficiency and [noise] (inaudible) to regulations.

其中包括從化石燃料到再生能源的電能儲存轉換、燃氣動力汽車過渡到各種形式的電動交通以及快速增加人工智慧和邊緣運算的電力需求的意圖。持續的能源效率和法規[噪音]（聽不清楚）提供了額外的動力。

While we're not immune to some market slowdowns as displacement technologies in traditional markets and its exhilarating and enabling technologies in the energy markets, we expect Navitas's GaN and silicon carbide revenues to far exceed market growth rates in 2024 and for years to come. You can hear more about our growth plans at our exciting in-depth in-person Investor Day held in conjunction with our new headquarters opening day in Torrance, California on December 12.

雖然我們不能倖免於一些市場放緩的影響，因為傳統市場中的替代技術及其在能源市場中令人興奮的支援技術，但我們預計Navitas 的GaN 和碳化矽收入將在2024 年及未來幾年遠遠超過市場成長率。您可以在 12 月 12 日於加利福尼亞州托蘭斯舉行的激動人心的深入現場投資者日以及我們在加利福尼亞州托蘭斯的新總部開業日同時舉行的有關我們增長計劃的更多信息。

This agenda includes a deep dive into our 4 new technology platforms, highlighted applications in growing markets, customer pipeline review, financial outlook, insightful customer presentations and an immersive introduction to Planet Navitas, the future of our electrified planet.

該議程包括深入探討我們的4 個新技術平台、不斷增長的市場中的重點應用、客戶管道審查、財務前景、富有洞察力的客戶演示以及對納維星球（我們電氣化星球的未來）的身臨其境的介紹。

We encourage you to join the Navitas management team, Board of Directors, customers, media and special guests at our new headquarters for this important event.

我們鼓勵您與 Navitas 管理團隊、董事會、客戶、媒體和特邀嘉賓一起在我們的新總部參加這項重要活動。

And now over to Ron to review the financials.

現在請羅恩審查財務狀況。

Thank you, Gene. In my comments today, I will first take you through our third quarter results, and then I'll walk you through our outlook for the fourth quarter and some of the market dynamics we're seeing.

謝謝你，吉恩。在今天的評論中，我將首先向您介紹我們第三季度的業績，然後我將向您介紹我們對第四季度的展望以及我們所看到的一些市場動態。

Revenue in the third quarter of 2023 was again well above our guidance, growing 115% year-over-year and 22% sequentially to $22.0 million. The beat was driven primarily by continued strong growth in the mobile market and initial mass production for a major Tier 1 onboard charger customer. Our results were tempered somewhat by macroeconomic factors impacting high-end consumer and solar markets.

2023 年第三季的營收再次遠高於我們的指導，年增 115%，季增 22%，達到 2,200 萬美元。這一成長主要得益於行動市場的持續強勁成長以及主要一級車載充電器客戶的初步批量生產。我們的業績受到影響高端消費者和太陽能市場的宏觀經濟因素的影響。

Nevertheless, we continue to see strong positive indicators for revenue growth over the near term and long-term. Our pipeline continues to grow and has added a new record, and we continue to experience strong bookings as evidenced by entering the fourth quarter nearly fully booked. Before addressing expenses, I'd like to refer you to the GAAP to non-GAAP reconciliations in our press release earlier today.

儘管如此，我們仍然看到短期和長期收入成長的強勁積極指標。我們的管道繼續成長，並創造了新的記錄，我們的預訂量繼續強勁，進入第四季度幾乎全部預訂就證明了這一點。在討論費用之前，我想請您參閱今天早些時候新聞稿中的 GAAP 與非 GAAP 調整表。

In the rest of my commentary, I will refer to non-GAAP expense measures. Gross margin in the third quarter increased to 42.1% from 41.5% in the second quarter of 2023 and 38.4% in the second quarter of 2022. Gross margins in the quarter were at the higher end of our guidance due primarily to excellent yields exceeding our internal targets, which we believe already leads the industry. Third quarter total operating expenses were $17.9 million, comprising the SG&A expense of $7.4 million and R&D of $10.5 million.

在我的評論的其餘部分，我將提及非公認會計原則費用衡量標準。第三季的毛利率從2023 年第二季的41.5% 和2022 年第二季的38.4% 增至42.1%。該季的毛利率處於我們指引的較高端，主要是因為優異的收益率超過了我們的內部預期目標，我們認為該目標已引領業界。第三季總營運費用為 1,790 萬美元，其中 SG&A 費用為 740 萬美元，研發費用為 1,050 萬美元。

This is in line with our guidance. And as we've discussed in the past, as revenue scales, we are investing in our business in a disciplined manner as we focus on growing profitability. Putting all this together, the loss from operations was $8.7 million compared to a loss from operations of $10.3 million in the third quarter of 2022. Our weighted average share count for the third quarter was 175.1 million shares.

這符合我們的指導。正如我們過去所討論的，隨著收入規模的擴大，我們正在以嚴格的方式投資我們的業務，因為我們專注於提高獲利能力。總而言之，營運損失為 870 萬美元，而 2022 年第三季營運損失為 1,030 萬美元。我們第三季的加權平均股票數量為 1.751 億股。

Turning to the balance sheet. It remains very strong with high levels of liquidity. Cash and cash equivalents at quarter end were $176.7 million, and we continue to carry no debt. Accounts receivable were $17.6 million compared to $15.2 million in the prior quarter, reflecting higher sales during the quarter, but our days sales outstanding improved as we continue to focus on working capital efficiency.

轉向資產負債表。它仍然非常強勁，流動性水平很高。季度末現金和現金等價物為 1.767 億美元，我們仍然沒有債務。應收帳款為 1,760 萬美元，而上一季為 1,520 萬美元，反映了本季銷售額的增加，但隨著我們繼續關注營運資金效率，我們的應收帳款日數有所改善。

Inventory declined to $15.9 million compared to $18.9 million in the prior quarter, and days of inventory outlook continues to improve, better by nearly 50% from 1 year ago as we continue to move towards exceeding our inventory turnover goal of better than [3 times]. We took an adjustment of $2 million during the quarter for reserves against GaN product that was 2 generations old as our customers and end markets migrate towards our Gen 4 and other higher performance and higher integration products like GaNSense and GaNSense Control.

與上一季的 1,890 萬美元相比，庫存下降至 1,590 萬美元，隨著我們繼續朝著超過 [3 倍] 的庫存週轉目標邁進，庫存天數前景繼續改善，比一年前提高了近 50% 。隨著我們的客戶和終端市場轉向我們的第4 代以及其他更高性能和更高集成度的產品（例如GaNSense 和GaNSense Control），我們在本季度對2 代GaN 產品的儲備進行了200 萬美元的調整。

Moving on to guidance for the fourth quarter. We currently expect revenues ranging between $25 million to $26 million. At the midpoint, this represents substantial year-over-year growth of 106% over the $12.3 million we recorded in the fourth quarter of 2022 and an expected 16% sequential increase over the third quarter of 2023. Our guidance is based on continued silicon carbide capacity expansion and continued strength in mobile and ongoing market share gains in EV onboard charging.

接下來是第四季的指導。我們目前預計收入在 2500 萬美元至 2600 萬美元之間。中點來看，這比我們在 2022 年第四季記錄的 1,230 萬美元大幅同比增長 106%，預計比 2023 年第三季度環比增長 16%。我們的指導基於持續的碳化矽產能擴張和移動領域的持續強勁以及電動汽車車載充電市場份額的持續成長。

I'd also like to note that at the midpoint of guidance, our revenues for 2023 will have increased 108% over 2022, which is consistent with what we indicated at the beginning of this year. Gross margins for the fourth quarter is expected to improve to approximately 42.5% plus or minus 30 basis points. In total, our non-GAAP operating expenses in the fourth quarter are expected to be approximately $20 million, and this excludes stock-based compensation and amortization of intangible assets.

我還想指出，在指導的中點，我們 2023 年的營收將比 2022 年成長 108%，這與我們今年年初表示的一致。第四季毛利率預計將改善至約42.5%正負30個基點。總的來說，我們第四季度的非公認會計準則營運費用預計約為 2,000 萬美元，這不包括基於股票的薪資和無形資產攤銷。

We continue to invest in growth-oriented initiatives for our end markets. As we have indicated before, we expect increases in our spending will be substantially less than growth in our revenues as we continue to see leverage in our business model. To put that in perspective, compared to the fourth quarter of 2022, at the midpoint of our guidance, we expect revenues in the fourth quarter of 2023 to grow 106%, yet operating expenses based on our guidance are expected to grow only 18% over the same period.

我們持續投資於終端市場的成長導向計畫。正如我們之前所指出的，隨著我們繼續看到我們的業務模式中的槓桿作用，我們預計支出的成長將大大低於收入的成長。客觀地說，與2022 年第四季相比，在我們指導的中點，我們預計2023 年第四季的營收將成長106%，但根據我們的指導，營運費用預計僅比2023 年第四季增長18%。同一時期。

For the fourth quarter of 2023, we expect our weighted average share count to be approximately at least 179 million shares stock-based comp to be approximately $12 million and amortization of intangible assets to be approximately $4.8 million. In closing, we are extremely pleased with the results for the quarter in our near-term and long-term outlook.

2023 年第四季，我們預計加權平均股票數將達到至少 1.79 億股，股票補償約 1,200 萬美元，無形資產攤提約 480 萬美元。最後，我們對本季的近期和長期前景結果感到非常滿意。

While we see similar macro trends as others, such as the impact of higher interest rates on the high-end consumer and solar markets, and we are entirely immune to those trends. As our results indicate, we are showing that we can outperform the market and expect that going forward we will continue to grow significantly faster than the overall growth rates in our targeted end markets.

雖然我們看到了與其他人類似的宏觀趨勢，例如利率上升對高端消費者和太陽能市場的影響，但我們完全不受這些趨勢的影響。正如我們的結果所表明的那樣，我們表明我們可以跑贏市場，並預計未來我們的成長將繼續顯著快於目標終端市場的整體成長率。

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

接線員，我們開始問答環節。

(Operator Instructions) And your first question comes from line of Quinn Bolton of Needham & Company.

（操作員說明）您的第一個問題來自 Needham & Company 的 Quinn Bolton。

Congratulations on the results. I guess maybe, Gene, it sounds like you're going to give us a lot more detail on the 4 new platforms, but wondering if you might be able to just kind of give us some direction for GaNSense, GaNSafe, the Gen-3 SiC and the bidirectional? What end markets are these platforms targeting? Are there specific target end markets for each platform or do these platforms kind of address most of the end markets you're targeting?

祝賀結果。我想也許，Gene，聽起來您要向我們提供有關 4 個新平台的更多詳細信息，但想知道您是否能為 GaNSense、GaNSafe、Gen-3 提供一些方向SiC 和雙向？這些平台針對哪些終端市場？每個平台是否都有特定的目標終端市場，或者這些平台可以滿足您所瞄準的大部分終端市場？

Yes. Great question, Quinn. Yes, the GaNSafe and Gen-3 Fast silicon carbide are both targeting higher power, more industrial markets. So in general, you'll see them going into data center, solar energy storage, EV and industrial markets. GaNSense half-bridge -- the Generation 4 GaNSense half-bridge that we're just launching is very targeted on mobile and consumer at the higher power range, 100 watts to maybe 500 watts. Bidirectional GaN, the fourth platform, that's the newest. It's a technology announcement, so the actual products we'll be launching next year.

是的。好問題，奎因。是的，GaNSafe 和 Gen-3 Fast 碳化矽都瞄準更高功率、更多工業市場。所以總的來說，你會看到他們進入資料中心、太陽能儲存、電動車和工業市場。 GaNSense 半橋－我們剛推出的第 4 代 GaNSense 半橋非常針對更高功率範圍（100 瓦到 500 瓦）的行動裝置和消費者。雙向 GaN，第四個平台，也是最新的。這是一項技術公告，因此我們將在明年推出實際產品。

And as such a groundbreaking thing, we're still debating and discussing all the different applications it might go into. It could be anything from mechanical circuit breakers being displaced by semiconductor ones, very fast, very efficient, very reliable. It could be in the AC to AC motors, which are huge in industrial and appliance markets and others. So it's pretty far reaching, and we'll be exploring that further with customers as we launch the products next year.

作為一個開創性的事情，我們仍在辯論和討論它可能涉及的所有不同應用。它可以是任何東西，從機械斷路器被半導體斷路器取代，非常快、非常有效率、非常可靠。它可能出現在交流電機中，該電機在工業和家電市場及其他市場中規模巨大。因此，它的影響相當深遠，當我們明年推出產品時，我們將與客戶進一步探索這一點。

I guess I wanted to sort of ask a question on bidirectional. I thought at least in concept of Fed, it tends to be the bidirectional in nature, right? And so what -- can you give a little bit more detail what's unique about the new bidirectional GaNSafe that you've developed? Just a little bit more color would be helpful.

我想我想問一個關於雙向的問題。我認為至少在聯準會的概念上，它本質上往往是雙向的，對吧？那麼，您能否更詳細地介紹一下您開發的新型雙向 GaNSafe 的獨特之處？只要多一點顏色就會有幫助。

Yes, definitely. So a number of power semiconductors can be bidirectional in flowing the current. The problems are not bidirectional and blocking the current. So if you truly have a circuit that requires you'll be able to block in both directions with, silicon, whether it's an IGBT or a super junction or even existing GaN in silicon carbide, you have to put them back to back. So one can be blocking in one direction, while the other one's [flowing] the current and vice versa. So you end up doubling up the components.

當然是。因此，許多功率半導體可以雙向流動電流。問題不是雙向的並且阻塞電流。因此，如果您確實擁有一個需要能夠用矽在兩個方向上進行阻擋的電路，無論是 IGBT 還是超級結，甚至是現有的碳化矽 GaN，您都必須將它們背靠背放置。因此，一個可以阻止一個方向，而另一個可以[流動]電流，反之亦然。所以你最終將組件加倍。

And if you want the same performance -- we're actually doing this all monolithically with a single chip. And if you want performance the way the kind of [math of] performance works out, it could be replacing not only 2 back-to-back, but even for back-to-back for the same performance with a single chip fraction of the size, cost and the great energy efficiency and speed you get with gallium nitride.

如果您想要相同的性能 - 我們實際上是用單個晶片整體完成這一切。如果您希望獲得性能[數學]計算結果那樣的性能，那麼它不僅可以取代2個背靠背，甚至可以用單個晶片的一小部分來取代背靠背，以獲得相同的性能。氮化鎵的尺寸、成本以及出色的能源效率和速度。

Your next question comes from the line of Jack Egan of Charter Equity Research.

您的下一個問題來自 Charter Equity Research 的 Jack Egan。

So regarding the in-sourcing of epitaxy, the different types of epi reactors for silicon carbide kind of come with a set of [trade-offs] regarding throughput in epi uniformity. So I was just curious about your primary rationale for in-sourcing epitaxy. Was it largely just to increase throughput and prevent any bottlenecks from developing? Or does in-sourcing actually give you more control and improve yields or quality or anything like that?

因此，關於外延的內包，不同類型的碳化矽外延反應器在外延均勻性的吞吐量方面存在一系列[權衡]。所以我只是好奇你們進行內包外延的主要理由。很大程度上只是為了提高吞吐量並防止任何瓶頸嗎？或者內包實際上能讓你有更多的控制權並提高產量或品質或類似的東西嗎？

Yes, great question. I think there's a number of benefits, you just touched on most of them, right? But I think I put cost number one. I think epi has matured to the point that we can bring this in-house with a little bit of help from the equipment supplier, and we've hired a top industry expert in epi that's done this for 2 other suppliers.

是的，很好的問題。我認為有很多好處，您剛剛提到了其中的大部分，對吧？但我認為我把成本放在第一位。我認為 Epi 已經成熟到我們可以在設備供應商的一點幫助下將其引入內部，並且我們已經聘請了一位 Epi 行業頂級專家，他為另外 2 個供應商完成了這項工作。

So we think we've got the capability to do it. And number one is the cost reduction coming from having it in-house. But then there's a bunch of secondary benefits, control over your supply chain, likely shorter cycle times, assuring ourselves of having the capacity exactly when we need it in the future, controlling quality, and even I wouldn't rule out intellectual property, different things, inventions that are going to give us fundamental advantage compared to others that are buying outsource epi.

所以我們認為我們有能力做到這一點。第一個是內部化可以降低成本。但是還有很多次要的好處，對供應鏈的控制，可能更短的周期時間，確保我們自己在未來需要時準確地擁有產能，控製質量，甚至我不會排除知識產權，不同與其他購買外包外延的人相比，這些東西、發明將為我們帶來根本優勢。

And for the new GaNSense ICs, the PR said that they're expected to contribute $10 million to annual revenue. Is all that incremental? Or might some of that come at the expense of growth in some of your older product areas?

對於新的 GaNSense IC，PR 表示預計它們將貢獻 1,000 萬美元的年收入。這一切都是增量的嗎？或者其中一些可能會以犧牲一些舊產品領域的成長為代價？

Yes, that is a great question. I actually do believe that it's all incremental. I'll clarify, it's $10 million annualized starting to ramp throughout next year. So it wouldn't necessarily be $10 million for the full year. But this is also emerging -- developing things. We've just started sampling the product in the last few months and launching it this quarter. So we expect those numbers to grow over time.

是的，這是一個很好的問題。我確實相信這一切都是漸進的。我要澄清一下，從明年開始，年化金額將達到 1,000 萬美元。所以全年不一定是 1000 萬美元。但這也是正在出現的——開發事物。我們在過去幾個月才開始對產品進行採樣，並於本季推出。因此，我們預計這些數字會隨著時間的推移而增長。

Your next question comes from the line of Joe Moore of Morgan Stanley.

你的下一個問題來自摩根士丹利的喬摩爾。

I wondered if you could touch on your smartphone demand. Maybe starting with China. You mentioned the strength there. How much of that do you think is penetration for you guys versus a recovery in that market and kind of where do you think you stand with inventories there?

我想知道您是否可以談談您對智慧型手機的需求。也許從中國開始。你提到了那裡的實力。您認為與該市場的復甦相比，您們的滲透率有多少？你們認為你們在那裡的庫存狀況如何？

Yes, definitely. Thanks, Joe. Yes, smartphone is obviously a very pleasant upside for us started in Q2 of this year and has gone from sort of strength to strength. It started and continues to be heavily based in China. Xiaomi and Oppo are the 2 that we highlighted. We traditionally had a very strong relationship with both of them, very high market share with our GaN. So it's super exciting to see this kind of upside.

當然是。謝謝，喬。是的，從今年第二季開始，智慧型手機顯然對我們來說是一個非常令人愉快的優勢，並且已經變得越來越強大。它始於並繼續以中國為基礎。小米和 Oppo 是我們重點關注的兩家。傳統上，我們與這兩家公司都保持著非常牢固的關係，我們的 GaN 市場份額非常高。因此，看到這種積極的一面是非常令人興奮的。

To your question though about where is it coming from, it's actually a classic case of this displacement technology that we have today. They don't have to shift any more chargers for their numbers to grow dramatically. We mentioned that 30% of their total number of chargers next year, we are projecting to use gallium nitride. So even if their business was flat, you could be going from 10% or 15% adoption rates to 20% or 30%, driving a lot of that revenue.

對於你關於它從何而來的問題，它實際上是我們今天擁有的這種位移技術的經典案例。他們無需更換更多充電器即可使數量大幅增長。我們提到明年他們的充電器總數的 30% 預計將使用氮化鎵。因此，即使他們的業務持平，採用率也可能從 10% 或 15% 提高到 20% 或 30%，從而推動大量收入。

So I think a lot of it is just conversion of displacement from legacy silicon over to more efficient, more powerful, faster charging gallium nitride. And it's not just China. We did mention also the great success we're having at Samsung with the S23, but that's already driving second half revenue growth as well.

因此，我認為其中很大一部分只是將傳統矽轉換為更有效率、更強大、充電更快的氮化鎵。不僅僅是中國。我們確實也提到了三星在 S23 上的巨大成功，但這也已經推動了下半年的營收成長。

And I just -- as a follow-up, I did want to ask about the S23 win. Can you talk about what kind of penetration you might see there and how pervasive that technology could be within Samsung?

我只是——作為後續行動，我確實想問一下 S23 獲勝的情況。您能談談您可能會看到什麼樣的滲透率以及該技術在三星內部的普及程度嗎？

Yes. We don't have specific adoption percentages on the Samsung stuff like we do with Xiaomi and Oppo. Clearly they're earlier stage, but I think Xiaomi and Oppo have been kind of leading the charge, if you will, for mobile charging for the last few years since GaN adoption got started. So we see the other players in Korea and U.S. following their -- in those footsteps, if you will, from a GaN adoption perspective.

是的。我們沒有像小米和 Oppo 那樣提供三星產品的具體採用百分比。顯然它們還處於早期階段，但我認為自 GaN 開始採用以來的過去幾年裡，如果你願意的話，小米和 Oppo 在行動充電領域一直處於領先地位。因此，我們看到韓國和美國的其他參與者也正在追隨他們的腳步，如果你願意的話，從 GaN 採用的角度來看。

It is being sold as I believe, an inbox or at least an optional inbox. So when you go to buy that S23, from our experience, the attach rates on even what we call optional inbox can be very, very high, especially when it's promoted as a GaN charger, fast charger, which I believe is the (inaudible) here.

正如我所相信的那樣，它正在出售，一個收件匣或至少一個可選的收件匣。因此，當您購買S23 時，根據我們的經驗，甚至我們所說的可選收件匣的附加率也可能非常非常高，尤其是當它被宣傳為GaN 充電器、快速充電器時，我認為這是（聽不清楚）這裡。

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

（操作員指示）您的下一個問題來自CJS證券的Jonathan Tanwanteng。

This quarter, you guys mentioned some slowdown that you saw in particular on market solar, high-end consumer. Would you say that's a net negative for your near term compared to where you expected it to be? Or is that being offset by these bookings and new business in other places just -- versus your interim plan?

本季度，你們提到了一些放緩，特別是在太陽能、高端消費者市場。您是否認為與您的預期相比，這對您的近期來說是淨負面影響？或者，與您的臨時計劃相比，這些預訂和其他地方的新業務是否會抵消這一影響？

Yes. We haven't -- thanks, John. We haven't quantified that adverse impact, but there's no doubt we could have done even higher growth rates than we're achieving today in the near-term quarters if we didn't see some slowdown in consumer and solar.

是的。我們還沒有──謝謝，約翰。我們尚未量化這種不利影響，但毫無疑問，如果我們沒有看到消費者和太陽能出現一些放緩，我們在近期幾季的成長率可能會比今天更高。

With that said, we see strength in the other markets, we see strength in our pipeline growing, both in number of customers and for our projects. So despite kind of a mixed market environment out there and end (inaudible) slowdowns in growth rates in some cases, we see is growing significantly faster than the market, as we mentioned in our prepared remarks. I think that probably translates to 50% growth or more next year.

話雖如此，我們看到了其他市場的實力，我們看到了我們管道的實力不斷增長，無論是在客戶數量上還是在我們的專案上。因此，儘管市場環境參差不齊，並且在某些情況下增長率最終（聽不清楚）放緩，但正如我們在準備好的評論中提到的那樣，我們看到成長速度明顯快於市場。我認為這可能意味著明年將增長 50% 或更多。

We haven't given official guidance, but as an early indication, that speaks to the strong growth despite kind of a choppier mixed market environment out there.

我們尚未給出官方指導，但作為早期跡象，這表明儘管市場環境更加不穩定，但仍呈現強勁成長。

And then, Ron, you mentioned something about entering Q4 fully booked. Is that versus your existing capacity? Or how should we qualify that comment, just to help me understand what it means to be fully booked.

然後，羅恩，你提到了有關進入第四季度的滿額預訂的事情。這與您現有的產能相比嗎？或者我們應該如何限定該評論，只是為了幫助我理解訂滿意味著什麼。

Yes. So just very simply, when I say reference fully booked, as we look at our revenue outlook for the quarter end, our capacity available, it's effectively fully booked. So any guidance I gave would suggest that most of that was in backlog at the beginning of the quarter.

是的。因此，非常簡單，當我說參考已滿時，當我們查看季度末的收入前景、我們的可用產能時，它實際上已被預訂滿。因此，我給出的任何指導都表明，其中大部分在本季度初都處於積壓狀態。

And then just a follow-on to that, how do you improve the capacity going forward to drive that -- the growth that Gene just mentioned in the past [comment]?

接下來，你如何提高未來推動這一目標的能力——吉恩剛才提到的成長[評論]？

Yes, I could grab that one. So we mentioned early this year, maybe it was even late last year, we signed an agreement with X-FAB for a 500% increase in capacity. That obviously is a big deal that includes material in fab capacity, and that's throughout this year and into next year. So we're benefiting today by growing not only our backlog, as Ron said, by growing that capacity quarter-by-quarter appreciably throughout this year next year.

是的，我可以抓住那個。所以我們今年年初提到，甚至可能是去年年底，我們和X-FAB簽署了一項產能增加500%的協議。這顯然是一件大事，其中包括晶圓廠產能中的材料，而且貫穿今年和明年。因此，正如羅恩所說，我們今天不僅透過增加積壓訂單而受益，還透過在明年全年逐季大幅增加產能來受益。

In a similar way, TSMC expanded the GaN capacity and tripled it and finished that one up last year. So we're in a pretty strong position to fill. In fact, we're building -- we're shipping all we can build on GaN as well, not that we don't have the capacity, but the orders keep coming in with very short lead times. So we're constantly scrambling to try to fulfill those upside demands in Q3 and Q4.

以類似的方式，台積電擴大了 GaN 產能，使其產能增加了兩倍，並在去年完成了這一目標。所以我們處於非常有利的位置來填補空缺。事實上，我們正​​在建造——我們也在運送我們可以在 GaN 上建造的所有東西，並不是說我們沒有能力，而是訂單不斷地在很短的交貨時間內到來。因此，我們一直在努力滿足第三季和第四季的這些上行需求。

(Operator Instructions) Your next question comes from the line of Quinn Bolton of Nederman Company.

（操作員說明） 您的下一個問題來自 Nederman 公司的 Quinn Bolton。

I just had a quick follow-up. The earnout liability seems to be jumping all over the place. I think it was $70 million on the balance sheet last quarter down to $30-something million this quarter. Just wondering if you might be able to help us as we think about that earn-out liability for the GeneSiC acquisition, as liability comes down, does that mean that the GeneSiC revenue outlook is negatively affected? Or what's the -- what should we be reading into kind of the GeneSiC outlook as that liability comes down?

我剛剛進行了快速跟進。報酬責任似乎到處跳躍。我認為上個季度資產負債表上的金額為 7,000 萬美元，本季降至 3,000 萬美元左右。只是想知道，當我們考慮 GeneSiC 收購的獲利負債時，您是否能夠幫助我們，隨著負債的下降，這是否意味著 GeneSiC 的收入前景受到負面影響？或者，隨著負債的下降，我們該如何解讀 GeneSiC 的前景？

Yes, Quinn, good question. Just as a point of clarification, with the GeneSiC acquisition, there was an earnout as part of the deal, but we're past the period where that earnout ran. So what you see on the balance sheet today, that earn-out liability actually goes back to the IPO. And that earnout liability goes up and down based on our stock price. So it has nothing to do with the GeneSiC acquisition and is only related to an earnout related to the IPO.

是的，奎因，好問題。需要澄清的是，在收購 GeneSiC 時，交易中包含了收益，但我們已經過了這個收益運行的時期。所以你今天在資產負債表上看到的，獲利負債其實又回到了IPO。該盈利負債根據我們的股價而上下浮動。因此，它與 GeneSiC 收購無關，僅與 IPO 相關的收益有關。

Your next question comes from the line of Mark Lipacis from Jefferies.

您的下一個問題來自 Jefferies 的 Mark Lipacis。

Clarification -- a couple of questions. So a the question about the mobile strength. So it sounds like that this is a penetration or expansion, you expanding inside of product lines of your customers, and you haven't yet seen broader handsets start to bounce up off the bottom. Is that an accurate interpretation of what you were qualifying for your growth in mobile?

澄清——幾個問題。那麼關於移動強度的問題。因此，聽起來這是一種滲透或擴張，你在客戶的產品線內部進行擴張，但你還沒有看到更廣泛的手機開始從底部反彈。這是對您在行動領域發展的資格的準確解釋嗎？

Yes, it's a good question, Mark. It's clearly -- adoption or conversion from silicon is the main driver. I actually couldn't quote -- or their total mobile charger shipments -- probably Xiaomi and Oppo, of course, are in a better position to talk about how much they're shipping and where there might be a bottom overall, but we're certainly the beneficiary of significant conversion from silicon to GaN. So it's hard for me to quantify the 2, but clearly, the predominant factor is conversion from legacy silicon over to our Gan ICs.

是的，這是個好問題，馬克。很明顯，矽的採用或轉換是主要驅動力。事實上，我無法引用——或者他們的行動充電器總出貨量——當然，可能小米和 Oppo 更適合談論他們的出貨量以及總體可能觸底的位置，但我們’他們無疑是從矽到氮化鎵的重大轉變的受益者。因此，我很難量化這 2 個因素，但顯然，主要因素是從傳統矽到我們的 Gan IC 的轉換。

And is it fair to assume that linearity of bookings that you've kind of ramped through the quarter? And is that fair? I mean, because it sounds like you guys are really hitting your stride here.

假設本季預訂量呈線性成長是否公平？這樣公平嗎？我的意思是，因為聽起來你們真的在這裡大步前進。

What do you mean by linearity maybe? Or could you clarify?

您所說的線性可能是什麼意思？或者你能澄清一下嗎？

Well, if you think about what your total bookings are for the quarter, you could have 1/3, 1/3, 1/3 or it could have ramped 20, 40, 50 or something like that as 20, 30, 50 bookings ramping through the quarter.

好吧，如果您考慮本季的總預訂量，您可能會有1/3、1/3、1/3，或者可能會增加20、40、50 或類似的數量，例如20、30、50個預訂量整個季度的成長。

Yes. I mean I think it's fair to say, while we started the quarter pretty heavily booked up, as Ron said, we -- I also mentioned we continue to get sort of short lead time upside orders, especially from the mobile guys and they historically don't give you a ton of advance notice. But we'd certainly like to be more linear. So we're apparently building everything we can in the back of the quarter just because that's when some of these upsides orders are also coming in early in the quarter kind of within cycle time, putting pressure on us to try to ramp up faster.

是的。我的意思是，我認為可以公平地說，雖然我們在本季度開始時預訂量很大，正如羅恩所說，我們- 我還提到我們繼續收到交貨時間短的上行訂單，特別是來自行動裝置的訂單，他們歷來不這樣做不會提前太多通知你。但我們當然希望能更加線性。因此，我們顯然正在本季末盡我們所能，因為那時一些上行訂單也會在本季度初的周期時間內到達，這給我們帶來了壓力，要求我們加快速度。

And then, Ron, you talked about the cash balance. How much cash would you -- do you feel like you need to have on the balance sheet to run the company? Could you talk about appetite for further acquisitions going forward? And if so, what kind of is in your sweet spot?

然後，羅恩，你談到了現金餘額。您認為資產負債表上需要多少現金才能經營公司？能談談未來進一步收購的意願嗎？如果是這樣，你的最佳狀態是什麼？

Yes. Sure. Good question. Well, with respect to the balance sheet and cash, clearly, we have enough cash and have been consistent to certainly run the business to operating breakeven and execute on our epi expansion that we've talked about before.

是的。當然。好問題。嗯，就資產負債表和現金而言，顯然，我們有足夠的現金，並且一直堅持經營業務以實現盈虧平衡，並執行我們之前討論過的外延擴張。

I think beyond that, our need to approach the capital markets, raise equity or debt would be tied to a transaction such as an acquisition. So today, though, we feel really good about the balance sheet and where we stand with cash, no debt. I think we're being much better with working capital, being efficient with working capital, certainly efficient with our CapEx. So we're certainly comfortable with the balance sheet and where it sits today.

我認為除此之外，我們進入資本市場、籌集股本或債務的需求將與收購等交易連結在一起。所以今天，我們對資產負債表以及我們的現金狀況感到非常滿意，沒有債務。我認為我們在營運資本方面做得更好，在營運資本方面更有高效，在資本支出方面當然也更有效率。因此，我們對資產負債表及其目前的狀況當然感到滿意。

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

您的下一個問題來自羅森布拉特證券公司的凱文卡西迪。

Congratulations on the great results. And I came on the call a little late, so if I'm repeating a question, I apologize. But have your costs come down as you've mentioned tripling the capacity with TSMC? And then also, there's just lots of news in the press about silicon carbide wafers, substrates coming down in price. Are you able to benefit from that? And is that helping gross margin expansion?

祝賀取得的優異成績。我來的有點晚了，所以如果我重複了一個問題，我很抱歉。但是，正如您提到的與台積電合作將產能增加兩倍，您的成本是否下降了？此外，媒體上也有很多關於碳化矽晶圓、基板價格下降的消息。你能從中受益嗎？這有助於毛利率擴張嗎？

Yes. I think it's certainly a driver. I mean we're coming out of an environment where I think people are dealing with cost increases, right. what we saw TSMC on GaN and other places throughout the whole industry. So I don't see reversing that dramatically, that quickly. I think costs are reasonably stable. I think prices are reasonably stable. So I don't think it translates into big gross margin jumps. I think where we can capitalize on cost reductions, obviously, in-house epi is one example. The yield is getting a bit better than even we expected with the great yields that Ron talked about.

是的。我想這肯定是個司機。我的意思是，我們正處於這樣的環境中，我認為人們正在應對成本增加，對吧。我們在整個行業的 GaN 和其他地方看到了台積電。所以我不認為逆轉會那麼快、那麼戲劇性。我認為成本相當穩定。我認為價格相當穩定。所以我認為這不會轉化為毛利率的大幅躍升。我認為我們可以利用降低成本的方式，顯然，內部外延就是一個例子。產量甚至比我們預期的要好一些，羅恩談到的產量很高。

We're generally going to try to use that for better pricing power to drive market share and continue the great growth and adoption rates as a general approach. But with that said, we're also committed to our margin expansion plans as we've always talked about, and we continue to balance the 2.

我們通常會嘗試利用它來獲得更好的定價能力，以提高市場份額，並作為一般方法繼續保持巨大的成長和採用率。但話雖如此，我們也致力於我們一直在談論的利潤擴張計劃，並且我們將繼續平衡兩者。

And I guess I would assume that 4 major new tech platforms that you have are all going to be margin accretive?

我想我會假設你們擁有的 4 個主要新技術平台都會增加利潤？

Yes, exactly. We generally expect any new products, especially big ones like these, we're going to be highly valuable in bringing our margins up, accelerating that margin expansion and delivering margins that are well above whatever the corporate average is at the time.

對，就是這樣。我們通常會預期任何新產品，尤其是像這樣的大型產品，在提高利潤率、加速利潤率擴張和提供遠高於當時企業平均水平的利潤率方面都將非常有價值。

Your next question comes from the line of Jack Egan of Charter Equity Research.

您的下一個問題來自 Charter Equity Research 的 Jack Egan。

I just have one quick one. I was curious about the inventory write-off that you had in the quarter. Was that just kind of like a one-time thing? Or could it be implying that there's some risk of obsolescence with some of your products? I could see also how -- see -- how that's just the technology moving so fast that things become obsolete pretty quickly. But I'm just curious on your thoughts on that.

我只有一份快的。我很好奇你們本季的庫存沖銷情況。這只是一次性的事嗎？或者這是否意味著您的某些產品有過時的風險？我還可以看到，科技發展得如此之快，以至於東西很快就過時了。但我只是好奇你對此的想法。

Yes, Jack, good question, and you nailed it. You answered the question for me almost. So the write-off had to do with older generation Gen 1, Gen 2 product. And our customer base, as we want them to, is moving very quickly to -- [of] our Gen 3, Gen 4 and beyond products, and that's happening right now. And you try to make -- kind of balance that transition, and it's hard to do, and so what we ended up this quarter as we look out over the next 12 to 15 months.

是的，傑克，好問題，你答對了。你幾乎替我回答了這個問題。因此，註銷與老一輩第一代、第二代產品有關。正如我們所希望的那樣，我們的客戶群正在快速轉向我們的第三代、第四代及更高版本的產品，而這種情況現在正在發生。你試圖在這種轉變中取得某種平衡，但這很難做到，所以當我們展望未來 12 到 15 個月時，我們本季的結果是這樣的。

We had some older generation product on the books, and the right thing to do is take a reserve against it. So it's a one-time thing against those products. And again, it's something we evaluate every quarter. But that's what drove it. So it's really about a transition in next gen products.

我們帳面上有一些老一代產品，正確的做法是對其進行儲備。因此，針對這些產品的做法是一次性的。再說一遍，這是我們每季都會評估的事情。但這就是推動它的原因。所以這其實是關於下一代產品的轉變。

(Operator Instructions) And as there are no further questions, I would like to thank our speakers for today's presentation, and thank you all for joining us. This now concludes today's conference. You may now disconnect.

（操作員說明） 由於沒有其他問題，我要感謝今天的演講者的演講，並感謝大家加入我們。今天的會議到此結束。您現在可以斷開連線。