納微半導體 (NVTS) 2021 Q3 法說會逐字稿

Welcome to Navitas Semiconductor Third Quarter 2021 Quarterly Results Conference Call.

歡迎參加 Navitas Semiconductor 2021 年第三季度季度業績電話會議。

(Operator Instructions) I would now like to hand the conference over to your speaker, Stephen Oliver.

（操作員說明）我現在想將會議移交給您的發言人 Stephen Oliver。

Thank you.

謝謝你。

Good afternoon.

下午好。

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

我是納微企業營銷和投資者關係副總裁 Stephen Oliver。

Thank you for joining Navitas Semiconductor's Third Quarter 2021 Results Conference Call, our first as NVTS, a public company.

感謝您參加 Navitas Semiconductor 的 2021 年第三季度業績電話會議，這是我們作為上市公司 NVTS 的第一次電話會議。

I'm joined today by Gene Sheridan, our Chairman, President and CEO; and Todd Glickman, our CFO.

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 navitassemi.com/ir.

本次電話會議正在我們網站 navitassemi.com/ir 的投資者關係部分進行網絡直播。

A replay of this webcast, along with our 2021 third quarter earnings release, will be available on our website approximately 1 hour following this call, and the recorded webcast will be available for approximately 30 days following this call.

該網絡廣播的重播以及我們的 2021 年第三季度收益發布將在本次電話會議後大約 1 小時在我們的網站上提供，錄製的網絡廣播將在本次電話會議後大約 30 天內提供。

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

與我們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 include certain non-GAAP financial measures.

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。

Reconciliation of these non-GAAP financial measures with the most directly comparable GAAP measures are included in our earnings release, which is posted separately on our website in the Investor Relations section.

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報告中，該報告單獨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.

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。

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

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。

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

我們希望提醒您，此類前瞻性陳述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。

Important factors that can affect Navitas business, including factors that could cause actual results to differ from our forward-looking statements, are described in our earnings release.

我們的收益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 SEC filings that were made in connection with our recently completed business combination with Live Oak Acquisition Corp.

另請參閱與我們最近完成的與 Live Oak Acquisition Corp 的業務合併有關的 SEC 文件中討論的影響 Navitas 的風險因素。

II, including the proxy statement or prospectus filed with the SEC by Live Oak on September 20, 2021.

II，包括 Live Oak 於 2021 年 9 月 20 日向 SEC 提交的委託書或招股說明書。

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

我們的估計或其他前瞻性陳述可能會發生變化，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 I would like to welcome Gene Sheridan, Navitas Co-Founder and CEO, to begin the main section.

現在我要歡迎 Navitas 聯合創始人兼首席執行官 Gene Sheridan 開始主要部分。

Thank you, Steve.

謝謝你，史蒂夫。

After our IPO celebration and ringing the Nasdaq opening bell, this is our first earnings call as a public company.

在我們慶祝 IPO 並敲響納斯達克開市鐘之後，這是我們作為上市公司的第一次財報電話會議。

We'll share our third quarter and year-to-date 2021 results as well as describe the fundamental opportunity and unique differentiation Navitas possesses with our GaN power IC technology.

我們將分享我們 2021 年第三季度和年初至今的業績，並描述 Navitas 憑藉我們的 GaN 功率 IC 技術所擁有的基本機會和獨特差異。

In Q3, our total revenue grew 61% year-over-year to $5.6 million and 128% on a year-to-date basis.

在第三季度，我們的總收入同比增長 61% 至 560 萬美元，同比增長 128%。

Demand was solid in the mobile charging market with continued and growing business from Dell, LG, Amazon, OPPO, Xiaomi, Lenovo and dozens of other customers and received over 90% of the top smartphone and laptop customers designing their next-generation fast chargers with our GaN power IC.

移動充電市場的需求穩定，戴爾、LG、亞馬遜、OPPO、小米、聯想和其他數十家客戶的業務持續增長，超過 90% 的頂級智能手機和筆記本電腦客戶設計了他們的下一代快速充電器我們的 GaN 功率 IC。

We are pleased with our growth trajectory and believe we will continue to double our revenues annually.

我們對我們的增長軌跡感到滿意，並相信我們的收入將繼續每年翻一番。

Our customers were targeting even faster growth in GaN chargers but were limited in Q3 by industry-wide silicon supply constraints.

我們的客戶希望 GaN 充電器實現更快的增長，但在第三季度受到全行業矽供應限制的限制。

In Q3, we saw our customers launch 24 new GaN chargers, which includes major launches from the top mobile and aftermarket players.

在第三季度，我們看到我們的客戶推出了 24 款新的 GaN 充電器，其中包括來自頂級移動和售後市場參與者的主要產品。

Last week, we announced our third-generation GaN power ICs, which integrates new GaNSense technology and is already being adopted in major customer launches.

上週，我們發布了我們的第三代 GaN 功率 IC，它集成了新的 GaNSense 技術，並已在主要客戶發布中採用。

And we are making good progress on our plans to expand into data center, solar and EV markets.

我們在向數據中心、太陽能和電動汽車市場擴張的計劃方面取得了良好進展。

Leading customers like Enphase Energy, Brusa and Compuware provided strong endorsements of our GaN power ICs and our excellent early adopter partners to Navitas.

Enphase Energy、Brusa 和 Compuware 等領先客戶對我們的 GaN 功率 IC 和我們優秀的早期採用者合作夥伴給予了 Navitas 的大力支持。

We are on track to sample these new higher-power GaN ICs this quarter to these and other top-tier customers in each of those target markets, which represent multibillion-dollar market additions to the $4 billion opportunity we've already identified in mobile and consumer.

我們有望在本季度向這些目標市場的這些和其他頂級客戶提供這些新的更高功率 GaN IC 樣品，這代表著我們已經在移動和消費者。

Before I go into further details on the significant Q3 business highlights, I want to share a brief introduction on the opportunity and strategy for our GaN power IC technology.

在進一步詳細介紹第三季度的重要業務亮點之前，我想簡要介紹一下我們 GaN 功率 IC 技術的機遇和戰略。

GaN is comprised of both gallium and nitrogen, which combined together to form an incredibly powerful bond that is 10x stronger than silicon with 2x higher electron mobility.

GaN 由鎵和氮組成，它們結合在一起形成非常強大的鍵，比矽強 10 倍，電子遷移率高 2 倍。

In power electronics, this translates to semiconductor devices that run up to 20x faster than legacy silicon and enables up to 3x more power and 3x faster charging with greater energy savings and in half the size and weight.

在電力電子領域，這意味著半導體器件的運行速度比傳統矽器件快 20 倍，功率提高 3 倍，充電速度提高 3 倍，同時節省更多能源，尺寸和重量減半。

Navitas GaNFast power ICs integrate GaN, power and drive plus protection and control to deliver simple, small, fast and efficient performance.

Navitas GaNFast 電源 IC 集成了 GaN、電源和驅動以及保護和控制，以提供簡單、小巧、快速和高效的性能。

Our GaN ICs enable speed and efficiencies that are far greater than silicon but also far greater than other suppliers' discrete GaN implementations.

我們的 GaN IC 的速度和效率遠高於矽，但也遠高於其他供應商的分立 GaN 實施方案。

Navitas has created this leading technology and #1 market position in GaN power ICs in just 7 years based upon a unique and proven founding management team that has worked together for decades.

Navitas 憑藉一支合作了數十年的獨特且久經考驗的創始管理團隊，在短短 7 年內創造了這項領先的技術和在 GaN 功率 IC 領域的第一市場地位。

We've also developed a systems-driven approach to create application-specific GaN ICs, which offer more differentiation and value compared to other GaN suppliers that offer only a standard discrete with a multi-market approach.

我們還開發了一種系統驅動的方法來創建特定應用的 GaN IC，與僅提供標準分立器件和多市場方法的其他 GaN 供應商相比，它提供了更多的差異化和價值。

Let's take a more detailed look at our progress and plans in each of our target markets.

讓我們更詳細地了解我們在每個目標市場的進展和計劃。

In mobile chargers for smartphones, tablets and laptops, we're pleased to announce an additional new 24 fast chargers using Navitas GaN ICs released to the market in Q3, taking the total to 164.

在智能手機、平板電腦和筆記本電腦的移動充電器方面，我們很高興地宣佈在第三季度向市場推出了另外 24 款採用 Navitas GaN IC 的新快速充電器，總數達到 164 款。

We believe this to be more than all other GaN companies combined.

我們相信這比所有其他 GaN 公司的總和還要多。

These include 5 new chargers from Baseus, one of the fastest-growing aftermarket suppliers in the mobile charger space and includes the world's smallest 100-watt charger that supports Qualcomm Quick Charge 5.0.

其中包括來自移動充電器領域增長最快的售後市場供應商之一倍思的 5 款新充電器，其中包括支持 Qualcomm Quick Charge 5.0 的世界上最小的 100 瓦充電器。

Q3 launches also included significant new products from major mobile brands such as Xiaomi's Civi phone charger and Lenovo's YOGA laptop chargers.

第三季度的發布還包括來自主要移動品牌的重要新產品，例如小米的 Civi 手機充電器和聯想的 YOGA 筆記本電腦充電器。

With Lenovo, we created an impressive co-op marketing campaign with GaNFast branding and Lenovo online and live stream video collateral.

與聯想合作，我們利用 GaNFast 品牌和聯想在線和直播視頻宣傳材料開展了令人印象深刻的合作營銷活動。

Today, we are very proud to announce a new strategic partnership with Anker, a global leader in fast-charging technology.

今天，我們非常自豪地宣布與快速充電技術的全球領導者 Anker 建立新的戰略合作夥伴關係。

Anker is both a long-time customer and an investor in Navitas.

Anker 既是 Navitas 的長期客戶，也是投資者。

This new agreement dedicates engineering teams at both Navitas and Anker to be co-located at Anker offices to develop and launch leading-edge GaNFast chargers with very short development times.

這項新協議規定 Navitas 和 Anker 的工程團隊將共同位於 Anker 辦公室，以極短的開發時間開發和推出領先的 GaNFast 充電器。

The focus will be on next-generation mobile chargers but will also include expansion into high-growth energy storage markets.

重點將放在下一代移動充電器上，但也將包括擴展到高增長的儲能市場。

In fact, the partnership is already paying off quickly with 2 new GaN chargers launched in Q3, including a 30-watt smartphone charger, which is similar in size to the original 5-watt so-called sugar cube charger and 70% smaller than the standard silicon 30-watt.

事實上，合作夥伴關係已經在第三季度推出了 2 款新的 GaN 充電器，其中包括一款 30 瓦智能手機充電器，其尺寸與原來的 5 瓦所謂的方糖充電器相似，並且比之前的 5 瓦小 70%。標準矽 30 瓦。

Last week, we announced our third-generation GaN power ICs, which integrates GaNSense technology.

上週，我們發布了集成了 GaNSense 技術的第三代 GaN 功率 IC。

GaNSense enables up to an additional 10% of energy savings as well as all-new autonomous protection circuits, which we expect to set a new standard in the industry for reliability and robustness not just for GaN but also as compared to all power semis across silicon, GaN and silicon carbide.

GaNSense 可額外節省高達 10% 的能源以及全新的自主保護電路，我們預計這將為行業樹立新的可靠性和穩健性標準，不僅適用於 GaN，而且與所有跨矽功率半導體相比, GaN 和碳化矽。

This new technology builds on our already impressive track record with now over 30 million units shipped without a single reported GaN-related field failure.

這項新技術建立在我們已經令人印象深刻的業績記錄之上，目前已出貨超過 3000 萬台，沒有報告過一次與 GaN 相關的現場故障。

Of greatest importance this morning, we are very pleased to announce a new category of mobile chargers defined as ultrafast chargers that have been developed and launched with our new GaNSense technology.

今天早上最重要的是，我們非常高興地宣布一種新的移動充電器類別，定義為使用我們新的 GaNSense 技術開發和推出的超快充電器。

This new category of chargers delivers over 100 watts efficiently to enable smartphones to achieve 0 to 100% charging in just 20 minutes or less.

這種新型充電器可高效提供超過 100 瓦的功率，使智能手機能夠在 20 分鐘或更短的時間內實現 0% 到 100% 的充電。

This is an incredible new industry development that will redefine the charging experience for consumers globally.

這是一項令人難以置信的新行業發展，將重新定義全球消費者的充電體驗。

The first such product was just announced by Xiaomi for the Note 11 Pro+.

小米剛剛為 Note 11 Pro+ 發布了第一款此類產品。

It's 120 watts packed in the size of a typical silicon 45-watt charger, 3x smaller than typical silicon-based 120-watt laptop chargers, yet achieved 0 to 100% in only 17 minutes.

它的功率為 120 瓦，大小與典型的 45 瓦矽充電器相當，比典型的基於矽的 120 瓦筆記本電腦充電器小 3 倍，但僅需 17 分鐘即可達到 0% 到 100%。

In addition, these ultrafast chargers require double the GaN content per charger, which, of course, doubles the revenue opportunity for Navitas.

此外，這些超快充電器要求每個充電器的 GaN 含量增加一倍，這當然會使 Navitas 的收入機會增加一倍。

By our estimates, we project this ultrafast charger category will represent up to half of the GaN potential in mobile chargers over the next few years.

根據我們的估計，我們預計這種超快充電器類別將在未來幾年內佔移動充電器中 GaN 潛力的一半。

This translates to up to $1 billion per year out of the broader $2 billion per year mobile GaN charger potential.

在更廣泛的每年 20 億美元的移動 GaN 充電器潛力中，這意味著每年高達 10 億美元。

More ultrafast chargers are in development now with our GaNSense technology and will be launched by a number of major brands in the coming months.

我們的 GaNSense 技術目前正在開發更多的超快充電器，並將在未來幾個月內由多個主要品牌推出。

With worldwide GaN shipments currently representing an adoption rate of only about 2% to 3% of this estimated $2 billion market, we have an incredible opportunity ahead of us in this segment.

目前全球 GaN 出貨量僅佔這個估計價值 20 億美元的市場的 2% 到 3% 左右，我們在這一領域擁有難以置信的機會。

From mobile applications, we believe there is a relatively easy transition and expansion to broader consumer applications, including TV, all-in-one PC, smart home devices and game consoles.

從移動應用，我們認為向更廣泛的消費應用（包括電視、一體機、智能家居設備和遊戲機）過渡和擴展相對容易。

Here, we access another $2 billion market, starting with designs like all-in-one PCs and TVs, where efficient slimline power supplies can enable the sleek design demanded by these applications.

在這裡，我們進入了另一個 20 億美元的市場，從一體機 PC 和電視等設計開始，高效的超薄電源可以實現這些應用所需的時尚設計。

We anticipate first shipments of our GaN ICs into this broader nonmobile consumer market starting this quarter and ramping throughout next year.

我們預計從本季度開始，我們的 GaN IC 將首次出貨到這個更廣泛的非移動消費市場，並在明年全年出貨。

In particular, the change in TV screen technology from Ultra HD to 8K means a 4x increase in power needs.

特別是電視屏幕技術從超高清到 8K 的變化意味著電力需求增加了 4 倍。

And GaN power ICs deliver that power in small, low-profile form factors.

GaN 功率 IC 以小巧、扁平的外形提供這種功率。

Moving on to higher-power applications like data center.

轉向更高功率的應用，如數據中心。

Our high-speed GaN ICs translate into shrinking the size of server power supplies, which creates more space for data processing with CPUs, GPUs and memory chips.

我們的高速 GaN IC 可以縮小服務器電源的尺寸，從而為 CPU、GPU 和內存芯片的數據處理創造更多空間。

However, the additional major value for GaN is driven by energy savings.

然而，GaN 的額外主要價值是由節能驅動的。

Data center operators pay more in electricity per year than they do for the hardware itself.

數據中心運營商每年支付的電費比他們為硬件本身支付的更多。

Each efficiency point can be translated directly into significant running cost savings.

每個效率點都可以直接轉化為顯著的運行成本節省。

And with GaN, typical efficiency can be increased by almost 10 points.

使用 GaN，典型效率可以提高近 10 個百分點。

In other words, about a 40% energy savings compared to silicon-based data centers.

換言之，與基於矽的數據中心相比，節能約 40%。

Worldwide, we expect to transition from silicon to GaN could save up to $1.9 billion per year with an extremely fast payback estimated to be around 2 months.

在全球範圍內，我們預計從矽過渡到 GaN 每年可節省高達 19 億美元，而且投資回報極快，估計約為 2 個月。

The leader in high-efficiency server power is Compuware based in Taipei with #1 share in designs that can achieve the highly efficient platinum and titanium classes of power supplies.

高效服務器電源的領導者是總部位於台北的 Compuware，在可實現高效鉑金和鈦金級電源的設計中佔有第一名。

Compuware declared that GaN is a breakthrough new technology that is enabling dramatic improvements in size, energy savings and power density and that Navitas is an excellent partner to Compuware with our industry-leading GaN ICs.

Compuware 宣稱 GaN 是一項突破性的新技術，可以顯著改善尺寸、節能和功率密度，並且 Navitas 是 Compuware 的優秀合作夥伴，擁有我們行業領先的 GaN IC。

With over 13 million units of servers shipped each year, each with over $75 of GaN content, data centers represent another $1 billion a year opportunity for our GaN ICs.

每年有超過 1300 萬台服務器出貨，每台服務器的 GaN 含量超過 75 美元，數據中心每年為我們的 GaN IC 帶來另外 10 億美元的機會。

Given data center development times of 12 to 18 months, we anticipate our first data center designs using our GaN power ICs will start mass production ramps in early 2023.

鑑於數據中心開發時間為 12 到 18 個月，我們預計我們的第一個使用我們 GaN 功率 IC 的數據中心設計將在 2023 年初開始量產。

Now let's turn to solar and energy storage.

現在讓我們轉向太陽能和儲能。

Renewable energy is critical for us all to reduce our dependence on fossil fuels.

可再生能源對於我們所有人減少對化石燃料的依賴至關重要。

Enphase Energy, the world's leading supplier of microinverter-based solar plus storage systems, recently announced their plans to adopt GaN technology and their cooperation with Navitas.

全球領先的基於微型逆變器的太陽能加儲能係統供應商 Enphase Energy 最近宣布了採用 GaN 技術的計劃以及與 Navitas 的合作。

And they stated that it's the end of the road for silicon MOSFETs and that gallium nitride offers a tenfold switching frequency advantage at a significant system cost advantage.

他們表示，這是矽 MOSFET 之路的盡頭，氮化鎵以顯著的系統成本優勢提供了十倍的開關頻率優勢。

Navitas estimates that GaN power ICs can reduce inverter cost by 25%, accelerating solar installation payback by about a year, and that the total residential solar GaN IC opportunity is over $1 billion per year.

Navitas 估計 GaN 功率 IC 可以將逆變器成本降低 25%，將太陽能安裝的投資回收期加快大約一年，並且住宅太陽能 GaN IC 的總機會每年超過 10 億美元。

Given solar development times of about 2 years, we anticipate our first solar designs using our GaN power ICs will start mass production ramps in the second half of 2023.

鑑於太陽能開發時間約為 2 年，我們預計我們使用 GaN 功率 IC 的首批太陽能設計將在 2023 年下半年開始量產。

Acceleration is also the focus in EVs or eMobility as we cover all opportunities from electric scooters and electric bikes to full passenger EVs.

加速也是電動汽車或電動汽車的重點，因為我們涵蓋了從電動踏板車和電動自行車到全乘客電動汽車的所有機會。

There are 3 opportunities for GaN power ICs in EV: the onboard charger or OBC, which charges the battery; the DC-to-DC converters, which convert from the battery to lower voltage to power in-car electronics; and the traction drive, which is the electric motor to move the car.

EV 中的 GaN 功率 IC 有 3 個機會：為電池充電的車載充電器或 OBC； DC-DC轉換器，將電池轉換為較低的電壓，為車載電子設備供電；以及牽引驅動，即驅動汽車的電動機。

Our initial focus is on the OBC and DC-to-DC.

我們最初的重點是 OBC 和 DC-to-DC。

One important power electronic supplier to EV customers worldwide is Brusa.

Brusa 是全球電動汽車客戶的重要電力電子供應商之一。

Brusa publicly announced their intentions to move to GaN to meet future cost and performance needs beyond what is possible with silicon or silicon carbide.

Brusa 公開宣布他們打算轉向 GaN 以滿足未來的成本和性能需求，而這超出了矽或碳化矽的可能。

They also announced their strong validation of the benefits of our GaN power ICs for simplicity, reliability, speed, form factor and cost.

他們還宣布，他們對我們的 GaN 功率 IC 在簡單性、可靠性、速度、外形尺寸和成本方面的優勢進行了強有力的驗證。

With a conservative estimate of $50 of GaN content per OBC, another $15 for the DC-to-DC converter and $200 for traction drive, we believe each EV represents over $250 potential GaN content and a market opportunity over $2.5 billion per year.

保守估計，每個 OBC 的 GaN 含量為 50 美元，DC-DC 轉換器另外 15 美元，牽引驅動器為 200 美元，我們相信每輛電動汽車代表了超過 250 美元的潛在 GaN 含量和每年超過 25 億美元的市場機會。

Given EV development times typically of 4 years, we expect our first EV designs using our GaN power ICs to start their production ramp in 2025.

鑑於電動汽車的開發時間通常為 4 年，我們預計使用我們的 GaN 功率 IC 的首批電動汽車設計將在 2025 年開始量產。

Let's now turn to Navitas' team expansion and regional news.

現在讓我們來看看納微的團隊擴張和地區新聞。

As the mobile market increases rapidly and the higher-power expansion markets of EV, solar and data center begin, Navitas' design, applications and sales support footprint are being strengthened and expanded.

隨著移動市場的快速增長以及電動汽車、太陽能和數據中心等高功率擴展市場的開始，Navitas 的設計、應用和銷售支持足跡正在得到加強和擴大。

With confidence in the Navitas business model, we recruited these teams in advance of our IPO's capital raise.

憑藉對 Navitas 商業模式的信心，我們在 IPO 融資之前招募了這些團隊。

Since the start of 2021, we have now increased the team by over 50%, reaching over 150 highly skilled and experienced staff with an approximate 50-50 split between U.S. and Asia.

自 2021 年初以來，我們的團隊現已增加了 50% 以上，擁有 150 多名高技能和經驗豐富的員工，美國和亞洲之間的比例約為 50-50。

This includes many with deep domain and system expertise in our expansion markets of data center solar and EV.

這包括在我們的數據中心太陽能和電動汽車擴展市場中擁有深厚領域和系統專業知識的許多人。

In China, we have tripled our Shenzhen facilities to support the significant growth we see in that region, including major expansion of our applications lab capacity, which we use with our customers and our supply chain partners to codevelop these next-generation GaN fast chargers.

在中國，我們將深圳工廠增加了兩倍，以支持我們在該地區看到的顯著增長，包括大幅擴展我們的應用實驗室能力，我們與客戶和供應鏈合作夥伴共同開發這些下一代 GaN 快速充電器。

We are also investing in Europe, building a world-class sales, tech support and applications design center in that region.

我們還在歐洲投資，在該地區建立世界一流的銷售、技術支持和應用設計中心。

Europe is key to our plans for EV, solar, energy storage and even broader industrial applications.

歐洲是我們在電動汽車、太陽能、儲能甚至更廣泛的工業應用計劃中的關鍵所在。

We expect to announce significant new business in that region soon.

我們預計很快將在該地區宣布重要的新業務。

And finally, I want to discuss the important topic of climate change and decarbonization.

最後，我想討論氣候變化和脫碳這一重要話題。

Today, only about 15% of our world's energy comes from sustainable sources utilizing electrical energy, while the balance is dependent on fossil fuels.

今天，我們世界上只有大約 15% 的能源來自利用電能的可持續能源，而其餘部分則依賴於化石燃料。

We believe that ratio will reverse in the coming decades, and GaN is a critical element of this major energy transition.

我們相信這一比例將在未來幾十年發生逆轉，而 GaN 是這一重大能源轉型的關鍵要素。

GaN makes electrical energy faster, more efficient, and lower cost, all of which will serve to accelerate the world's transition from coal-fired power plants to solar and wind electricity-based energy sources as well as transition energy applications from gas-powered transportation, buildings and industrial factories to clean electricity-based energy, where GaN can have a significant impact.

GaN 使電能更快、更高效、成本更低，所有這些都將有助於加速世界從燃煤電廠向太陽能和風能能源的過渡，以及從天然氣動力運輸過渡的能源應用，用於清潔電力能源的建築物和工業工廠，GaN 可以在這些領域產生重大影響。

GaN offers a carbon footprint that is up to 10x lower than that of silicon and makes all electrical energy uses faster, cleaner, more efficient and lower cost.

GaN 的碳足跡比矽低 10 倍，並使所有電能的使用更快、更清潔、更高效且成本更低。

You can anticipate major announcements in this area from Navitas in the near future as we look to take a leadership role within the semiconductor industry in driving this energy transition and electrifying our world.

您可以期待 Navitas 在不久的將來在該領域發布重大公告，因為我們希望在半導體行業中發揮領導作用，推動這一能源轉型並讓我們的世界電氣化。

With that, I'll hand it over to Todd Glickman, our CFO, for the financial update.

有了這個，我將把它交給我們的首席財務官 Todd Glickman 進行財務更新。

Thanks, Gene, and thanks to everyone for joining us today on our first public earnings call.

謝謝，吉恩，也感謝大家今天加入我們的第一次公開收益電話會議。

Let me take you through our third quarter numbers and guidance for Q4.

讓我帶您了解我們第三季度的數據和第四季度的指導。

Revenue grew to $5.6 million, representing a 61% increase over the prior year's third quarter.

收入增長至 560 萬美元，比去年第三季度增長 61%。

Mobile demand remained strong.

移動需求依然強勁。

However, our customers were targeting over 1 million of additional demand in Q3, which they couldn't achieve due to non-GaN-related supply constraints.

然而，我們的客戶在第三季度的目標是增加超過 100 萬個需求，但由於非 GaN 相關的供應限制，他們無法實現這一目標。

GAAP and non-GAAP gross margin was 46% in the third quarter, up from 38% in the same quarter of the prior year.

第三季度 GAAP 和非 GAAP 毛利率為 46%，高於去年同期的 38%。

We've been running about 4% to 6% on a non-GAAP basis during 2021, which is consistent with our strategy of delivering healthy margins and passing along cost reductions to our consumers during our high-growth early years and targeting a 55% gross margin long term.

2021 年，我們在非公認會計原則的基礎上運行了大約 4% 到 6%，這與我們在高增長早期提供健康利潤和將成本降低傳遞給消費者的戰略一致，目標是 55%毛利率長期。

With regard to expenses, we have expanded our sales and marketing teams to support new markets in data center, solar and EV while also expanding regionally into Europe.

在費用方面，我們擴大了我們的銷售和營銷團隊，以支持數據中心、太陽能和電動汽車的新市場，同時也在區域性擴展到歐洲。

As such, our non-GAAP SG&A expense was $3.4 million in Q3, which is up from $2.2 million in the third quarter of 2020.

因此，我們第三季度的非 GAAP SG&A 費用為 340 萬美元，高於 2020 年第三季度的 220 萬美元。

Non-GAAP R&D expense was $5.7 million in the third quarter of 2021 compared to $2.9 million last year as we are developing multiple new generations of GaN ICs while also expanding our road map to include GaN ICs for data center, solar and EV.

2021 年第三季度非 GAAP 研發費用為 570 萬美元，而去年為 290 萬美元，因為我們正在開發多代新一代 GaN IC，同時還將我們的路線圖擴大到包括用於數據中心、太陽能和電動汽車的 GaN IC。

Putting all this together, non-GAAP net loss from operations was $6.5 million compared to a net loss of $3.7 million in the third quarter of 2020.

綜上所述，非公認會計原則的運營淨虧損為 650 萬美元，而 2020 年第三季度的淨虧損為 370 萬美元。

Turning to the balance sheet.

轉向資產負債表。

We ended the quarter with $11.1 million of cash on the balance sheet and inventory of $11.7 million compared to $2.2 million a year ago as we put in place significant inventories to prepare for customers' aggressive growth plans, some of which were constrained by non-GaN supply chain limitations.

我們在本季度末的資產負債表上有 1110 萬美元的現金和 1170 萬美元的庫存，而一年前為 220 萬美元，因為我們為客戶積極的增長計劃做好準備，其中一些計劃受到非 GaN 的限制供應鏈限制。

Moving on to guidance.

繼續指導。

For the fourth quarter of 2021, revenues are expected to be $7.4 million, plus or minus 5%, which represents approximately 60% growth compared to prior year, over 30% sequential growth from Q3 and more than double our revenue from 2020 on a full year basis.

2021 年第四季度的收入預計為 740 萬美元，正負 5%，與去年相比增長約 60%，較第三季度環比增長 30% 以上，我們的收入較 2020 年全年增長一倍以上年為基礎。

Our guidance factors in continuing customer non-GaN supply chain challenges as we believe this will continue for the next few quarters.

我們的指導因素是持續的客戶非 GaN 供應鏈挑戰，因為我們相信這將在未來幾個季度繼續存在。

I'd also like to mention that we have posted an Excel spreadsheet showing our historical quarterly financials and seasonality.

我還想提一下，我們已經發布了一個 Excel 電子表格，顯示了我們的歷史季度財務和季節性。

GAAP and non-GAAP gross margin is expected to be approximately 44% in the next quarter.

GAAP 和非 GAAP 毛利率預計在下一季度約為 44%。

We expect sales of our gen 3 GaNSense ICs will reduce costs as we move into 2022 and help offset some of the cost increases we have seen in our supply chain.

隨著我們進入 2022 年，我們預計第 3 代 GaNSense IC 的銷售將降低成本，並有助於抵消我們在供應鏈中看到的一些成本增加。

A transition to gen 4 in the second half of 2022 should help with our margin expansion plans.

在 2022 年下半年過渡到第 4 代應該有助於我們的利潤率擴張計劃。

In the long term, as our business grows and industry-wide supply and demand come back in a better balance, we continue to target 55% gross margins.

從長遠來看，隨著我們業務的增長和全行業的供需恢復到更好的平衡，我們繼續將毛利率設定為 55%。

Finally, after the quarter, we completed our de-SPAC business combination on October 19, with approximately 117.7 million shares outstanding.

最後，在本季度之後，我們於 10 月 19 日完成了 de-SPAC 業務合併，流通股約為 1.177 億股。

We expect our basic and diluted share count in Q4 to be approximately 97 million.

我們預計我們在第四季度的基本和稀釋後的股票數量約為 9700 萬股。

The majority of our shares outstanding are held by major shareholders and executive management and are currently subject to a lockup for up to 1 year and up to 3 years, respectively.

我們的大部分流通股由大股東和執行管理層持有，目前分別鎖定長達 1 年和長達 3 年。

Cash, cash equivalents and investments post de-SPAC totaled approximately $260 million, net of deal-related expenses.

de-SPAC 後的現金、現金等價物和投資總額約為 2.6 億美元，扣除與交易相關的費用。

Additionally, we have $30 million in restricted assets, which is expected to be converted to cash through a forward purchase agreement.

此外，我們有 3000 萬美元的受限資產，預計將通過遠期購買協議轉換為現金。

We are pleased to now have the balance sheet in place to support our aggressive growth.

我們很高興現在有了資產負債表來支持我們的積極增長。

In summary, I'm pleased with our growth, but we have only scratched the surface of moving the market from silicon to GaN and are excited about the future ahead.

總而言之，我對我們的增長感到滿意，但我們只是觸及了將市場從矽轉移到 GaN 的表面，並對未來的未來感到興奮。

I add my thanks to our worldwide employees, partners and customers for their hard work in driving change and bringing us one step closer to electrifying our world.

我要感謝我們的全球員工、合作夥伴和客戶，感謝他們在推動變革和使我們離實現世界電氣化更近一步方面的辛勤工作。

Gene and I are now ready to take your questions.

吉恩和我現在準備好回答你的問題了。

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

接線員，讓我們開始問答環節。

(Operator Instructions) Our first question is from Ross Seymore with 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, thanks for walking through all those long-term drivers.

吉恩，感謝您介紹所有這些長期驅動因素。

I'm going to focus a little more on the nearer term with my question though.

不過，我將更多地關注近期的問題。

Todd, you talked about some of the non-GaN-related supply issues.

Todd，您談到了一些與 GaN 無關的供應問題。

Can you go into a little bit more detail on that?

你能詳細介紹一下嗎？

Is -- we've heard from other folks that there's a little bit of excess inventory, so too much supply, not too little on the charger side of things, but it seems like you're pointing to the opposite of that.

是 - 我們從其他人那裡聽說庫存有點過剩，供應太多，充電器方面的東西不是太少，但看起來你指向的是相反的情況。

And in the duration that you talked about lasting for another few quarters, could you explain a little bit on that as well?

在你談到的持續幾個季度的持續時間內，你能解釋一下嗎？

Sure, Ross.

當然，羅斯。

I can handle that.

我可以處理。

Thanks for your question.

謝謝你的問題。

This is Gene.

這是吉恩。

I think there's a lot of components used inside of GaN charger besides the GaN chip, of course.

當然，我認為除了 GaN 芯片之外，GaN 充電器內部還使用了很多組件。

I'd say the primary shortages have been with the silicon controllers.

我想說主要的短缺是矽控制器。

There's actually multiple silicon controllers used on the primary side; on the secondary side, the PD controller.

初級側實際上使用了多個矽控制器；在次級側，PD 控制器。

So that's where most of the limitations have been, although we see even nonsilicon, nonsemiconductor challenges popping up from time to time.

這就是大多數限制所在，儘管我們看到甚至非矽、非半導體的挑戰不時出現。

With all of that said, I think our customers are making really good progress to approve new sources of supply.

綜上所述，我認為我們的客戶在批准新的供應來源方面取得了很好的進展。

So they have many options to make sure they can satisfy the need for those non-GaN chips and free up some of these constraints, but it's still our best guess and our customers' feedback to us that it's probably 2 or 3 quarters of constraints, which we factored into the guidance that Todd described.

所以他們有很多選擇來確保他們能夠滿足對那些非 GaN 芯片的需求並釋放其中的一些限制，但這仍然是我們最好的猜測和我們的客戶對我們的反饋，它可能是 2 或 3 個季度的限制，我們在托德描述的指導中考慮了這一點。

Great.

偉大的。

And I guess you mentioned -- I think Todd said 1 million units that they had demand for that they couldn't ship for the size and the duration side of things.

而且我猜你提到過——我認為托德說他們有需求的 100 萬個單位，但他們無法在尺寸和持續時間方面發貨。

Was that correct?

那是正確的嗎？

Did I hear that, Todd, correctly?

托德，我沒聽錯嗎？

And the duration before this is fixed?

在此之前的持續時間是固定的？

Is this something that's another quarter or 2 quarters?

這是另一個季度還是兩個季度？

What's your best guess on that front?

在這方面你最好的猜測是什麼？

Yes, that is correct.

對，那是正確的。

It was 1 million units.

這是100萬台。

Duration, we expect to sort of -- to come back on track and going forward to all of our forecasts.

持續時間，我們預計會 - 回到正軌並繼續我們所有的預測。

Our next question comes from Tristan Gerra with Baird.

我們的下一個問題來自 Tristan Gerra 和 Baird。

You talked notably during your Analyst Day that you expect price breakeven with silicon a couple of years from now.

您在分析師日期間特別談到，您預計幾年後矽的價格會達到收支平衡。

But clearly, adoption is in the waiting for that price breakeven.

但顯然，採用是在等待價格收支平衡。

So clearly, your customers are realizing the benefits.

很明顯，您的客戶正在意識到這些好處。

Is this like silicon carbide where the adoption rate in automotive is happening because of the gain in performance despite the price premium?

這是否像碳化矽一樣，在汽車中的採用率正在發生，因為儘管價格溢價，但性能卻有所提高？

Or do you expect a further inflection point once you reach price parity because it's just going to accelerate demand?

或者，一旦達到價格平價，您是否預計會出現進一步的拐點，因為它只會加速需求？

If you could just give us a sense of how many people are waiting just for price parity versus just using your technology for the advantages that it offers.

如果你能告訴我們有多少人只是在等待價格平價，而不是僅僅為了它提供的優勢而使用你的技術。

Yes.

是的。

Great question, Tristan.

好問題，特里斯坦。

And I would say certainly in the mobile market, the value is clearly high.

我肯定會說，在移動市場上，它的價值顯然很高。

And so even with a modest premium as we have today, we see a lot of growth in adoption.

因此，即使我們今天擁有適度的溢價，我們也看到了採用率的大幅增長。

I'd say that's all of the premium market and a large percentage of the mainstream, you might call mainstream market.

我會說這是所有的高端市場和很大比例的主流市場，你可以稱之為主流市場。

But I think as you get into the low end of mainstream and the really low end of the markets, they're going to be more price sensitive.

但我認為，當你進入主流市場的低端和真正的低端市場時，它們將對價格更加敏感。

At least from our view, to be confident that we get the full transition from silicon to GaN that we expect, that cost transition is important.

至少從我們的觀點來看，要確信我們能夠實現預期的從矽到 GaN 的完全過渡，成本過渡很重要。

I'd also say it's more important in the nonmobile consumer.

我還要說它在非移動消費者中更為重要。

In that case, of course, you're not carrying around the power supply.

當然，在這種情況下，您不會隨身攜帶電源。

You're not charging a battery.

你不是在給電池充電。

So the value point is going to be a little tougher.

因此，價值點將變得更加艱難。

It's going to be a little bit more price sensitive.

它將對價格更加敏感。

For that reason, we've been pretty conservative in our outlook for nonmobile consumer, but there's a lot of untapped potential there as we cut that GaN premium down lower and even match silicon and go below silicon in the next 2 years, as you described.

出於這個原因，我們對非移動消費者的前景相當保守，但正如您所描述的那樣，隨著我們將 GaN 溢價降低到更低，甚至在未來 2 年內與硅相匹配並低於矽，那裡有很多未開發的潛力.

And then for my follow-up question.

然後是我的後續問題。

So you talked about gross margin, basically some impact related to the shortages.

所以你談到了毛利率，基本上是一些與短缺有關的影響。

Then it sounds like it might continue in the first half of next year and then expansion into the second half, notably with next-gen products.

然後聽起來它可能會在明年上半年繼續，然後擴展到下半年，尤其是下一代產品。

So should we be looking at -- I know you're not guiding beyond this quarter, but should we be looking at gross margin stabilizing in the range of that 44% to 46% that you've been showing this year into the next few quarters and then maybe a little bit of an inflection point after that?

那麼我們是否應該關注 - 我知道您不會在本季度之後指導，但我們是否應該關注毛利率穩定在您今年到接下來的幾年中展示的 44% 到 46% 的範圍內四分之一，然後可能會出現一點拐點？

Yes.

是的。

Good question, Tristan.

好問題，特里斯坦。

We do expect it to have more information for you after Q4 earnings, but we're currently projecting a flat to slightly better margin year-over-year as the margin expansion from the new generation of GaN ICs will be partially offset by the increase in supply chain cost.

我們確實預計它會在第四季度收益之後為您提供更多信息，但我們目前預計利潤率將與去年同期持平至略高，因為新一代 GaN IC 的利潤率擴張將被部分增長抵消供應鏈成本。

But our goal continues to be to drive the GaN premium from silicon to 0 in the next 2 to 3 years and achieve a long-term margin of 55%, and we're on track for that.

但我們的目標仍然是在未來 2 到 3 年內將 GaN 的溢價從矽降低到 0，並實現 55% 的長期利潤率，我們正朝著這個目標前進。

Our next question comes from Richard Shannon with Craig-Hallum.

我們的下一個問題來自 Richard Shannon 和 Craig-Hallum。

Congratulations on a nice start to your public life here.

恭喜您在這裡的公共生活有了一個良好的開端。

Maybe a couple of tactical questions before I get into 1 or 2 more fundamental longer-term ones here.

在我在這裡討論 1 或 2 個更基本的長期問題之前，可能需要幾個戰術問題。

In terms of your guidance here for the fourth quarter, you've got a meaningful uptick in -- measured in quarter-on-quarter growth here for the last few quarters.

就您對第四季度的指導而言，您已經有了有意義的增長——以過去幾個季度的季度環比增長來衡量。

Is this driven by seasonality or these new wins or other factors?

這是受季節性因素驅動的還是這些新的勝利或其他因素？

You just mentioned in the last couple of questions about supply probably not really easing to help you there.

您剛剛在最後幾個關於供應的問題中提到可能並沒有真正放鬆以幫助您。

So maybe if you can give a sense of what's driving this increased sequential growth here for the fourth quarter.

因此，也許您可以了解是什麼推動了第四季度的連續增長。

Sure.

當然。

Yes.

是的。

Richard, thanks for your question.

理查德，謝謝你的提問。

And yes, it's driven really by both seasonality.

是的，它實際上是由兩個季節性驅動的。

I think we'll always expect, as we saw last year, the second half of the year will tend to be bigger, in particular, in Q4, than the first half.

正如我們去年所看到的那樣，我認為我們總是會期望，特別是在第四季度，下半年往往會比上半年更大。

We'll see that pattern again this year and likely next year.

今年我們將再次看到這種模式，明年可能還會如此。

But there are -- and that's, of course, because of specific launches that tend to be holiday based in the mobile and consumer space, in particular, as we highlighted many new products, 24 new products launched in Q3.

但也有——當然，這是因為在移動和消費領域的特定發布往往是基於假期的，特別是當我們強調了許多新產品時，第三季度推出了 24 款新產品。

Of course, there's many more coming in Q4, but even the Q3 launch has helped to really drive a lot of the Q4 revenue.

當然，第 4 季度還會有更多，但即使是第 3 季度的發布也確實幫助推動了第 4 季度的大量收入。

Those Anker products we talked about, the Baseus products, especially the Xiaomi ultrafast charger really leading an all-new category in that space.

我們談到的那些Anker產品，Baseus產品，尤其是小米超快充電器真正引領了該領域的全新品類。

And as I said, there's many more coming that we can't announce but would cover in the Q4 earnings release.

正如我所說，還有更多我們無法宣布但會在第四季度收益發布中涵蓋的內容。

Okay.

好的。

Great.

偉大的。

That is helpful.

這很有幫助。

Another quick question on the financials here on OpEx.

另一個關於 OpEx 財務的快速問題。

You've kind of guided to fourth quarter non-GAAP OpEx of $10 million here, obviously adding some staff here, and maybe that's continuing.

你在這裡指導了第四季度非公認會計原則的運營支出為 1000 萬美元，顯然在這裡增加了一些員工，也許這種情況還在繼續。

How do we think about this as this trends into the first part of next year?

隨著這種趨勢進入明年上半年，我們如何看待這一點？

Yes.

是的。

Great question.

好問題。

As we continue to grow and move into new markets, we expect to grow OpEx both on the R&D side and the SG&A.

隨著我們繼續發展並進入新市場，我們預計在研發方面和 SG&A 方面的運營支出都會增長。

Long term, we expect OpEx to represent around 30% of revenue, and that's our long-term business model.

從長遠來看，我們預計運營支出將佔收入的 30% 左右，這是我們的長期業務模式。

If I could add, I think you can also expect -- as you implied, we're in investment mode, and so there's OpEx growth that goes with that.

如果我可以補充，我認為您也可以期待 - 正如您所暗示的，我們處於投資模式，因此運營支出增長隨之而來。

But the OpEx growth will likely be slower than the revenue growth, leading towards that business model, as Todd described it.

但正如托德所描述的那樣，運營支出的增長可能會慢於收入的增長，從而導致這種商業模式的發展。

Okay.

好的。

That's fair enough.

這很公平。

Gene, a question for you.

吉恩，問你一個問題。

You had a nice announcement here recently with Xiaomi, and then you just talked about Anker today in your prepared remarks.

您最近在這裡與小米有一個很好的公告，然後您今天在準備好的評論中談到了 Anker。

Maybe you can talk about the kind of the change in partnership models you have with those 2. And then if you can combine it with one of your comments on the call here about 90% of all OEM and aftermarket laptop and phone charger players are using Navitas.

也許您可以談談您與這 2 家合作夥伴模式的變化。然後，如果您可以將其與您在電話會議上的評論之一結合起來，大約 90% 的 OEM 和售後市場筆記本電腦和手機充電器玩家正在使用納維。

Does this imply any sort of entirely or mostly exclusive relationships with one or more of your customers out there?

這是否意味著與您的一個或多個客戶存在任何類型的完全或大部分排他關係？

Yes.

是的。

So to give you a little bit more color as you started the question with Anker, we've done business with both.

因此，當您開始向 Anker 提出問題時，為了給您更多的色彩，我們已經與兩者開展了業務。

Actually, Anker and Xiaomi, of course, have been long-time partners and actually both long-time investors in our company.

事實上，Anker 和小米當然是我們公司的長期合作夥伴，實際上都是我們公司的長期投資者。

So the relationship goes back multiple years.

所以這段關係可以追溯到多年前。

With Anker in particular, we've taken it to the next level with the strategic partnership agreement, as I explained, with dedicated resources, dedicated labs and a much faster and bigger focus on really pushing the leading edge of next-generation fast chargers.

尤其是 Anker，我們通過戰略合作協議將其提升到了一個新的水平，正如我所解釋的那樣，我們擁有專門的資源、專門的實驗室，並且更快、更大地專注於真正推動下一代快速充電器的領先優勢。

Our Xiaomi relationship isn't too different in that it's extremely close, long-standing relationship.

我們與小米的關係並沒有太大的不同，因為它是非常密切、長期的關係。

And there's a lot of co-development that goes into those next-generation chargers.

這些下一代充電器有很多共同開發。

As you know, we do a lot more than offer the GaN IC but actually offer a lot of system value and assistance in creating those next-generation chargers.

如您所知，我們所做的不僅僅是提供 GaN IC，但實際上在創建下一代充電器方面提供了很多系統價值和幫助。

With that said, we see them both being pretty significant going forward in our revenue into next year.

話雖如此，我們認為它們在我們明年的收入中都非常重要。

Was there a second part to that question?

這個問題還有第二部分嗎？

No, I think you -- well, I guess any sense of exclusivity with any of these customers you mentioned or other ones that's coming more in your direction, I guess.

不，我想你——嗯，我猜你提到的這些客戶或其他更多向你方向發展的客戶有任何排他性，我猜。

Not a formal exclusive arrangement.

不是正式的獨家安排。

But as you know, there's nobody that is directly second sourcing our GaN IC.

但如您所知，沒有人直接二次採購我們的 GaN IC。

All other competitors are using discrete-based GaN implementations.

所有其他競爭對手都在使用基於分立的 GaN 實現。

So by definition, as they design in our GaN ICs, it's most commonly sole sourced or exclusive business.

因此，根據定義，當他們在我們的 GaN IC 中進行設計時，它通常是獨家採購或獨家業務。

It is possible in some cases to create dual sourcing by 2 different system designs.

在某些情況下，可以通過 2 個不同的系統設計創建雙源。

And sometimes that could be a smart strategy to help give the customer a multi-source strategy if they really need it for very high-volume programs.

有時這可能是一個聰明的策略，如果客戶真的需要它來處理非常大批量的程序，它可以幫助他們提供多源策略。

Okay.

好的。

That's helpful.

這很有幫助。

My last question, and I'll jump out of line here, is on GaNSense.

我的最後一個問題是關於 GaNSense。

I guess a quick question here is -- I think you've explained the kind of added functionality here at a high level.

我想這裡有個簡單的問題——我想你已經在高層次上解釋了這裡的附加功能。

It was at the level that I can understand here.

這是我在這裡可以理解的水平。

But maybe you can kind of break it down to financials here.

但也許你可以在這裡將其分解為財務。

Can you give us a sense of how much this is an add or 2 to ASP and how much this improves, if anything, on system costs or other system characteristics?

您能否告訴我們這對 ASP 有多少增加或 2 以及這對系統成本或其他系統特性有多大改善（如果有的話）？

Yes.

是的。

Yes, definitely.

當然是。

So fundamentally, you can kind of look at the higher level of integration into 2 buckets.

所以從根本上說，你可以看到更高級別的集成到 2 個存儲桶中。

They're driving-related circuits, which we already had integrated.

它們是與駕駛相關的電路，我們已經集成了這些電路。

These are all the analog circuits related to drive, can be things like drive-level shift to bootstrap and others.

這些都是與驅動相關的模擬電路，可以是驅動電平轉換到引導等。

But now we've added a whole another second layer of sensing.

但現在我們又添加了第二層傳感。

The sensing means real-time, accurate dynamic measurement of things like voltage, current and temperature.

傳感意味著對電壓、電流和溫度等事物進行實時、準確的動態測量。

And with that information, sensed right on the GaN chip, we can immediately react to any dangerous condition to prevent any damage to the GaN chip or the system around it.

通過在 GaN 芯片上感應到的信息，我們可以立即對任何危險情況做出反應，以防止 GaN 芯片或其周圍系統受到任何損壞。

But we can also do real-time performance optimization, actually do something called lossless current sensing, a feature we didn't highlight, but it's very fundamental to this new sensing technology.

但是我們也可以做實時性能優化，實際上是做一些叫做無損電流感應的東西，這個特性我們沒有強調，但它對這種新的感應技術來說是非常基礎的。

So to your earlier question, lossless current sensing actually boosts efficiency and saves costs at the same time.

因此，對於您之前的問題，無損電流感應實際上可以提高效率並同時節省成本。

So this actually GaNSense does not result in an increased price because all of these added benefits are going to the customer actually at a lower GaN cost and system cost than the prior generation.

因此，這實際上 GaNSense 並不會導致價格上漲，因為所有這些額外的好處實際上都以比上一代產品更低的 GaN 成本和系統成本為客戶所用。

So it's quite a great deal for the customer to continue down the cost reduction path, continue down the energy-saving improvement path and get significant protection and reliability circuits virtually for free for the customer.

因此，對於客戶來說，繼續走降低成本的道路，繼續走節能改進的道路，並為客戶幾乎免費獲得重要的保護和可靠性電路，這是非常重要的。

So I think that's a good summary of what that's doing for the customer, what it means for price and cost points to the customer.

所以我認為這是對客戶所做的事情的一個很好的總結，它對客戶的價格和成本點意味著什麼。

Our next question comes from Quinn Bolton with Needham.

我們的下一個問題來自 Quinn Bolton 和 Needham。

Gene, I guess I wanted to come back to your prepared script.

吉恩，我想我想回到你準備好的劇本。

I think earlier in your script, you talked about the ability to double revenues over, I think, sort of multiyear period.

我認為在你的劇本前面，你談到了將收入翻倍的能力，我認為，有點像多年期。

Just wanted to make sure I heard you correctly, understanding that it's probably not formal guidance, but just wanted to make sure I understand your kind of longer-term framework.

只是想確保我沒聽錯，理解這可能不是正式的指導，只是想確保我理解你的長期框架。

And then a second question.

然後是第二個問題。

Given the shortages on the controller side, is the company contemplating potentially going out and making acquisitions or perhaps forming partnerships with certain controller companies to try to alleviate some of those constraints that are affecting the demand for your products at this point?

鑑於控制器方面的短缺，該公司是否正在考慮可能走出去進行收購，或者可能與某些控制器公司建立合作夥伴關係，以試圖緩解目前影響對您的產品需求的一些限制？

Yes.

是的。

Great questions.

好問題。

Thank you.

謝謝你。

Yes.

是的。

On your latter question, we do -- obviously, the IPO has created a lot of excess capital, you might say, or dry powder, whether that means strategic internal investments or external ones or M&A.

關於你的後一個問題，我們確實這樣做了——顯然，IPO 創造了很多多餘的資本，你可能會說，或者乾粉，無論這意味著戰略性內部投資還是外部投資或併購。

That creates a lot of possibility for us.

這為我們創造了很多可能性。

But with that said, we're seeing a huge appetite and interest from many silicon controller companies to make GaN-specific or GaN-compatible controllers given the huge volume that's coming and the shortage that they want to fill quickly.

但話雖如此，我們看到許多矽控制器公司對製造特定於 GaN 或與 GaN 兼容的控制器有著巨大的興趣和興趣，因為它們即將迎來巨大的產量以及他們希望迅速填補的短缺。

So we think short term, there's plenty of options coming to the table to our customers to solve those gaps.

所以我們認為短期內，我們的客戶有很多選擇來解決這些差距。

But long term, there are some pretty interesting strategic things we can do headed towards our own mission of being a next-generation power semiconductor company, and that could go beyond GaN, as you implied.

但從長遠來看，我們可以做一些非常有趣的戰略性事情，以實現我們自己成為下一代功率半導體公司的使命，這可能超出 GaN，正如您所暗示的那樣。

Great.

偉大的。

And then just a clarification on that comment in the script about kind of your longer-term growth opportunity.

然後只是澄清腳本中關於您的長期增長機會的評論。

Yes, you did hear it right.

是的，你沒聽錯。

That is our estimate right now, and that's factoring in some of the constraints that are at least likely to exist going into next year.

這是我們目前的估計，並且考慮到了至少可能在明年存在的一些限制因素。

But even with those constraints, our best estimate is a minimum of doubling going forward.

但即使有這些限制，我們最好的估計是未來至少翻一番。

Great.

偉大的。

And then for Todd, I just wanted to clarify the gross margin outlook, understanding you're not giving guidance into 2022.

然後對於托德，我只是想澄清毛利率前景，理解你沒有為 2022 年提供指導。

But I think you made a comment that you saw gross margins flat to increasing on a year-over-year basis.

但我認為您發表評論說您看到毛利率持平到同比增長。

And so I just want to make sure.

所以我只是想確定一下。

If I look back at the model, it looks like you were sort of in the 46.5% range for the first half of 2021.

如果我回顧一下該模型，您似乎在 2021 年上半年處於 46.5% 的範圍內。

Are you sort of implying you think it's back above that 46.5% level in the first half of 2022?

你是不是在暗示你認為它在 2022 年上半年回到了 46.5% 的水平之上？

Or did I mishear you?

還是我聽錯了？

So when sort of looking at next year, we're looking at to be flat on the full year of 2021.

因此，在展望明年時，我們希望與 2021 年全年持平。

And as you're noticing in '21 is the second half is slightly lower than the first half.

正如你在 21 年註意到的那樣，下半場略低於上半場。

Now this is driven by Tier 1 customers ramping up in the second half versus aftermarket, more in the first half of the year.

現在，這是由 1 級客戶在下半年與售後市場（今年上半年更多）推動的。

And so those are the main drivers.

所以這些是主要的驅動力。

But we do expect it to be sort of flat and with slightly better margins year-over-year going forward.

但我們確實預計它會保持平穩，並且未來的利潤率會比去年同期略高。

Our next question comes from Kevin Garrigan with Rosenblatt Securities.

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

Congrats on the quarter and on the IPO.

祝賀本季度和首次公開募股。

I just had 2 questions.

我只有2個問題。

The first on the product side.

第一個在產品方面。

Can you kind of give us a sense of the expected life cycle for a smartphone power supply?

您能給我們介紹一下智能手機電源的預期生命週期嗎？

Can it kind of be used over multiple generations?

它可以多代使用嗎？

Or does the design need to be won with every kind of new iPhone or a new phone model?

還是每一種新 iPhone 或新手機型號都需要贏得設計？

Sure, Kevin.

當然，凱文。

Good to hear from you.

很高興聽到你的消息。

Yes, I'd say the life cycles are typically running 1 to 2 years on average.

是的，我會說生命週期通常平均運行 1 到 2 年。

It can be a little less.

可以少一點。

It can be up to 3 years.

最長可達 3 年。

That life cycle doesn't mean it's a completely new design.

這個生命週期並不意味著它是一個全新的設計。

Oftentimes, there are refreshes, reusing a lot of the same architecture technology.

通常，會有更新，重用許多相同的架構技術。

Of course, GaN has created a disruption this market is not used to.

當然，GaN 造成了這個市場不習慣的顛覆。

So we're seeing major redesigns when you go from silicon to GaN.

因此，當您從矽轉向 GaN 時，我們會看到重大的重新設計。

But once we get that first GaN design, there's, of course, a really good strong likelihood and a pattern that we see of a reuse to proliferate that either in the refresh of that model or, of course, into many new models.

但是，一旦我們獲得了第一個 GaN 設計，我們當然會看到一種非常好的可能性和一種模式，即在該模型的更新或當然，在許多新模型中重複使用以擴散它。

Okay.

好的。

Got it.

知道了。

That's very helpful.

這很有幫助。

And then just as a follow-up, are you guys directly supporting and selling to your customers?

然後作為後續行動，你們是否直接支持並向客戶銷售？

Or are you working kind of more through the distribution channels?

或者您是否通過分銷渠道更多地工作？

Yes.

是的。

Great question, actually.

很好的問題，實際上。

And distribution globally is actually pretty important, primarily as a fulfillment partner.

全球分銷實際上非常重要，主要是作為履行合作夥伴。

Customers still expect logistics and inventory support for those customers around the world, but our product is very much a technical sell.

客戶仍然希望為世界各地的客戶提供物流和庫存支持，但我們的產品在很大程度上是一種技術銷售。

And it's not just at the GaN level but at the system level.

不僅在 GaN 級別，而且在系統級別。

We're very hands-on to offer system design, support of the entire GaN charger.

我們非常實際地提供系統設計，支持整個 GaN 充電器。

For some customers, that might mean we do the whole thing for them and others, and very often, it's a co-development approach.

對於某些客戶來說，這可能意味著我們為他們和其他人做整件事，而且通常情況下，這是一種共同開發的方法。

So it's very much a direct relationship with the end OEM or the brand name that you might know as well as their selected partners, which are often called ODMs.

因此，它與最終 OEM 或您可能知道的品牌名稱以及他們選擇的合作夥伴（通常稱為 ODM）有著非常直接的關係。

With that all said, we continue to build out a stronger and stronger ecosystem.

綜上所述，我們將繼續建立一個越來越強大的生態系統。

So our distributors are actually investing in more applications engineers, anxious to learn this new technology, become more value-added, and that can actually be very important as we're seeing a long tail of GaN customers extending up into Tier 2, Tier 3 smaller customers and also a wider range of applications.

因此，我們的分銷商實際上正在投資更多的應用工程師，急於學習這項新技術，變得更具附加值，這實際上非常重要，因為我們看到 GaN 客戶的長尾延伸到第 2 層、第 3 層客戶更小，應用範圍更廣。

So having a bigger network of distributors as well as ODMs that are familiar with how to do the GaN-based system design is very valuable for us, for the industry and makes our business very scalable as we grow.

因此，擁有一個更大的分銷商網絡以及熟悉如何進行基於 GaN 的系統設計的 ODM 對我們和行業來說非常有價值，並且隨著我們的發展，我們的業務非常具有可擴展性。

All right.

好的。

Our last question is from Natalia Winkler with Jefferies.

我們的最後一個問題來自 Jefferies 的 Natalia Winkler。

The question I had was on the automotive opportunity for you guys.

我的問題是關於你們汽車的機會。

Appreciate that the types of customers are a little bit different and the sales funnel is probably a little bit different from the fast charging market.

欣賞客戶的類型有點不同，銷售漏斗可能與快充市場有點不同。

So I'm just curious, how do you guys see your competition in that space?

所以我很好奇，你們如何看待你們在那個領域的競爭？

And specifically, how do you view the certification process for your devices, if that is something that plays into the time line of the adoption as well?

具體來說，您如何看待您的設備的認證過程，如果這也影響採用的時間線？

Yes.

是的。

Thanks, Natalia, for the question.

謝謝娜塔莉亞的提問。

As you alluded to, the development cycles are longer.

正如您所提到的，開發週期更長。

The emphasis on reliability and certification testing is even more critical.

對可靠性和認證測試的重視更為關鍵。

From our view, that really plays into our strength.

在我們看來，這確實發揮了我們的優勢。

We've actually overdesigned our GaN technology for the mobile market, which obviously is sort of 1-, 2-, 3-year life.

實際上，我們為移動市場過度設計了我們的 GaN 技術，這顯然是 1 年、2 年、3 年的壽命。

And that's reflected in the fact that we've shipped 30 million units without a single GaN-related reported failure.

這反映在我們已經出貨了 3000 萬台，沒有一個與 GaN 相關的故障報告。

I mean that was designed that way, anticipating the higher reliability markets that we're now moving into.

我的意思是這樣設計的，預期我們現在正在進入更高可靠性的市場。

GaNSense, the new generation we've just announced, only adds to that strength with even more built-in protection, reliability, all of which is going to help us to pass any certification tests and automotive-specific tests that our customers might want to perform over time.

我們剛剛宣布的新一代 GaNSense 僅通過更強大的內置保護和可靠性增強了這一優勢，所有這些都將幫助我們通過客戶可能希望通過的任何認證測試和汽車特定測試隨著時間的推移執行。

And as we mentioned in the prepared remarks, some customers like Brusa had even said, silicon carbide and silicon can't meet their needs for the future.

正如我們在準備好的評論中提到的那樣，一些像Brusa這樣的客戶甚至表示，碳化矽和矽無法滿足他們未來的需求。

GaN is the answer in terms of pushing cost, performance and reliability.

GaN 是推動成本、性能和可靠性的解決方案。

So it puts us in a good position to get through any of these certification tests and drive that adoption over the next few years.

因此，它使我們能夠通過任何這些認證測試並在未來幾年內推動採用。

And I'm not showing any further questions in the queue.

我沒有在隊列中顯示任何進一步的問題。

I will pass it back to management for any final remarks.

我會將其傳回給管理層，以供任何最終評論。

Thank you, operator, and thanks to everybody for joining our first public company earnings announcement.

感謝運營商，感謝大家加入我們的第一個上市公司收益公告。

It's an exciting time for the company.

對於公司來說，這是一個激動人心的時刻。

And we want to wish you -- to all, go GaN fast and electrify our world with us.

我們希望你們 - 對所有人來說，快速使用 GaN，並與我們一起為我們的世界電氣化。

Thank you for attending.

感謝您的出席。

And with that, ladies and gentlemen, we thank you for participating.

女士們，先生們，我們感謝你們的參與。

You may now disconnect.

您現在可以斷開連接。