納微半導體 (NVTS) 2021 Q4 法說會逐字稿

Thank you for standing by, and welcome to Navitas Semiconductor's Fourth Quarter and Full Year 2021 Results Conference Call. (Operator Instructions) Please be advised that today's conference may be recorded. (Operator Instructions)

感謝您的支持，歡迎參加 Navitas Semiconductor 的 2021 年第四季度和全年業績電話會議。 （操作員說明）請注意，今天的會議可能會被錄製。 （操作員說明）

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

我現在想將會議交給您的主持人，企業營銷和投資者關係副總裁斯蒂芬奧利弗。

Good afternoon, everyone. I'm Stephen Oliver, Vice President of Corporate Marketing and Investor Relations. Thank you for joining Navitas Semiconductor's Fourth Quarter and Full Year 2021 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。我是企業營銷和投資者關係副總裁 Stephen Oliver。感謝您參加 Navitas Semiconductor 的 2021 年第四季度和全年業績電話會議。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。

This call is being webcast on the Investor Relations section of our website at ir.navitassemi.com, and a replay will be available about an hour following this call and available for another 30 days. Additional information related to our business is posted on the Investor Relations section of our website.

本次電話會議正在我們網站 ir.navitassemi.com 的投資者關係部分進行網絡直播，本次電話會議後約一小時將提供重播，並可再播放 30 天。與我們業務相關的其他信息發佈在我們網站的投資者關係部分。

Our earnings release and this presentation include 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準則財務指標。這些非 GAAP 財務指標與最直接可比的 GAAP 指標的對賬包含在我們的收益發布中，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 factors 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因素。

Please also refer to the risk factors affecting Navitas discussed in our SEC filings, including the prospectus dated December 6, 2021, as supplemented or amended from time to time. 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.

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，包括不時補充或修訂的 2021 年 12 月 6 日招股說明書。我們的估計或其他前瞻性陳述可能會發生變化，並且 Navitas 不承擔更新前瞻性陳述以反映實際結果、更改的假設或可能發生的其他事件的義務，除非法律要求。

Now over to Gene Sheridan, CEO.

現在交給首席執行官 Gene Sheridan。

Thanks, Steve, and thank you to everyone for joining us today.

謝謝史蒂夫，也感謝大家今天加入我們。

As we close out 2021, I'd like to summarize some of our key accomplishments. In October, we celebrated our IPO within 7 years of founding, we believe a record for any power semiconductor company and the result of intensive focus to establish Navitas as the clear technology and market leader in gallium nitride, or GaN, power ICs. GaN is a next-generation power semiconductor with up to 20x faster operation, and our GaNFast power ICs deliver 3x more power and 3x faster charging in half the size and weight and with up to 40% energy savings compared to traditional silicon chips.

在 2021 年結束之際，我想總結一下我們的一些關鍵成就。 10 月，我們在成立 7 年內慶祝了我們的首次公開募股，我們相信這是任何功率半導體公司的記錄，也是我們集中精力將 Navitas 打造為氮化鎵 (GaN) 功率 IC 領域明確的技術和市場領導者的結果。 GaN 是下一代功率半導體，運行速度最高可提高 20 倍，與傳統矽芯片相比，我們的 GaNFast 功率 IC 以一半的尺寸和重量提供 3 倍的功率和 3 倍的充電速度，並節省高達 40% 的能源。

In 2021, annual revenues doubled to $24 million with Q4 revenue growing sequentially by over 30%. At the end of '21, our cumulative unit shipments increased to over 35 million units with 0 GaN-related field failures. While Q1 will see slightly lower revenue compared to Q4, given expected seasonality, we anticipate sequential growth in Q2 of greater than 50% as we expect multiple major new Tier 1 GaN charger launches ramping significantly next quarter. In total, we continue to forecast another doubling of annual revenues for this year.

2021 年，年收入翻了一番，達到 2400 萬美元，第四季度收入環比增長 30% 以上。到 21 年底，我們的累計單位出貨量增加到超過 3500 萬台，與 GaN 相關的現場故障為零。儘管考慮到預期的季節性因素，第一季度的收入將略低於第四季度，但我們預計第二季度的環比增長將超過 50%，因為我們預計下個季度將有多個主要的新型 1 級 GaN 充電器推出顯著增加。總的來說，我們繼續預測今年的年收入將再翻一番。

Our gross margins improved in '21 by over 10 points year-on-year as all customers adopted our Generation 2 in the first half and started ramp of our Generation 3 late in the year, both of which offered Navitas and our customers significant performance improvements and cost reductions. For 2022, we will see the impact of the TSMC 20% wafer price increase, which will limit our margin expansion in the year while we look forward to our Generation 4 ramp in the second half of '22, which will fuel our margin expansion into 2023.

我們的毛利率在 21 年同比提高了 10 多個百分點，因為所有客戶在上半年都採用了我們的第 2 代，並在今年晚些時候開始了第 3 代的爬坡，這兩者都為 Navitas 和我們的客戶帶來了顯著的績效改進和成本降低。對於 2022 年，我們將看到台積電 20% 晶圓價格上漲的影響，這將限制我們今年的利潤率擴張，而我們期待 22 年下半年我們的第 4 代斜坡，這將推動我們的利潤率擴張到2023 年。

Taking a closer look at some of these new technology developments. Generation 3 with GaNSense technology integrates critical sensing circuits monolithically into GaN for the first time in our industry. Generation 3 unlocks another 10% of energy savings while adding important new protection circuits to set a new standard in reliability. Already in mass production with Lenovo, Xiaomi, Vivo, among others, GaNSense was honored last month in Las Vegas with a CES 2022 Innovation Award.

仔細研究其中一些新技術的發展。第 3 代採用 GaNSense 技術將關鍵傳感電路單片集成到 GaN 中，這在我們行業中尚屬首次。第 3 代可再節省 10% 的能源，同時添加重要的新保護電路以樹立新的可靠性標準。 GaNSense 已與聯想、小米、Vivo 等公司進行量產，上個月在拉斯維加斯榮獲 CES 2022 創新獎。

GaNSense is also a key enabler in the new exciting ultrafast charger category. Hot on the heels of Generation 3, we have Generation 4, which will start sampling next quarter. This will bring further gains in energy savings and cost reduction, and we will give further details when that technology is fully launched later in the year.

GaNSense 也是新的令人興奮的超快充電器類別的關鍵推動者。緊隨第 3 代之後，我們有了第 4 代，它將在下個季度開始提供樣品。這將在節能和降低成本方面帶來進一步的收益，我們將在該技術在今年晚些時候全面推出時提供更多細節。

With all of these developments in mind, our patent portfolio now totals over 145 patents, pending or issued, reinforcing strong competitive protection for our multiyear lead in GaN IC technology.

考慮到所有這些發展，我們的專利組合現在共有超過 145 項專利，正在申請或已發布，為我們在 GaN IC 技術方面的多年領先地位加強了強有力的競爭保護。

Our high-power progress continued with 2 new industry firsts: GaN design centers dedicated to data center and to electric vehicles. And I'm excited to announce today 2 other industry firsts. We have just published the industry's only sustainability report dedicated to quantifying the positive impact GaN is having on decarbonization and on conserving our planet's natural resources. In addition, today, we're announcing the industry's first 20-year warranty for our GaN ICs. I'll explain more about some of these new developments later, but let me first give you an update on our mobile charger business.

我們繼續在高功率方面取得進展，創造了 2 個新的行業第一：專用於數據中心和電動汽車的 GaN 設計中心。我很高興今天宣布另外兩項行業第一。我們剛剛發布了業界唯一一份致力於量化 GaN 對脫碳和保護地球自然資源的積極影響的可持續發展報告。此外，今天，我們宣布推出業界首個 GaN IC 的 20 年保修期。稍後我將詳細解釋其中的一些新發展，但首先讓我向您介紹我們的移動充電器業務的最新情況。

At the end of '21, the number of customer chargers released to production increased 75% from the prior year, reaching an all-time high of 171. In addition, we have doubled our design pipeline compared to the prior year with a new high of over 240 customer projects now in development with the vast majority of those expected to launch throughout the year. We announced a new strategic partnership with Anker, a leader in aftermarket fast chargers with a number of GaN chargers already announced and many more in development.

21 年底，客戶充電器投入生產的數量比上年增加 75%，達到 171 個的歷史新高。此外，我們的設計管道比上年翻了一番，再創新高目前正在開發的 240 多個客戶項目中的絕大多數預計將在全年推出。我們宣布與 Anker 建立新的戰略合作夥伴關係，Anker 是售後市場快速充電器的領導者，已經發布了許多 GaN 充電器，還有更多正在開發中。

In addition to strong adoption in the aftermarket and accessory charges, our Tier 1 in-box charger introductions doubled in '21 compared to 2020. That list now includes Xiaomi, Vivo, Motorola, Dell, LG, among others. We also announced a new category of ultrafast chargers, which delivers over 100 watts of power using our latest GaNSense technology to charge smartphones from 0 to 100% in less than 20 minutes. This high-power rating in this new category requires an additional PFC circuit, so 2 GaN power ICs are needed, roughly doubling the GaN revenue opportunity per charger. Xiaomi was the first GaNFast launch in this new category with their Note 11 Pro+, and now Vivo has followed with their IQ9. We expect several others to join this exciting new product category later in the year.

除了在售後市場和配件收費方面的大力採用外，我們在 21 年推出的 1 級內置充電器與 2020 年相比翻了一番。該列表現在包括小米、Vivo、摩托羅拉、戴爾、LG 等。我們還宣布了一種新型超快充電器，它使用我們最新的 GaNSense 技術提供超過 100 瓦的功率，在不到 20 分鐘的時間內將智能手機從 0% 充電到 100%。這一新類別的高功率額定值需要額外的 PFC 電路，因此需要 2 個 GaN 電源 IC，這使每個充電器的 GaN 收入機會大致翻了一番。小米的 Note 11 Pro+ 是這一新類別中的第一個 GaNFast 產品，現在 Vivo 也推出了 IQ9。我們預計其他幾家公司將在今年晚些時候加入這一令人興奮的新產品類別。

And today, we are very excited to announce a major win at a Tier 1 Korean smartphone customer. While we can't share further details until that customer makes more of a public announcement, this is a major step forward in the adoption of GaN across all major mobile players in smartphones, tablets and laptops. In fact, with this new announcement, we are now in mass production with 8 out of the top 10 mobile players. And when considering customer projects in development, Navitas GaN technology has now been adopted by all of the top 10 mobile players.

今天，我們非常高興地宣佈在韓國一級智能手機客戶中取得重大勝利。雖然在該客戶發表更多公開聲明之前我們無法分享更多細節，但這是在智能手機、平板電腦和筆記本電腦的所有主要移動廠商採用 GaN 方面邁出的重要一步。事實上，隨著這個新的發布，我們現在已經開始量產前 10 名移動播放器中的 8 個。在考慮開發中的客戶項目時，Navitas GaN 技術現已被所有排名前 10 位的移動廠商採用。

Next, let me share a few important updates on our market expansion plans. In Q4, as expected, we started sampling our higher-power GaN ICs that are targeted for data center, solar and electric vehicles. Our GaN IC technology is unique compared to our GaN discrete competitors as we integrate 1 or more power devices along with analog circuits that includes drive, control, sensing and protection. This monolithic integration is essential to unlock the full system benefits of GaN by eliminating parasitics, increasing operating frequencies, reducing the size, weight and cost of both passive and mechanical components and maximizing the energy savings while reducing system costs. These benefits are actually magnified as our GaN ICs are applied to higher-power applications such as the ones we target in data center, solar and EV.

接下來，讓我分享一些關於我們的市場擴張計劃的重要更新。正如預期的那樣，在第四季度，我們開始對面向數據中心、太陽能和電動汽車的高功率 GaN IC 進行採樣。與我們的 GaN 分立競爭對手相比，我們的 GaN IC 技術是獨一無二的，因為我們集成了一個或多個功率器件以及包括驅動、控制、傳感和保護在內的模擬電路。這種單片集成對於通過消除寄生效應、提高工作頻率、減小無源和機械組件的尺寸、重量和成本以及在降低系統成本的同時最大限度地節省能源來釋放 GaN 的全部系統優勢至關重要。隨著我們的 GaN IC 應用於更高功率的應用，例如我們在數據中心、太陽能和電動汽車中的目標應用，這些優勢實際上被放大了。

As a consequence, the customer response to these new higher-powered GaN ICs has been extraordinary, and we now have dozens of customer engagements well underway towards adopting our GaN technology. To support and accelerate this customer adoption, we announced the opening of 2 new design centers to drive GaN adoption for data centers and for electric vehicles. We believe both of these design centers are a first for our industry and a key ingredient in our unique company strategy to co-develop GaN-based power systems with our customers in each of our target markets.

因此，客戶對這些新的更高功率 GaN IC 的反應非同尋常，我們現在有數十個客戶正在積極參與採用我們的 GaN 技術。為了支持和加速這種客戶採用，我們宣布開設 2 個新設計中心，以推動數據中心和電動汽車採用 GaN。我們相信，這兩個設計中心都是我們行業的首創，也是我們與每個目標市場的客戶共同開發基於 GaN 的電源系統的獨特公司戰略的關鍵組成部分。

We have staffed these design centers with impressive industry-recognized technical leaders and engineering teams that have a proven and unique set of capabilities to develop disruptive next-generation GaN-based power systems in each of our target markets. These teams are equipped with advanced tools, along with the technical skills that span all hardware and software needs across power architectures, passive component optimization, thermal/mechanical design, EMI mitigation and system cost and manufacturability considerations.

我們為這些設計中心配備了令人印象深刻的行業公認的技術領導者和工程團隊，他們擁有一套經過驗證的獨特能力，可以在我們的每個目標市場開發顛覆性的下一代基於 GaN 的電源系統。這些團隊配備了先進的工具，以及涵蓋電源架構、無源元件優化、熱/機械設計、EMI 緩解以及系統成本和可製造性考慮的所有硬件和軟件需求的技術技能。

Last week, Navitas was the first company to publish a sustainability report that comprehensively quantifies the positive impact of GaN power semiconductors on climate change based on global standards. To share some highlights from the report, GaN power ICs have up to 10x smaller CO2 footprint compared to silicon equivalents. Each GaN power IC shipped saves 4 kilograms of CO2 and can reduce customers' carbon footprints, for example, by up to 30% savings for a 65-watt laptop adapter.

上週，納微是第一家發布可持續發展報告的公司，該報告根據全球標準全面量化了 GaN 功率半導體對氣候變化的積極影響。為了分享報告中的一些亮點，與硅等效物相比，GaN 功率 IC 的二氧化碳排放量減少了 10 倍。每個出貨的 GaN 功率 IC 可減少 4 公斤的二氧化碳排放，並可以減少客戶的碳足跡，例如，65 瓦筆記本電腦適配器最多可節省 30%。

Based on third-party reports, adopting GaN in electric vehicles could accelerate EV adoption by up to 3 years and eliminate 20% of road sector CO2 emissions by 2050. It is estimated that GaN can save 2.6 giga tons of CO2 per year by 2050, the critical time frame of the Paris Accord. You can expect to see much more on this front as we look to take a leadership role across the entire semiconductor industry in accelerating the electrification of our world.

根據第三方報告，到 2050 年，在電動汽車中採用 GaN 可以將電動汽車的採用速度最多加快 3 年，並減少 20% 的道路部門二氧化碳排放量。據估計，到 2050 年，GaN 每年可以減少 2.6 吉噸二氧化碳， 《巴黎協定》的關鍵時間框架。您可以期待在這方面看到更多，因為我們希望在整個半導體行業中發揮領導作用，以加速我們世界的電氣化。

In terms of quality and reliability, Navitas is already leading the industry by shipping a cumulative total of over 35 million units without a single reported GaN-related field failure, and we have also completed over 5.8 billion device hours of testing. Given harsh electrical and environmental conditions and the critical need to avoid power failures, which could shut down entire systems, we are pleased to announce another significant development, the industry's first 20-year product warranty. This warranty is unprecedented in our power semiconductor industry and reflects our commitment and confidence in the quality and reliability of our highly protected and integrated GaN ICs. This 20-year warranty supports our plans to extend the lifetime of mobile chargers and consumer power adopters, thereby, further reducing waste and CO2 emissions. And it's also an essential confidence factor and differentiator for Navitas since we look to enable GaN-based data centers, solar installations and electric vehicles. You will see us roll out this warranty across all of our GaN IC product range in the coming weeks.

在質量和可靠性方面，Navitas 已累計出貨超過 3500 萬台，未報告一次與 GaN 相關的現場故障，並且我們還完成了超過 58 億個器件小時的測試，從而在行業中處於領先地位。鑑於惡劣的電氣和環境條件以及避免可能導致整個系統關閉的電源故障的迫切需要，我們很高興地宣布另一項重大發展，即業界首個 20 年產品保修期。此保修在我們的功率半導體行業中是史無前例的，反映了我們對我們高度保護和集成的 GaN IC 的質量和可靠性的承諾和信心。此項 20 年保修支持我們延長移動充電器和消費電源採用者使用壽命的計劃，從而進一步減少廢物和二氧化碳排放。這也是 Navitas 的一個重要信心因素和差異化因素，因為我們希望啟用基於 GaN 的數據中心、太陽能裝置和電動汽車。在接下來的幾週內，您將看到我們在所有 GaN IC 產品系列中推出此保修。

Before I turn it over to Todd to discuss the financials in more detail, I want to summarize the many exciting industry-first achievements that we've announced recently or in today's earnings call: the first power semiconductor supplier to reach an IPO in 7 years from its founding; the first to monolithically integrate sensing capabilities in GaN; the first GaN company to penetrate 10 of the top 10 mobile players; the first GaN company to reach 35 million units shipped and to do it with no GaN-related field failures; the first 20-year power semiconductor product warranty; the first design center for GaN dedicated to data center and EV; and the first sustainability report dedicated to quantifying GaN's positive impact.

在我把它交給托德更詳細地討論財務狀況之前，我想總結一下我們最近或在今天的財報電話會議中宣布的許多令人興奮的行業首創成就：7 年來第一家實現 IPO 的功率半導體供應商自成立以來；率先在 GaN 中單片集成傳感功能；第一家滲透到前 10 名移動廠商中的 10 家的 GaN 公司；第一家出貨量達到 3500 萬件並且沒有與 GaN 相關的現場故障的 GaN 公司；首個20年功率半導體產品質保；第一個專用於數據中心和電動汽車的 GaN 設計中心；以及第一份致力於量化 GaN 積極影響的可持續發展報告。

And now over to Todd Glickman, our CFO.

現在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 fourth quarter numbers and guidance for Q1 and 2022.

謝謝，吉恩，也謝謝大家今天加入我們。讓我帶您了解我們第四季度的數據以及第一季度和 2022 年的指導。

GAAP revenue for the quarter grew to $7.3 million, representing a 30% sequential growth from the third quarter of 2021. For the full year, we grew revenue to $23.7 million, which represents year-over-year growth of 100%. Mobile demand remained strong throughout the year, despite the fact that our GaN revenue growth was limited in the second half due to our customer supply chain constraints of non-GAN-related components.

本季度 GAAP 收入增長至 730 萬美元，較 2021 年第三季度環比增長 30%。全年，我們的收入增長至 2370 萬美元，同比增長 100%。儘管由於非 GAN 相關組件的客戶供應鏈限制，下半年我們的 GaN 收入增長受到限制，但移動需求全年保持強勁。

Non-GAAP gross margin was 44.3% in the fourth quarter, up from 37.7% in the same quarter of the prior year. For fiscal year 2021, we grew non-GAAP gross margin to 45.4% from 33.2%, which is consistent with our strategy to deliver attractive margin expansion while passing along cost reduction to our customers.

第四季度非美國通用會計準則毛利率為 44.3%，高於去年同期的 37.7%。在 2021 財年，我們的非美國通用會計準則毛利率從 33.2% 增長到 45.4%，這與我們在將成本降低傳遞給客戶的同時實現有吸引力的利潤率擴張的戰略是一致的。

With regard to expenses, we have grown our sales and marketing teams to support our rapid growth in the mobile market and our expansion into data center, solar and EV. We have also invested in legal and accounting infrastructure needed to be a successful public company. Taken together, we have increased our non-GAAP SG&A expense from $3.7 million in the fourth quarter of 2020 to $4.2 million in Q4 of 2021.

在費用方面，我們已經擴大了我們的銷售和營銷團隊，以支持我們在移動市場的快速增長以及我們向數據中心、太陽能和電動汽車的擴張。我們還投資了成為成功上市公司所需的法律和會計基礎設施。總而言之，我們已將非 GAAP SG&A 費用從 2020 年第四季度的 370 萬美元增加到 2021 年第四季度的 420 萬美元。

Non-GAAP R&D expense grew to $6 million in the fourth quarter of 2021 compared to $4.5 million in Q4 2020 as we continue developing multiple new generations of GaN ICs, and we developed and delivered new high-power GaN ICs for data center, solar and EV. Putting all this together, non-GAAP net loss from operations was $6.9 million compared to a net loss from operations of $6.3 million in the fourth quarter of 2020 as we are in a heavy investment mode in this rapid growth phase of our company.

2021 年第四季度非 GAAP 研發費用增長至 600 萬美元，而 2020 年第四季度為 450 萬美元，因為我們繼續開發多代新一代 GaN IC，我們為數據中心、太陽能和電動汽車。綜上所述，非公認會計原則的運營淨虧損為 690 萬美元，而 2020 年第四季度的運營淨虧損為 630 萬美元，因為我們在公司的這個快速增長階段處於大量投資模式。

Turning to the balance sheet. Cash and cash equivalents were $268 million. Inventory was $12 million compared to $11.7 million in the prior quarter as we maintain healthy inventories to support short lead times and significant growth and upside opportunities with our customers.

轉向資產負債表。現金和現金等價物為 2.68 億美元。庫存為 1200 萬美元，而上一季度為 1170 萬美元，因為我們保持健康的庫存以支持較短的交貨時間和顯著的增長以及與客戶一起的上行機會。

Moving on to guidance. For the first quarter of 2022, GAAP revenues are expected to be between $6 million and $7 million compared to $5.3 million in the first quarter of 2021. Last year, in the first quarter, we sold our first in-box GaN chargers, which mitigated what would traditionally have been a seasonally lower quarter. For this year and in future years, we expect Q1 to be seasonally similar or lower than Q4.

繼續指導。 2022 年第一季度，GAAP 收入預計將在 600 萬美元至 700 萬美元之間，而 2021 年第一季度為 530 萬美元。去年，在第一季度，我們銷售了我們的第一款盒裝 GaN 充電器，這減輕了傳統上是季節性較低的季度。對於今年和未來幾年，我們預計第一季度的季節性相似或低於第四季度。

Q2 is expected to be a significant growth quarter with many spring customer product launches propelling at least 50% sequential growth from the first quarter. I'd also like to mention that we have posted an Excel spreadsheet showing our historical quarterly financials and the seasonality you can see in 2020.

預計第二季度將是一個顯著增長的季度，許多春季客戶產品的推出推動了第一季度至少 50% 的環比增長。我還想提一下，我們發布了一個 Excel 電子表格，其中顯示了我們的歷史季度財務數據以及您在 2020 年可以看到的季節性。

As previously indicated, full year revenue is expected to double from 2021 to $48 million. GAAP and non-GAAP gross margin is expected to be approximately 44%, plus or minus 1%, in the first quarter and for the full year of 2022. TSMC's 20% wafer price increase announced late last year is leading to a 6% gross margin reduction that is factored into our Q1 and full year guidance.

如前所述，預計全年收入將從 2021 年翻一番，達到 4800 萬美元。 GAAP 和非 GAAP 毛利率預計在第一季度和 2022 年全年約為 44%，正負 1%。台積電去年底宣布的 20% 晶圓價格上漲導致毛利率為 6%我們的第一季度和全年指導中考慮了利潤率下降。

As Gene mentioned, we will launch Generation 4, which will fuel margin expansion into 2023. Our long-term strategy and expectation to achieve system cost parity with silicon in 2023 and deliver 55% gross margins long term is unchanged.

正如 Gene 所說，我們將推出第 4 代，這將推動到 2023 年的利潤率擴張。我們在 2023 年實現系統成本與硅片持平並實現 55% 的長期毛利率的長期戰略和預期保持不變。

In total, our non-GAAP operating expenses in Q1 are expected to be approximately $13 million, which excludes stock-based compensation and amortization of intangible assets. Full year non-GAAP operating expenses are expected to be approximately $58 million, which includes a full year of expenses associated with being a public company.

總體而言，我們在第一季度的非公認會計原則運營費用預計約為 1300 萬美元，其中不包括基於股票的補償和無形資產的攤銷。全年非 GAAP 運營費用預計約為 5800 萬美元，其中包括與成為上市公司相關的全年費用。

Finally, we expect our basic and diluted share count in Q1 to be between 120 million and 124 million. The majority of our shares outstanding are held by major shareholders and executive management and are currently subject to lockups expiring on or before October 2022 and October 2024, respectively.

最後，我們預計第一季度我們的基本和稀釋後的股票數量將在 1.2 億至 1.24 億之間。我們的大部分流通股由大股東和執行管理層持有，目前分別在 2022 年 10 月和 2024 年 10 月或之前鎖定到期。

In summary, 2021 was a pivotal year for Navitas. We doubled our revenues and expanded our non-GAAP gross margins by over 12%. In addition, we have invested in the next-generation technology immediate infrastructure that will allow us to achieve our expansion and scalability goals for 2022 and beyond.

總而言之，2021 年對於納微來說是關鍵的一年。我們的收入翻了一番，非美國通用會計準則毛利率擴大了 12% 以上。此外，我們還投資了下一代技術即時基礎設施，這將使我們能夠實現 2022 年及以後的擴展和可擴展性目標。

Gene and I are now ready to take your questions. Operator, let's begin the Q&A session.

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 Ross Seymore of Deutsche Bank.

（操作員說明）我們的第一個問題來自德意志銀行的 Ross Seymore。

Gene, I want to talk first about the supply side of the equation. Last quarter, you mentioned that, that probably cost you 1 million units. Has that gotten better? Is that still a headwind as you look forward into the first half of this year? Just any update there would be helpful.

吉恩，我想先談談等式的供應方面。上個季度，您提到過，這可能會花費您 100 萬台。情況好轉了嗎？展望今年上半年，這仍然是一個不利因素嗎？只是那裡的任何更新都會有所幫助。

Sure. Definitely, Ross. Thanks for asking the question and joining us. We don't see a short-term significant impact based on the guidance. We think our customers have adequately factored that into their forecasts as of now and looking forward in the year. And if anything, we see a little progress because we have worked with our customers to approve some of the additional suppliers for the non-GaN components, which creates some flexibility for them. So it seems like the trends are moving in the right direction, and we think we've factored in any of those constraints on a go-forward basis.

當然。毫無疑問，羅斯。感謝您提出問題並加入我們。根據該指引，我們認為短期內不會產生重大影響。我們認為我們的客戶已經將這一點充分考慮到他們現在的預測和今年的展望中。如果有的話，我們看到了一些進展，因為我們已經與客戶合作，批准了一些額外的非 GaN 組件供應商，這為他們創造了一些靈活性。所以看起來趨勢正在朝著正確的方向發展，我們認為我們已經在前進的基礎上考慮了任何這些限制因素。

And I guess, as my follow-up, just switching over to the margin side of things. I think everybody is well aware of the wafer price increases that the foundries have passed through. Can you just talk a little bit about the magnitude of the offset when you get to Gen 3 and Gen 4? I know it's a couple of years out, so it doesn't have to be precise guidance. But Todd, you mentioned that your 55% target is unchanged. If we got a little bit of linearity between the 44% and the 55% target, any sort of stair step-up timing that we really need to be cognizant of?

我想，作為我的後續行動，只是切換到事情的邊緣。我想大家都很清楚代工廠所經歷的晶圓漲價。當您到達第 3 代和第 4 代時，您能談談偏移量的大小嗎？我知道這已經過了幾年，所以它不必是精確的指導。但是托德，你提到你的 55% 目標沒有改變。如果我們在 44% 和 55% 的目標之間有一點線性關係，那麼我們真的需要了解任何類型的階梯式上升時間嗎？

I would add, we're ramping Generation 3 now. There's sort of an offset between the Generation 3 cost reduction and the TSMC price increase that results in being kind of margin neutral, as we said, sort of flat into this year from Q4. Gen 4 kind of restarts that margin expansion. We'll start sampling that in Q2, and that will ramp in the latter part of the year and I think ultimately result in this margin expansion into '23. And I think then we could sort of look at that stairstep, as you said, or that linear extrapolation towards the 55% longer-term goal.

我要補充一點，我們現在正在升級第 3 代。正如我們所說，第 3 代成本降低和台積電價格上漲之間存在某種抵消，導致利潤率中性，從第四季度開始，今年與今年持平。第 4 代重啟了利潤率擴張。我們將在第二季度開始抽樣，這將在今年下半年開始，我認為最終會導致利潤率擴大到 23 年。我認為然後我們可以看看那個階梯，正如你所說，或者向 55% 的長期目標進行線性外推。

Our next question comes from Tristan Gerra of Baird.

我們的下一個問題來自 Baird 的 Tristan Gerra。

This is [Tyler] on for Tristan. Starting off, what engagements or joint ventures do you have in China that you can talk about? And how is China part of your market share plans given the power charger supply chain there?

這是特里斯坦的[泰勒]。首先，您在中國有哪些可以談的約定或合資企業？鑑於那裡的充電器供應鏈，中國如何成為您市場份額計劃的一部分？

Yes. Thanks, [Tyler]. Good question. Certainly, China has been fundamental to our strategy from the start. Largely, almost half or 40% of our company footprint is in China. We have an extraordinarily strong local team there, not just in sales and technical support, FAE, but multiple design centers there, both developing GaN chips as well as developing GaN-based power systems. The design centers, as I mentioned, actually, mobile was our first one, which is centered there, supporting customers around the world, but even our data center and our newest EV design center is there.

是的。謝謝，[泰勒]。好問題。當然，中國從一開始就是我們戰略的基礎。在很大程度上，我們公司近一半或 40% 的業務在中國。我們在那裡擁有一支非常強大的本地團隊，不僅在銷售和技術支持、FAE 方面，而且還有多個設計中心，既開發 GaN 芯片，也開發基於 GaN 的電源系統。正如我所提到的，設計中心實際上是我們的第一個設計中心，它以那里為中心，為世界各地的客戶提供支持，但甚至我們的數據中心和我們最新的電動汽車設計中心也在那裡。

So it's a very strong team. Those are not formal joint ventures or partnerships per se, but internal capabilities, and that sets us up to really form a strong customer partnership with all the key customers not only in China but globally. So we're in a really strong spot there in China.

所以這是一支非常強大的球隊。這些本身不是正式的合資企業或合作夥伴關係，而是內部能力，這使我們能夠真正與中國乃至全球的所有主要客戶建立強大的客戶合作夥伴關係。所以我們在中國處於一個非常強大的位置。

Great. And then for my follow-up, in 2020, you shipped about 11 million units into smartphones. What was that figure for 2021?

偉大的。然後在我的後續行動中，在 2020 年，你們向智能手機出貨了大約 1100 萬台。 2021 年的數字是多少？

2021 unit shipments. Do you have an estimate?

2021 單位出貨量。你有估價嗎？

The end of '20 was 6.5 million. The end of '21 was 25 million. Yes, so close to 25 million.

20 年底是 650 萬。 '21 年底是 2500 萬。是的，接近2500萬。

It's, let's say, north of 20 million units is our estimate.

比方說，我們的估計是 2000 萬台以上。

Our next question comes from Kevin Cassidy of Rosenblatt Securities.

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

On the -- you had mentioned the fast charging, the less than 20 minutes takes 2 power ICs. What percentage of designs that you're working on will be using that?

關於--你提到了快速充電，不到 20 分鐘需要 2 個電源 IC。您正在從事的設計中有多少百分比會使用它？

Kevin, thanks for the question. Yes, ultrafast charging, obviously, a big deal there. We're talking about over 100 watts. Anything north of 65 watts actually requires that power factor correction, extra circuit, thereby, doubling the likely GaN content. And we didn't break it out in any specific detail, but it's certainly the fastest-growing part of the fast charger market. And there's certainly many designs coming. The first was Xiaomi. As I mentioned, Vivo has already recently launched. And obviously, we can't talk about the specific customers coming out before they're public. But it is a fast-growing percentage, and there's many new designs in that category to launch later this year.

凱文，謝謝你的問題。是的，超快充電顯然很重要。我們說的是超過 100 瓦。任何超過 65 瓦的功率實際上都需要功率因數校正和額外電路，從而使可能的 GaN 含量增加一倍。我們沒有詳細說明它，但它肯定是快速充電器市場中增長最快的部分。而且肯定會有很多設計。第一個是小米。正如我所提到的，Vivo 最近已經推出。顯然，我們不能談論在公開之前出來的特定客戶。但這是一個快速增長的百分比，該類別中有許多新設計將於今年晚些時候推出。

Okay. Great. And as you look at the design centers in the -- for data center and EV, what's the product road map that you'll be introducing for those markets? Or what time frame, I guess, would you expect to see significant revenue?

好的。偉大的。當您查看數據中心和電動汽車的設計中心時，您將為這些市場推出的產品路線圖是什麼？或者，我猜，您希望在什麼時間範圍內看到可觀的收入？

Yes. Good question. So data center, we actually announced late last year, and we've already launched our first sort of system-level prototype that acts as a reference design as well as a demonstrator to all of those data center customers to show them what's possible in GaN. From there, we'll quickly expand into different power levels, different form factors and next-generation versions that keeps pushing the energy savings. So we're well on our way to the customer engagements and delivering those exciting new GaN-based platforms.

是的。好問題。所以數據中心，我們實際上是在去年年底宣布的，我們已經推出了我們的第一種系統級原型，作為參考設計以及所有數據中心客戶的演示器，向他們展示 GaN 的潛力.從那裡開始，我們將迅速擴展到不同的功率水平、不同的外形尺寸和不斷推動節能的下一代版本。因此，我們正在與客戶互動並提供令人興奮的基於 GaN 的新平台。

EV is just starting out. We announced it in January. We're in the process of building out the team, building out the lab. We'll have the core team and core lab in place in Q2. We'll have initial prototypes of onboard chargers, and that's our first application focus. There's many applications in EV, as you know, but we'll start with onboard chargers using our GaN technology. And we'll have that available as a prototype or a platform to demonstrate to our key customers in the second half of this year.

電動汽車才剛剛起步。我們在一月份宣布了它。我們正在組建團隊，組建實驗室。我們將在第二季度建立核心團隊和核心實驗室。我們將擁有車載充電器的初始原型，這是我們的第一個應用重點。如您所知，電動汽車有很多應用，但我們將從使用我們的 GaN 技術的車載充電器開始。我們將在今年下半年將其作為原型或平台提供給我們的主要客戶。

Our next question comes from Quinn Bolton of Needham & Company.

我們的下一個問題來自 Needham & Company 的 Quinn Bolton。

Congratulations on the results and the nice outlook for 2022. I guess I wanted to start there. It sounds like you feel pretty good that the supply chain is starting to improve. But I guess, looking at the doubling in revenue, if I just do some quick math, it sort of implies, on average, maybe $3.5 million of sequential revenue growth each quarter to get to that sort of $48 million level for the year. Is that the right way to be thinking about how you see the business? Is it sort of a linear increase across the 4 quarters of the year? Or do you see sort of a different revenue pattern into the second half?

祝賀結果和 2022 年的美好前景。我想我想從那裡開始。聽起來您對供應鏈開始改善感覺很好。但我想，看看收入翻了一番，如果我做一些簡單的數學計算，這意味著平均每個季度可能會連續增長 350 萬美元，以達到今年 4800 萬美元的水平。這是思考您如何看待業務的正確方式嗎？在一年的四個季度中，這是一種線性增長嗎？或者您是否看到下半年的收入模式有所不同？

Great. Thanks, Quinn. I appreciate the question. It's a great question. When you're looking at our business on a quarterly basis, I think the best way to look at it is to look back at 2020 to our -- look at our seasonality. We do expect the first half of the year to be around 30% while the second half will be 70% of our total year revenue.

偉大的。謝謝，奎因。我很欣賞這個問題。這是一個很好的問題。當您按季度查看我們的業務時，我認為查看它的最佳方法是回顧 2020 年，看看我們的季節性。我們確實預計今年上半年將在 30% 左右，而下半年將占我們全年總收入的 70%。

Got it. But 2020, is it -- is a good proxy for what you might see as normal seasonality in the business.

知道了。但是，2020 年是不是可以很好地代表您可能認為業務中的正常季節性。

That's correct.

這是正確的。

Yes, '21 -- I'll just add. '21 is a little unusual because we had a major new launch, the Xiaomi 55-watt in-box in December, which is not a common time to launch, and that carried through into significant drivers in Q1, making a little bit nontraditional or nontypical in terms of seasonality. So as Todd described, '20 is a little bit better way to look at it, and he give you a good guidance on how to expect to ramp this year.

是的，'21 - 我會補充一下。 '21 有點不尋常，因為我們在 12 月推出了一個重要的新產品，即小米 55 瓦內置盒，這不是一個常見的發佈時間，並且在第一季度進入了重要的驅動程序，使得有點非傳統或在季節性方面非典型。所以正如托德所描述的，'20 是一種更好的看待它的方式，他給你一個很好的指導，告訴你如何期待今年的增長。

Got it. And then just a longer-term question on gross margins following Ross' question. It looks like the data center and solar products are sort of on track to ramp in calendar '23, just as you're starting to see the benefits of the fourth generation technology in the mobile and perhaps the consumer segments. And so I'm wondering, do you see pretty good progress as all of that begin to contribute in 2023? Or are there headwinds to margins that we should be thinking about out in next year?

知道了。在羅斯的問題之後，只是一個關於毛利率的長期問題。看起來數據中心和太陽能產品有望在 '23 日曆上實現增長，正如您開始看到第四代技術在移動設備和消費者領域的優勢一樣。所以我想知道，隨著所有這些在 2023 年開始做出貢獻，你是否看到了相當不錯的進展？或者是否存在我們應該在明年考慮的利潤率逆風？

Yes. I think there are 2 dynamics. As you point out, 1 is market expansion. We generally expect improved higher margins in the higher power markets, data center, solar and EV. At the same time, we think our generational improvements even in the mobile space are going to continue to incrementally expand margins while offering cost reduction to our customers. So I think we'll benefit in '23 and beyond by both of those dynamics, ultimately, combining together to achieve that longer-term goal of 55%.

是的。我認為有兩種動態。正如您所指出的，1 是市場擴張。我們普遍預計高功率市場、數據中心、太陽能和電動汽車的利潤率會提高。同時，我們認為我們在移動領域的世代改進將繼續逐步擴大利潤，同時為我們的客戶降低成本。因此，我認為我們將在 23 年及以後受益於這兩種動力，最終結合在一起實現 55% 的長期目標。

Great. And then last for you, Gene, maybe a more technical question, but you talked about as you go up in power to 65 watts and above, you need to add that power factor correction stage, which adds a second opportunity for GaN IC. Wondering if you can talk about, are you seeing a transition in architectures from like flyback to active clamp that may further increase the GaN content in some of those higher-power applications? Or does active clamp architecture really play more in either data center or some of the consumer chargers?

偉大的。最後，Gene，也許是一個技術性更強的問題，但你談到，當功率增加到 65 瓦及以上時，你需要添加功率因數校正階段，這為 GaN IC 增加了第二次機會。想知道您是否可以談談，您是否看到架構從反激式到有源箝位的轉變，這可能會進一步增加某些高功率應用中的 GaN 含量？還是有源箝位架構真的在數據中心或某些消費類充電器中發揮更大作用？

Yes, no, that's a great question, a very good observation. In fact, around 100 watts, we see most commonly a single GaN chip in the PFC and a single GaN chip in the traditional flyback, what's called a QR flyback. Actually, as you push that power level up and you want the energy efficiency to go up, say, at 120, 150 watts, even 200 watts, which is a crazy amount of power to be pumping into smartphones and mobile devices, but that's exactly where we're headed. And you can imagine how fast the charging is going to be. But as you do that, you can actually benefit from 2 -- a second GaN switch in the PFC circuit and a second GaN switch in the second stage, the flyback stage.

是的，不，這是一個很好的問題，一個很好的觀察。事實上，在 100 瓦左右，我們最常見的是 PFC 中的單個 GaN 芯片和傳統反激中的單個 GaN 芯片，即所謂的 QR 反激。實際上，當您提高功率水平並希望能效提高時，例如 120、150 瓦，甚至 200 瓦，這對智能手機和移動設備來說是一個瘋狂的功率，但這正是我們要去的地方。你可以想像充電的速度有多快。但是當你這樣做時，你實際上可以從 2 中受益——PFC 電路中的第二個 GaN 開關和第二級（反激級）中的第二個 GaN 開關。

And as you alluded to, there are alternative topologies beyond QR, which only uses a single GaN switch, whether it's active clamp flyback, LLC or some other variations of those 2 that both employ 2 GaN switches. So we're really headed towards 2 -- 1 to 2 to then to 3 and then eventually 4 GaN switches as we keep pushing the power, the fast charging and the energy efficiency higher and higher.

正如您所提到的，除了 QR，還有其他拓撲結構，它只使用一個 GaN 開關，無論是有源箝位反激式、LLC 還是這 2 個都使用 2 個 GaN 開關的其他一些變體。因此，隨著我們不斷推動功率、快速充電和能源效率越來越高，我們真的朝著 2 - 1 到 2 再到 3 最終是 4 個 GaN 開關前進。

Our next question comes from Blake Friedman of Bank of America.

我們的下一個問題來自美國銀行的布萊克弗里德曼。

Just a quick one on -- with consumer products expected to ramp throughout this year in data center and solar markets ramping in 2023, I was just curious if you can provide any color on how we should think about cash burn through this year as well as any color into next year.

只是一個快速的 - 隨著消費產品預計將在今年全年在數據中心和太陽能市場在 2023 年增長，我只是好奇你是否可以提供任何顏色來說明我們應該如何考慮今年的現金消耗以及任何顏色到明年。

Can we clarify first, Blake, were you looking for further definition on what sort of things are ramping in the markets or more interested in the financial part of your question, the cash flow?

布萊克，我們能否先澄清一下，您是在尋找有關市場上正在興起的事物的進一步定義，還是對您問題的財務部分（現金流）更感興趣？

More interested in the financial part.

對金融部分更感興趣。

Sure.

當然。

Yes. Thanks, Blake, for the question. So we finished the year at around $268 million in cash, with the doubling of our revenue and OpEx of $58 million on a non-GAAP basis. For 2022, we do expect to use around $40 million of our cash on our balance sheet, leaving us plenty of cash to put to work on strategic and other partnerships in the future.

是的。謝謝，布萊克，你的問題。因此，我們以大約 2.68 億美元的現金結束了這一年，按非公認會計原則計算，我們的收入和運營支出翻了一番，達到 5800 萬美元。到 2022 年，我們確實預計將在資產負債表上使用約 4000 萬美元的現金，從而為我們留出大量現金用於未來的戰略和其他合作夥伴關係。

Got it. Sounds good. And then, actually, just kind of drilling down more on the kind of consumer opportunities ramping this year. Just curious if you can highlight in what areas of the consumer market you are beginning to see early traction and maybe what percentage of revenues this year can come from the consumer markets.

知道了。聽起來不錯。然後，實際上，只是更多地挖掘今年增加的消費機會。只是好奇您是否可以突出顯示您開始看到早期牽引力的消費市場領域，以及今年的收入中有多少百分比可以來自消費市場。

And Blake, when you mentioned consumer, are you lumping in mobile into that or consumer somehow separate from mobile?

布萊克，當你提到消費者時，你是把移動和移動混為一談還是消費者以某種方式與移動分開？

Yes, separate from mobile.

是的，與手機分開。

Yes. The predominant part of our revenue forecast this year is definitely dominated by mobile. That's fast chargers for phones, tablets, laptops and, frankly, the aftermarket, which could be charging anything that uses a USB-C output. With that said, we also see this year as the start of the nonmobile consumer, as you're alluding to, things that don't have a battery, you're not carrying the charger around, but actually, they still care about power delivery, energy savings, size and weight.

是的。我們今年收入預測的主要部分肯定是移動設備占主導地位。這是適用於手機、平板電腦、筆記本電腦以及售後市場的快速充電器，可以為任何使用 USB-C 輸出的設備充電。話雖如此，我們也將今年視為非移動消費者的開始，正如你所暗示的那樣，沒有電池的東西，你沒有隨身攜帶充電器，但實際上，他們仍然關心電力交付、節能、尺寸和重量。

We have pointed to 2 in the past, 2 promising areas that we'll be launching and ramping this year. One is in LED TV. Another is in traditional desktop PCs and PC-related peripherals. We don't have any announcements yet on those. But as those products come to market, we'll share more details about them. They will be a small percentage of that total, but that is a promising and a really important multibillion-dollar opportunity beyond mobile into the broader consumer adapter space.

我們在過去指出了 2 個，我們將在今年推出和擴大的 2 個有希望的領域。一種是在 LED 電視中。另一個是在傳統的台式 PC 和 PC 相關的外圍設備中。我們還沒有關於這些的任何公告。但隨著這些產品上市，我們將分享更多關於它們的細節。它們將只佔總數的一小部分，但這是一個充滿希望且非常重要的數十億美元機會，超越移動設備，進入更廣泛的消費者適配器領域。

(Operator Instructions) Our next question comes from the line of Natalia Winkler of Jefferies.

（操作員說明）我們的下一個問題來自 Jefferies 的 Natalia Winkler。

Todd, I think this question is to you. And I wanted to just dive in a little bit more on the gross margin throughout the year. I appreciate kind of how it stacks up longer term. But as I think through the year, can you please kind of walk us the different dynamics with in-box and aftermarket types of revenues? And how should we think about the gross margins for the year?

托德，我想這個問題是給你的。而且我想在全年的毛利率上多投入一點。我很欣賞它如何長期積累。但是，正如我在這一年中所想的那樣，您能否向我們介紹一下收件箱和售後市場收入類型的不同動態？我們應該如何考慮今年的毛利率？

Sure. So that's a great question. Let me start with the gross margin. So we finished Q4 at 44%. We are guiding to Q1 at 44% as well, so flat, and that's driven by the TSMC price increase. We believe the full year will be at 44%. But you can look at the margins with the understanding that Gen 4 is coming out in the second half of the year. So we do expect a little bump there. So knowing that in mind, you'd be able -- better positioned to determine your margins on a quarter-to-quarter basis.

當然。所以這是一個很好的問題。讓我從毛利率開始。所以我們在第四季度完成了 44%。我們將第一季度的指導價也定為 44%，如此平穩，這是由台積電價格上漲推動的。我們認為全年將達到 44%。但是您可以在了解第 4 代將在今年下半年推出的情況下查看利潤率。所以我們確實希望那裡有一點點顛簸。因此，記住這一點，您將能夠 - 更好地確定每個季度的利潤率。

Understood. That's very helpful. And I guess, the second question is sort of a similar one, for the OpEx. So is it going to be stepping gradually over -- throughout the year? Or is it going to be a significant decrease sequentially into the second quarter and then more linear?

明白了。這很有幫助。我想，第二個問題與運營支出類似。那麼它是否會逐漸結束——全年？還是會在第二季度連續顯著下降，然後呈線性下降？

It's more on the stepping gradually throughout the year as we add headcount along with developed new products into the market. So a small step-up each quarter throughout the year to hit the eventual $58 million for full year OpEx.

隨著我們增加員工人數以及開發的新產品進入市場，它更多的是在全年逐步增加。因此，全年每個季度都會有一個小幅度的增長，最終達到全年運營支出的 5800 萬美元。

Thank you. At this time, I'd like to turn the call back over to Gene Sheridan for closing remarks. Sir?

謝謝你。在這個時候，我想把電話轉回給 Gene Sheridan 做閉幕詞。先生？

Thank you, operator, and thanks to everyone who joined us today. It's a big time for Navitas, an exciting year for us, and we look forward to a great future later this year as we electrify the world and move the world toward GaN-based electricity. So thanks for joining us.

感謝運營商，感謝今天加入我們的每一個人。對於 Navitas 來說，這是一個重要的時刻，對我們來說是激動人心的一年，我們期待著今年晚些時候的美好未來，因為我們使世界電氣化並推動世界轉向基於 GaN 的電力。所以感謝您加入我們。

This concludes today's conference call. Thank you for participating. You may now disconnect.

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。