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 年第一季業績電話會議。 （操作員指示）請注意，今天的會議正在錄音。 （操作員指令）

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

現在我想將會議交給今天的主持人史蒂芬奧利佛。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。我是史蒂芬·奧利佛——大家下午好。我是史蒂芬‧奧利佛 (Stephen Oliver)，企業行銷與投資人關係副總裁。感謝您參加 Navitas Semiconductor 2022 年第一季業績電話會議。今天與我一起出席活動的還有我們的董事長、總裁兼執行長 Gene Sheridan；以及我們的財務長 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.

本次網路廣播的重播將在本次電話會議結束後約 1 小時在我們的網站 ir.navitassemi.com 的投資者關係部分提供，並且錄音將在本次電話會議結束後約 30 天內提供。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 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.

我們的收益報告和本簡報包括某些非公認會計準則財務指標。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 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，我們也將對未來事件或 Navitas 未來財務表現做出前瞻性陳述。您可以透過「我們期望」或「我們相信」或類似的術語來識別這些陳述。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。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.

另請參閱我們向美國證券交易委員會提交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 表年度報告。現在請執行長 Gene Sheridan 發言。

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.

謝謝史蒂夫，也謝謝今天參加電話會議的每個人。我們繼續專注於打造我們在GaN功率IC領域的基礎技術和市場領導地位。特別是，我們正在提升我們在行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資料中心、太陽能、電動車和相關市場中令人興奮的新機會。正如我們上週宣布的那樣，Navitas 目前的出貨量已超過 5000 萬台，鞏固了我們在功率 GaN 市場的領先地位。

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.

第一季營收年增 27% 至 670 萬美元，毛利率 44% 符合預期。由於主要客戶的增加，我們在快速和超快速充電器市場的領先地位進一步增強。三星的旗艦產品 Galaxy S22 Plus 和 S22 Ultra 在其 45 瓦快速充電器中採用了 Navitas GaN 技術，這是我們在三星首次贏得的設計勝利，也是他們有史以來最小的 45 瓦充電器。此外，Vivo 在其首款折疊智慧型手機中採用了我們的 GaN IC，這款 8 吋螢幕的 X fold 採用我們的 GaN IC 作為其 80 瓦雙 USB-C 充電器，僅需 37 分鐘即可從 0% 快速充電至 100%。

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.

摩托羅拉的 edge+ 智慧型手機配備 68 瓦內建 GaNFast 充電器，功率密度為每立方公分 1 瓦，從 0% 到 50% 的充電時間僅為 15 分鐘。此外，我們正在與摩托羅拉密切合作，進行全面的合作行銷活動。在超高速智慧型手機充電器這一新興且快速成長的新領域，我們透過一系列額外的主要客戶公告擴大了我們的領導地位。小米已為其 Redmi AMG 梅賽德斯一級方程式冠軍智慧型手機採用了我們的 GaN 技術，該智慧型手機採用緊湊型 120 瓦內建充電器，僅需 37 分鐘即可實現從 0% 到 100% 的充電。 Realme 在世界行動通訊大會上推出的 GT Neo3 採用我們的 GaN IC，實現世界上最快的充電時間，只需 5 分鐘即可從 0% 充電至 50%，功率密度高達每立方厘米 1.5 瓦。這意味著以非常小的尺寸提供巨大的功率。 OnePlus Ace 採用我們的 GaN IC 技術，實現內建 150 瓦超快速充電器。

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.

除了在智慧型手機 GaN 市場中佔據重要地位之外，Navitas 在 GaN 在筆記型電腦充電器領域的應用也處於領先地位。戴爾是我們的 GaN IC 技術的早期採用者，於 2020 年推出了 100 瓦配件筆記型電腦充電器，隨後我們於 2021 年為 Latitude 筆記型電腦推出了 60爾 瓦可選 GaN 充電器。同時，小米還推出了配備 100 瓦內建 GaN 快速充電器的 14 吋和 15 吋筆記型電腦。配備 135 瓦 GaNFast 充電器的聯想 Legion 5 Gen 7 遊戲筆記型電腦已於 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公分 1 瓦，僅需 65 分鐘即可充滿 80 瓦時的大電池。

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 目前已為智慧型手機和筆記型電腦領域排名前 10 位的行動 OEM 廠商中的 9 家進行量產，我們預計到今年年底這 10 家廠商都將實現量產。我們的技術創新持續快速發展。我們的第三代 GaNSense 技術於去年底推出，目前已被超過 15 個客戶在多個終端應用領域大規模生產，實現了全新水平的能源效率、快速充電和更高的功率密度。本週，在德國紐倫堡著名的 PCIM 會議上，我們推出了採用專有 GaNSense 技術的額定功率最高的 GaNFast 功率 IC。 NV6169 作為高可靠性建構模組，可為 4K、8K 電視、新一代遊戲系統、太陽能微型逆變器和 1 千瓦以上資料中心電源等應用提供多 50% 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.

我們在去年年底開始對更多高功率 GaN IC 進行抽樣，目標是資料中心、太陽能、電動車和其他相關市場。這些領域的數十家客戶的設計工作正在順利進行中，其中許多設計透過與我們的資料中心和以電動車為重點的設計中心的合作而加速完成。這兩個設計中心都為客戶提供了高頻、高效率、高密度基於 GaN 的功率系統設計的完整功能。我們對未來幾年這些新部門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，本季我們已按計劃開始對第四代 GaN IC 進行抽樣。這些使成本性能再提高20％，並將進一步加速我們的GaN IC在目標市場的應用。品質和可靠性仍然是我們公司策略和擴張計劃的基礎。隨著我們宣佈出貨量達到 5000 萬台，我們也宣布了一項前所未有的成就：在設備使用時間達到 1920 億小時的情況下，GaN 相關現場故障報告率為 0。

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.

我們又創下了業界第一，即提供 20 年的產品保固期。這比其他所有功率半導體公司都要長 10 到 20 倍，反映了我們的信心和承諾，同樣，即使它不只是像矽一樣可靠，而且由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，它實際上更可靠。當我們將這些成就與 58 億小時的設備加速可靠性測試相結合時，我們將為客戶提供所需的信心水平，使他們能夠在太陽能、資料中心、電動車、能源儲存等價值數十億美元的高可靠性市場中從矽迅速過渡到 GaN。

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永續發展舉措的最新情況。在過去 3 年裡，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。今年1月，我們發布了業界第一份寬頻隙永續發展報告，根據全球標準全面量化GaN功率半導體和氣候變遷的正面影響。

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 成為全球第一家獲得碳中和和氣候融資領域領先專家 Natural Capital Partners 認可的碳中和公司地位的半導體公司。實現碳中和是我們的使命中的另一個里程碑，即利用寬頻隙材料來電氣化我們的世界並幫助我們的客戶實現自己的環境目標。

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.

儘管我們公司取得了這些積極的成就，但我們確實承認存在一些短期動盪，特別是在中國，因為受新冠疫情相關的停工影響，以及中國智慧型手機市場的一些疲軟。這兩個因素，加上一些非GaN組件的持續短缺，預計將對我們第二季的成長率產生一定影響。幸運的是，我們看到中國以外其他地區的強勁表現，這有助於我們保持強勁的第二季度環比和同比增長率，儘管我們的毛利率因產品組合相關因素略有下降。

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.

儘管中國有這些短期挑戰，但我仍想重申推動我們業務發展的強勁基本面。地球的電氣化以及價值 130 億美元的功率半導體市場從矽到 GaN 的轉變，對我們公司而言是一個潛在的、長期的、持續數十年的順風。 Navitas 在快速和超快速充電器領域排名第一。儘管我們的出貨量超過 5,000 萬台，但這仍然只佔充電器市場的 2% 左右，不到整體傳統矽片機會的 1%，因此未來應用和成長將大幅成長。我們的 GaN IC 交貨時間保持在 6 至 16 週的低水平，鑑於半導體持續短缺且功率矽交貨時間在 6 個月以上的範圍內，這加速了 GaN 的採用。

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.

我們的資產負債表非常健康，帳面現金超過 2.5 億美元，這使我們有信心到 2024 年實現盈利目標，並開展戰略性併購活動，這將加速我們的營收成長並提高客戶價值，同時我們也在追求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遇，可以顛覆和重新定義功率半導體和電力電子領域。謝謝，現在我把麥克風交給我們的財務長 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，也謝謝大家今天的參與。讓我向您介紹我們第一季的數據和第二季的指引。本季的 GAAP 營收成長至 670 萬美元，較 2021 年第一季成長 27%。我還想指出的是，去年第一季度，我們銷售了第一批盒裝 GaN 充電器，這緩解了傳統上季節性較慢的季度的銷售情況。

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 GAAP 毛利率為 44%，與我們的預期一致，與 2021 年第四季持平，儘管台積電晶圓價格上漲 20%，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和銷售及行銷團隊，以增強我們滲透新市場和擴展新地區的能力。此外，我們正在完成作為上市公司的首次審計。這兩項投資都反映在我們的銷售、一般及行政開支中，2022 年第一季的非 GAAP 開支為 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 年第一季的非 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，並投資新的 GaN IC 技術和我們獨特的特定應用設計中心，以擴展到資料中心、太陽能、電動車和儲能市場。綜合考慮所有這些因素，非 GAAP 營業淨虧損為 960 萬美元，而 2021 年第一季的營業淨虧損為 530 萬美元，原因是我們在公司快速成長階段同時在新市場進行投資。

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 月份，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，並由於消除了認股權證責任而產生了 5,180 萬美元的一次性收益。我們第一季末的基本股數和稀釋股數為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，而上一季為 1,200 萬美元，因為我們保持了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，預計 GAAP 收入在 800 萬至 900 萬美元之間，而 2021 年第二季度為 550 萬美元。市場的疲軟，並重申我們對 2021 年全年營收翻倍的預期。

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.

預計第二季 GAAP 毛利率約 41%，上下浮動 1%。如前所述，中國市場的疲軟被其他地區的強勁成長所抵消，這些地區的毛利率略低，預計將導致第二季的毛利率下降。由於收入開始在亞洲以外地區多樣化，預計 2022 年全年 GAAP 毛利率約為 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 Eugene 所提到的，我們下半年推出的第四代產品預計將推動今年第四季和 2023 年的利潤率擴大。總體而言，我們第二季的非 GAAP 營運費用預計約為 1,400 萬美元，其中不包括股票薪酬和無形資產攤銷。

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.

總而言之，我們很高興實現出貨量超過 5000 萬台這一里程碑，並證明了我們在行動 GaN 充電器領域的領導地位。我們期待資料中心、太陽能和電動車領域令人興奮的新機會。吉恩和我現在準備回答你們的問題。接線員，我們開始問答環節。

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

（操作員指示）我們的第一個問題來自羅森布拉特證券公司的凱文·卡西迪。

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

簡單說一下，您能否解釋為什麼其他地區的毛利率會低於中國？

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。感謝您的提問。是的，去年我們有機會與一些相當有策略性的客戶在其他地區啟動了一些重大策略專案。我們抓住了這個機會並為此努力，儘管價格稍微低了一點，但對於第一個開始採用 GaN 的項目來說，這並不太令人驚訝，我們非常清楚，首先，我們將通過其他地方（包括中國）的更高利潤的業務來平衡這一優勢。第二，我們將在今年接下來的幾個季度內將它們轉移到第四代，以提高獲利能力。

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，隨著中國業務的減弱，這一比例高於我們的預期，這導致了這種與組合相關的毛利率轉變，但它也使我們有望提高盈利能力、其他非中國項目的毛利率，並在今年晚些時候隨著我們將它們轉移到第四代而實現利潤率的擴大。

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，假設中國的情況好轉，您是否認為您的產品組合和毛利率將再次上升到 45% 以上？

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，需要提醒的是，今年我們受到了台積電晶圓成本上漲 20% 的重大影響，因此這些都已計入我們今年討論的數字中，但這些都將成為過去。我們將在今年年底和明年全力投入第四代產品，並預計明年毛利率將實現多點擴大，正如您所說。

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

我們的下一個問題來自 Needham 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 Trevor 代替 Quinn Bolton 上場。那麼，本季的毛利率為 44%，全年毛利率預計為 41%，您能否就今年將面臨的阻力提供一些額外的資訊？我們理解短期內不會提高平均銷售價格以繼續獲得份額，但是利潤率是否存在一個特定的底線，在此時您會考慮提高價格嗎？

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，我先開始了。如果願意的話，托德也許可以添加顏色或細節。但正如我在回答 Kevin 的問題時提到的那樣，主要的驅動力是我們去年承諾的戰略計劃，坦白說，是在台積電晶圓價格上漲之前。所以，我們很高興我們最終做到了，當然，這是因為中國經濟短期內表現疲軟。這在很大程度上起到了補償作用。但最終，它將推動關鍵的營收成長，隨著我們在今年稍後過渡到第四代，最終將符合我們的毛利率預期。托德，你還有什麼要補充嗎？

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，但我們仍在追蹤 42% 的全年預期，上下浮動 1%。這就是我們的目標。回答第二個問題：ASP 有底線嗎？我們的最終目標是實現與矽成本相當的系統。這就是我們的目標，我們仍有望在 2023 年實現這一目標。

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營收以及利潤率預期的影響？

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，我可以再補充一下，這是吉恩。順便說一句，對於第一季度，我們沒有看到對收入產生重大影響。我們的收入達到甚至略高於預期。非GaN元件短缺確實持續存在，這會產生一定影響，但很難量化。當然，我們在第二季看到了短期中國效應。我們認為這大概會造成 200 萬美元左右的影響。但幸運的是，隨著其他地區的成長和強勁成長，這可以抵消其中約 100 萬美元的損失。這樣，您就可以大致了解各地區之間短期優缺點的幅度。

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·西摩。

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（聽不清楚）代表羅斯提出的詢問。您可以雙擊嗎？因此，我猜測，在第二季的新指引數字和全年營收保持不變的情況下，第三季和第四季的業績似乎必須至少成長 50%。那麼，您能否為我們提供一些關於如何看待這兩個季度的線性的額外資訊？

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。正如我們之前所說，基於目前相當區域多樣化的所有項目數量，我們繼續看到下半年強勁的成長和前景。我記得我們過去提到過，我們預期的典型季節性可能是上半年收入佔 1/3，下半年收入佔 2/3。正如我們之前討論過的，去年有點異常，小米在第一季推出了他們的第一個收件匣，這不是一個典型的主要生產年份。通常這是一個較為疲軟的季度，而這種情況也延續到了第二季度。因此，可以說，去年上半年和下半年的分配更為均衡。但我認為今年的情況仍會是上半年 1/3、下半年 2/3 的區間。

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

謝謝。那麼，是否可以公平地假設，從連續性來看，第四季將是成長最快的季度？

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

是的，可能是這樣。是的，通常情況確實如此。

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

我們的下一個問題來自 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?

我的第一個問題，不是要重複老生常談，但我想知道您是否可以給我們提供更多關於全年利潤率變化的信息，第二季度的利潤率為 42%，第三季度和第四季度的利潤率更高。這是否意味著，隨著我們的進展，我們將在其中一個季度中看到略低的毛利率，而今年的平均毛利率將達到 42%，請告訴我原因？

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，你想處理這個嗎？認識到第四代可能是最大的驅動力，但顯然還存在我們所討論的區域平衡問題。但是托德，你想添加更多色彩嗎？

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。由於我們在第二季度給出了 41% 的上下浮動預期，您可以預期第三季度也會有同樣的預期，而利潤率的擴大實際上會在第四季度實現，這將使我們能夠達到 Gene 提到的 42% 上下浮動 1% 的水平，這得益於我們第四代設備的銷售，這使我們能夠重新獲得利潤率並繼續擴大利潤率。

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。然後稍微談談對下半年前景的信心。這是基於您與客戶的討論嗎？有任何跡象表明他們正在生產什麼嗎？還是手頭上有更多確定的訂單？那麼，您如何看待這些訂單的可見性和分類？

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。我認為兩者兼而有之。當然，我們與客戶關係非常密切，與各個層級的 OEM 和 ODM 都有良好的聯繫。這可以說是我們商業模式的一部分。這很有幫助，而且它是基於中國客戶對第三季和下半年情況改善的看法。更重要的是，其他地區的收入前景、預測和生產訂單確實強勁且穩定。所以，這一切都是相輔相成的。此外，Gen 4 不僅對今年稍後的毛利率擴大至關重要，而且正如我們之前所說，Gen 4 現在已經按計劃進行採樣，並且反響非常好。這實際上刺激了可能創造上行空間的額外計劃。因此，我們在提供更新指導時考慮了所有這些因素。

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，我不知道您是否在準備好的評論中提到過，但是您對第二季度之後的運營支出有什麼方向性的評論嗎？

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.

就全年而言，我們不會改變基於非 GAAP 基礎的 5,800 萬美元的營運支出指引金額。有了第二季的 1,400 萬美元，我們預計第三季和第四季將繼續走高，直到達到 5,800 萬美元。

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

（操作員指示）我們的下一個問題來自 Craig-Hallum 的 Richard Shannon。

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，我想我只是想重新核實一下毛利率。我可能聽錯了，但我認為你所說的數字與新聞稿中的數字相反。您的新聞稿說第二季的成長率為 42%，全年的成長率為 41%，但您看到的卻相反。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。就全年而言，我們對毛利率的預期為 42%（正負 1%），而我們對第二季毛利率的預期為 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。你可能應該更正新聞稿，因為它所說的恰恰相反。所以感謝您確保我們做對了。我們來這裡看看吧。這可能是關於 Gen 4 坡道的一個問題。我想，整體而言，特別是對於第四代產品，您預期轉變速度會有多快？例如，在某一時刻，它是否佔了總銷售額的 50%？這是不是很快就會發生的事，例如在一年之內，還是需要更長一點的時間？

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。每一世代都會有所不同，這取決於我們在功能和效能方面所添加的內容。以第三代為例，它引入了名為 GaNSense 的全新整合功能，該功能實際上可應用於全新設計以充分利用這些功能。第四代產品更為經典，在降低晶片成本的同時也提高了性能，但實際上可以在引腳對引腳的基礎上迅速取代第三代產品或前幾代產品。因此，這實際上將比 Gen 3 更快地推動採用。因此，我認為我們不會在今年第四季突破 50%，但很可能會在明年年初。這是一個相當快速的轉變。

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。我還有最後一個問題，關於這裡市場的充電器部分。我想在最近的幾次通話中，你們已經進行了討論，並提供了有關特定功率水平下的收費的詳細資訊。我認為大約 65% 的情況是您會期待第二個——在很多情況下，您會看到第二個晶片。所以我想知道您是否可以概括一下今年或明年的情況——無論明年，擁有雙倍晶片數量和更高內容水平的充電器的獲勝百分比和數量是多少？

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，這個問題問得好。我們特別關注或突出超快速充電器類別，這種充電器通常為智慧型手機提供超過 100 瓦的功率，這是一個非凡的功率。通常，一旦達到 100 瓦及以上的水平，您就必須添加額外的電路。這被稱為 pfc，或功率因數校正，通常會使 GaN 含量翻倍。當功率從 100 瓦增加時，GaN 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，我們確實看到該細分市場可能是所有細分市場中成長最快的。我們在準備好的評論中強調了三類傳統快速充電器，其中 100 瓦以下的三款產品增長良好，三星、Vivo 和摩托羅拉發布了三款重要產品。但在超快類別中，我們重點介紹了小米、Realme 和 OnePlus Ace，而且後面還有更多的產品。因此我認為，隨著時間的推移，我們最終可能會看到最大的部分。我們將拭目以待事情將如何發展。目前，快速充電類別的銷售量較大，但超快速充電是成長最快的。

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。筆記型電腦對我們來說是一個相當穩定、強勁的市場，並沒有出現我們所謂的短期中國市場疲軟的情況。這對我們來說也是一個非常好的成長，戴爾現在開始在我們的產品包裝盒中配備 GaN 充電器，小米推出了帶有我們充電器的筆記型電腦系列，甚至聯想現在也推出了多款產品，包括筆記型電腦。無論如何，這可以讓您更詳細地了解不同的細分市場，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，我想你之前曾表達過這樣的觀點，即你認為你會開始看到企業和可再生太陽能項目在 2023 年開始加速發展。如果是這樣，我們是否應該從定價或利潤的角度來考慮這些垂直市場或您向這些垂直市場供應的產品的差異？或者這些是價格和利潤非常相似的產品嗎？

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，好問題，當然還有好記憶，我們正在按照這些計劃進行。事實上，我們本週發布了 NV6169，這是我們 GaNSense 系列中功率最高的版本，但這只是冰山一角。我們已經對所有新系列進行了抽樣，但尚未公開宣布它們將服務於您提到的所有市場，即資料中心、太陽能、電動車和能源儲存。我們仍在按計劃推進多個項目，尤其是資料中心領域的項目，將於23年開始加速發展。我們認為，太陽能和一些能源儲存將在23年末發展，由於開發時間較長，大多數電動車將在25年開始普及。

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.

所有這些產品都採用了更強大的晶片，因此價格也更高。因此，隨著我們不斷降低價格和系統成本以更接近系統矽成本平價，行動充電器和消費晶片的價格往往在 1 美元左右或更低一些，當進入更高的功率範圍時，我們會看到 ASP 通常在 2 至 4 美元的範圍內。此外，鑑於更高品質和可靠性的要求與我們的能力完全契合，我們預期並且已經看到了更高的利潤率。我們之前曾提到，我們預計最終移動和消費者市場可能比工業更大市場低 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門檻以及兩者的結合將使我們實現 55 個百分點的長期運營模式。這樣，您就可以了解價格點、利潤率的提高以及何時這些東西開始推出並影響營收的收入時機。

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，我還想再跟進一下。我認為，特別是在企業方面，已經採取了一些監管措施來提高效率。我想知道，您是否看到與我們觀察到的能源價格上漲相關的這方面的任何新發展？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。更詳細地說，歐洲將於 2023 年強制實施 Titanium Plus 標準，當然，這個時間指日可待。因此，由於使用矽很難達到這種效率標準，因此我們實際上正在做的所有設計，實際上我們今天為資料中心客戶所做的一切都要求標準 Titanium Plus，這將是我們23年資料中心收入的重要組成部分。這對我們發展歐洲而言是一個巨大的推動力。請記住，大多數人認為設計的電源應該適用於世界各地。因此，你通常必須按照最嚴格的標準來設計。因此，歐洲不僅影響歐洲的銷售，實際上還會產生更多影響。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.

(操作員指示) 我們確實有來自羅森布拉特證券的凱文·卡西迪的後續問題。

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?

也許根據馬克所問的，你的策略的一部分是擁有這些設計中心，甚至是資料中心設計中心。能詳細告訴我們那裡發生的情況嗎？您僱用了多少人？

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。我們沒有大肆報道此事，但這確實是一個大新聞。去年，我們開放了資料中心設計中心。今年早些時候，我們宣布採用 GaN IC 推出 1.3 千瓦 Titanium Plus 全系統設計。目前，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推廣，正如我們所討論的那樣，該產品將於明年推出。但該設計中心擁有系統級開發的完整路線圖，創新主要都是與主要客戶合作開發的。目前我們還不能透露具體名字，但一旦這些事情公開，我們當然很樂意與大家分享。但我們確實有多個客戶與該設計中心合作，影響路線圖，共同設計這些新系統，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，我們在第一季宣佈在上海設立汽車或電動車設計中心。那是早些時候的事了。它在上海。雖然那裡處於風暴的中心，但他們實際上在訂購設備和建立實驗室方面非常有效率。有一個小團隊。整體來說，這兩個設計中心在第一階段都會招募大約十幾名工程師，然後逐漸成長。電動車設計中心已經計劃在今年稍後生產其首款基於 GaN 的車載充電器，同樣，我們將與客戶合作，這些客戶會對與我們共同設計充電器的人產生影響，並最終將其投入生產。

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車收入，但我們當然希望這些事情能夠加速，並且期待它們能夠加速。至於時間安排，我們會觀察進展情況，並在技術成果完成、客戶公告發布和收入影響進一步預測後向您提供最新資訊。

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·西摩的後續問題。

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（聽不清楚）過程中，收益的主要用途之一是收購，而你的資產負債表上一直有相當健康的現金數量。您能否向我們提供有關該地區地平線的最新進展，或者您是否發現了一些目標等等？

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。又是基因。是的，你完全正確。我們預計，需要資產負債表上的現金不超過 1 億美元來推動我們的內部或有機業務在 2024 年實現正現金流，這是一個相當保守的 1 億美元。因此，我們擁有大量資本，可以以不同的方式投入使用。

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.

我們仍然對這些機會充滿信心。我們確實看到許多我們正在非常認真地探索的領域，無論是 GaN 還是在矽領域進一步擴展 GaN，因為每個下一代電源系統都需要矽控制器晶片或類似產品，它們與 GaN 功率裝置甚至碳化矽領域齊頭並進，這對於更高的電壓和更高的功率來說是一個很好的補充。因此，雖然我們今天還沒有任何具體消息要宣布或預測，但我們肯定會積極主動地進行這方面的工作，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.

我現在沒有其他問題了。我想將會議交還給吉恩·謝裡丹 (Gene Sheridan)，以便他可以發表進一步的評論。

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.

謝謝接線員，也謝謝大家今天的精彩討論、提問與參與。非常感謝，讓我們一起來使用 GaNFast 吧。

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。您現在可以斷開連線。祝大家有個愉快的一天。