納微半導體 (NVTS) 2022 Q1 法說會逐字稿

Good day. Thank you for standing by, and welcome to the Navitas Semiconductor First Quarter 2022 Results Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions)

再會。感謝您的支持，歡迎參加 Navitas Semiconductor 2022 年第一季度業績電話會議。 （操作員說明）請注意，今天的會議正在錄製中。 （操作員說明）

I would now like to hand the conference over to your host today, Stephen Oliver. Please go ahead.

我現在想把今天的會議交給你的主持人斯蒂芬奧利弗。請繼續。

Good afternoon, everyone. This is Stephen Oliver from -- Good afternoon, everyone. I'm Stephen Oliver, Vice President of Corporate Marketing and Investor Relations. Thank you for joining Navitas Semiconductor's First Quarter 2022 Results Conference Call. I'm joined today by Gene Sheridan, our Chairman, President and CEO; and Todd Glickman, our CFO.

大家下午好。我是斯蒂芬·奧利弗，大家下午好。我是企業營銷和投資者關係副總裁 Stephen Oliver。感謝您參加 Navitas Semiconductor 的 2022 年第一季度業績電話會議。今天，我們的董事長、總裁兼首席執行官 Gene Sheridan 加入了我的行列；和我們的首席財務官 Todd Glickman。

A replay of this webcast will be available on the Investor Relations section of our website at ir.navitassemi.com, approximately 1 hour following this call and the recording will be available for approximately 30 days following this call. Additional information related to our business is also posted on the Investor Relations section of our website.

本次網絡廣播的重播將在我們網站 ir.navitassemi.com 的投資者關係部分提供，在本次電話會議後約 1 小時，錄音將在本次電話會議後約 30 天內提供。與我們業務相關的其他信息也發佈在我們網站的投資者關係部分。

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

我們的收益發布和本演示文稿包括某些非公認會計原則財務措施。這些非 GAAP 財務指標與最直接可比的 GAAP 指標的對賬包含在我們的收益發布中，並發佈在我們網站的投資者關係部分。

In this conference call, we will also make forward-looking statements about future events or about the future financial performance of Navitas. You can identify these statements by words like we expect or we believe or similar terms. We wish to caution you that such forward-looking statements are subject to risks and uncertainties that could cause actual events or results to differ materially from expectations expressed in our forward-looking statements. Important factors that can affect Navitas' business, including facts that could cause actual results to differ from our forward-looking statements are described in our earnings release.

在本次電話會議中，我們還將就未來事件或納微未來財務業績做出前瞻性陳述。您可以通過我們預期或我們相信的詞語或類似詞語來識別這些陳述。我們希望提醒您，此類前瞻性陳述存在風險和不確定性，可能導致實際事件或結果與我們前瞻性陳述中表達的預期存在重大差異。我們的收益發布中描述了可能影響 Navitas 業務的重要因素，包括可能導致實際結果與我們的前瞻性陳述不同的事實。

Please also refer to the risk factors affecting Navitas discussed in our SEC filings, including our annual report on Form 10-K filed on March 31, 2022. 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. Now over to Gene Sheridan, CEO.

另請參閱我們提交給 SEC 的文件中討論的影響 Navitas 的風險因素，包括我們於 2022 年 3 月 31 日提交的 10-K 表格年度報告。我們的估計或其他前瞻性陳述可能會發生變化，Navitas 不承擔向前更新的義務- 外觀陳述以反映實際結果、更改的假設或可能發生的其他事件，除非法律要求。現在交給首席執行官 Gene Sheridan。

Thank you, Steve, and thanks to everyone joining today's call. We continue to focus on building our foundational technology and market leadership position in GaN power IC. In particular, we are growing our leadership position in the mobile and consumer segments, while we expand our technology to address the exciting new opportunities in data center, solar, EV and related markets. As we announced last week, Navitas has now shipped over 50 million units, reinforcing our #1 position in the power GaN market.

謝謝你，史蒂夫，也感謝大家參加今天的電話會議。我們將繼續專注於建立我們在 GaN 功率 IC 領域的基礎技術和市場領導地位。特別是，我們正在提高我們在移動和消費領域的領導地位，同時我們擴展我們的技術以應對數據中心、太陽能、電動汽車和相關市場中令人興奮的新機遇。正如我們上周宣布的那樣，Navitas 現已出貨超過 5000 萬台，鞏固了我們在功率 GaN 市場中的第一名地位。

Q1 revenue grew 27% year-on-year to $6.7 million, and our gross margin of 44% was in line with expectations. Our lead in the fast and ultra-fast charger market was increased by major customer additions. Samsung's flagship Galaxy S22 Plus and S22 Ultra have adopted Navitas GaN technology for their 45 watt fast chargers, our first design win at Samsung and their smallest ever 45-watt charger. In addition, Vivo has adopted our GaN ICs in-box with their first folding smartphone, the 8-inch screen X fold utilizing our GaN ICs for their 80-watt dual USB-C charger, fast charging from 0% to 100% in only 37 minutes.

第一季度收入同比增長 27% 至 670 萬美元，我們 44% 的毛利率符合預期。主要客戶的增加增加了我們在快速和超快速充電器市場的領先地位。三星旗艦 Galaxy S22 Plus 和 S22 Ultra 的 45 瓦快速充電器採用了 Navitas GaN 技術，這是我們在三星的第一個設計勝利，也是他們有史以來最小的 45 瓦充電器。此外，Vivo 在其首款折疊式智能手機中採用了我們的 GaN IC，這款 8 英寸屏幕 X 折疊利用我們的 GaN IC 作為其 80 瓦雙 USB-C 充電器，僅在 0% 至 100% 之間快速充電37 分鐘。

Motorola's edge+ smartphone launched with a 68-watt in-box GaNFast charger with 1 watt per cubic centimeter power density and a 0% to 50% charge time of only 15 minutes. In addition, we are working closely with Motorola on a comprehensive co-op marketing campaign. In the emerging and fast-growing new segment of ultrafast smartphone chargers, we had extended our leadership position with a number of additional major customer announcements. Xiaomi has adopted our GaN technology for their Redmi AMG Mercedes Formula One Champion smartphone, which utilizes a compact 120-watt in-box charger that achieves 0% to 100% charging in only 37 minutes. Realme's GT Neo3 launched at Mobile World Congress utilizes our GaN ICs to deliver the world's fastest charging time, 0% to 50% in only 5 minutes and an impressive 1.5 watts per cubic centimeter power density. This translates to big power delivery in a very small form factor. And the OnePlus Ace utilizing our GaN IC technology for their in-box 150-watt ultrafast charger.

摩托羅拉 edge+ 智能手機推出了 68 瓦內置 GaNFast 充電器，每立方厘米功率密度為 1 瓦，0% 到 50% 的充電時間僅需 15 分鐘。此外，我們正在與摩托羅拉密切合作，開展全面的合作營銷活動。在新興且快速增長的超快智能手機充電器新細分市場中，我們通過發布一些額外的主要客戶公告擴大了我們的領導地位。小米為其 Redmi AMG 梅賽德斯一級方程式冠軍智能手機採用了我們的 GaN 技術，該智能手機採用緊湊型 120 瓦內置充電器，僅需 37 分鐘即可實現 0% 至 100% 充電。 Realme 在世界移動通信大會上推出的 GT Neo3 利用我們的 GaN IC 提供世界上最快的充電時間，僅需 5 分鐘即可從 0% 充電至 50%，並且功率密度高達 1.5 瓦/立方厘米。這意味著以非常小的外形尺寸提供大功率。 OnePlus Ace 採用我們的 GaN IC 技術為其內置 150 瓦超快充電器。

Beyond our significant smartphone GaN market position, Navitas is also leading the way in GaN adoption for notebook chargers. Dell was an early adopter of our GaN IC technology with their 100-watt accessory laptop charger launched in 2020, and we followed with a 60-watt optional GaN charger for Latitude laptops in 2021. We're also announcing another 60-watt charger that is now shipping in-box with the Dell XPS Plus. At the same time, Xiaomi has launched their 14-inch and 15-inch laptops powered by 100-watt in-box GaN fast chargers. And Lenovo Legion 5 Gen 7 gaming laptops with 135-watt GaNFast chargers have launched in April. This 135-watt charger is 40% smaller than legacy chargers at a power density over 1 watt per cubic centimeter, a huge 80-watt hour battery is charged in only 65 minutes.

除了我們重要的智能手機 GaN 市場地位之外，Navitas 還在筆記本電腦充電器採用 GaN 方面處於領先地位。戴爾是我們 GaN IC 技術的早期採用者，他們於 2020 年推出了 100 瓦筆記本電腦配件充電器，我們隨後在 2021 年推出了用於 Latitude 筆記本電腦的 60 瓦可選 GaN 充電器。我們還宣布推出另一款 60 瓦充電器現在隨戴爾 XPS Plus 一起發貨。與此同時，小米推出了搭載 100 瓦盒內 GaN 快速充電器的 14 英寸和 15 英寸筆記本電腦。配備 135 瓦 GaNFast 充電器的聯想 Legion 5 Gen 7 遊戲筆記本電腦已於 4 月推出。這款 135 瓦充電器比傳統充電器小 40%，功率密度超過每立方厘米 1 瓦，一個巨大的 80 瓦時電池僅需 65 分鐘即可充電。

Navitas GaN is now in mass production with 9 of the top 10 mobile OEMs across smartphone and laptops, and we expect all 10 of the 10 by the end of the year. Our technology innovation continues at a rapid pace. Our Generation 3 GaNSense technology was launched late last year and has already been adopted for mass production by over 15 customers across multiple end applications enabling all new levels of energy efficiency, fast charging and higher power density. This week, at the prestigious PCIM Conference in Nuremberg, Germany, we introduced our highest power-rated GaNFast power IC with proprietary GaNSense technology. The NV6169 delivers 50% more power as a high reliability building block for applications such as 4K, 8K TVs, next-generation gaming systems, solar microinverters and 1 kilowatt plus data center power supplies.

Navitas GaN 現已與智能手機和筆記本電腦的 10 大移動 OEM 中的 9 家進行量產，我們預計這 10 家中的 10 家將在今年年底前全部實現。我們的技術創新繼續快速發展。我們的第 3 代 GaNSense 技術於去年年底推出，已被超過 15 家客戶在多個終端應用中採用，實現了全新水平的能效、快速充電和更高的功率密度。本週，在著名的德國紐倫堡 PCIM 會議上，我們推出了採用專有 GaNSense 技術的最高額定功率 GaNFast 電源 IC。作為高可靠性構建模塊，NV6169 可為 4K、8K 電視、下一代遊戲系統、太陽能微型逆變器和 1 千瓦以上數據中心電源等應用提供 50% 以上的功率。

We started sampling additional high power GaN ICs late last year, which targets data centers, solar, EV and other related markets. Customer designs are well underway with dozens of customers across those segments, many of which are accelerated by their cooperation with our data center and EV-focused Design Center. Both of these design centers offer customers complete capabilities at high frequency, high efficiency, high density GaN-based power system design. Our expectations for additional revenues from these new segments across the next few years remain unchanged.

去年年底，我們開始對更多高功率 GaN IC 進行採樣，目標是數據中心、太陽能、電動汽車和其他相關市場。這些細分市場的數十家客戶正在順利進行客戶設計，其中許多是通過與我們的數據中心和以電動汽車為重點的設計中心的合作而加速的。這兩個設計中心都為客戶提供了高頻、高效率、高密度 GaN 電源系統設計方面的完整能力。我們對未來幾年這些新細分市場的額外收入的預期保持不變。

In addition, this quarter, we started sampling our Generation 4 GaN ICs on schedule. These enable another 20% cost performance improvement and will serve to further accelerate our GaN IC adoption in our target markets. Quality and reliability continue to be foundational to our company strategy and expansion plan. With our announcement of 50 million units shipped, we also announced an unprecedented achievement of 0 reported GaN-related field failures with 192 billion device hours in the field.

此外，本季度，我們開始按計劃對第 4 代 GaN IC 進行採樣。這些使成本性能再提高 20%，並將有助於進一步加快我們在目標市場中採用 GaN IC。質量和可靠性仍然是我們公司戰略和擴張計劃的基礎。隨著我們宣佈出貨 5000 萬台，我們還宣布了 0 報告的 GaN 相關現場故障的空前成就，現場使用了 1920 億器件小時。

We have another industry first with our 20-year product warranty. This is 10x to 20x longer than every other power semiconductor company, reflecting our confidence and our commitment, again, if not just as reliable as silicon, but actually more reliable courtesy of our integrated protection and robustness circuits and our unique and exhaustive GaN reliability program. When we combine these achievements with 5.8 billion device hours of accelerated reliability testing, we are delivering the level of confidence that our customers need to rapidly transition from silicon to GaN in the multibillion-dollar high-reliability markets of solar, data center, EV, energy storage and beyond.

憑藉 20 年的產品保修，我們擁有另一個行業第一。這比其他所有功率半導體公司長 10 倍到 20 倍，這再次反映了我們的信心和承諾，如果不僅與硅一樣可靠，而且實際上更可靠，這得益於我們的集成保護和穩健性電路以及我們獨特而詳盡的 GaN 可靠性計劃.當我們將這些成就與 58 億器件小時的加速可靠性測試相結合時，我們提供了客戶在價值數十億美元的太陽能、數據中心、電動汽車、儲能及其他。

Finally, I want to update all of you on our sustainability initiative. Over the last 3 years, we have carefully assessed the environmental benefits of both GaN as a next-generation material and Navitas as a next-generation semiconductor company. In January, we published the industry's first wide-band gap sustainability report that comprehensively quantifies the positive impact of GaN power semiconductors and climate change based on global standard.

最後，我想向大家介紹我們的可持續發展倡議。在過去 3 年中，我們仔細評估了 GaN 作為下一代材料和 Navitas 作為下一代半導體公司的環境效益。 1 月，我們發布了業界首份寬禁帶可持續發展報告，該報告基於全球標準全面量化了 GaN 功率半導體和氣候變化的積極影響。

Today, we're excited to announce that Navitas is the first semiconductor company worldwide to achieve carbon-neutral company status from the leading experts in carbon neutrality and climate finance, Natural Capital Partners. Achieving carbon-neutral status is another milestone in our mission to use wide-band gap materials to electrify our world and help our customers reach their own environmental goals.

今天，我們很高興地宣布，Navitas 是全球首家獲得碳中和和氣候金融領域領先專家 Natural Capital Partners 頒發的碳中和公司地位的半導體公司。實現碳中和狀態是我們使用寬帶隙材料使我們的世界電氣化並幫助我們的客戶實現自己的環境目標這一使命的另一個里程碑。

With all of these positive achievements for our company, we do want to recognize some short-term turbulence, specifically in China, given the COVID-related shutdowns and some softness in the China smartphone market. These two factors, in combination with some continued non-GaN component shortages, are expected to have some impact on our growth rate in Q2. Fortunately, we see strength in other regions outside of China, which helps us to maintain a strong Q2 sequential and year-on-year growth rate, albeit with a mix-related modest reduction in our gross margins.

鑑於我們公司的所有這些積極成就，我們確實希望認識到一些短期動盪，特別是在中國，考慮到與 COVID 相關的停工和中國智能手機市場的一些疲軟。這兩個因素，再加上一些持續的非 GaN 組件短缺，預計將對我們第二季度的增長率產生一些影響。幸運的是，我們看到了中國以外其他地區的實力，這有助於我們保持強勁的第二季度環比和同比增長率，儘管與混合相關的毛利率略有下降。

Despite these short-term challenges in China, I want to reiterate the strong fundamentals that are driving our business. The electrification of our planet and a transition of the $13 billion power semiconductor market from silicon to GaN is an underlying secular, multi-decade tailwind for our company. Navitas is #1 in fast and ultra-fast chargers. And even though we shipped over 50 million units, this still represents only about 2% of the charger market, less than 1% of the overall legacy silicon opportunity, leading dramatic adoption and growth ahead. Our GaN IC lead times remain low between 6 and 16 weeks, and this is accelerating GaN adoption given continued semiconductor shortages with power silicon lead times in the 6-plus month range.

儘管中國面臨這些短期挑戰，但我想重申推動我們業務發展的強勁基本面。我們星球的電氣化以及價值 130 億美元的功率半導體市場從矽向 GaN 的轉變是我們公司潛在的長期、數十年的順風。 Navitas 在快速和超快速充電器中排名第一。即使我們的出貨量超過 5000 萬台，這仍然只佔充電器市場的 2% 左右，不到整個傳統芯片機會的 1%，引領著未來的巨大採用和增長。我們的 GaN IC 交付週期保持在 6 到 16 週之間，這正在加速 GaN 的採用，因為半導體持續短缺，功率矽交付週期在 6 個多月的範圍內。

We maintain a very healthy balance sheet with over $250 million of cash on the books, which gives us confidence to reach our targeted profitability by 2024, and to pursue strategic M&A activities, which will accelerate our top line revenue and increase our customer value as we pursue our mission to become the next-generation power semiconductor leader. And finally, GaN remains a revolutionary once-in-a-lifetime opportunity to disrupt and redefine the field of power semiconductors and power electronics. Thank you, and let me now turn it over to our CFO, Todd Glickman.

我們保持非常健康的資產負債表，賬面上有超過 2.5 億美元的現金，這使我們有信心在 2024 年之前實現目標盈利能力，並進行戰略併購活動，這將加速我們的收入並增加我們的客戶價值，因為我們追求我們成為下一代功率半導體領導者的使命。最後，GaN 仍然是一個千載難逢的革命性機會，可以顛覆和重新定義功率半導體和電力電子領域。謝謝，現在讓我把它交給我們的首席財務官 Todd Glickman。

Thanks, Gene, and thanks, everyone, for joining us today. Let me take you through our first quarter numbers and guidance for Q2. GAAP revenue for the quarter grew to $6.7 million, representing 27% growth from the first quarter of 2021. Mobile demand remained solid throughout the quarter and the non-GaN supply constraints that had been impacting customers in the fourth quarter have improved somewhat, but continue to be a challenge for some of our customers. I would also like to note that last year, we sold our first in-box GaN chargers in the first quarter, which mitigated what would traditionally would have been a seasonally slower quarter.

謝謝，吉恩，也謝謝大家今天加入我們。讓我帶您了解我們的第一季度數據和第二季度的指導。本季度 GAAP 收入增長至 670 萬美元，較 2021 年第一季度增長 27%。整個季度移動需求保持穩定，第四季度影響客戶的非 GaN 供應限制有所改善，但仍將繼續對我們的一些客戶來說是一個挑戰。我還想指出，去年，我們在第一季度銷售了我們的第一款內置 GaN 充電器，這緩解了傳統上本應是季節性放緩的季度。

GAAP gross margin was 44% in the first quarter, consistent with our guidance and flat compared to the fourth quarter of 2021 despite TSMC's 20% wafer price increase, which would have led to a 6% gross margin reduction. With regard to expenses, we continue to invest in our global field applications and sales and marketing teams to build out our capability to penetrate new markets and expand into new regions. In addition, we are completing our first audit as a public company. Both investments are reflected in our SG&A spending with a non-GAAP expense of $6.7 million in the first quarter of 2022.

第一季度 GAAP 毛利率為 44%，與我們的指導一致，與 2021 年第四季度相比持平，儘管台積電晶圓價格上漲 20%，這將導致毛利率下降 6%。在費用方面，我們繼續投資於我們的全球現場應用以及銷售和營銷團隊，以增強我們打入新市場和擴展到新地區的能力。此外，我們正在完成作為上市公司的第一次審計。這兩項投資都反映在我們的 SG&A 支出中，2022 年第一季度的非 GAAP 支出為 670 萬美元。

Non-GAAP R&D was $5.8 million in the first quarter of 2022 as we continue developing multiple new generations of GaN ICs and invest in new GaN IC technology and our unique application-specific design centers to expand into data center, solar, EV and energy storage markets. Putting all this together, non-GAAP net loss from operations was $9.6 million compared to a net loss from operations of $5.3 million in the first quarter of 2021 as we invest simultaneously across new markets in this rapid growth phase of our company.

2022 年第一季度非 GAAP 研發費用為 580 萬美元，因為我們繼續開發多代新一代 GaN IC 並投資於新的 GaN IC 技術和我們獨特的特定應用設計中心，以擴展到數據中心、太陽能、電動汽車和儲能市場。綜上所述，非美國通用會計準則的運營淨虧損為 960 萬美元，而 2021 年第一季度的運營淨虧損為 530 萬美元，因為我們在公司的這個快速增長階段同時投資於新市場。

In March, we completed the redemption of both public and private warrants adding approximately 3.3 million shares of common stock and generating a onetime gain of $51.8 million as a result of the elimination of warrant liability. Our basic and diluted share count at the end of the first quarter was 123.5 million.

3 月，我們完成了公共和私人認股權證的贖回，增加了約 330 萬股普通股，並由於取消認股權證責任而產生了 5180 萬美元的一次性收益。我們在第一季度末的基本和稀釋後的股票數量為 1.235 億股。

Turning to the balance sheet. Cash and cash equivalents were $253.8 million. Inventory was $13.1 million compared to $12 million in the prior quarter as we maintained healthy inventories to support short lead times, significant growth and upside opportunities with our customers.

轉向資產負債表。現金和現金等價物為 2.538 億美元。庫存為 1,310 萬美元，而上一季度為 1,200 萬美元，因為我們保持健康的庫存以支持較短的交貨時間、顯著的增長和客戶的上行機會。

Moving on to guidance. For the second quarter of 2022, GAAP revenues are expected to be between $8 million and $9 million compared to $5.5 million in the second quarter of 2021. Next quarter is tracking to be a record quarter for the company, representing at least 47% growth from the second quarter of 2021. Despite softness in Asia due to China shutdowns and some reduction in smartphone sales, we are experiencing upside in other regions as customers convert from silicon to GaN faster, putting us in a position to offset China weakness and to reiterate our expectation to double full year revenue from 2021.

繼續指導。 2022 年第二季度，GAAP 收入預計將在 800 萬美元至 900 萬美元之間，而 2021 年第二季度為 550 萬美元。下一季度將成為該公司創紀錄的季度，至少增長 47% 2021 年第二季度。儘管由於中國停產和智能手機銷量有所下降，亞洲市場疲軟，但隨著客戶更快地從矽轉換為 GaN，我們在其他地區正經歷上行，這使我們能夠抵消中國的疲軟並重申我們的預計到 2021 年全年收入將翻一番。

GAAP gross margin for the second quarter is expected to be approximately 41%, plus or minus 1%. As mentioned earlier, China softness is being offset by stronger growth in other regions, which have somewhat lower gross margins and is expected to lead to a lower second quarter gross margin mix. GAAP full year 2022 gross margin is expected at approximately 42%, plus or minus 1% as revenues begin to diversify outside of Asia.

第二季度的GAAP毛利率預計約為41%，正負1%。如前所述，中國的疲軟正在被其他地區的強勁增長所抵消，這些地區的毛利率略低，預計將導致第二季度毛利率組合下降。隨著收入開始在亞洲以外地區多樣化，GAAP 2022 年全年毛利率預計約為 42%，上下浮動 1%。

As Eugene mentioned, our launch of Generation 4 in the second half is expected to fuel margin expansion in the fourth quarter of this year and into 2023. Our long-term strategy and expectation to achieve system cost parity with silicon in 2023 and deliver 55% gross margin long term is unchanged. In total, our non-GAAP operating expenses in Q2 are expected to be approximately $14 million, which excludes stock-based compensation and amortization of intangible assets.

正如尤金所說，我們在下半年推出的第 4 代預計將推動今年第四季度和 2023 年的利潤率擴張。我們的長期戰略和期望是在 2023 年實現與硅的系統成本平價並交付 55%毛利率長期不變。總體而言，我們在第二季度的非公認會計原則運營費用預計約為 1400 萬美元，其中不包括基於股票的補償和無形資產的攤銷。

In summary, we are excited to meet this milestone of shipping more than 50 million units and proving our leadership in mobile GaN chargers. We are looking forward to our exciting new opportunities in data center, solar and EV. Gene and I are now ready to take your questions. Operator, let's begin the Q&A session.

總之，我們很高興能夠實現這一里程碑，出貨量超過 5000 萬台，並證明了我們在移動 GaN 充電器方面的領先地位。我們期待著我們在數據中心、太陽能和電動汽車領域的激動人心的新機遇。吉恩和我現在準備好回答你的問題了。接線員，讓我們開始問答環節。

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

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

Just quickly, maybe if you could explain why the other regions have lower gross margin than, say, in China?

很快，也許你能解釋一下為什麼其他地區的毛利率比中國低？

Sure, Kevin. This is Gene. Thanks for your question. Yes, so last year, we had an opportunity to kick off some major strategic programs in other regions with some pretty strategic customers. We took that opportunity and went for it, even though the price points were a little bit lower, which is not too surprising for the very first program to start their GaN adoption knowing full well that we would, one, balance that out with higher-margin business elsewhere, including China. But two, that we would move them over the next few quarters this year to Generation 4, improving the profitability.

當然，凱文。這是吉恩。謝謝你的問題。是的，所以去年，我們有機會在其他地區啟動了一些具有戰略意義的客戶的重大戰略計劃。我們抓住了這個機會，儘管價格稍微低了一點，但我們抓住了這個機會，這對於第一個開始採用 GaN 的項目來說並不奇怪，因為我們很清楚我們會用更高的價格來平衡它——包括中國在內的其他地方的保證金業務。但是第二，我們將在今年接下來的幾個季度將它們轉移到第 4 代，從而提高盈利能力。

So with China weakening, that's a higher proportion than we expected, which has led to this sort of mix-related gross margin shift, but it also puts us on track to improve the profitability, gross margin of those other non-China programs and move towards margin expansion late in the year as we move them to Gen 4.

因此，隨著中國市場的疲軟，這比我們預期的要高，這導致了這種與混合相關的毛利率轉變，但它也使我們走上了提高其他非中國項目的盈利能力、毛利率和移動的軌道隨著我們將它們移至第 4 代，我們將在今年晚些時候實現利潤率擴張。

Okay. Great. And maybe if I think out to 2023, would you think your mix, assuming things get better in China, the mix and your gross margins will move up over that 45% range again?

好的。偉大的。也許如果我考慮到 2023 年，你會認為你的組合，假設中國的情況變得更好，組合和你的毛利率會再次超過 45% 的範圍嗎？

Yes. I think we'll be headed in that direction. Of course, this year, as a reminder, we had the significant impact of the TSMC 20% wafer cost increase, so that's all factored and rolled into the numbers we discussed for this year, but that will be behind us. We'll be squarely on Gen 4 late in the year and into next year and expect multi-point gross margin expansion in the next year, as you indicated.

是的。我想我們會朝著那個方向前進。當然，作為提醒，今年我們受到了台積電 20% 晶圓成本增加的重大影響，所以這一切都被計入並納入了我們今年討論的數字，但這將在我們身後。正如您所指出的，我們將在今年晚些時候和明年直接進入第 4 代，並預計明年毛利率將出現多點增長。

And our next question comes from the line of Trevor Janoski with Needham.

我們的下一個問題來自於李約瑟的 Trevor Janoski。

This is Trevor on for Quinn Bolton. So with the 44% gross margin this quarter and the guide to 41% for the full year, can you provide some additional color on the headwinds you're seeing as the year progresses? And we understand not raising ASPs in the near term to continue gaining share, but is there a specific floor on margins where you would consider raising prices?

這是奎因博爾頓的特雷弗。因此，本季度毛利率為 44%，全年毛利率為 41%，隨著時間的推移，您能否為您所看到的逆風提供一些額外的色彩？而且我們理解在短期內不會提高平均售價以繼續獲得份額，但是您是否會考慮提高價格的特定利潤率底線？

Yes, I'll start. Maybe Todd could add color or specifics, if he'd like. But as I mentioned with Kevin's question, the main driver is the strategic programs we committed to last year, frankly, before the TSMC wafer price increase. So those are -- we're happy we did in the end, of course, because of the short-term softness in China. This is helping to compensate quite a bit. But in the end, it drives key top line growth that will ultimately be in line with our gross margin expectations as we transition to Gen 4 later in the year. Todd, anything you want to add to that?

是的，我會開始的。如果托德願意的話，也許托德可以添加顏色或細節。但正如我在凱文的問題中提到的那樣，主要驅動力是我們去年承諾的戰略計劃，坦率地說，在台積電晶圓價格上漲之前。所以那些——我們很高興我們最終做到了，當然，因為中國的短期疲軟。這有助於補償相當多的。但最終，它推動了關鍵的收入增長，隨著我們在今年晚些時候過渡到第 4 代，最終將符合我們的毛利率預期。托德，你想補充什麼嗎？

Yes, but we are still tracking to get 42% is the guidance for the full year, plus or minus 1%. So that is our goal. And to answer the second question of, is there a floor on ASP? Our ultimate goal is to create a system cost parity with silicon. So that is our goal, and we're still on track for that occurring in 2023.

是的，但我們仍在追踪 42% 是全年的指導，正負 1%。這就是我們的目標。並回答第二個問題，ASP 是否有底線？我們的最終目標是創建與硅相同的系統成本。這就是我們的目標，我們仍在朝著 2023 年的目標前進。

Okay. And are you able to quantify the effect that China had on the quarter and revenue and your margin guidance as well?

好的。您能否量化中國對本季度和收入以及您的利潤率指導的影響？

Well, I could add, again, this is Gene. For Q1, by the way, we didn't see a significant impact on revenue. We came in in-line or even a bit higher than guidance on revenue. There does continue to be non-GaN component shortages that have some effect, but hard to quantify. Certainly, in Q2 is where we're seeing the short-term China effect. We think that's probably about a $2 million-ish impact. But luckily with the growth and robustness in other regions, that's offsetting a good $1 million of that or so. So that gives you sort of a rough idea of the magnitude of the short-term pluses and minuses between the regions.

好吧，我可以再補充一次，這是 Gene。順便說一句，對於第一季度，我們沒有看到對收入的重大影響。我們的收入符合甚至略高於收入指引。非 GaN 元件短缺確實會繼續存在，但會產生一些影響，但難以量化。當然，第二季度是我們看到短期中國效應的地方。我們認為這可能會產生大約 200 萬美元的影響。但幸運的是，隨著其他地區的增長和穩健，這抵消了大約 100 萬美元。這樣一來，您就可以大致了解各地區之間短期利弊的大小。

And our next question comes from the line of Ross Seymore with Deutsche Bank.

我們的下一個問題來自德意志銀行的羅斯·西莫爾。

This is (inaudible) asking on behalf of Ross. Could you double-click? So I guess with the new guidance numbers for Q2 and the full year top line remaining unchanged, it seems you have to grow at least 50% Q3, Q4. So if you can give us some additional color in terms of how do we look at linearity in those 2 quarters?

這是（聽不清）代表羅斯問的。可以雙擊嗎？所以我猜隨著第二季度的新指導數字和全年收入保持不變，看起來你必須在第三季度和第四季度至少增長 50%。因此，如果您可以就我們如何看待這兩個季度的線性度給我們一些額外的顏色？

Yes. We continue to see robust growth and outlook in the second half of the year based on all the number of programs that are now pretty regionally diversified, as we talked about. I think we mentioned in the past, typical seasonality we expect is probably 1/3-ish revenues in the first half of the year and 2/3 in the second half. Last year was a bit of an anomaly as we've discussed before, with Xiaomi launching their first in-box in Q1, which is not a typical major production year. It's usually a softer quarter, and that bled into Q2. So we had a more balanced, let's say, split between first half and second half last year. But I think this year is still shaping up to be in that range of 1/3 first half, 2/3 second half.

是的。正如我們所談到的，基於現在區域多元化的所有項目數量，我們繼續看到下半年的強勁增長和前景。我想我們過去提到過，我們預期的典型季節性可能是上半年收入的 1/3 左右，下半年收入的 2/3。正如我們之前討論的那樣，去年有點反常，小米在第一季度推出了他們的第一款收件箱，這不是典型的主要生產年份。它通常是一個較軟的季度，並且流入第二季度。所以我們在去年上半年和下半年之間進行了更平衡的分配。但我認為今年仍將保持在上半年 1/3 和下半年 2/3 的範圍內。

Thank you. So would it be fair to assume that in terms of sequential, Q4 would be the highest growing quarter?

謝謝你。那麼假設第四季度將是增長最快的季度，是否公平？

Yes, probably so. That's typically the case, yes.

是的，大概是這樣。這通常是這種情況，是的。

Our next question comes from the line of Jon Tanwanteng with CJS.

我們的下一個問題來自於 CJS 的 Jon Tanwanteng。

My first one, just -- not to beat a dead horse, but I was wondering if you could give us a little more color on the margin progression through the year, 42% for Q2, higher volumes in Q3 and Q4. Does that mean we're going to see a little bit lower gross margin in one of those two quarters as we progress that your average for the year is going to be 42% and kind of give me the reason why?

我的第一個，只是——不是為了打敗一匹死馬，但我想知道你是否可以給我們提供更多關於全年利潤率進展的信息，第二季度為 42%，第三季度和第四季度的銷量更高。這是否意味著我們將在這兩個季度中的一個季度看到更低的毛利率，因為我們取得了進展，您的年度平均水平將達到 42%，並告訴我原因？

Todd, do you want to handle that? Recognizing Gen 4 is probably the biggest driver, but there's obviously the regional balance in the mix that we talked about. But Todd, do you want to give a little bit more color?

托德，你想處理嗎？認識到第 4 代可能是最大的驅動力，但顯然我們談到的混合中存在區域平衡。但是托德，你想多一點顏色嗎？

Yes. As we gave the sort of guidance of 41%, plus or minus in Q2, you would expect that same guidance coming in Q3 with the margin expansion really coming in Q4 to allow us to hit that 42% plus or minus 1% as Gene touched on, driven by our sale of Gen 4 devices, which are allowing us to recapture margin and proceed to expanding that.

是的。當我們在第二季度給出 41% 的指導時，您會期望在第三季度出現相同的指導，而第四季度確實會出現利潤率擴張，從而使我們能夠達到 Gene 觸及的 42% 的正負 1%在我們銷售第 4 代設備的推動下，這使我們能夠重新獲得利潤並繼續擴大利潤。

Okay. Great. And then just a little bit more color on the confidence in the second half outlook. Is that based on discussions with your customers? Any indications of what they're producing? Or is it more firm orders in hand? And kind of how do you cast that visibility and assortments of those orders?

好的。偉大的。然後對下半年的前景充滿信心。這是基於與客戶的討論嗎？有什麼跡象表明他們在生產什麼？還是手頭有更堅定的訂單？你是如何投射這些訂單的可見性和分類的？

Yes. I think it's a combination of both. Certainly, we're very close to our customers, very well connected at the OEMs and the ODMs at all levels. That's sort of part of our business model. So that helps, and it's based upon both the Chinese customers' view on improving conditions in Q3 and in the second half of the year. And then more importantly, really robust and stable revenue outlooks, forecast and production orders for the other regions. So all of those work hand in hand. In addition, Gen 4 is not only important to the gross margin expansion later in the year, but Gen 4 is already sampling now on schedule, as we said earlier, and the reception has been phenomenal. And that's actually spurring additional programs that could create upside. So we're taking all that into account as we gave our updated guidance.

是的。我認為這是兩者的結合。當然，我們非常接近我們的客戶，在各個級別的 OEM 和 ODM 之間建立了良好的聯繫。這是我們商業模式的一部分。這很有幫助，而且它基於中國客戶對第三季度和下半年改善條件的看法。然後更重要的是，其他地區的收入前景、預測和生產訂單非常強勁和穩定。因此，所有這些都齊頭並進。此外，第 4 代不僅對今年晚些時候的毛利率擴張很重要，而且正如我們之前所說，第 4 代現在已經按時出樣了，而且反響非常好。這實際上刺激了可以創造上行空間的額外計劃。因此，我們在提供更新指南時將所有這些都考慮在內。

Understood. And then, Todd, I don't know if you've mentioned in the prepared remarks, but did you have any directional commentary on OpEx past Q2?

明白了。然後，托德，我不知道你是否在準備好的評論中提到，但你對第二季度之後的運營支出有任何方向性的評論嗎？

For the full year, we're not changing our guidance on OpEx on a non-GAAP basis of $58 million. With the $14 million in Q2, we expect to continue to move higher in Q3 and Q4 to track towards that $58 million.

對於全年，我們不會根據 5800 萬美元的非公認會計原則改變我們對運營支出的指導。憑藉第二季度的 1400 萬美元，我們預計第三季度和第四季度將繼續走高，以達到 5800 萬美元。

(Operator Instructions) Our next question comes from the line of Richard Shannon with Craig-Hallum.

（操作員說明）我們的下一個問題來自 Richard Shannon 和 Craig-Hallum 的台詞。

Todd, I guess I just want to reverify on the gross margins. I perhaps misheard, but I thought you said the opposite numbers of what's in the press release. Your press release says 42% in the second quarter and 41% for the year, but you've been seeing the opposite. Can you verify which one is correct?

托德，我想我只是想重新驗證毛利率。我可能聽錯了，但我認為您所說的與新聞稿中的數字相反。您的新聞稿稱第二季度為 42%，全年為 41%，但您看到的情況恰恰相反。你能驗證哪一個是正確的嗎？

Yes. For the full -- our full year guidance for gross margin is 42%, plus or minus 1%, and our Q2 guidance for gross margin is 41%, plus or minus 1%.

是的。全年——我們的全年毛利率指引為 42%，正負 1%，我們的第二季度毛利率指引為 41%，正負 1%。

Okay. You probably should correct the press release because it says the opposite. So thanks for making sure we got that right. Let's see here. Maybe a question on the Gen 4 ramp. I guess how fast will, in general and specifically with the Gen 4, do you expect the transition to be? Like, at one point, does it get to, say, 50% of your total sales? Is that something that happens fairly quickly like within a year or does it take a little bit longer than that?

好的。您可能應該更正新聞稿，因為它說相反。所以感謝您確保我們做對了。讓我們看看這裡。也許是第 4 代坡道上的一個問題。我想，總的來說，特別是第 4 代，您預計過渡會多快？比如，在某一時刻，它是否達到了總銷售額的 50%？這是在一年之內發生的相當快的事情，還是需要更長的時間？

Yes, great question. And each generation can be different depending upon what we're adding in terms of features and capability. Generation 3 as an example introduced all new integration capabilities called GaNSense, which really applies then to brand-new designs to take advantage of that. Gen 4 is a little bit more classic, die shrink cost reduction with some performance enhancement, but actually serves to drop in replacing Gen 3 or prior generations very quickly on a pin-to-pin basis. So that will actually drive the adoption a lot faster than Gen 3. And as much as we saw and continue to see Gen 3 picking up very quickly, the Gen 4 transition will be faster. So I don't feel we'll cross the 50% point by Q4 of this year, but probably early next year. It's a pretty quick ramp in transition.

是的，很好的問題。根據我們在特性和功能方面添加的內容，每一代都可能有所不同。以第 3 代為例，它引入了所有稱為 GaNSense 的新集成功能，它真正適用於全新的設計以利用這一點。第 4 代更經典一點，通過一些性能增強降低了芯片縮減成本，但實際上有助於在引腳對引腳的基礎上非常快速地替換第 3 代或前幾代產品。因此，這實際上會比第 3 代更快地推動採用。正如我們所看到並繼續看到第 3 代快速回升一樣，第 4 代過渡將會更快。所以我認為我們不會在今年第四季度超過 50%，但可能在明年初。這是一個非常快速的過渡階段。

Okay. Great to know that. One last question for me, again, just on the charger part of the market here. I think in the last couple of calls, you've had discussions, you provide great detail on charges at particular power levels. And I think about 65% you're expecting a second -- in many cases, you'll see a second chip. So I wonder if you can kind of profile what you're seeing throughout this year or the next year -- over the next year, whatever, about when percentage of wins and volumes that will be for chargers that have double the number of chips and a higher content level?

好的。很高興知道這一點。對我來說最後一個問題，再次，就在這里市場的充電器部分。我認為在最近的幾次電話會議中，你們進行了討論，你們提供了有關特定功率水平收費的詳細信息。我認為大約 65% 的人期待第二個——在很多情況下，你會看到第二個芯片。所以我想知道你是否可以描述一下你在今年或明年看到的情況 - 在接下來的一年裡，無論如何，關於籌碼數量翻倍的充電器的獲勝百分比和數量以及更高的內容水平？

Yes. Yes. No, great question. We especially focus in on or highlight the ultra-fast charger category, which is typically things that are delivering more than 100 watts of power to a smartphone, which is an extraordinary amount. And usually, once you get to that 100-watt level and up, you have to add additional circuitry. It's called pfc, or power factor correction, that doubles typically the GaN content. And as you go up from 100 watts, that can even triple or even quadruple the GaN content.

是的。是的。不，很好的問題。我們特別關注或強調超快速充電器類別，這通常是為智能手機提供超過 100 瓦功率的東西，這是一個非凡的數量。通常，一旦達到 100 瓦以上的水平，就必須添加額外的電路。它被稱為 pfc 或功率因數校正，通常使 GaN 含量翻倍。當你從 100 瓦開始上升時，GaN 的含量甚至可以增加三倍甚至四倍。

So we definitely see that segment growing probably the fastest of all segments. We highlighted in our prepared remarks, the 3 categories, kind of traditional fast chargers below 100 watts growing nicely with 3 major announcements there, Samsung, Vivo and Motorola. But in the ultrafast category, we highlighted Xiaomi, Realme and OnePlus Ace, and there's a whole lot more coming behind that. So I think we'll see that ultimately probably the largest segment over time. We'll have to see how that plays out. The bigger volume is in the fast charging category today, but ultrafast is the fastest growing.

因此，我們肯定看到該細分市場的增長可能是所有細分市場中增長最快的。我們在準備好的評論中強調了 3 個類別，即 100 瓦以下的傳統快速充電器，其中三星、Vivo 和摩托羅拉的 3 個主要公告增長良好。但在超快類別中，我們重點介紹了小米、Realme 和 OnePlus Ace，而這背後還有更多。所以我認為隨著時間的推移，我們最終會看到這可能是最大的部分。我們將不得不看看結果如何。更大的容量是今天的快速充電類別，但超快是增長最快的。

And we shouldn't forget about notebooks. Notebooks are pretty stable, strong market for us, doesn't have the short-term China softness that we talked about. And that's also growing really nicely for us with Dell now going in-box with our GaN chargers, Xiaomi launching a family of notebooks with our chargers and even Lenovo now with multiple launches, including notebooks. So anyway, that gives you a little bit more color on the different segments and in particular, that ultrafast category driving more content.

我們不應該忘記筆記本。筆記本電腦對我們來說是相當穩定、強勁的市場，沒有我們所說的短期中國疲軟。這對我們來說也發展得非常好，戴爾現在推出了我們的 GaN 充電器，小米推出了一系列筆記本電腦，甚至聯想現在推出了多個產品，包括筆記本電腦。所以無論如何，這讓你在不同的細分領域有了更多的色彩，特別是推動更多內容的超快類別。

And our next question comes from the line of Mark Lipacis with Jefferies.

我們的下一個問題來自 Jefferies 的 Mark Lipacis。

So the question I have is, as you look into 2023, I think you had earlier expressed a view that you thought that you would start to see enterprise and renewable solar kind of programs starting to ramp in 2023. And so the question is, do you still believe that to be the case? And if so, is there -- should we think about the -- those vertical markets or the products that you're supplying into those vertical markets different, either from a pricing standpoint or a margin standpoint? Or would these be very similarly priced and margin kind of products?

所以我的問題是，當你展望 2023 年時，我認為你之前曾表達過一種觀點，即你認為你會開始看到企業和可再生太陽能項目在 2023 年開始增加。所以問題是，做你還相信是這樣嗎？如果是這樣，我們是否應該考慮這些垂直市場或您向這些垂直市場供應的產品是否不同，無論是從定價的角度還是利潤的角度？還是這些產品的價格和利潤非常相似？

Yes. No, good questions, and certainly good memory, and we are on track with those plans. In fact, we announced this week the NV6169, which is the highest power version of our GaNSense family, but that's the tip of the iceberg. There's all new families that we're already sampling, but haven't publicly announced that are serving all of those markets you talked about, data center, solar, EV and energy storage. We're still on track with multiple programs, especially in the data center space that would start ramping in '23. We think solar and some energy storage would catch a little bit of late '23 and most of the EV, because of the longer development times, would start ramping in '25.

是的。不，很好的問題，當然還有很好的記憶力，我們正在按照這些計劃進行。事實上，我們本周宣布了 NV6169，它是我們 GaNSense 系列的最高功率版本，但這只是冰山一角。我們已經對所有新系列進行了採樣，但尚未公開宣布它們正在服務於您談到的所有市場，數據中心、太陽能、電動汽車和儲能。我們仍在推進多個計劃，尤其是在 23 年開始加速的數據中心領域。我們認為太陽能和一些儲能將在 23 年後期趕上一點點，並且由於開發時間較長，大部分電動汽車將在 25 年開始增長。

All of these products are much more powerful chips and with that comes a higher price point. So where the mobile charger and consumer chips tend to range around $1 or now a bit less as we're driving the price and system costs down closer to system -- silicon cost parity, as you go in the higher power range, we'll see ASPs that will often be in the $2 to $4 range. Also, given the higher quality and reliability demand that sort of fits perfectly with our capability, we expect and are already seeing higher margins to go with it. We've cited before how we expect, ultimately, mobile and consumer to be probably 10 or 15 points lower than the more industrial bigger -- barrier to entry markets like data center, solar and EV and the combination of both would get us through our long-term operating model of 55 points. So that gives you some sense of price points, improved margin as well as kind of revenue timing of when those things start to roll out and impact the top line.

所有這些產品都是功能更強大的芯片，隨之而來的是更高的價格點。因此，當我們將價格和系統成本降低到更接近系統時，移動充電器和消費類芯片的價格往往在 1 美元左右或現在更低一些——矽成本平價，當你進入更高的功率範圍時，我們將請參閱通常在 2 到 4 美元範圍內的 ASP。此外，鑑於與我們的能力完美契合的更高質量和可靠性需求，我們預計並且已經看到更高的利潤率。我們之前已經引用了我們的預期，最終，移動和消費類產品可能比更大的工業產品低 10 或 15 個百分點——數據中心、太陽能和電動汽車等進入市場的障礙，兩者的結合將使我們通過我們的長期經營模式55分。這樣一來，您就可以了解價格點、提高的利潤率以及這些東西何時開始推出並影響收入的收入時機。

And a follow-up, if I may. On the -- I think particularly on the enterprise side, there had been some regulatory kind of efforts to try to drive higher efficiencies. And I'm wondering, is there -- are you seeing any newer developments on this front associated with what we've been observing with higher energy prices? And that's all.

如果可以的話，還有後續行動。在 - 我認為特別是在企業方面，已經採取了一些監管措施來試圖提高效率。我想知道，您是否看到這方面的任何新發展與我們一直觀察到的能源價格上漲有關？就這樣。

No, exactly right. And to add a finer point, that's a Titanium Plus standard being required in Europe in 2023, which is, of course, right around the corner. So virtually all the designs we're doing, because it's very hard to achieve that level of efficiency standard with silicon, virtually all we're doing with our data center customers today is demanding that standard Titanium Plus, and that will be a big piece of our data center revenue rollout in '23. So that's a great driver for us for Europe. And keep in mind, most feel designed power supplies should work around the world. So you have to design usually to your toughest standard. So Europe doesn't just impact Europe sales, it could actually impact a lot more than that. We're seeing that ripple effect today.

不，完全正確。再補充一點，那就是 2023 年歐洲需要的 Titanium Plus 標準，當然，這指日可待。所以幾乎我們正在做的所有設計，因為很難用矽達到這種效率標準水平，我們今天與我們的數據中心客戶所做的幾乎所有事情都要求標準的 Titanium Plus，這將是一個很大的部分我們在 23 年推出的數據中心收入。所以這對我們歐洲來說是一個很好的推動力。請記住，大多數人認為設計的電源應該在世界範圍內工作。因此，您通常必須按照最嚴格的標准進行設計。因此，歐洲不僅會影響歐洲的銷售，它實際上可能會影響更多。我們今天看到了這種連鎖反應。

(Operator Instructions) And we do have a follow-up question from the line of Kevin Cassidy with Rosenblatt Securities.

（操作員說明）我們確實有一個來自 Rosenblatt Securities 的 Kevin Cassidy 的後續問題。

Maybe along the lines of what Mark was asking, part of your strategy is to have these design centers and even a data center Design Center. Can you give us a little detail of what's happened there? How many people have you hired and, I guess, the activity of how many customers are utilizing it?

也許按照馬克的要求，您的部分策略是擁有這些設計中心，甚至是數據中心設計中心。你能給我們詳細介紹一下那裡發生的事情嗎？你僱傭了多少人，我猜有多少客戶正在使用它？

Yes. Great. Thank you for asking about that, Kevin. We didn't put a big spotlight on it, but it is a big story. Last year, we opened up the Design Center for data centers. And earlier this year, we announced the 1.3-kilowatt Titanium Plus full system design using our GaN ICs. And now we're working with specific customers who are adopting that design, putting it into commercial production and ramp, which will roll out next year as we talked about. But that Design Center has a whole road map of system level developments and innovations largely are developed collaboratively with key customers. And we can't name the names yet, but as those things become public, obviously, we'll love to share it. But we do have multiple customers engaged with that Design Center to influence the road map, collaboratively design these new systems and of course, bring them into production using our GaN ICs.

是的。偉大的。謝謝你問這個問題，凱文。我們沒有把重點放在它上面，但它是一個大故事。去年，我們開設了數據中心設計中心。今年早些時候，我們宣布了使用我們的 GaN IC 的 1.3 千瓦 Titanium Plus 完整系統設計。現在我們正在與採用該設計的特定客戶合作，將其投入商業生產和量產，正如我們所說的那樣，將於明年推出。但該設計中心擁有系統級開發和創新的完整路線圖，主要是與主要客戶合作開發的。我們還不能說出這些名字，但隨著這些事情的公開，很明顯，我們很樂意分享它。但我們確實有多個客戶與該設計中心合作，以影響路線圖，協作設計這些新系統，當然，使用我們的 GaN IC 將它們投入生產。

More recently, we announced in Q1 the automotive or EV Design Center out of Shanghai. That's earlier days. It's in Shanghai. So it's in the center of the storm there, but they're actually being very productive in getting equipment order, setting up the lab. There's a small team. In general, both of these design centers are looking at about a dozen engineers in their first phase, and then they'll grow from there. And the EV Design Center is already looking to produce its first GaN-based onboard chargers later this year, again, collaboratively with customers who are influencing those co-designing them with us and then ultimately bringing them to production.

最近，我們在第一季度宣佈在上海設立汽車或電動汽車設計中心。那是更早的日子。是在上海。所以它在那里處於風暴的中心，但他們實際上在獲得設備訂單和建立實驗室方面非常有效率。有一個小團隊。一般來說，這兩個設計中心的第一階段都在尋找大約十幾名工程師，然後他們會從那裡成長。 EV 設計中心已經在尋求在今年晚些時候生產其首款基於 GaN 的車載充電器，再次與影響那些與我們共同設計並最終將其投入生產的客戶合作。

And we're hopeful, even though I reiterated 2025 as our expected EV revenues, we certainly hope these things accelerate and expect that they accelerate. The timing, we'll see how that plays out and kind of give you updates as the technical achievements are done, the customer announcements can be made and the revenue impacts can be further forecasted.

我們充滿希望，儘管我重申 2025 年是我們預期的電動汽車收入，但我們當然希望這些事情能夠加速發展，並期望它們能夠加速發展。時機，我們將看到它如何發揮作用，並隨著技術成就的完成為您提供更新，可以發布客戶公告以及可以進一步預測收入影響。

And we have another follow-up question from the line of Ross Seymore more with Deutsche Bank.

我們還有另一個來自德意志銀行的羅斯·西莫爾（Ross Seymore）的後續問題。

I had a question, during the (inaudible) process, one of the key use of proceeds was acquisitions, and you've been carrying a pretty healthy cash amount on the balance sheet. If you can give us any update on that area in terms of horizon or if you have come across some targets, et cetera?

我有一個問題，在（聽不清）過程中，收益的主要用途之一是收購，而您在資產負債表上一直持有相當健康的現金金額。如果您可以向我們提供有關該領域的任何最新信息，或者您是否遇到了一些目標，等等？

Yes, certainly. Gene again. Yes, you're exactly right. We anticipate no more than $100 million of our cash on the balance sheet to be needed to fuel our internal or organic business to reach cash flow positive in 2024, and that's a pretty conservative $100 million. So that leaves us a lot of capital to potentially put to work in different ways.

是的，當然了。又是吉恩。是的，你完全正確。我們預計資產負債表上的現金不會超過 1 億美元，以推動我們的內部或有機業務在 2024 年達到正現金流，這是一個相當保守的 1 億美元。所以這給我們留下了很多資金，可以以不同的方式投入工作。

We remain really bullish about the opportunities. We do see a lot that we're exploring pretty seriously across a number of fields, whether they're GaN and expanding more in GaN in the field of silicon because every next-generation power system does need silicon controller chips or similar that go hand in hand with the GaN power device and even the field of silicon carbide, which is a nice complement for even higher voltages and higher powers. So while we don't have anything specific to announce or forecast yet today, we're definitely active on that front and look forward to giving you announcements in the future.

我們仍然非常看好這些機會。我們確實看到很多我們正在多個領域進行非常認真的探索，無論是 GaN 還是在矽領域更多地擴展 GaN，因為每個下一代電力系統都需要矽控制器芯片或類似的芯片與GaN功率器件甚至碳化矽領域密切相關，這是對更高電壓和更高功率的一個很好的補充。因此，雖然我們今天還沒有任何具體的宣布或預測，但我們肯定在這方面很活躍，並期待在未來向您發佈公告。

And I'm showing no further questions at this time. And I would like to hand the conference back over to Gene Sheridan for any further remarks.

我現在沒有再提出任何問題。我想將會議交還給 Gene Sheridan 以作進一步評論。

Thank you, operator, and thanks, everyone, for a great discussion, questions and joining us today. So thank you so much, and let's go GaNFast.

謝謝您，接線員，謝謝大家，今天的討論，問題和加入我們。非常感謝您，讓我們開始使用 GaNFast。

This concludes today's conference call. Thank you for participating. You may now disconnect. Everyone, have a great day.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。大家，有一個美好的一天。