納微半導體 (NVTS) 2023 Q4 法說會逐字稿

Good afternoon.

午安.

Thank you for standing by, and welcome to Navitas Semiconductor fourth-quarter and 2023 financial results conference call.

感謝您的支持，歡迎參加 Navitas Semiconductor 第四季和 2023 年財務業績電話會議。

Please be advised today's conference is being recorded and a replay will be available on Navitas Investor Relations website.

請注意，今天的會議將被錄製，重播將在 Navitas 投資者關係網站上提供。

I would now like to hand the conference over to Stephen Oliver, Vice President of Corporate Marketing and Investor Relations.

現在，我想將會議交給企業行銷和投資者關係副總裁 Stephen Oliver。

Stephen, over to you.

史蒂芬，交給你了。

Good afternoon, everyone.

大家下午好。

I'm Stephen Oliver, Vice President of Corporate Marketing and Investor Relations.

我是史蒂芬‧奧利佛 (Stephen Oliver)，企業行銷與投資人關係副總裁。

Thank you for joining Navitas Semiconductor's fourth-quarter and full-year 2023 results conference call.

感謝您參加 Navitas Semiconductor 2023 年第四季和全年業績電話會議。

I'm joined today by Gene Sheridan, our Chairman, President, CEO and Co-Founder; and Ron Shelton, our CFO and Treasurer.

今天與我一起出席活動的還有我們的董事長、總裁、執行長兼共同創辦人 Gene Sheridan；以及我們的財務長兼財務長 Ron Shelton。

Also present is Janet Chou, who will take over as EVP, CFO and Treasurer, following this earnings report as announced earlier.

同時出席的還有 Janet Chou，她將在先前宣布的收益報告發布後接任執行副總裁、財務長和財務主管。

A replay of this webcast will be available on our website approximately one hour following this conference call, and the recorded webcast will be available for approximately 30 days following the call.

本次網路直播的重播將在電話會議結束後約一小時在我們的網站上提供，錄製的網路直播將在電話會議結束後約 30 天內提供。

Additional information related to our business is also posted on the Investor Relations section of our website.

與我們的業務相關的其他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.

我們的收益報告包括非公認會計準則財務指標。

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.

這些非 GAAP 財務指標與最直接可比較的 GAAP 指標的對帳包含在我們的第四季度收益報告中，並且也會發佈在我們網站的「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.

在本次電話會議中，我們將對未來事件或 Navitas 未來財務表現（包括收購）做出前瞻性陳述。

You can identify these statements by words like we expect, or we believe, or similar terms.

您可以透過「我們期望」、「我們相信」或類似的字詞來識別這些陳述。

We wish to caution you that such forward-looking statements are subject to risks and uncertainties that could cause actual events or results to differ materially from expectations expressed in our forward-looking statements.

我們希望提醒您，此類前瞻性陳述受風險和不確定性的影響，可能導致實際事件或結果與我們的前瞻性陳述中表達的預期有重大差異。

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.

我們的收益報告中描述了可能影響 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。

Please also refer to the Risk Factors section in our most recent 10-K and 10-Qs.

另請參閱我們最新的 10-K 和 10-Q 中的風險因素部分。

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

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

And now over to Gene Sheridan, CEO.

現在請執行長 Gene Sheridan 發言。

Thank you, Steve, and thanks to everyone for joining the call today.

謝謝您，史蒂夫，也謝謝大家今天參加電話會議。

As we celebrate our 10-year anniversary, I’m very excited to announce a number of major milestones for the company, which include cumulative shipments of over 150 million devices, savings of over 200,000 tons of CO2, a customer pipeline as announced in December of over $1.25 billion, and our highest quarterly revenue ever with over $26 million in Q4.

在我們慶祝成立十週年之際，我非常高興地宣佈公司取得的一系列重要里程碑，其中包括累計出貨量超過 1.5 億台設備、節省超過 20 萬噸二氧化碳、12 月份宣布的客戶管道價值超過 12.5 億美元，以及第四季度創下歷史新高（超過 2,600 萬美元）。

This quarterly result exceeds our guidance and reflects an increase of 111% from Q4 of the prior year.

該季度業績超出了我們的預期，較去年同期增長了 111%。

In total, 2023 annual revenue comes in at $79.5 million, which reflects growth of approximately 109% over 2022 in a year when overall semiconductors were generally down around 8%.

總體而言，2023 年的年收入為 7,950 萬美元，比 2022 年增長了約 109%，而這一年半導體整體價格普遍下降約 8%。

Let me now turn to some of the market-specific developments and highlights.

現在讓我來談談一些特定市場的發展和亮點。

While the mobile market in general is experiencing limited growth in the near term, we continue to see solid revenue increases as major mobile players transition from silicon to GaN-based chargers.

雖然總體而言，行動市場在短期內成長有限，但隨著主要行動廠商從矽基充電器轉向基於 GaN 的充電器，我們繼續看到其收入穩步增長。

Our high-speed Generation-4 GaNSense half-bridge platform is a key component in fast and ultrafast mobile charging.

我們的高速第四代 GaNSense 半橋平台是快速和超快速移動充電的關鍵組件。

All 10 of the top 10 mobile OEMs are now in production with Navitas and GaN is climbing the adoption curve rapidly.

目前，全球十大行動 OEM 廠商均已與 Navitas 合作進行生產，GaN 的採用曲線正在迅速攀升。

In 2024, we expect customers like OPPO and Xiaomi to ship over 30% of all their chargers with GaN technology.

到 2024 年，我們預計 OPPO 和小米等客戶將出貨超過 30% 的採用 GaN 技術的充電器。

Navitas now powers five different OPPO models, and we're excited to announce eight newly released Xiaomi phone models with GaN chargers ranging from 67 watts to 120 watts.

Navitas 現為五種不同的 OPPO 機型提供支持，我們很高興地宣布八款新發布的小米手機型號配備了從 67 瓦到 120 瓦的 GaN 充電器。

In Korea, success with Samsung continues.

在韓國，三星的成功仍在持續。

We were already powering the S-23 charger, and now we've been selected to power the new Galaxy S-24.

我們已經為 S-23 充電器供電，現在我們又被選中為新款 Galaxy S-24 供電。

GaN has moved from beachhead to mainstream and is the technology of choice for new mobile designs across phones, tablet, laptops and aftermarket chargers.

GaN已從灘頭陣地走向主流，成為手機、平板電腦、筆記型電腦和售後充電器等新型行動設計的首選技術。

We have also developed a new M-Series version of our Generation-4 half-bridge IC, which are optimized for motor drives and a major driver in our home appliance pipeline.

我們還開發了第四代半橋 IC 的全新 M 系列版本，該系列針對馬達驅動器進行了最佳化，並且是我們家用電器產品線的主要驅動器。

As noted in December, our appliance and industrial pipeline totaled over 200 projects and approximately $360 million in potential business.

根據 12 月的數據，我們的家電和工業項目總計超過 200 個，潛在業務價值約 3.6 億美元。

I'm pleased to announce another major appliance design win with a Tier 1 player, which leverages this latest M-series package, which we believe enables the highest frequency, highest efficiency, and highest power density motor drive for appliance and is expected to add over $10 million per year in new revenue starting late this year.

我很高興地宣布，我們與一級供應商贏得了另一項主要的家電設計勝利，該設計利用了最新的 M 系列封裝，我們認為這可以為家電提供最高頻率、最高效率和最高功率密度的電機驅動，預計從今年年底開始每年將增加超過 1000 萬美元的新收入。

In total, Navitas is in development with 7 of the world's top 10 home appliance OEMs, which we expect will drive further revenue starting later this year and accelerate throughout 2025 and 2026.

總體而言，Navitas 正在與全球十大家電 OEM 中的 7 家合作發展，我們預計這將從今年稍後開始推動進一步的收入成長，並在 2025 年和 2026 年加速成長。

In appliance and industrial segments, major OEMs are moving to GaN or silicon carbide to meet regulatory requirements for energy efficiency and consumer demands for higher power density, along with transitions from gas-powered heating and cooling systems to fast adoption of heat pump technology.

在家用電器和工業領域，主要的原始設備製造商正在轉向 GaN 或碳化矽，以滿足能源效率的監管要求和消費者對更高功率密度的需求，同時從燃氣驅動的加熱和冷卻系統過渡到快速採用熱泵技術。

We now have customer designs underway at two of the top three global leaders in industrial pumps and one of the top three global leaders in heat pumps, the combination which is anticipated to drive tens of millions of new revenue starting late next year or 2026.

目前，我們正在為全球工業泵領域排名前三的兩家公司和全球熱泵領域排名前三的一家公司進行客戶設計，預計從明年年底或 2026 年開始，這一組合將帶來數千萬美元的新收入。

We are also excited to share that Navitas GaN ICs have been designed into the ground-based terminal for a major Internet satellite rollout that is expected to drive over $5 million annually with shipments beginning late this year and continuing for the next 5 to 10 years.

我們也很高興地告訴大家，Navitas GaN IC 已被設計用於主要互聯網衛星部署的地面終端，預計每年將帶來超過 500 萬美元的收入，並將於今年年底開始出貨，並持續未來 5 到 10 年。

In September last year, we launched GaNSafe technology, a new industry benchmark as the world's most protected, most reliable and highest performance GaN power semiconductor technology.

去年9月，我們推出了GaNSafe技術，作為全球保護性最強、可靠性最高、性能最高的GaN功率半導體技術，樹立了業界新標竿。

Just this week, at the prestigious APEC Conference in Long Beach, we expanded that technology family to include a topside cooled packaging option.

就在本週，在長灘舉行的著名的 APEC 會議上，我們擴展了該技術系列，包括頂部冷卻封裝選項。

With a 20-year warranty, GaNSafe breaks the glass ceiling that has prevented GaN from entering high-power, high-reliability markets for decades.

GaNSafe 提供 20 年保修，打破了數十年來阻礙 GaN 進入高功率、高可靠性市場的玻璃天花板。

As power-hungry AI processors increased power demand by 2x to 3x, now increasing to 1,000 to 2,000 amps per processor and up to 100 kilowatts per rack, new GaNSafe and Generation-3 Fast silicon carbide technologies are enabling drivers to deliver the needed power, densities, and efficiencies required by these next-generation AI processors.

隨著耗電巨大的 AI 處理器對電力的需求增加了 2 倍到 3 倍，現在每個處理器增加到 1,000 到 2,000 安培，每個機架增加到 100 千瓦，新的 GaNSafe 和第三代快速碳化矽技術使驅動器能夠提供這些下一代 AI 處理器所需的功率、密度和效率。

Navitas dedicated data center design center is now achieving an unprecedented 4.5 kilowatts in the industry standard CRPS185 form factor, more than double the power density of legacy silicon solutions with lower temperatures, higher reliability, and at a lower cost per watt.

Navitas 專用資料中心設計中心目前正在以業界標準 CRPS185 外形尺寸實現前所未有的 4.5 千瓦，是傳統矽解決方案功率密度的兩倍多，且溫度更低、可靠性更高、每瓦成本更低。

Over 20 designs are expected to ramp into initial mass production in 2024 at the top data center players, which we expect to contribute $3 million to $5 million in new revenue in the second half of this year.

預計 2024 年，頂級資料中心參與者將有 20 多種設計投入初始量產，我們預計這些設計將在今年下半年貢獻 300 萬至 500 萬美元的新收入。

In electric vehicles, we observed the same slower growth rate as observed by our peers, which is creating some short-term revenue headwinds.

在電動車領域，我們觀察到的成長率與同行一樣放緩，這在短期內造成了一些收入阻力。

But we're also benefiting from the introduction of our new GaNSafe technology plus our new Generation-3 Fast silicon carbide MOSFETs, which are significant drivers in our revenue pipeline for onboard and roadside EV chargers for both 400-volt and 800-volt battery systems.

但我們也受惠於新 GaNSafe 技術和新一代第三代快速碳化矽 MOSFET 的推出，它們是我們 400 伏特和 800 伏特電池系統的車載和路邊電動車充電器收入的重要驅動力。

Silicon carbide-based onboard chargers are in or moving to production this year with customers including top EV brands such as Zeekr, Volvo, and Smart.

基於碳化矽的車載充電器今年已投入生產或即將投入生產，客戶包括 Zeekr、Volvo和 Smart 等頂級電動車品牌。

We also have multiple design engagements underway in US, Europe, Korea, China, and Japan.

我們也在美國、歐洲、韓國、中國和日本開展多項設計工作。

These silicon carbide chargers are expected to ramp later this year and into 2025.

這些碳化矽充電器預計將在今年稍後至 2025 年陸續上市。

GaN IC EV adoption is also on track for mass production ramps in 2025.

GaN IC EV 的採用也預計在 2025 年實現量產。

Navitas is pioneering leading-edge onboard bidirectional charging at 6.6 kilowatt and 11 kilowatts with our dedicated EV design center.

Navitas 憑藉我們專門的電動車設計中心，率先推出了 6.6 千瓦和 11 千瓦的尖端車載雙向充電技術。

Last year, we announced a joint design center with Geely, a top 10 EV player.

去年，我們宣布與十大電動車製造商吉利建立聯合設計中心。

And now we're excited to announce another joint design center with Shinry, one of the top EV onboard charger suppliers for Hyundai, BYD, Honda, Geely, and others.

現在，我們很高興地宣布與 Shinry 建立另一個聯合設計中心，Shinry 是現代、比亞迪、本田、吉利等汽車公司的頂級電動汽車車載充電器供應商之一。

The first Shinry development projects are already underway and are expected to contribute appreciable revenues in early 2025.

首批 Shinry 開發案已在進行中，預計在 2025 年初貢獻可觀的收入。

In EV roadside chargers, in addition to our ongoing silicon carbide production with SK Signet, which is a major supplier to electrify America and EVgo, we are adding multiple Tier 1 developments in US, Europe, and Asia, with mass production starting in the second half of this year, which are expected to contribute over $5 million in 2025.

在電動車路邊充電器方面，除了我們與 SK Signet（美國電氣化和 EVgo 的主要供應商）正在進行的碳化矽生產外，我們還在美國、歐洲和亞洲增加了多個一級開發項目，並將於今年下半年開始量產，預計到 2025 年將貢獻超過 500 萬美元的收入。

In the solar space, while we are observing a continued general market slowdown, given high interest rates that limit our growth in the first half of 2024, we are seeing accelerating displacement of silicon with GaNSafe and Generation-3 Fast silicon carbide technologies in our solar and energy storage customer pipeline.

在太陽能領域，雖然我們觀察到整體市場持續放緩，但考慮到高利率限制了我們在 2024 年上半年的成長，我們看到在我們的太陽能和儲能客戶管道中，GaNSafe 和第三代快速碳化矽技術正在加速取代矽。

We now have significant developments with three of the top five US solar OEMs and the majority of the world's top 10 solar players.

目前，我們與美國五大太陽能原始設備製造商中的三家以及全球十大太陽能企業中的大多數都取得了重大進展。

While we are already shipping silicon carbide in the market today, GaN adoption in solar is on track to start ramping late this year.

雖然我們目前已在市場上推出碳化矽，但 GaN 在太陽能領域的應用預計將在今年稍後開始加速。

And together, these new GaN and silicon carbide customer designs are expected to add tens of millions of revenue in 2025.

總而言之，這些新的 GaN 和碳化矽客戶設計預計將在 2025 年增加數千萬美元的收入。

Overall, while we're not immune to the near-term market headwinds, which are translating to more muted revenues in the first half of 2024, the significant new wins that I've highlighted in my remarks, in combination with an anticipated market recovery starting in the second half of the year, are expected to translate into full-year 2024 revenue growth of 40% to 50% over 2023.

總體而言，雖然我們無法免受短期市場逆風的影響，從而導致 2024 年上半年的收入更加疲軟，但我在演講中強調的重大新勝利，加上預計下半年開始的市場復甦，預計將轉化為 2024 年全年收入比 2023 年增長 40% 至 50%。

For all of our target markets, the system benefits derived from gallium nitride and silicon carbide are amplified by long-term secular tailwinds.

對於我們所有的目標市場，氮化鎵和碳化矽帶來的系統效益都會因長期的順風而放大。

These include energy source conversion from fossil fuels to renewables, gas-powered vehicles, transitioning to all forms of electric transportation, and the intense and rapidly accelerating power demands of AI and edge computing.

這些包括從化石燃料到再生能源的能源轉換、燃氣驅動汽車、向所有形式的電動交通過渡，以及人工智慧和邊緣運算的強烈且快速增長的電力需求。

Our leading-edge GaN ICs and GeneSiC technologies are both displacement technologies in traditional markets and accelerating and enabling technologies in new energy markets.

我們領先的GaN IC和GeneSiC技術既是傳統市場的替代技術，也是新能源市場的加速與推動技術。

As we've stated before, these drivers, combined with our unique position as the industry's only pure-play power GaN and silicon carbide player, position Navitas to grow at a rate that is 6 to 10 times faster than the overall power semiconductor market for years to come.

正如我們之前所說，這些驅動因素加上我們作為業界唯一純功率 GaN 和碳化矽企業的獨特地位，將使 Navitas 在未來幾年內以比整體功率半導體市場快 6 到 10 倍的速度成長。

And now over to Ron to review the financials.

現在請羅恩來審查財務狀況。

Thank you, Gene, and good afternoon, everyone.

謝謝你，吉恩，大家下午好。

In my comments today, I will first take you through our fourth quarter and annual 2023 financial results.

在今天的評論中，我將首先帶您了解我們 2023 年第四季和年度財務表現。

And then I'll walk you through our outlook for the first quarter, along with some of the market dynamics we are currently seeing.

然後我將向您介紹我們對第一季的展望，以及我們目前看到的一些市場動態。

Revenue in the fourth quarter of 2023 was again above our guidance, growing 111% year over year and 19% sequentially to approximately $26.1 million.

2023 年第四季的營收再次超出我們的預期，年增 111%，季增 19%，達到約 2,610 萬美元。

For the full year of 2023, we grew revenue to $79.5 million, representing year-over-year growth of 109%.

2023 年全年，我們的營收成長至 7,950 萬美元，年增 109%。

Before adjusting expenses, I'd like to refer you to the GAAP to non-GAAP reconciliations in our press release earlier today.

在調整費用之前，我想先請大家參閱一下我們今天早些時候發布的 GAAP 與非 GAAP 的對帳表。

In the rest of my commentary, I will refer to non-GAAP expense measures.

在我的其餘評論中，我將參考非公認會計準則費用指標。

Non-GAAP gross margin in the fourth quarter increased to 42.2% from 42.1% in the third quarter of 2023 and 40.6% in the fourth quarter of 2022.

第四季非公認會計準則毛利率從 2023 年第三季的 42.1% 和 2022 年第四季的 40.6% 上升至 42.2%。

Gross margins in the quarter were at the low end of our guidance, primarily due to increased mobile market product mix as we continue to see strength in that part of our business.

本季的毛利率處於我們預期的低端，主要原因是行動市場產品組合的增加，因為我們繼續看到該部分業務的強勁表現。

For fiscal year 2023, non-GAAP gross margin was 41.8% compared to 40.8% in the prior year.

2023 財年非 GAAP 毛利率為 41.8%，而上年度為 40.8%。

Fourth-quarter total operating expenses were $20.7 million, comprising SG&A expense of $9.3 million and R&D of $11.4 million.

第四季總營運費用為 2,070 萬美元，其中銷售、一般及行政費用 930 萬美元，研發費用 1,140 萬美元。

This is a bit higher than our guidance due primarily to slightly higher spending on materials related to certain research and development activities.

這比我們的預期略高，主要原因是與某些研發活動相關的材料支出略有增加。

For fiscal year 2023, non-GAAP operating expenses were $73.5 million compared to $56.7 million in the prior year.

2023 財年，非 GAAP 營業費用為 7,350 萬美元，而上年為 5,670 萬美元。

This increase reflects continued significant investments in new products, technologies, and markets.

這一成長反映了對新產品、新技術和新市場的持續大量投資。

All of these investments are laying the stage for significant growth in the future.

所有這些投資都為未來的顯著成長奠定了基礎。

Putting all of this together, the loss from operations for the fourth quarter of 2023 was $9.7 million compared to a loss from operations of $12.4 million in the fourth quarter of 2022 and a loss of $40.3 million for the full year compared to a loss of $41.2 million for 2022.

綜合上述因素，2023 年第四季的營業虧損為 970 萬美元，而 2022 年第四季的營業虧損為 1,240 萬美元，全年虧損為 4,030 萬美元，而 2022 年的虧損為 4,120 萬美元。

Our weighted average share count for the fourth quarter was 179 million shares.

我們第四季的加權平均股數為 1.79 億股。

Turning to the balance sheet, it remains very strong with high levels of liquidity.

從資產負債表來看，其依然強勁，流動性水準較高。

Cash and cash equivalents at quarter end were $152.8 million, and we continued to carry no debt.

季度末的現金和現金等價物為 1.528 億美元，我們繼續沒有債務。

Accounts receivable were $25.9 million compared to $17.6 million in the prior quarter, reflecting a product shipment pattern that was less linear than prior quarters.

應收帳款為 2,590 萬美元，而上一季為 1,760 萬美元，反映出產品出貨模式不如前幾季那麼線性。

This wasn't a surprise as we had significant demand in December from our mobile customers.

這並不奇怪，因為我們 12 月的行動客戶需求很大。

Inventory increased to $23.2 million compared to $15.9 million in the prior quarter.

庫存從上一季的 1,590 萬美元增加至 2,320 萬美元。

Similar to accounts receivable, we were not surprised by the near-term increase in inventory levels, which grew in anticipation of January shipments to the mobile market.

與應收帳款類似，我們對近期庫存水準的成長並不感到驚訝，庫存水準的成長是由於預期一月份移動市場的出貨量。

Also, we procured additional silicon carbide substrates and epi wafers to support expected significant growth in the second half of the year in the EV, industrial, and solar markets.

此外，我們還購買了額外的碳化矽基板和外延晶圓，以支持今年下半年電動車、工業和太陽能市場預期的顯著成長。

Moving on to guidance for the first quarter, we currently expect revenues of $23 million, plus or minus $500,000.

對於第一季的預期，我們目前預計營收為 2,300 萬美元，上下浮動 50 萬美元。

At the midpoint, this represents substantial year-over-year growth of more than 70% over the $13.4 million we recorded in the first quarter of 2023 and is slightly down off of the fourth quarter of 2023, largely due to expected seasonality in our mobile business and some softness in the other markets as we already discussed.

從中位數來看，這比我們在 2023 年第一季度錄得的 1,340 萬美元同比增長了 70% 以上，並且比 2023 年第四季度略有下降，這主要是由於我們移動業務的預期季節性以及我們已經討論過的其他市場的一些疲軟。

Gross margins for the first quarter are expected to be approximately 41%, plus or minus 50 basis points as our mix continues to lean more towards the mobile market in the near term.

預計第一季的毛利率約為 41%，上下浮動 50 個基點，因為我們的產品組合在短期內將繼續更傾向於行動市場。

As we move through the year, we expect improving margins aligned with an expected recovery in higher-margin markets, including EV and industrial in the second half of 2024.

隨著今年的到來，我們預計利潤率將隨著 2024 年下半年包括電動車和工業在內的高利潤率市場的復甦而提高。

In total, operating expenses in the first quarter, excluding stock-based comp and amortization of intangibles, are expected to be approximately $21.5 million.

總體而言，第一季的營業費用（不包括股票補償和無形資產攤銷）預計約為 2,150 萬美元。

We continue to invest in growth-oriented initiatives for our end market.

我們將繼續投資於針對終端市場的成長型舉措。

As we have indicated before, we expect increases in our spending will be substantially less and growth in our revenues as we continue to see leverage in our business model.

正如我們之前所指出的，我們預計我們的支出增幅將大幅減少，而收入將會成長，因為我們繼續看到我們的商業模式中的槓桿作用。

To put that in perspective, compared to the first quarter of 2023, at the midpoint of our guidance, we expect revenues in the first quarter of 2024 to grow more than 70%, yet operating expenses based on our guidance are expected to grow only 20% over the same period.

從這個角度來看，與 2023 年第一季（我們的指引中點）相比，我們預計 2024 年第一季的營收將成長 70% 以上，但根據我們的指引，預計營運費用在同一時期僅成長 20%。

For the first quarter of 2024, we expect our weighted average share count to be approximately 180 million shares, stock-based compensation to be approximately $13 million in amortization of intangible assets to be approximately $5 million.

對於 2024 年第一季，我們預計加權平均股數約為 1.8 億股，股票薪酬約為 1,300 萬美元，無形資產攤提約 500 萬美元。

In closing, we're extremely pleased with the results for the quarter and for all of fiscal 2023.

最後，我們對本季以及整個 2023 財年的業績感到非常滿意。

Our results continue to demonstrate that we can and expect to grow significantly faster than the overall market.

我們的業績繼續證明，我們能夠並且有望實現遠超整體市場的成長速度。

While we are not immune to some of the same macro trends seen by others leading to more muted outlook for the first half of the year, we expect the strength of our pipeline and some market recovery in the second half of the year will support annual revenue growth of 40% to 50% in 2024 relative to 2023.

雖然我們也無法免受其他公司所見的一些宏觀趨勢的影響，從而導致今年上半年的前景更加低迷，但我們預計，我們產品線的強勁和下半年市場的一些復甦將支持 2024 年的年收入相對於 2023 年增長 40% 至 50%。

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

接線員，我們開始問答環節。

(Operator Instructions) Quinn Bolton, Needham.

（操作員指令）奎因博爾頓，尼德姆。

Hey, guys.

嘿，大家好。

Congratulations on the strong finish to 2023.

恭喜您在 2023 年圓滿成功。

Most metrics look pretty good in certainly the top line into next year, but the gross margin coming in a little light.

大多數指標看起來都相當不錯，明年的營業額肯定會很高，但毛利率可能會稍微低一些。

You talked about the mix shift to mobile, driving some of that lower margin in the near term.

您談到了向行動端的混合轉變，這在短期內導致了利潤率的下降。

But Ron or Gene, could you give us a sense, how do you see margin recovering through 2024?

但是 Ron 或 Gene，您能否告訴我們，您認為到 2024 年利潤率將如何恢復？

Can you give us any thoughts on where margin might exit 2024?

您能否告訴我們關於 2024 年保證金可能退出市場的想法？

And then I've got a follow-up question.

然後我有一個後續問題。

Yeah.

是的。

Sure.

當然。

Thanks, Quinn.

謝謝，奎因。

This is Gene.

這是吉恩。

Yeah, as you commented and we explained, the margins are a little bit more muted in the first half of the year just purely due to market mix and the strength of the mobile market.

是的，正如您所評論的和我們所解釋的，上半年的利潤率稍微低一些，這純粹是由於市場組合和行動市場的強勁表現。

Most other markets are a little softer in the first half of the year as we anticipate automotive and industrial strengthening in the back half of the year, but also the four major growth drivers that I highlighted -- AI data centers ramping in the later part of the year, the Tier 1 appliance project ramping later in the year, GaN starting in solar later in the year, even the Internet satellite project, all of these are expected to be above that average.

由於我們預計汽車和工業市場在下半年將走強，因此大多數其他市場在上半年的表現都會略顯疲軟，但我強調的四大增長動力——人工智能數據中心將在下半年加速發展，一級家電項目將在下半年加速發展，GaN在太陽能領域的應用也將下半年啟動，甚至互聯網衛星項目，預計所有這些項目都將高於平均水平。

So all of these will contribute to a modest margin improvement throughout the year.

所有這些都將有助於全年利潤率的適度提高。

We expect to end the year still below mid-40s, but we'll see incremental improvement in Q3 and Q4.

我們預計今年年底該數字仍將低於 45% 左右，但我們將在第三季和第四季看到逐步改善。

Thank you, Gene.

謝謝你，吉恩。

My next question, and I may have asked you this in the past, but just walking the show floor here in APEC.

我的下一個問題是，我以前可能問過您這個問題，但這只是在亞太經合組織的會場上走走而已。

You see GaN all over the place.

你會隨處看到 GaN。

I know you guys are targeting a lot of the higher power GaN to 650 volts and above.

我知道你們的目標是大量生產 650 伏特及以上的高功率 GaN。

But it seems like there's increasing opportunity in lower power or mid-power GaN as well.

但似乎低功率或中功率 GaN 的機會也越來越多。

And just wondering, as you guys continue to grow, do you have any revised thoughts on potentially expanding the product portfolio to below a 650-volt GaN technology?

我只是想知道，隨著你們的不斷發展，你們是否對將產品組合擴展到 650 伏特以下 GaN 技術有什麼改變的想法？

Because again, it seems like there's some pretty good opportunities in that low or mid-power market as well.

因為再說一次，看起來低功率或中功率市場也存在一些相當不錯的機會。

Thank you.

謝謝。

Yeah.

是的。

Fully agree, Quinn, and that is definitely of interest.

完全同意，奎因，這絕對是令人感興趣的。

It's an area that we're working on actively.

這是我們正在積極努力的領域。

We don't have a specific launch schedule, development schedule to share.

我們沒有具體的發佈時間表或開發計劃可以分享。

We certainly got our hands full with all the opportunities at 650 volts.

在 650 伏特的電壓下，我們確實抓住了所有機會。

But I agree with you.

但我同意你的看法。

I think that's great opportunity for lower voltage GaN, and it's something we plan to pursue over time.

我認為這對低壓 GaN 來說是一個很好的機會，也是我們計劃長期追求的目標。

Perfect.

完美的。

We'll stay tuned.

我們將持續關注。

I'll go back in the queue.

我將回到隊列中。

Thank you.

謝謝。

Thanks, Quinn.

謝謝，奎因。

Ross Seymore, Deutsche Bank.

德意志銀行的羅斯·西摩。

Hi, guys.

嗨，大家好。

Thanks for [asking] the question.

感謝您提出這個問題。

And Ron and Janet, congrats to both your transitions.

羅恩和珍妮特，祝賀你們的轉變。

I guess my question for this year is being second half weighted is no different than a lot of the peers, but just how second half weighted do you expect it to be?

我想我今年的問題是，下半年的加權與許多同業沒有什麼不同，但您預計下半年的加權到底有多大？

Do you expect to grow sequentially in the second quarter or is it going to be much more of a stair step up as inventories normalize and a lot of these new design wins come in the second half?

您預期第二季的銷售量會較上季成長嗎？

Yeah.

是的。

Sure.

當然。

Thanks, Ross.

謝謝，羅斯。

Yeah.

是的。

Not too dissimilar than prior years.

與前幾年沒有太大不同。

It's probably in the range of 40%, 60%.

大概在 40% 到 60% 之間。

That's similar to what we saw last year.

這與我們去年看到的情況類似。

So I don't think there's much surprise there.

所以我並不認為這有什麼好驚訝的。

Okay.

好的。

I guess as my follow-up, you talked about a ton of design wins ramping at various times and some really meaningful dollar amounts.

我想作為我的後續報道，您談到了在不同時期取得的大量設計勝利以及一些非常有意義的金額。

How do you think the mix of the company changes by end markets?

您認為公司的產品組合會隨著終端市場而產生什麼樣的變化？

You guys had talked a little bit about how the split was between mobile and appliance, et cetera.

你們已經討論過行動裝置和家電之間的分割問題等等。

How is that in 2023?

2023 年的情況如何？

And how do you expect that to transition into

你認為這將如何轉變為

(technical difficulty)

（技術難度）

Yeah, definitely. '23 saw a really nice surge in mobile.

是的，確實。 '23年，行動市場出現了非常明顯的成長。

That's continuing as we explained in early this year.

正如我們今年年初所解釋的那樣，這種情況將會持續下去。

That surge took mobile over 40%.

行動端的這一成長使得行動端份額超過 40%。

The other markets were in the 10% to 20% range.

其他市場的比例在 10% 至 20% 之間。

I think we'll see that shift back throughout the year given the anticipated recovery in industrial and EV, but also the ramps we've talked about.

我認為，鑑於工業和電動車的預期復甦以及我們所談論的成長，我們將在全年看到這種轉變。

AI data center is brand new for us.

人工智慧資料中心對我們來說是一個全新的領域。

So that's really coming off of a zero base appliance strengthening with that strong pipeline and that major new Tier 1 project that ramps.

因此，這實際上是從零基礎設備加強、強大管道和重大新一級項目的發展開始的。

GaN and SiC both ramping into solar in the second half of the year.

GaN和SiC都將在今年下半年進軍太陽能領域。

So I think we'll see it balance out pretty nicely where the mobile goes below 40% and the other markets creep up from their 10% to 20%.

因此我認為我們會看到一個相當好的平衡，行動端的份額低於40%，而其他市場的份額則從10%上升到20%。

Thank you.

謝謝。

Kevin Cassidy, Rosenblatt Securities.

羅森布拉特證券的凱文卡西迪 (Kevin Cassidy)。

Yeah.

是的。

Thanks for taking my question and congratulations on the good results.

感謝您回答我的問題，並祝賀您取得良好成績。

And Ron, happy trails.

祝榮恩一路順風。

And Janet, look forward to working with you.

珍妮特，期待與您合作。

On the mobile market, you mentioned that GaN has about 30% market share.

在行動市場，您提到GaN擁有約30％的市場份額。

Do you see that market share growing in the mobile chargers?

您是否認為行動充電器的市場佔有率正在成長？

Or is this going to be steady state?

或者說這會是穩定狀態嗎？

Maybe what do you see as the growth rate in the mobile market for GaN?

您認為 GaN 在行動市場的成長率是多少？

Yeah.

是的。

Thanks, Kevin.

謝謝，凱文。

Good question.

好問題。

And that 30% was specific to Xiaomi and OPPO leading the charge, so to speak.

可以說，這 30% 是小米和 OPPO 獨有的。

But I think most GaN mobile is probably still single-digit adoption rate.

但我認為大多數 GaN 行動裝置的採用率可能仍然是一位數。

So we don't believe there's any limit to switching.

因此我們認為轉換沒有任何限制。

I think ultimately, all of the silicon chargers will move to GaN over time.

我認為最終隨著時間的推移，所有矽充電器都將轉向 GaN。

Part of that dynamic is not just driven by our technology or by the customer choice, but also the power levels moving up.

這種動態不僅是由我們的技術或客戶的選擇所驅動，還有功率等級的提升。

So as the whole world goes from slow chargers, which are 5, 10, 15, 20 watts, where GaN doesn't bring much value to fast chargers in the 30, 40, 50 watts, and then ultimately, the ultrafast chargers where we're really, really strong at 100 watts are higher; there's no limit to switching everything over from silicon again.

因此，全世界的充電器都從 5、10、15、20 瓦的慢速充電器（其中 GaN 對 30、40、50 瓦的快速充電器沒有太大價值）發展到最終的 100 瓦超快速充電器；將所有東西再次從矽片轉換而來是沒有限制的。

So it's just a question of time.

所以這只是時間問題。

And I think the growth rates between now and then will continue pretty strongly.

我認為從現在到那時，成長率將持續保持強勁。

And maybe if we look at the other markets that you're penetrating now, 20 design wins in data center and the home appliances, can you draw a parallel to the mobile market for where those markets will be going?

也許如果我們看看您現在正在進入的其他市場，在資料中心和家用電器領域獲得的 20 個設計勝利，您能否與行動市場進行比較，看看這些市場的發展方向是什麼？

Yeah.

是的。

I think, it's almost identical.

我認為，它們幾乎一模一樣。

I think you see these first few leader high-performance examples setting the example for the whole industry.

我想您會看到這些最初的幾位領導者的高效能範例為整個行業樹立了榜樣。

Once you get your first beachhead customers, beachhead applications within the market tends to be on the high end, sets an example for others, proves that the value is there, that the quality, the reliability, everything is there.

一旦你獲得了第一批灘頭客戶，市場中的灘頭應用往往會處於高端，為其他人樹立榜樣，證明價值是存在的，品質、可靠性，一切都是存在的。

And then we see a pretty effective domino occurrence over the subsequent years where one project leads to 2, leads to 4, leads to 16, and things start to grow exponentially.

然後，我們在隨後的幾年裡看到了非常有效的骨牌效應，一個項目引發兩個項目，四個項目，十六個項目，事情開始呈指數級增長。

So I think you can look back at what's happened.

所以我認為你可以回顧一下發生的事情。

And what we've led in mobile chargers just in the last three years, and we anticipate the same sort of domino effect, the same sort of accelerating adoption to occur in each of these new markets with their own sort of S-curve adoptions.

僅在過去三年中，我們就在行動充電器領域處於領先地位，我們預計同樣的骨牌效應，同樣的加速採用將在每個新市場中發生，並呈現各自的 S 曲線採用。

Okay, great.

好的，太好了。

Thank you.

謝謝。

Thanks, Kevin.

謝謝，凱文。

Tristan Gerra, Baird.

特里斯坦·格拉，貝爾德。

Hi.

你好。

This is Tyler on for Tristan.

這是泰勒 (Tyler) 代替特里斯坦 (Tristan)。

Thanks for taking the questions.

感謝您回答這些問題。

We noticed that Anker is advertising GaN Prime on their website for a home backup solution.

我們注意到 Anker 在其網站上宣傳 GaN Prime 作為家庭備用解決方案。

They're advertising their products with your technology as a core competency.

他們以您的技術作為核心競爭力來宣傳他們的產品。

Could you please remind us how GaN Prime represents a step-up in performance, the potential, size, and growth of the home backup market and your content in these boxes?

您能否提醒我們 GaN Prime 如何代表性能的提升，以及家庭備用市場和這些盒子中內容的潛力、規模和成長？

Yeah.

是的。

Great.

偉大的。

I'm glad you caught that.

我很高興你發現了這一點。

We love the fact that we've got now major players featuring GaN right in the headline.

我們很高興看到現在主要參與者都在頭條新聞中提到 GaN。

And in fact, Anker, I think, positions themselves as the largest GaN charger lined up in the world.

事實上，我認為 Anker 將自己定位為世界上最大的 GaN 充電器製造商。

And while we're not the exclusive supplier, we're a major supplier to Anker.

雖然我們不是獨家供應商，但我們是 Anker 的主要供應商。

And this whole positioning obviously benefits the whole industry; it certainly benefits Navitas.

而這樣的定位顯然對整個產業有利；這無疑對 Navitas 有利。

So the GaN prime products, in particular, can be up to 50% size reduction, up to 30% energy efficiency improvement.

因此，特別是 GaN 主要產品，尺寸可縮小高達 50%，能源效率可提高高達 30%。

And we're now actually at system cost parity.

現在我們實際上已經處於系統成本平價狀態。

So they're not demanding a price premium in that solution.

因此他們並沒有要求該解決方案提高價格。

So all of those same benefits that we've seen at OPPO, Xiaomi, and so many other Samsung S24 apply to the GaN Prime family.

因此，我們在 OPPO、小米和許多其他三星 S24 上看到的所有優勢都適用於 GaN Prime 系列。

Operator, back to you for any follow-up questions.

接線員，如果有任何後續問題請再聯絡您。

Jon Tanwanteng, CJS Securities.

Jon Tanwanteng，CJS 證券。

Hi.

你好。

Thanks for taking my questions.

感謝您回答我的問題。

Gene, I was wondering, you had expected 50% or more growth when you had your Investor’s end December.

吉恩，我想知道，當你在 12 月底舉行投資者會議時，你是否預期成長率會達到 50% 或更多。

What are the biggest changes from there?

從那時起最大的變化是什麼？

Is it mostly automotive and inventory issues, and then maybe some solar in there?

主要是汽車和庫存問題嗎，然後也許還有一些太陽能問題？

Is it more broad-based than that?

它是否比這更為廣泛？

Just help me understand what's changed in the pipeline for you.

只需幫助我了解管道中發生了哪些變化。

Yeah, Jon.

是的，喬恩。

That's exactly right.

完全正確。

Last 2 months, 2.5 months, we've seen the slowdown as many have commented about.

正如許多人所評論的那樣，過去 2 個月、2.5 個月，我們看到了經濟放緩。

Really, it's not a decline.

確實，這不算是衰退。

It's just slower growth in EV and slower growth in industrial.

只是電動車和工業的成長速度都放緩了。

Any time you get an adjustment in growth rates, you get pockets of inventory that build up, forecasts come down temporarily to swallow that change in growth rate, deal with that pocket of inventory.

每當成長率進行調整時，就會出現庫存增加的情況，預測會暫時下降以消化成長率的變化，處理這些庫存。

We see that a bit in the channel.

我們在頻道中看到了一些。

And so by all of our indications, we think that's a couple of quarters, and that's added to our more muted expectations for the first half of the year.

因此，根據我們所有的跡象，我們認為這需要幾個季度，這也增加了我們對今年上半年較低調的預期。

Got it.

知道了。

Thank you.

謝謝。

And then is there any update on just how operating expenses are expected to step up this year, especially with the lower growth expectations?

那麼，有沒有關於今年營運費用預計如何增加的最新消息，特別是在成長預期降低的情況下？

Yeah, sure.

是的，當然。

Maybe this is a good chance for Janet to jump in and share her thoughts.

也許這對珍妮特來說是一個參與並分享她的想法的好機會。

Hi.

你好。

We have a very disciplined way to manage our OpEx.

我們有一套非常嚴謹的方式來管理我們的營運支出。

We see a lot of operating leverage as we scale up revenue.

隨著收入的增加，我們看到了許多經營槓桿。

Right now, as you can see from our guidance, we guided Q1 to grow revenue at 70% versus OpEx growth of 20%.

目前，正如您從我們的指導中看到的，我們指導第一季的收入成長 70%，而營運支出則成長 20%。

We will continue to monitor our headcount plan to make the necessary investment to drive profitable growth.

我們將繼續監控我們的員工人數計劃，以進行必要的投資來推動獲利成長。

And we laid out our long-term target model in our Investor Day.

我們在投資者日上闡述了我們的長期目標模式。

We still remain committed to that.

我們仍然致力於此。

For the longer term, we're working towards to achieve OpEx level at 20% to 30%.

從長遠來看，我們致力於將營運支出水準提高到 20% 至 30%。

Okay.

好的。

Great.

偉大的。

Thank you for that.

謝謝你。

And then just any update on the timeline to either EPS breakeven or cash flow breakeven or profitability?

那麼時間表上是否有任何關於每股收益盈虧平衡、現金流盈虧平衡或盈利能力的更新？

Yeah.

是的。

We're not giving any specific updates on long-term model, although committed to it over the next few years.

儘管我們致力於在未來幾年內實現這一目標，但我們不會對長期模型給出任何具體的更新。

I think profitability is still targeted for $50 million a quarter.

我認為獲利目標仍是每季 5,000 萬美元。

Where we hit that, I think, depends on market dynamics, and of course, overall growth rate.

我認為，我們能否實現這一目標取決於市場動態，當然還有整體成長率。

Okay, great.

好的，太好了。

Thank you.

謝謝。

Thanks, Jon.

謝謝，喬恩。

Jack Egan, Charter Equity Research.

傑克·伊根（Jack Egan），特許權益研究公司。

Hey, guys.

嘿，大家好。

Thanks for taking the questions.

感謝您回答這些問題。

I had a couple on some of your end markets and how GaN and SiC -- the interplay between those.

我對你們的一些終端市場以及 GaN 和 SiC 之間的相互作用有一些了解。

So of course, there's lots of buzz around AI, particularly with the big infrastructure build-outs going on.

因此，人工智慧當然備受關注，特別是在大規模基礎設施建設正在進行的情況下。

And so I was just curious about your approach to that market since both SiC and GaN can be used in data centers.

因此，我很好奇您對市場的態度，因為 SiC 和 GaN 都可以用於資料中心。

So will those be fighting for the same slots?

那麼它們會爭奪同一個位置嗎？

Or can they coexist in those applications at different power levels or performance measures?

或者它們可以在不同的功率等級或性能指標的應用中共存嗎？

Just anything there would be helpful.

任何事物只要有幫助就好。

Yeah.

是的。

It's a great topic, a really interesting one for us.

這是一個很棒的話題，對我們來說真的很有趣。

We've got this data center design center that designs the entire power supply to a really deep system expertise.

我們有一個資料中心設計中心，可以設計整個電源，並且具有非常深厚的系統專業知識。

And now we've got leading-edge, GaN leading-edge silicon carbide.

現在我們已經擁有了尖端的GaN和尖端的碳化矽。

So we're in a unique position to figure the right answers to exactly that question.

因此，我們處於一個獨特的位置來找到該問題的正確答案。

And it's not very intuitive.

而且它不是很直觀。

It's not very easy even for our customers to figure out.

即使對我們的客戶來說這也很難弄清楚。

But we're doing some really exciting work on exactly that, a combination of silicon carbide and GaN.

但我們正在進行一些非常令人興奮的工作，即碳化矽和GaN的結合。

There's actually two stages in the power converter.

電源轉換器實際上有兩個階段。

The first stage is called power factor correction.

第一階段稱為功率因數校正。

We're using silicon carbide often in that stage followed by the DC-to-DC converter stage with gallium nitride.

我們經常在該階段使用碳化矽，隨後是帶有氮化鎵的 DC-DC 轉換器階段。

That takes advantage of the strength of each of the technology, silicon carbide being more mature and very proven on its robustness facing the grid, gallium nitride achieving very high frequency and high efficiency in that DC-to-DC converter.

這充分利用了每種技術的優勢，碳化矽更加成熟，並且在面向電網的穩健性方面得到了充分驗證，氮化鎵在直流直流轉換器中實現了非常高的頻率和高效率。

So there's a lot more to that story than I'm touching here, but you brought up a really important point.

所以這個故事還有很多內容我在這裡沒有涉及，但你提出了一個非常重要的觀點。

You're going to see a lot of interesting, we call them, hybrid designs, where we leverage both GaN and silicon carbide, not only for this data center space, but others in that 1- to 20-kilowatt area like onboard chargers.

你會看到很多有趣的東西，我們稱之為混合設計，我們利用 GaN 和碳化矽，不僅適用於這個資料中心空間，還適用於 1 到 20 千瓦領域的其他空間，例如車載充電器。

So you'll see a lot more developments in that area.

所以你會看到該領域有更多發展。

Right.

正確的。

Okay.

好的。

That's helpful.

這很有幫助。

And then similarly on the automotive side, so you're expecting GaN to ramp for that later this year.

在汽車方面也是類似情況，因此您預計 GaN 將在今年稍後實現成長。

And we're seeing more OEMs move to or at least announce 800-volt systems.

我們看到越來越多的 OEM 轉向或至少宣布採用 800 伏特系統。

And so I'm curious how that changes the opportunity or I guess the mix of silicon carbide and GaN in some of those automotive applications just because silicon carbide sometimes can be better at higher voltages, but you still have the benefits of that high frequency for GaN where it can function.

所以我很好奇這會如何改變機會，或者我猜想碳化矽和 GaN 的混合在某些汽車應用中會如何改變，因為碳化矽有時在較高電壓下會表現更好，但是對於 GaN 來說，你仍然可以享受高頻的優勢。

So with more 800-volt systems, would it change your outlook at all?

那麼，隨著 800 伏特系統的增多，您的觀點會有所改變嗎？

Or is it really a wash for you since you do both silicon carbide and GaN?

或者說，由於您同時從事碳化矽和 GaN 業務，因此這對您來說真的沒什麼區別嗎？

Well, certainly, that's the beauty of it, whatever way the market goes.

嗯，當然，無論市場如何發展，這都是它的美妙之處。

And I think 400 volt and 800 volt are going to coexist for a long, long time.

我認為 400 伏特和 800 伏特將會長期共存。

At a high level, just like you described, the 800 volt is a better fit for the 1,200-volt silicon carbide.

從高層次上講，就像您所描述的那樣，800 伏特更適合 1,200 伏特碳化矽。

The 400 volt could be either, frankly, but we see a lot of that moving to GaN or a combination of GaN and silicon carbide.

坦白說，400 伏特可能是其中之一，但我們看到很多正在轉向 GaN 或 GaN 與碳化矽的組合。

I would point out though, even for an 800-volt battery, when you plug it into a single-phase AC input, which runs 110 to 220, you could actually use gallium nitride on that first phase, followed by the silicon carbide, which then sees the 800-volt battery to charge that battery.

不過我想指出的是，即使是 800 伏特的電池，當你將其插入單相交流電輸入（電壓為 110 至 220 伏特）時，你實際上可以在第一相上使用氮化鎵，然後再使用碳化矽，最後使用 800 伏特的電池為該電池充電。

So here, again, I think the combination of having both technologies puts us in a really unique position to figure out the right approach.

因此，我再次認為，兩種技術的結合使我們處於一個真正獨特的位置來找出正確的方法。

And whichever approach is going to win, whether it's 400 volts or 800 volts, we're going to benefit from it.

無論哪種方法最終獲勝，無論是 400 伏特還是 800 伏，我們都將從中受益。

Great.

偉大的。

Thanks, Gene.

謝謝，吉恩。

Thank you, Jack.

謝謝你，傑克。

Richard Shannon, Craig Hallum.

理查德·香農、克雷格·哈勒姆。

Great.

偉大的。

Thanks, guys for taking my question.

謝謝大家回答我的問題。

I think I am going to follow up from a prior question here, really thinking about your yearly revenue growth by end market.

我想我要接著之前的問題繼續問下去，真正思考一下你們終端市場的年度營收成長。

Wondering if -- you answered the last question about talking about mobile being above 40% and going below as the other ones ramp up here.

想知道——您是否回答了最後一個問題，關於行動端佔比超過 40% 而隨著其他端的崛起，佔比會下降。

Maybe ask it in a different way here.

也許可以在這裡用不同的方式詢問。

Any way that you -- could you rank order the dollar contributors to growth here by end market?

您能否依照終端市場對美元成長的貢獻進行排序？

I would assume mobile will probably be the biggest given it's starting at 40%, but maybe get a sense of how much dollar growth we're adding and some other ones that might be not obvious from how you described the opportunity you're seeing here, Gene.

我認為行動市場可能是最大的市場，因為它的起步價為 40%，但也許可以了解我們增加了多少美元增長，以及一些其他可能從您描述這裡看到的機會中不明顯的增長，Gene。

Yeah.

是的。

Thanks, Richard.

謝謝，理查。

It's a tough one to call.

這是一個很難回答的問題。

I gave a bunch of numbers.

我給了一堆數字。

Data centers is coming off a base of zero.

資料中心是從零開始建立的。

So I said $3 million to $5 million in the second half of the year.

所以我說下半年會是 300 萬到 500 萬美元。

So that's still going to be on the smaller side compared to everything else.

所以，與其他所有事物相比，這仍然比較小。

Appliance has been a great strength area for us, especially when mobile was a bit down.

家電一直是我們的強項，特別是在行動業務略顯低迷的時候。

And that's going to pick up strongly in the second half of the year.

這一趨勢將在今年下半年強勁成長。

I think the other markets depend a little bit on how the market recovers, too.

我認為其他市場也在一定程度上取決於市場的復甦情況。

We've got our product launches, which are going to give us some certainty of that growth that we outlined GaN going into solar, a bunch of additional silicon carbide going into solar, a bunch of OBCs, we talked about in silicon carbide that are ramping throughout the year.

我們已經推出了產品，這將使我們對成長有一定的把握，正如我們所概述的，GaN將進入太陽能領域，大量額外的碳化矽將進入太陽能領域，大量OBC，我們在碳化矽中討論過的，這些產品全年都在增長。

So it's pretty hard to predict.

所以這很難預測。

And it feels pretty balanced, honestly, to me as you look at what's going to add $20 million or $30 million to the back half of the year.

老實說，當你看到哪些業務將為今年下半年帶來 2,000 萬美元或 3,000 萬美元的收入時，我覺得這相當平衡。

It's going to be pretty broad-based across each of those areas I just mentioned.

它將廣泛地涵蓋我剛才提到的每一個領域。

Okay.

好的。

Thanks for that clarification, Gene.

謝謝你的澄清，吉恩。

Maybe following up here, thinking about your new products that are ramping in here.

或許可以在這裡跟進，思考一下您在這裡推出的新產品。

You discussed some of them at your analyst event a couple of months ago.

幾個月前的分析師活動中您討論過其中的一些問題。

And I think even on the last conference call, you talked about the new half-bridge offering here, maybe doing a $10 million run rate exiting this year.

我認為，即使在上次電話會議中，您也談到了新的半橋產品，今年的銷售收入可能達到 1000 萬美元。

Wondering if that's still in the range of what you're thinking.

想知道這是否仍在您想像的範圍內。

And then as you think about your other products like the bidirectional one, the GaN Control and the GaNSafe, to what degree are those going to be contributing to your revenues by the end of the year?

然後，當您考慮其他產品（例如雙向產品、GaN Control 和 GaNSafe）時，到今年年底，這些產品將為您的收入帶來多大程度的貢獻？

Yeah.

是的。

Great questions, Richard.

很棒的問題，理查德。

And thanks for noting all of those exciting new product announcements.

感謝您關注所有這些令人興奮的新產品公告。

On the GaNSense half-bridge, we're especially excited about the motor versions we've created, which are then tuned orally for appliance; motor in general, but appliance in particular.

在 GaNSense 半橋上，我們對所創建的馬達版本特別感到興奮，這些馬達版本然後可以透過口頭方式針對電器進行調整；一般情況下指的是電機，特別是電器。

And that major Tier 1 that's driving $10 million a year starting late this year is actually adopting that motor version of our GaNSense half-bridge.

從今年年底開始，每年收入達 1000 萬美元的那個主要的一級供應商實際上正在採用我們的 GaNSense 半橋的馬達版本。

And not only that, they're pushing it to a frequency, efficiency, and density that nobody has ever seen before.

不僅如此，他們還將其推向前所未有的頻率、效率和密度。

So we're super excited.

因此我們非常興奮。

Once those products come out, they tend to set an example for the whole industry.

這些產品一旦推出，往往會為整個產業樹立榜樣。

There's a lot of reverse engineering that we expect will happen.

我們預計將會發生大量的逆向工程。

And it will likely lead to a nice domino effect of even more.

而且它可能會引發更強烈的骨牌效應。

And we've already got a pretty strong appliance pipeline going.

而且我們已經擁有了相當強大的家電產品線。

GaNSafe, I mentioned, is throughout because GaNSafe is really our high power.

我提到過，GaNSafe 貫穿始終，因為 GaNSafe 確實是我們的強項。

As you get above 1,000 watts, GaNSafe is our answer, the most protected, most reliable, most safe, even a 20-year warranty to back it up.

當功率超過 1,000 瓦時，GaNSafe 是我們的答案，它是最有保護、最可靠、最安全的，甚至有 20 年的保固。

And that's going into solar later this year.

我們將在今年稍後進軍太陽能領域。

It's going into the data centers.

它將進入數據中心。

It's going into EV, so almost across the board in those areas.

它將進入 EV 領域，因此幾乎涵蓋了這些領域的方方面面。

And the others you mentioned, GaNSense Control is a big part of our mobile charger space.

還有您提到的其他產品，GaNSense Control 是我們行動充電器領域的重要組成部分。

I didn't specifically highlight it, but that's a really nice growing family that's going first into a lot of aftermarket chargers today, and we expect it going into a lot more inbox and Tier 1 mobile players in the future.

我並沒有特別強調它，但這是一個非常好的成長型系列，今天它首先進入了許多售後充電器市場，我們預計未來它將進入更多的收件匣和一級行動播放器市場。

Okay, perfect.

好的，完美。

Thank you, guys.

謝謝你們。

Thanks, Richard.

謝謝，理查。

(Operator Instructions) Kevin Cassidy, Rosenblatt Securities.

（操作員指示） Kevin Cassidy，羅森布拉特證券。

Yeah.

是的。

Thanks for letting me ask a follow-up.

感謝您讓我詢問後續問題。

And just on Shinry, if you could tell a little more about the relationships, maybe give some details.

就 Shinry 而言，如果您可以多講一些有關其關係的情況，或許可以提供一些細節。

Were they making prior or were they using GaN in the past?

他們之前是在製造還是過去就在使用 GaN？

Or is this going to be their first GaN products?

或者這將會是他們的第一款 GaN 產品？

Yeah.

是的。

I know it's not a name people would know, but they're actually a major onboard charter supplier to top players like Hyundai, BYD, Honda, and many others.

我知道這個名字大家可能不太熟悉，但他們其實是現代、比亞迪、本田等頂尖公司的主要機上包機供應商。

So for us, it's a super exciting way to get access and into those cars in the future.

所以對我們來說，這是一種非常令人興奮的方式，可以在未來獲得並進入這些汽車。

The first projects here will actually be silicon carbide for onboard chargers, and I do believe it's going to be their first implementation of silicon carbide certainly with us.

這裡的第一個項目實際上是用於車載充電器的碳化矽，我相信這將是他們與我們一起首次實施碳化矽。

And those are already underway expected to launch early next year.

這些工作已在進行中，預計明年初推出。

Okay, great.

好的，太好了。

Thanks.

謝謝。

Thanks, Kevin.

謝謝，凱文。

Joe Moore, Morgan Stanley.

摩根士丹利的喬摩爾。

Great.

偉大的。

Thank you.

謝謝。

I know at CES and at recent conferences, you had talked a lot about the specific opportunities in data center around AI servers and just given the very high power on those servers that there should be opportunity for GaN there.

我知道在 CES 和最近的會議上，您談了很多關於圍繞 AI 伺服器的資料中心的具體機會，並且考慮到這些伺服器的極高功率，GaN 在那裡應該有機會。

Can you just talk about that specifically with AI when you could start to see that be a more material revenue contributor?

您能否具體談談人工智慧，您認為它何時會成為更重要的收入貢獻者？

Yeah.

是的。

Thanks, Joe. It's a big one.

謝謝，喬。這是一個大問題。

And I think we're still at the tip of the iceberg here.

我認為我們仍處於冰山一角。

We've got 20 projects in development.

我們有 20 個項目正在開發中。

They're all going to production throughout this year.

它們都將在今年全年投入生產。

I estimated $3 million to $5 million revenue impact for the second half of the year.

我估計今年下半年的收入影響將達到 300 萬至 500 萬美元。

We've had meetings with a lot of the AI guys and the numbers -- the power requirements, the current requirements keep going up and up over the next one, two, three years.

我們已經與許多人工智慧專家舉行了會議，討論了電力需求的數字，當前的電力需求在未來一、二、三年內將不斷上升。

I mentioned on my remarks a 1,000 to 2,000 amps per processor.

我在我的評論中提到每個處理器有 1,000 到 2,000 安培。

So I think this ripple effect on how the power has to get delivered is still really being worked out by the industry, and the numbers keep going up.

所以我認為，業界仍在研究電力傳輸方式的連鎖反應，而且數字還在不斷上升。

And our system design center is designing things that we never thought was possible a year ago. 4.5 kilowatts is unprecedented in a specific form factor.

我們的系統設計中心正在設計一年前我們從未想過可能實現的東西。 4.5千瓦在特定外形尺寸中是前所未有的。

That's going to power all those processors, and now they're pushing us to go to 5.5, 6.5 kilowatts, even higher.

這將為所有處理器提供動力，現在他們正推動我們把功率提高到 5.5、6.5 千瓦，甚至更高。

And I think this is all about the data center today, but ultimately, these AI chips end up in self-driving cars.

我認為今天這一切都與資料中心有關，但最終，這些人工智慧晶片將應用於自動駕駛汽車。

These AI chips end up in the client and on the edge computing.

這些人工智慧晶片最終進入客戶端和邊緣運算。

So I think it's early days and it's exciting because the power requirements are really unheard of.

所以我認為現在還為時過早，但這很令人興奮，因為其功率需求確實是聞所未聞的。

And that's exactly the kind of challenge we want to tackle with our system design center and with our gallium nitride and our silicon carbide.

這正是我們想要透過系統設計中心以及氮化鎵和碳化矽來解決的挑戰。

Great, thank you.

太好了，謝謝。

Thanks, Joe.

謝謝，喬。

(Operator Instructions) As there are no further questions, I would like to thank our speakers for today's presentation, and thank you all for joining us.

（操作員指示）由於沒有其他問題，我想感謝我們演講者的今天的演講，並感謝大家的加入我們。

This now concludes today's conference.

今天的會議到此結束。

You may now disconnect.

您現在可以斷開連線。