安森美 (ON) 2021 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the ON Semiconductor First Quarter 2021 Earnings Conference Call.

女士們，先生們，感謝您的支持，歡迎參加安森美半導體 2021 年第一季度收益電話會議。

(Operator Instructions)

（操作員說明）

I would now like to turn the call over to Parag Agarwal, Vice President of Investor Relations and Corporate Development.

我現在想把電話轉給投資者關係和企業發展副總裁 Parag Agarwal。

Thank you.

謝謝你。

Please go ahead.

請繼續。

Thank you, Denise.

謝謝你，丹妮絲。

Good morning, and thank you for joining ON Semiconductor Corporation's First Quarter 2021 Quarterly Results Conference Call.

早上好，感謝您參加安森美半導體公司 2021 年第一季度季度業績電話會議。

I'm joined today by Hassane El-Khoury, our President and CEO; and Thad Trent, our CFO.

今天，我們的總裁兼首席執行官 Hassane El-Khoury 也加入了我的行列；和我們的首席財務官 Thad Trent。

This call is being webcast on the Investor Relations section of our website at www.onsemi.com.

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

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

本次網絡廣播的重播以及我們的 2021 年第一季度收益發布將在本次電話會議後約 1 小時在我們的網站上提供，並且將在本次電話會議後約 30 天內提供錄製的網絡廣播。

Additional information related to our end markets, business segments, geographies, channels, share count and 2021 fiscal calendar are also posted on our website.

與我們的終端市場、業務部門、地域、渠道、股票數量和 2021 財年日曆相關的其他信息也發佈在我們的網站上。

Our earnings release and this presentation includes 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原則財務措施。

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

這些非公認會計原則財務指標與公認會計原則下最直接可比指標的對賬包含在我們的收益發布中，該發佈在我們網站的投資者關係部分單獨發布。

During the course of this conference call, we will make projections or other forward-looking statements regarding future events or future financial performance of the company.

在本次電話會議期間，我們將對公司的未來事件或未來財務業績做出預測或其他前瞻性陳述。

The words believe, estimate, project, anticipate, intend, may, expect, will, large, should or similar expressions are intended to identify forward-looking statements.

相信、估計、預測、預期、打算、可能、期望、將、大、應該或類似的表達方式旨在識別前瞻性陳述。

We wish to caution that such statements are subject to risks and uncertainties that could cause actual events or results to differ materially from projections.

我們希望提醒您，此類陳述存在風險和不確定性，可能導致實際事件或結果與預測存在重大差異。

Important factors which can affect our business, including factors that could cause actual results to differ from our forward-looking statements are described in our Form 10-K, Form 10-Qs and other filings with Securities and Exchange Commission.

可能影響我們業務的重要因素，包括可能導致實際結果與我們的前瞻性陳述不同的因素，在我們提交給證券交易委員會的 10-K 表格、10-Q 表格和其他文件中進行了描述。

Additional factors are described in our earnings release for the first quarter of 2021.

我們在 2021 年第一季度的收益報告中描述了其他因素。

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

我們的估計或其他前瞻性陳述可能會發生變化，公司不承擔更新前瞻性陳述以反映實際結果、更改假設或法律要求可能發生的其他事件的義務。

Our Analyst Day is scheduled for August 5. We plan to host an event in New York City and we look forward to seeing you all in person in the summer.

我們的分析師日定於 8 月 5 日舉行。我們計劃在紐約市舉辦一場活動，我們期待在夏天與大家見面。

We will send out further details regarding the event in a few weeks.

我們將在幾週內發送有關該活動的更多詳細信息。

Now let me turn it over to Hassane.

現在讓我把它交給哈桑。

Hassane?

哈桑？

Thank you, Parag, and thank you, everyone, for joining us today.

謝謝你，帕拉格，謝謝大家今天加入我們。

For the first quarter of 2021, we posted strong results, driven by solid execution and broad-based strength across our strategic end markets.

在 2021 年第一季度，我們公佈了強勁的業績，這得益於我們戰略終端市場的穩健執行和廣泛的實力。

We reported revenue of $1.48 billion, up 16% year-over-year.

我們報告的收入為 14.8 億美元，同比增長 16%。

More importantly, our focus on gross margin expansion is beginning to show results, with first quarter gross margin increasing by 370 basis points year-over-year and by 80 basis quarter-over-quarter.

更重要的是，我們對毛利率擴張的關注開始顯現效果，第一季度毛利率同比增長 370 個基點，環比增長 80 個基點。

We have taken steps to optimize our product portfolio and channel strategy to ensure that we capture the right value for our products, and these steps will continue to drive favorable and sustainable results.

我們已採取措施優化我們的產品組合和渠道戰略，以確保我們為我們的產品獲取正確的價值，這些步驟將繼續推動有利和可持續的結果。

At the same time, we continue to drive cost improvements throughout our supply chain, improving efficiency of our operations and shifting our product mix towards higher margins.

與此同時，我們繼續推動整個供應鏈的成本改進，提高我們的運營效率，並將我們的產品組合轉向更高的利潤率。

We are seeing increased demand across most end markets.

我們看到大多數終端市場的需求都在增加。

And while the strength in the automotive market is well publicized, we also see strength in the industrial market as global industrial activity is gaining momentum.

雖然汽車市場的實力已廣為人知，但我們也看到了工業市場的實力，因為全球工業活動正在獲得動力。

This steep acceleration in demand has impacted our ability to supply certain products, especially those manufactured by our foundry partners and in certain pockets, products manufactured internally.

這種需求的急劇加速影響了我們供應某些產品的能力，特別是那些由我們的代工合作夥伴製造的產品，以及在某些口袋裡，內部製造的產品。

We are working diligently with our manufacturing partners to ensure timely supply of our products to our customers and have taken steps to ensure continued supply to our strategic customers by building inventory on our balance sheet and reducing inventory in the distribution channel.

我們正在與我們的製造合作夥伴密切合作，以確保及時向我們的客戶供應我們的產品，並已採取措施通過在我們的資產負債表上建立庫存和減少分銷渠道中的庫存來確保向我們的戰略客戶持續供應。

By having better control over inventory, we are able to quickly respond to the needs of our strategic customers.

通過更好地控制庫存，我們能夠快速響應戰略客戶的需求。

This steep acceleration in demand that we have seen in the last few quarters will likely begin to subside in the second half of the year but will remain at a very healthy level.

我們在過去幾個季度看到的需求急劇加速可能會在今年下半年開始消退，但仍將保持在非常健康的水平。

We expect supply and demand to get back in balance as demand stabilizes later this year.

隨著今年晚些時候需求趨於穩定，我們預計供需將恢復平衡。

On our transformation initiatives, I had indicated in the previous call, our goal to realign our investment and resources to accelerate our growth in high-margin businesses.

關於我們的轉型計劃，我在之前的電話會議中表示，我們的目標是重新調整我們的投資和資源，以加速我們在高利潤業務中的增長。

At the same time, we are looking at our pricing practices to identify and address price to value discrepancies and are realigning our cost structure across the whole supply chain, given the recent increases in material costs.

與此同時，鑑於最近材料成本的上漲，我們正在研究我們的定價實踐，以識別和解決價格與價值之間的差異，並重新調整整個供應鏈的成本結構。

We are productively engaging with our customers to ensure we recover these costs, but more importantly, working with our strategic customers to secure long-term agreements to provide better supply and price visibility over the next few years.

我們正在與客戶進行富有成效的合作，以確保我們收回這些成本，但更重要的是，與我們的戰略客戶合作以確保長期協議，以便在未來幾年提供更好的供應和價格可見性。

Over the last few months, we have made several changes to streamline the organization and improve efficiency.

在過去的幾個月裡，我們進行了一些改變以精簡組織並提高效率。

We have brought in leaders with strong execution track records, promoted new leaders from within, all with a focus on accelerating our strategic transformation and capitalizing on the current market strength to set our path for growth and margin expansion over the next 5 years.

我們引進了具有良好執行記錄的領導者，從內部提拔了新的領導者，所有這些都專注於加速我們的戰略轉型，並利用當前的市場實力為我們未來 5 年的增長和利潤率擴張開闢道路。

My goal is to have an organization that is able to react quickly to changing business condition and is able to make decisions efficiently and objectively in the best interest of shareholders.

我的目標是建立一個能夠對不斷變化的業務狀況做出快速反應並能夠為股東的最佳利益高效、客觀地做出決策的組織。

I remain bullish on the potential of our company and believe we are uniquely positioned to benefit from the key megatrends in the automotive and industrial markets.

我仍然看好我們公司的潛力，並相信我們具有獨特的優勢，可以從汽車和工業市場的主要大趨勢中受益。

These are the fastest-growing semiconductor end markets with solid margin potential.

這些是增長最快的半導體終端市場，具有堅實的利潤率潛力。

We have outstanding assets and a highly talented and motivated workforce with a disciplined investment strategy and consistent and strong execution, we can maximize the value for our shareholders, customers and employees.

我們擁有出色的資產和一支才華橫溢、積極進取的員工隊伍，憑藉嚴謹的投資策略和始終如一的強大執行力，我們可以為股東、客戶和員工創造最大價值。

We will provide you with greater insights into our strategy and targets at our Analyst Day on August 5.

我們將在 8 月 5 日的分析師日為您提供有關我們戰略和目標的更深入見解。

Let me now discuss a few highlights of our key strategic end markets, starting with automotive.

現在讓我討論一下我們關鍵戰略終端市場的一些亮點，從汽車開始。

We set a new record for automotive revenue in Q1 with revenue of $515 million.

我們在第一季度創下了汽車收入的新紀錄，收入為 5.15 億美元。

This revenue represents 35% of our Q1 revenue and an increase of 17% from Q1 2020.

該收入占我們第一季度收入的 35%，比 2020 年第一季度增長 17%。

This increase was broad-based, and we continue to maintain strong momentum in our vehicle electrification, automotive MOSFETS, CMOS image sensors, lighting and ultrasonic products.

這一增長是廣泛的，我們在汽車電氣化、汽車 MOSFET、CMOS 圖像傳感器、照明和超聲波產品方面繼續保持強勁勢頭。

We continue to see strong momentum in our silicon carbide and IGBT products for electric vehicles.

我們繼續看到我們用於電動汽車的碳化矽和 IGBT 產品的強勁勢頭。

And during the first quarter, we secured significant design wins with leading Tier 1 and global electric vehicle OEMs, few of whom have recently launched marquee platforms.

在第一季度，我們與領先的 1 級和全球電動汽車 OEM 取得了重大設計勝利，其中很少有人最近推出了 Marquee 平台。

These wins are expected to ramp starting in late '21 and will contribute to the growth we will see over the next few years.

預計這些勝利將從 21 年底開始，並將有助於我們在未來幾年看到的增長。

It takes more than technology to win these platforms.

贏得這些平台需要的不僅僅是技術。

Among the most important source of differentiation is our expertise in packaging, which is critical for improving heat dissipation and reducing the footprint of the module.

差異化的最重要來源之一是我們在封裝方面的專業知識，這對於改善散熱和減少模塊的佔地面積至關重要。

In addition, we have been serving automotive and industrial customers for a few decades and during this time.

此外，幾十年來，我們一直在為汽車和工業客戶提供服務。

We have built a vast distribution network, strong customer relationships, solid domain knowledge and a reputation for quality.

我們建立了龐大的分銷網絡、強大的客戶關係、紮實的領域知識和質量聲譽。

Customer feedback on our silicon carbide traction modules has been very strong.

客戶對我們的碳化矽牽引模塊的反饋非常強烈。

The efficiency of our modules is meaningfully higher than that of our competitors which enables our customers to make favorable trade-offs between the cost of battery and the range of the vehicle.

我們模塊的效率明顯高於我們的競爭對手，這使我們的客戶能夠在電池成本和車輛續航里程之間做出有利的權衡。

From the sensing solutions in automotive during the first quarter, we secured a platform win for up to 11 image sensors on a single vehicle, which is expected to ramp in 2022.

從第一季度的汽車傳感解決方案中，我們獲得了一個平台，該平台可以在一輛汽車上安裝多達 11 個圖像傳感器，預計將在 2022 年實現量產。

The industrial end market which includes military, aerospace and medical, contributed revenue of $371 million in the first quarter of 2021 at 25% of our revenue.

包括軍事、航空航天和醫療在內的工業終端市場在 2021 年第一季度貢獻了 3.71 億美元的收入，占我們收入的 25%。

Excluding the impact from geopolitical factors related to a specific customer, our first quarter industrial revenue increased by 22%, driven by a broad-based demand.

排除與特定客戶相關的地緣政治因素的影響，在廣泛需求的推動下，我們第一季度的工業收入增長了 22%。

In the industrial end market, we continue to see strong momentum for our power modules in various applications with alternative energy being a key area of growth.

在工業終端市場，我們繼續看到我們的功率模塊在各種應用中的強勁勢頭，替代能源是一個關鍵的增長領域。

We are expanding our customer engagement into the EV infrastructure and we secured our first design win for our silicon carbide power modules for a charging application with an emerging electric vehicle OEM.

我們正在將我們的客戶參與擴展到 EV 基礎設施，並且我們為我們的碳化矽功率模塊贏得了我們的第一個設計勝利，該模塊用於與新興電動汽車 OEM 的充電應用。

Now I will turn the call over to Thad to provide additional details on our financials and guidance.

現在，我將把電話轉給 Thad，以提供有關我們財務和指導的更多詳細信息。

Thad?

泰德？

Thanks, Hassane.

謝謝，哈桑。

Let me start by saying that I'm energized to join on semiconductor at a very exciting time for our company.

首先讓我說，我很高興能在我們公司非常激動人心的時刻加入半導體行業。

We have tremendous opportunities to create value for our shareholders, customers and employees as we execute our strategic transformation.

在我們執行戰略轉型的過程中，我們有巨大的機會為我們的股東、客戶和員工創造價值。

We have the building blocks of a robust product portfolio, excellent teams and operational scale to drive sustainable financial results during this transition.

我們擁有強大的產品組合、優秀的團隊和運營規模的基石，可在此過渡期間推動可持續的財務業績。

Now let me comment on the current business environment.

現在讓我評論一下當前的商業環境。

During the first quarter of 2021, we saw a continuing recovery in business conditions, driven by further acceleration in global economic activity.

在 2021 年第一季度，在全球經濟活動進一步加速的推動下，我們看到商業狀況持續復甦。

We are seeing broad-based strength across most end markets as semiconductor content continues to increase in the products we encounter in our daily lives.

隨著我們在日常生活中遇到的產品中半導體含量不斷增加，我們在大多數終端市場看到了廣泛的實力。

As Hassane mentioned, we continue to benefit from the secular megatrends in automotive and industrial end market, which now account for 60% of our total revenue.

正如 Hassane 所說，我們繼續受益於汽車和工業終端市場的長期大趨勢，這些市場現在占我們總收入的 60%。

Although the industry is faced with severe supply constraints globally, we have supported our customers through a proactive inventory management by taking channel inventory down while holding more on our balance sheet.

儘管該行業在全球範圍內面臨嚴重的供應限制，但我們通過主動庫存管理為客戶提供支持，降低渠道庫存，同時在資產負債表上保留更多庫存。

We believe supply and demand will start to balance later in the year.

我們認為供需將在今年晚些時候開始平衡。

Now let me turn to results for the quarter.

現在讓我談談本季度的結果。

Revenue for the first quarter of 2021 was $1.48 billion, an increase of 16% over the first quarter of 2020 and 2.4% quarter-over-quarter versus normal seasonality of a sequential decline of 2% to 3%.

2021 年第一季度的收入為 14.8 億美元，比 2020 年第一季度增長 16%，環比增長 2.4%，而正常季節性環比下降 2% 至 3%。

The year-over-year increase in revenue was driven by broad-based strength with automotive and industrial growing by 16% and 17%, respectively.

收入的同比增長是由廣泛的實力推動的，汽車和工業分別增長了 16% 和 17%。

Gross margin for the first quarter of 2021 was 35.2%, a 370 basis point improvement year-over-year and an 80 basis point improvement sequentially.

2021 年第一季度的毛利率為 35.2%，同比提高 370 個基點，環比提高 80 個基點。

The gross margin improvements are being driven by improved mix to higher-margin products, improved utilization and our laser focus on cost structures across the company.

毛利率的提高是由改進的高利潤產品組合、提高利用率以及我們對整個公司成本結構的高度關注所推動的。

Our factory utilization was 84% as we ramp production to align with the strong in demand.

我們的工廠利用率為 84%，因為我們提高了產量以適應強勁的需求。

As we move forward, our fab lighter strategy will allow us to continue to reduce our manufacturing footprint and optimize the mix of products within our fabs to reduce our overall cost structure.

隨著我們向前邁進，我們的工廠更輕戰略將使我們能夠繼續減少我們的製造足跡並優化我們工廠內的產品組合，以降低我們的整體成本結構。

GAAP earnings per share for the first quarter was $0.20 per diluted share as compared to a net loss of $0.03 per share in the first quarter of 2020.

第一季度的 GAAP 每股收益為每股攤薄收益 0.20 美元，而 2020 年第一季度的每股淨虧損為 0.03 美元。

Non-GAAP net income for the first quarter of 2021 was $0.35 per diluted share as compared to $0.10 per share in the first quarter of 2020.

2021 年第一季度非美國通用會計準則淨利潤為每股攤薄收益 0.35 美元，而 2020 年第一季度為每股 0.10 美元。

Next, let me provide additional color on the performance of our business units, starting with the Power Solutions Group, or PSG.

接下來，讓我從 Power Solutions Group 或 PSG 開始為我們的業務部門的表現提供額外的色彩。

Revenue for PSG for the first quarter was $747 million.

PSG 第一季度的收入為 7.47 億美元。

PSG revenue increased by 20% year-over-year due to strength in automotive, industrial and computing end markets.

由於汽車、工業和計算終端市場的實力，PSG 收入同比增長 20%。

Revenue for the Advanced Solutions Group, or ASG, for the first quarter was $531.5 million, an increase of 14% year-over-year.

Advanced Solutions Group (ASG) 第一季度的收入為 5.315 億美元，同比增長 14%。

In addition to strength in industrial and automotive, ASG benefited from strength in computing, especially in high-end graphic cards.

除了在工業和汽車領域的實力外，ASG 還受益於計算領域的實力，尤其是在高端顯卡方面。

Revenue for the Intelligent Sensing Group, or ISG, was $203 million, an increase of 9% year-over-year.

智能傳感集團（ISG）的收入為 2.03 億美元，同比增長 9%。

Strength in ISG was primarily driven by automotive and by computing with the work-from-home trend remaining strong.

ISG 的實力主要由汽車和計算驅動，而在家工作的趨勢依然強勁。

Now let me give you some additional numbers for your models.

現在讓我為您的模型提供一些額外的數字。

GAAP operating expenses for the first quarter of 2021 was $395.3 million as compared to $384.1 million in the first quarter of 2020.

2021 年第一季度的 GAAP 運營費用為 3.953 億美元，而 2020 年第一季度為 3.841 億美元。

Non-GAAP operating expenses for the first quarter of 2021 was $324.7 million, an increase of $6 million year-over-year and $32.3 million quarter-over-quarter as expected.

2021 年第一季度非美國通用會計準則運營費用為 3.247 億美元，同比增長 600 萬美元，環比增長 3230 萬美元，符合預期。

This increase is primarily due to an increase in variable and stock-based compensation and the normal reset of fringe rates going into the year.

這一增長主要是由於可變薪酬和基於股票的薪酬的增加以及進入本年度的附加費率的正常重置。

Our GAAP operating margin for the first quarter of 2021 was 8.5% as compared to 1.5% in the first quarter of 2020.

我們 2021 年第一季度的 GAAP 營業利潤率為 8.5%，而 2020 年第一季度為 1.5%。

Our non-GAAP operating margin was 13.3% as compared to 6.6% in the first quarter of 2020, driven largely by higher revenue and gross margin performance.

我們的非美國通用會計準則營業利潤率為 13.3%，而 2020 年第一季度為 6.6%，主要受收入和毛利率增長的推動。

Our GAAP diluted share count was 445.4 million shares and included 12.8 million shares for the in the money portion of our convertible notes.

我們的 GAAP 稀釋後股票數量為 4.454 億股，其中包括 1,280 萬股用於我們可轉換票據的貨幣部分。

Our non-GAAP diluted share count was $432.6 million.

我們的非公認會計原則稀釋後的股票數量為 4.326 億美元。

Please note, we have an updated reference table on our Investor Relations website to assist you with calculating our diluted share count at various share prices.

請注意，我們在投資者關係網站上提供了更新的參考表，以幫助您計算我們在不同股價下的稀釋股數。

So turning to the balance sheet.

所以轉向資產負債表。

Cash and cash equivalents was $1.04 billion, and we had $1.42 billion undrawn on our revolver.

現金和現金等價物為 10.4 億美元，我們的左輪手槍有 14.2 億美元未動用。

Cash from operations was $218.5 million or 15% of revenue.

運營現金為 2.185 億美元，佔收入的 15%。

Capital expenditures during the first quarter of 2021 were $77 million, which equates to capital intensity of 5.2%.

2021 年第一季度的資本支出為 7700 萬美元，相當於 5.2% 的資本密集度。

As we indicated previously, we are directing a significant portion of our capital expenditures towards enabling our 300-millimeter capabilities at the East Fishkill fab.

正如我們之前所指出的，我們將很大一部分資本支出用於在 East Fishkill 工廠實現 300 毫米的能力。

Accounts receivable was $684 million, resulting in DSO of 42 days.

應收賬款為 6.84 億美元，DSO 為 42 天。

Inventory increased $44 million sequentially to $1.3 billion, and days of inventory increased 3 days to 123 days.

庫存環比增加 4400 萬美元至 13 億美元，庫存天數增加 3 天至 123 天。

Distribution weeks of inventory decreased $113 million to 8.4 weeks from 11 weeks in Q4 and currently is significantly below our target of 11 to 13 weeks.

庫存配送周數從第四季度的 11 週減少 1.13 億美元至 8.4 週，目前遠低於我們 11 至 13 週的目標。

As I mentioned earlier, we proactively reduced the distribution inventory to hold more inventory on our balance sheet to support our customer needs rather than building inventory in the supply chain.

正如我之前提到的，我們主動減少了分銷庫存，以在我們的資產負債表上持有更多庫存來支持我們的客戶需求，而不是在供應鏈中建立庫存。

Total debt was $3.34 billion, and we paid down $154 million in the quarter.

總債務為 33.4 億美元，我們在本季度償還了 1.54 億美元。

So turning to guidance for the second quarter.

因此轉向第二季度的指導。

A table detailing our GAAP and non-GAAP guidance is provided in our press release related to our first quarter results.

我們與第一季度業績相關的新聞稿中提供了詳細說明我們的 GAAP 和非 GAAP 指導的表格。

Let me now provide a few key elements of our non-GAAP guidance for the second quarter.

現在讓我提供第二季度非公認會計準則指導的一些關鍵要素。

As mentioned, demand remains strong, driven by improving global macroeconomic environment and the steep recovery in our markets following the COVID-19 downturn.

如前所述，在全球宏觀經濟環境改善和 COVID-19 低迷後市場急劇復甦的推動下，需求依然強勁。

Based on current booking trends and backlog levels, we anticipate that revenue will be in the range of $1.57 billion to $1.67 billion.

根據當前的預訂趨勢和積壓水平，我們預計收入將在 15.7 億美元至 16.7 億美元之間。

We expect gross margins between 35.8% and 37.8%.

我們預計毛利率在 35.8% 至 37.8% 之間。

This includes share-based compensation of $3.5 million.

這包括 350 萬美元的股份補償。

We expect total non-GAAP operating expenses of $323 million to $337 million in the second quarter.

我們預計第二季度非美國通用會計準則運營費用總額為 3.23 億美元至 3.37 億美元。

This includes share-based compensation of approximately $20 million.

這包括約 2000 萬美元的股份補償。

Capital expenditure is expected to be $110 million to $120 million for the quarter.

本季度的資本支出預計為 1.1 億至 1.2 億美元。

We anticipate our non-GAAP OIE, including interest expense to be $28 million to $30 million, our non-GAAP diluted share count for the second quarter of 2021 is expected to be 435 million shares.

我們預計我們的非 GAAP OIE（包括利息費用）為 2800 萬美元至 3000 萬美元，我們在 2021 年第二季度的非 GAAP 稀釋後股票數量預計為 4.35 億股。

So this results in non-GAAP earnings per share in the range of $0.44 to $0.54.

因此，這導致非 GAAP 每股收益在 0.44 美元至 0.54 美元之間。

So to wrap up, I'm optimistic about the opportunities ahead of us, and I'm happy with the execution of our teams across the globe as we embark on our transformation journey.

最後，我對我們面前的機會持樂觀態度，我對我們在全球範圍內的團隊在我們開始轉型之旅時的執行感到高興。

I look forward to seeing you all in August at our Analyst Day in New York.

我期待在 8 月的紐約分析師日與大家見面。

With that, I'll now turn the call back over to Denise to open up for Q&A.

有了這個，我現在將把電話轉回給丹妮絲以進行問答。

(Operator Instructions) Your first question comes from Ross Seymore with Deutsche Bank.

（操作員說明）您的第一個問題來自德意志銀行的 Ross Seymore。

Congrats on the strong results and guide.

恭喜您取得了出色的成績和指導。

I guess the first question I had is on the supply side.

我想我的第一個問題是在供應方面。

Obviously, demand is strong across the board.

顯然，需求全面強勁。

But on the supply side, Hassane, I wondered if there's any impact limiting your revenues from supply limitations either internally or elsewhere in the supply chain?

但是在供應方面，Hassane，我想知道是否有任何影響限制了您的收入，無論是在內部還是在供應鏈的其他地方？

And probably more importantly, any impact of your product rationalization efforts on your total revenues?

可能更重要的是，您的產品合理化工作對您的總收入有何影響？

And just how that process is going currently?

這個過程目前進展如何？

Yes.

是的。

Thanks, Ross.

謝謝，羅斯。

So look, the obvious answer is yes.

所以看，顯而易見的答案是肯定的。

It's impacting our ability to ship to the demand that we have.

它正在影響我們滿足我們的需求的能力。

So revenue could have been higher if we did not have any constraint in a perfect world.

因此，如果我們在完美世界中沒有任何限制，收入可能會更高。

However, we are where we are as an industry.

然而，作為一個行業，我們所處的位置。

But that's not really impacting what we are doing moving forward on the portfolio rationalization to answer your second question.

但這並沒有真正影響我們在投資組合合理化方面所做的工作，以回答您的第二個問題。

Because it's actually helping us.

因為它實際上在幫助我們。

We kind of know already based on the strategic reviews that we've done, where we're going to be landing, and we're putting priority on these products especially when it comes to internal utilization.

根據我們已經完成的戰略審查，我們已經知道我們將在哪裡登陸，並且我們優先考慮這些產品，特別是在內部使用方面。

Like Thad mentioned, we have good utilization this quarter.

就像 Thad 提到的那樣，我們本季度的利用率很高。

Now it's really maintaining the optimization and running the growth and the high-margin products within our fabs.

現在它實際上是在我們的晶圓廠內保持優化並運行增長和高利潤產品。

And that fits very well with the rationalization, creating more capacity for the products that we want to maintain.

這與合理化非常吻合，為我們想要維護的產品創造更多容量。

That's a perfect segue to my follow-up question, Hassane or that, Thad, either one of you guys.

對於我的後續問題，Hassane 或那個，Thad，你們中的任何一個，這是一個完美的轉義。

The utilization, I think, Thad you said is that 85% already.

我想，你說的利用率已經是 85%。

It's good to see that back to normal levels.

很高興看到恢復到正常水平。

Can you talk about some of the drivers of gross margin going forward?

您能談談未來毛利率的一些驅動因素嗎？

The product optimization you just mentioned Hassane is an obvious one, but I assume that's going to take a little bit of time to bear fruit.

您剛才提到的產品優化 Hassane 是顯而易見的，但我認為這需要一點時間才能取得成果。

So the second quarter gross margin is showing a nice pop, is that simply the utilization rising again?

那麼第二季度毛利率出現了不錯的增長，這僅僅是利用率再次上升嗎？

And kind of what are the steps to get that gross margin from the 36.5% to 37% up to your target range with before handle?

在處理之前將毛利率從 36.5% 提高到 37% 達到目標範圍的步驟是什麼？

Yes.

是的。

Look, we have launched a gross margin initiative corporate wide.

看，我們已經在整個企業範圍內發起了一項毛利率計劃。

So there's not a single pop that caused the margin in Q2 that we guided to.

因此，沒有一個單一的流行導致我們指導的第二季度的利潤率。

It's really across the board.

這真的是全面的。

Of course, some of it is utilization, but we have a laser focus on cost optimization within the supply chain.

當然，其中一些是利用率，但我們非常關注供應鏈中的成本優化。

We have been talking strategically with our customers about some of the cost increases that we have seen and how we pass some of those on.

我們一直在與客戶進行戰略性討論，討論我們所看到的一些成本增加以及我們如何將其中的一些轉移。

There is operational efficiencies that we have been doing.

我們一直在提高運營效率。

We've seen some of that start in the first quarter.

我們已經在第一季度看到了其中一些開始。

And that's why I called it the favorable and sustainable moving forward, that's kind of where you're going to see us clicking up.

這就是為什麼我稱之為有利和可持續的前進，這就是你會看到我們點擊的地方。

Utilization will get better over time.

隨著時間的推移，利用率會越來越好。

But more importantly, where the lift for gross margin is going to be is what I mentioned in the prior answer as we start shifting more of our internal capacity to higher gross margin products and offloading the, call it, the legacy or the harvest product line, that's going to create a mix shift to the higher gross margin.

但更重要的是，隨著我們開始將更多的內部產能轉移到更高毛利率的產品上，並卸載所謂的傳統或收穫產品線，毛利率將在哪裡提升，這將產生向更高毛利率的混合轉變。

That will come, of course, with better utilization.

當然，這將帶來更好的利用。

Our next question comes from Chris Danely with Citi.

我們的下一個問題來自花旗銀行的 Chris Danely。

And I'll add my congrats on the strong quarter and outlook.

我將對強勁的季度和前景表示祝賀。

So would you say that the shortages are getting better in Q2 or getting a little worse?

那麼你會說第二季度的短缺情況正在好轉還是變得更糟？

And then how do you expect this easing of demand you talked about in the second half of the year?

那麼您如何看待您在下半年談到的需求放緩？

Could we have like a sub-seasonal quarter?

我們可以有一個次季度的季度嗎？

Or do you expect to go from above seasonal back to normal seasonal?

或者您是否期望從高於季節性恢復到正常的季節性？

Yes.

是的。

So look, the expectation is really what we are talking with our customers and how, I would call it the velocity of how fast the demand is coming.

所以看，期望實際上是我們與客戶談論的內容，以及如何，我將其稱為需求到來的速度。

I talked last call that the problem has not been really on the capacity per se, it has been on how quickly that demand came and layered on a very strong quarter.

我在最後一次電話會議上談到，問題並不在於產能本身，而在於需求來得有多快，並在一個非常強勁的季度分層。

So that's the velocity.

所以這就是速度。

So when I talk about demand and supply and demand subsiding in the second half of the year or towards the end of the year, I'm not talking about really demand going call it weaker or backwards.

因此，當我談到需求和供需在下半年或接近年底時下降時，我並不是在談論真正的需求會變弱或倒退。

I'm talking about the momentum, but it will remain at a very healthy and not -- and better than seasonal outlook.

我說的是勢頭，但它會保持在非常健康的狀態，而不是——而且好於季節性前景。

So that's where we see the demand.

這就是我們看到需求的地方。

But the balancing of us being able to catch up to the demand is going to happen, I would say, towards the second half of the year.

但是，我們能夠趕上需求的平衡將會發生，我會說，到今年下半年。

Yes.

是的。

And Chris, this is Thad.

克里斯，這是泰德。

I would just add, if you take the midpoint of our guidance for Q2, that's our code for the company, right?

我只想補充一點，如果您採用我們對第二季度的指導的中點，那就是我們公司的代碼，對吧？

It's up 9% sequentially.

環比上漲 9%。

As you look into Q3, I think coming off that high mark, we will be sub-seasonal in Q3 and then probably return to seasonal in Q4.

當您查看第三季度時，我認為離開那個高點，我們將在第三季度處於次季節性狀態，然後可能在第四季度恢復到季節性。

Okay.

好的。

That's helpful.

這很有幫助。

And then for my follow-up, I guess, between your own input costs and raw material going up, and then any chance for, I guess, firmer pricing on your products?

然後對於我的後續行動，我猜是在你們自己的投入成本和原材料上漲之間，然後我猜你們有沒有機會對你們的產品進行更堅定的定價？

How do you expect the total impact of that to be towards margins?

您如何預計這對利潤率的總體影響？

Do you think it kind of negates everything out?

你認為它否定了一切嗎？

Or do you think that, that could be a little bit of lift to the margins as far as like your own pricing goes versus the input costs?

還是您認為，就您自己的定價與投入成本的關係而言，這可能會稍微提高利潤率？

It's -- pricing is a small portion of our gross margin trajectory because, obviously, right now, we are in a favorable environment.

這是 - 定價只是我們毛利率軌蹟的一小部分，因為顯然，現在，我們處於有利的環境中。

But what we are looking for is those sustainable pricing structures and sustainable cost structures that will remain favorable and the up or down.

但我們正在尋找的是那些將保持有利和上升或下降的可持續定價結構和可持續成本結構。

And that's -- you always hear me talk about structural gross margin improvement.

那就是 - 你總是聽到我談論結構性毛利率的提高。

That's how we're going to get there.

這就是我們要到達那裡的方式。

So to answer your question more directly, there is not a one-size-fits-all.

因此，要更直接地回答您的問題，沒有一刀切的。

It's not a one to one.

這不是一對一的。

It's really talking to our strategic customers in order to reset, one, is the cost basis.

它真的是在和我們的戰略客戶對話，以重置，一是成本基礎。

But more importantly, in some cases, there's a value to price discrepancy.

但更重要的是，在某些情況下，價格差異是有價值的。

And we're even covering that with some strategic customers and commitment to a longer-term supply because today, that's really the most important thing is how do we prevent this?

我們甚至通過一些戰略客戶和對長期供應的承諾來涵蓋這一點，因為今天，這真的是最重要的事情是我們如何防止這種情況發生？

Where we are today from happening to our customers over the next 3 to 5 years.

在未來 3 到 5 年內，我們今天所處的位置將發生在我們的客戶身上。

That's really where the focus is, is getting those agreements, getting those long-term views for us and the customers, both on supply and on pricing.

這才是真正的重點，是獲得這些協議，為我們和客戶獲得那些關於供應和定價的長期觀點。

Our next question comes from Vivek Arya with Bank of America.

我們的下一個問題來自美國銀行的 Vivek Arya。

Hassane, you mentioned -- Thad had mentioned Q2 up 9% sequentially.

你提到的哈桑——薩德提到第二季度連續增長 9%。

I was hoping you could give us some color on which end markets could be above or below that number?

我希望您能給我們一些顏色，說明哪些終端市場可能高於或低於該數字？

But then also, importantly, you are guiding to record sales in Q2, but gross margins will still be 200 basis points below, right, prior peaks, and I'm curious what's causing that delta?

但同樣重要的是，您正在指導第二季度創紀錄的銷售額，但毛利率仍將比之前的峰值低 200 個基點，我很好奇是什麼導致了這個增量？

So the demand is pretty broad.

所以需求是相當廣泛的。

So there's not a single end market.

所以沒有單一的終端市場。

Obviously, all our focus and our strategic end markets are going to see strength, and that really is mirrored across the industry when you talk about auto and industrial and so on.

顯然，我們所有的重點和我們的戰略終端市場都將看到實力，當您談論汽車和工業等時，這確實反映在整個行業中。

So I wouldn't say there's a one specific end market that's going to drive the majority of it.

所以我不會說有一個特定的終端市場將推動其中的大部分。

Yes.

是的。

On the gross margin compared to the historical, if you go back to 2018, which was the peak, I believe, was Q3 of '18, our -- the midpoint of our guidance for Q2 would be about 5% higher than that peak.

在與歷史相比的毛利率上，如果你回到 2018 年，我相信那是 18 年第三季度的峰值，我們對第二季度的指導中點將比那個峰值高出約 5%。

But you're right, the margins are lower, and that's primarily because of the investments the company has been making in the capital, so our depreciation has been going up as we've been ramping up the fabs in East Fishkill.

但你是對的，利潤率較低，這主要是因為公司一直在資本上進行投資，所以我們的折舊率一直在上升，因為我們一直在擴大 East Fishkill 的晶圓廠。

Obviously, as we go forward, and we rationalize that footprint because that will give us some opportunities to improve those margins as we talked about as well.

顯然，隨著我們的前進，我們將這一足跡合理化，因為這將為我們提供一些機會來提高我們所說的利潤率。

But that's the primary driver and the difference between the 2.

但這是主要驅動因素，也是兩者之間的區別。

Got it.

知道了。

And for my follow-up, I'm curious, Hassane, how does -- what we have seen in the last few months is companies that had better internal capacity, right, are able to withstand this chip shortage issue better than their competitors.

對於我的後續行動，我很好奇，哈桑，過去幾個月我們看到的是，擁有更好內部能力的公司，對，能夠比競爭對手更好地應對芯片短缺問題。

So as you think about ON for the next few years, how does kind of reducing lead time and being responsive to customers align with the goal of having a lighter fab footprint over time?

因此，當您考慮未來幾年的 ON 時，減少交貨時間和響應客戶的方式如何與隨著時間的推移擁有更輕的晶圓廠佔地面積的目標保持一致？

Do you think you can achieve both, be very responsive to customers, but still have a lighter fab footprint?

你認為你可以同時實現這兩個目標，對客戶非常敏感，但仍然擁有更輕的晶圓廠足跡嗎？

Yes.

是的。

Yes, absolutely.

是的，一點沒錯。

I'm highly confident that we are able to do both.

我非常有信心我們能夠做到這兩點。

And from -- obviously, we've been working on the rationalization of our portfolio and the manufacturing footprint since I joined the company.

從——顯然，自從我加入公司以來，我們一直在努力合理化我們的產品組合和製造足跡。

And I see a path for achieving both.

我看到了實現兩者的途徑。

And that's going to be really with the rationalization.

這將是真正的合理化。

When you have a pretty broad footprint, it could be as easy as streamlining technologies within a fab, you will get better utilization, you'll get better cost while still running a very different set of products.

當您擁有相當廣泛的足跡時，它可以像簡化晶圓廠內的技術一樣簡單，您將獲得更好的利用率，您將獲得更好的成本，同時仍然運行一組非常不同的產品。

It doesn't change really the overall products you run.

它不會真正改變您運行的整體產品。

It will change the volumes at which you can run per fab by just streamlining on a technology basis or even in the back end on a package basis.

它將改變您可以在每個晶圓廠運行的數量，只需在技術基礎上進行精簡，甚至在封裝基礎上在後端進行精簡。

By removing all these inefficiencies, we are able to even get more out of our existing fab footprint or back-end footprint.

通過消除所有這些低效率，我們甚至能夠從我們現有的晶圓廠足跡或後端足跡中獲得更多收益。

And then as we restructure and consolidate, you're going to get that volume upside to maintain our growth.

然後，隨著我們重組和整合，您將獲得該數量的上行空間以維持我們的增長。

So we're going to be able to get both confidently.

所以我們將能夠自信地得到兩者。

Yes.

是的。

And Vivek, just to clarify, right, as we talk about being fab lighter, it's not necessarily going outside.

還有 Vivek，只是為了澄清一下，對，當我們談論變得更輕時，它不一定要去外面。

We'll still run the same volume in our fab.

我們仍將在我們的晶圓廠中運行相同的產量。

It will be just as long as a higher throughput in those fabs and then also looking at subscale fabs and doing something with those to reduce that footprint.

只要這些晶圓廠有更高的吞吐量，然後還要考慮小規模晶圓廠，並用這些晶圓廠做一些事情來減少佔地面積。

But it isn't necessarily shifting from insight to the outside.

但它不一定從洞察力轉向外部。

Your next question comes from Raji Gill with Needham & Company.

您的下一個問題來自Needham & Company 的Raji Gill。

And congrats on the good momentum.

並祝賀良好的勢頭。

Thad, just a question on the decision to kind of build inventory on the balance sheet while simultaneously reducing inventory in the distribution channel.

Thad，只是一個關於在資產負債表上建立庫存同時減少分銷渠道庫存的決定的問題。

Maybe you could walk us through kind of the rationale of that decision?

也許你可以帶我們了解一下這個決定的基本原理？

And when you're talking about kind of demand supply rebalancing later this year, can you give us some thoughts in terms of kind of where we are right now?

當您談到今年晚些時候的需求供應再平衡時，您能否就我們現在所處的位置給我們一些想法？

And what are the steps that you're taking in order to kind of get the supply in balance relative to demand?

為了使供應與需求保持平衡，您採取了哪些步驟？

Is it more demand is just decelerating?

更多的需求只是在減速嗎？

And then or is the combination where demand is decelerating and supply is starting to increase to meet that level of demand?

然後或者是需求正在減速而供應開始增加以滿足該需求水平的組合？

Sure.

當然。

I think I lost track of the first question.

我想我忘記了第一個問題。

The first question is on the balance -- inventory on the balance sheet.

第一個問題是關於餘額的——資產負債表上的存貨。

Yes.

是的。

Yes.

是的。

Okay, so let me address that, sorry.

好的，讓我解決這個問題，對不起。

So we made the decision, obviously, we were running at about 11 weeks of inventory last quarter.

因此，我們做出了決定，很明顯，我們上個季度的庫存量約為 11 週。

Our target range is 11 to 13 weeks of inventory in the channel.

我們的目標範圍是渠道中 11 到 13 週的庫存。

We dropped it to 8.4.

我們將其降至 8.4。

The logic there is it doesn't make sense to have inventories sitting on the shelves of the distributors versus supporting customers.

那裡的邏輯是讓庫存坐在分銷商的貨架上而不是支持客戶是沒有意義的。

So by holding on our balance sheet, we can support the customers either through the channel or directly but it allows us to ensure that we're allocating the products to the right customers at the right time versus just having it sit in the channel for extended weeks.

因此，通過保留我們的資產負債表，我們可以通過渠道或直接為客戶提供支持，但這使我們能夠確保我們在正確的時間將產品分配給正確的客戶，而不是僅僅讓產品在渠道中長時間停留週。

So it was a proactive decision basically for customer support.

因此，這基本上是為了客戶支持而做出的積極決定。

No, I mean, I was going to tackle your second question about the demand?

不，我的意思是，我要解決你關於需求的第二個問題？

Yes.

是的。

So from the demand perspective, it's really -- there are a few things going on.

所以從需求的角度來看，它真的 - 有一些事情正在發生。

One is a lot of the work that we have done that I mentioned earlier about changing the mix and streamlining our footprint, we have more supply coming online.

其中之一是我之前提到的關於改變組合和精簡我們的足跡所做的很多工作，我們有更多的供應上線。

Not through capital expenditure, but literally through streamlining our operations, part of the initiatives that we have for our strategy.

不是通過資本支出，而是通過簡化我們的運營，這是我們戰略舉措的一部分。

So that's going to help increase our supply.

所以這將有助於增加我們的供應。

But also the velocity that the demand came in will start to subside, which means that we are able to get more visibility on what the steady-state demand is in order for us to build for that.

但需求進入的速度也將開始下降，這意味著我們能夠更清楚地了解穩態需求是什麼，以便我們為此進行建設。

What's been happening is we get the demand signal, we start the wafers, then the demand gets stronger, we start wafers.

正在發生的事情是我們得到了需求信號，我們開始生產晶圓，然後需求變得更強，我們開始生產晶圓。

But those wafers have a latency before they get out, and that's why we're in the supply constraint.

但是這些晶圓在它們出來之前有一個延遲，這就是我們處於供應限制的原因。

But as we are getting more stable outlook of demand, which remains, by the way, at a very healthy level.

但隨著我們的需求前景變得更加穩定，順便說一句，需求前景仍然處於非常健康的水平。

I'm not talking about demand going backwards, I'm talking about the velocity, the demand kind of stabilizing.

我不是在談論需求倒退，我是在談論速度，需求趨於穩定。

We are able to start material for that demand, and that will get us towards the end of the year on a balanced supply and demand picture.

我們能夠為這種需求啟動材料，這將使我們在年底前實現供需平衡。

And for my follow-up, in terms of the automotive market, you had record automotive revenue, as you stated.

正如您所說，在我的後續行動中，就汽車市場而言，您擁有創紀錄的汽車收入。

Can you talk about kind of what you're seeing in that industry as we progress throughout the year in terms of SAR production, are we done with the kind of the component shortages impacting production?

您能否談談您在該行業看到的情況，因為我們全年在 SAR 生產方面取得進展，我們是否已經解決了影響生產的組件短缺問題？

Do we still have more way to go?

我們還有更多的路要走嗎？

And so how do we think about the overall industry?

那麼我們如何看待整個行業呢？

And then how do we think about kind of your momentum in silicon carbide and electric vehicles?

然後我們如何看待您在碳化矽和電動汽車方面的發展勢頭？

Yes.

是的。

I think as an industry, automotive is going to remain strong.

我認為作為一個行業，汽車將保持強勁勢頭。

There's low inventory across the board.

整體庫存偏低。

I don't know when anybody try to buy a car lately, but there's not no inventory anywhere, whether it's rental cars or new cars or used cars.

我不知道最近什麼時候有人想買車，但無論是租來的汽車還是新車或二手車，任何地方都沒有庫存。

So that's going to fuel the strength that we are seeing.

因此，這將推動我們所看到的力量。

And obviously, we do have pockets where some of the OEMs have reduced production because of the supply.

顯然，我們確實有一些 OEM 因供應而減少產量的地方。

And we do have some ad hoc issues in the industry.

我們確實在行業中遇到了一些臨時問題。

Like unfortunately, the renaissance fire that happened in the fab, that also has an impact on where the demand is going to be.

不幸的是，晶圓廠發生的複興之火也對需求的去向產生了影響。

But that doesn't change the overall picture for automotive being one of the strongest years I've seen.

但這並沒有改變汽車作為我所見過的最強勁的年份之一的整體情況。

Our momentum remains very strong.

我們的勢頭仍然非常強勁。

Obviously, we keep talking about a content story.

顯然，我們一直在談論內容故事。

So as those vehicles are back online, we're going to see our content grow with that, and that's part of our growth trajectory, not just for this year but moving forward.

因此，隨著這些車輛重新上線，我們將看到我們的內容隨之增長，這是我們增長軌蹟的一部分，不僅是今年，而是向前發展。

And that includes our silicon carbide.

這包括我們的碳化矽。

I'm very close to our silicon carbide initiatives here in the company.

我非常了解我們在公司的碳化矽計劃。

And more importantly, I'm watching very closely and personally engaged with customers on platform design wins that are going to fuel our growth from the revenue and the margin.

更重要的是，我正在密切關注客戶在平台設計方面的成功，這將推動我們的收入和利潤增長。

But what I like about our silicon carbide story is, we're not just on the electrification of the vehicle itself, although that's a great area, we are also engaged on the infrastructure, whether it's onboard charging or infrastructure charging.

但我喜歡我們碳化矽故事的原因是，我們不僅關注車輛本身的電氣化，儘管這是一個很棒的領域，我們還參與了基礎設施，無論是車載充電還是基礎設施充電。

That's going to also fuel because as you get more and more EVs on the road, we need to have an infrastructure to charge them, and we're engaged with that.

這也會助長，因為隨著越來越多的電動汽車上路，我們需要有一個基礎設施來為它們充電，我們正在參與其中。

And that's also going to be part of the industrial strategy for us.

這也將成為我們產業戰略的一部分。

Your next question comes from Toshiya Hari with Goldman Sachs.

您的下一個問題來自高盛的 Toshiya Hari。

Hassane, I wanted to come back to your comment about Q3 revenue potentially being sub-seasonal.

哈桑，我想回到你關於第三季度收入可能是非季節性的評論。

You talked about very strong demand across your key markets.

您談到了您的主要市場的非常強勁的需求。

Inventory up and down the supply chain seems pretty low, including your disti channel, and you've got idiosyncratic drivers of growth in power and image sensors and so on and so forth.

供應鏈上下的庫存似乎相當低，包括您的分銷渠道，而且您在電源和圖像傳感器等方面擁有獨特的增長驅動力。

So I'm just trying to better understand why Q3 would be sub-seasonal given the backdrop?

所以我只是想更好地理解為什麼在這樣的背景下第三季度會是非季節性的？

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

然後我有一個快速跟進。

Yes.

是的。

I mean, if you talk about sub-seasonal, Q3 is usually up 3% to 4%.

我的意思是，如果你談論次季節性，第三季度通常會上漲 3% 到 4%。

But you have to remember, we're coming off of a 9% up quarter in Q2, which is typically 3% to 4% down.

但您必須記住，我們在第二季度的季度增長率為 9%，通常下降 3% 到 4%。

So when we talk about seasonality, for this year, you can throw that a little bit out the window.

所以當我們談到今年的季節性時，你可以把它扔到窗外。

What we are looking is just maximizing our supply in order to meet the maximum demand we can.

我們正在尋找的只是最大化我們的供應，以滿足我們所能達到的最大需求。

So demand remains strong.

所以需求依然強勁。

So even if we talk about sub-seasonal Q3, that's still a very healthy Q3 coming off of a second quarter with a 9% sequential growth.

因此，即使我們談論次季度的第三季度，第二季度的第三季度仍然非常健康，連續增長 9%。

Okay.

好的。

So from your standpoint, is supply a bigger issue in Q3 than it is in Q2?

那麼從您的角度來看，第三季度的供應問題是否比第二季度更大？

Is that a fair statement or no?

這是一個公平的說法嗎？

No, no.

不，不。

I wouldn't say it's bigger.

我不會說它更大。

I think we're still going to be navigating the same supply constraints that we've seen.

我認為我們仍將面臨與我們所看到的相同的供應限制。

Okay.

好的。

Got it.

知道了。

And then as a quick follow-up, I was hoping you could give us an update on Belgium and Niigata.

然後作為快速跟進，我希望您能給我們提供有關比利時和新潟的最新消息。

I know you're in conversations with potential counterparties, but any update there?

我知道您正在與潛在的交易對手進行對話，但那裡有任何更新嗎？

And I think on prior calls, you've mentioned each fab potential sale would give you 10s, 20s of millions of dollars in cost savings?

而且我認為在之前的電話中，您提到每個晶圓廠的潛在銷售將為您節省 10 到 20 百萬美元的成本？

Does that continue to be the case?

情況是否繼續如此？

Yes.

是的。

I mean, we have nothing new to report.

我的意思是，我們沒有新的報導。

Obviously, as soon as we conclude anything, we'll make sure that becomes public.

顯然，一旦我們得出任何結論，我們將確保將其公開。

But where the status you stated is exactly where we are.

但是你所說的狀態正是我們所處的位置。

Your next question comes from Vijay Rakesh with Mizuho.

您的下一個問題來自瑞穗的 Vijay Rakesh。

Great quarter and guide out of the box.

很棒的季度和開箱即用的指南。

Just a question on the automotive side.

只是汽車方面的問題。

You mentioned silicon carbide.

你提到了碳化矽。

Obviously, on the EV side, that continues to grow.

顯然，在電動汽車方面，這一數字還在繼續增長。

Any thoughts on how you see that percentage?

你對這個百分比有何看法？

And how you see that growing in '21, '22?

您如何看待 21 和 22 年的增長？

And what is it as a percent of your auto revenues there?

它佔您汽車收入的百分比是多少？

I think it's going to stay.

我認為它會留下來。

We don't break it up specifically.

我們不具體分解。

We look at our electrification, both silicon carbide and that's been growing.

我們著眼於我們的電氣化，包括碳化矽，而且它一直在增長。

It's going to continue to grow.

它會繼續增長。

And as more silicon carbide sees its way on the penetration as far as technology from the IGBT as customers crossover over next, call it, 2 to 3 years, we're just going to be growing our content with that.

隨著越來越多的碳化矽在 IGBT 技術方面的滲透，隨著客戶的交叉，未來 2 到 3 年，我們只會增加我們的內容。

But right now, our focus is layering in all the design wins in order for us to be able to do that.

但現在，我們的重點是在所有設計勝利中分層，以便我們能夠做到這一點。

And we're on track.

我們正在走上正軌。

Got it.

知道了。

And on the 300-millimeter side, can you give us some idea of how you're ramping that, where do you expect utilizations as you look out this year, next year as you move some product into 300-millimeter as well?

在 300 毫米方面，您能否給我們一些想法，說明您是如何提高這一點的，您預計今年的利用率會在哪裡，明年您也將一些產品轉移到 300 毫米？

Yes.

是的。

I mean we're on track moving this.

我的意思是我們正在推進這個。

But just to remind everybody, we don't take ownership of the fab until 2020.

但提醒大家，我們要到 2020 年才能擁有該晶圓廠的所有權。

So until then, it remains an outside fab, but our focus is to make sure all of our products that we want to be running there is in there, not just qualified internally but qualified with our customers, so when we take ownership of that fab, we are able to ramp it as planned.

所以在那之前，它仍然是一個外部晶圓廠，但我們的重點是確保我們想要在那裡運行的所有產品都在那裡，不僅僅是內部合格，而且我們的客戶也合格，所以當我們獲得該晶圓廠的所有權時，我們能夠按計劃進行升級。

And your next question comes from Craig Ellis with B. Riley Securities.

您的下一個問題來自 B. Riley Securities 的 Craig Ellis。

Congratulations on the strategic progress so far.

祝賀迄今為止的戰略進展。

I wanted to start with a longer-term question, Hassane, you mentioned that you're working on some long-term agreements with some of your customers.

我想從一個長期的問題開始，Hassane，你提到你正在與一些客戶達成一些長期協議。

The question is what percent of sales could those be in 2021?

問題是，到 2021 年，這些銷售額的百分比是多少？

And as we look out over the next 3 to 4 years, how much larger could those long-term agreements be as you have a couple of years to work on it.

正如我們在接下來的 3 到 4 年內展望的那樣，這些長期協議的規模會有多大，因為您有幾年的時間來處理它。

And to use auto as one example, would that mean, for example, that in auto, you could actually accelerate the premium industry growth that I think the company has talked about 10 percentage points?

以汽車為例，這是否意味著，例如，在汽車領域，你實際上可以加速高端行業的增長，我認為該公司已經談到了 10 個百分點？

Or would those long-term agreements really leave relative growth unchanged versus what the company has been looking for?

或者這些長期協議真的會保持相對增長與公司一直在尋找的東西相比保持不變嗎？

Yes.

是的。

I wouldn't say it will change our growth target because our growth targets are pretty aggressive when you compare them to the SAAR numbers over the next few years.

我不會說它會改變我們的增長目標，因為當你將它們與未來幾年的 SAAR 數字進行比較時，我們的增長目標非常激進。

So I'm very comfortable with those.

所以我對這些很滿意。

Now of course, from the prior question, if silicon carbide accelerates faster than what we think, then that's going to be higher growth for us than we expected.

當然，從之前的問題來看，如果碳化矽的加速速度比我們想像的要快，那麼這對我們來說將是比我們預期的更高的增長。

So there's puts and takes on the growth trajectory.

因此，增長軌跡存在看跌期權。

And that's why what the growth we have provided is a pretty well balanced growth.

這就是為什麼我們提供的增長是相當平衡的增長。

As far as the long-term agreements, I look at them as more outlook confidence.

就長期協議而言，我認為它們對前景更有信心。

If you look out over the next few years, we want to be able to spare capacity.

如果您展望未來幾年，我們希望能夠騰出產能。

We want to be able to potentially build or shift capacity into the strategic products we want.

我們希望能夠潛在地建立或轉移能力到我們想要的戰略產品中。

And we are engaged with customers to make sure that their demands over the next few years are met.

我們與客戶接洽，以確保滿足他們未來幾年的需求。

And that comes with a 2-way where we make sure the investments are made in the areas where we see the growth.

這帶來了兩種方式，我們確保在我們看到增長的領域進行投資。

And from the customer side, the investment is made in order to give us the visibility and the long-term agreement for us to make sure that we are building for the right demand.

從客戶方面來看，投資是為了給我們提供可見性和長期協議，以確保我們正在為正確的需求而建設。

So it's a win-win for our strategic customers.

因此，這對我們的戰略客戶來說是雙贏的。

We've been working with a lot of them in order to make sure that what we experienced in 2021 does not occur again.

我們一直在與他們中的許多人合作，以確保我們在 2021 年所經歷的事情不會再次發生。

And that only comes with a steady and outward-looking demand signal that they will commit to.

而這只伴隨著他們將承諾的穩定和外向的需求信號。

That makes a lot of sense.

這很有意義。

And then the follow-up is for you that.

然後後續行動就是為你準備的。

So a number of times in the commentary prepared and Q&A, the company mentioned strategic mix out.

所以在評論準備和問答中，公司多次提到戰略組合。

The question is, are we starting to see that in the business, for example, I noted communications was down 10% year-on-year in the first quarter, when will we see that impact peak in the business?

問題是，我們是否開始看到在業務中，例如，我注意到第一季度通信同比下降了 10%，我們什麼時候會看到業務的影響達到頂峰？

Is that later in 2021?

那是在2021年晚些時候嗎？

Or would that be sometime more distant in 2022?

還是在 2022 年的某個時候更遙遠？

Yes.

是的。

As we go through our strategic review process, it's too early to really see those results coming through our financials at this point.

在我們進行戰略審查過程時，現在真正看到這些結果來自我們的財務還為時過早。

I think you'll see that shifting much further out in 2022, probably hitting the revenue numbers.

我認為您會在 2022 年看到這種情況進一步轉移，可能會觸及收入數字。

So I wouldn't look at this quarter as being indicative of the strategic markets that we're focused on.

因此，我不會將本季度視為我們關注的戰略市場的指標。

Obviously, auto and industrial will be strategic to us, but I wouldn't read more into that on a short-term basis.

顯然，汽車和工業對我們來說具有戰略意義，但我不會在短期內對此進行更多解讀。

Your next question comes from Christopher Rolland with Susquehanna.

您的下一個問題來自 Christopher Rolland 和 Susquehanna。

Thanks for the question.

謝謝你的問題。

There have been some rumors about some CMOS image sensor tightness out there.

有一些關於 CMOS 圖像傳感器密封性的傳言。

Can you guys talk about that market specifically?

你們能具體談談那個市場嗎？

And are there any supply constraints there that you guys are seeing, whether you specifically or anywhere in the supply chain for those modules?

你們是否看到了任何供應限制，無論是您具體還是這些模塊的供應鏈中的任何地方？

The short answer is yes.

簡短的回答是肯定的。

We see it -- most of it is -- well, all of it is foundry for us, and we all know the foundry situation.

我們看到了——大部分是——嗯，所有這些都是我們的代工，我們都知道代工的情況。

Part of our allocation strategy that I've been discussing or hinting at during the call applies to the image sensing.

我在電話會議中討論或暗示的部分分配策略適用於圖像傳感。

But for sure, there's tightness in the market.

但可以肯定的是，市場存在緊張。

Great.

偉大的。

And then perhaps tying into that as well, just a discussion about East Fishkill.

然後也許也與此相關，只是關於東菲什基爾的討論。

So 2023, that's when you guys get the fabs.

所以 2023 年，就是你們獲得晶圓廠的時候。

But are you able to ramp meaningfully before that?

但在那之前你能有意義地爬坡嗎？

Is there some additional capacity that you can kind of touch there?

那裡有一些額外的容量可以觸摸嗎？

And then this supply chain tightness that we've seen out there, has that accelerated qualifications or requalifications from other fabs to this fab?

然後我們看到的供應鏈緊張，是否加速了其他晶圓廠對該晶圓廠的認證或重新認證？

You've talked about $2 billion plus of revenue.

您談到了超過 20 億美元的收入。

So I guess, putting all the pieces together, where are you guys going to be in 2023 when you get this fab in terms of utilizations, in terms of ramping to that $2 billion plus revenue?

所以我想，把所有的部分放在一起，當你在 2023 年獲得這個晶圓廠的利用率時，你們會在哪裡？就收入而言，增加 20 億美元？

Has this put you guys in a better position?

這讓你們處於更好的位置了嗎？

And where do you see that position?

你在哪裡看到那個位置？

Yes.

是的。

Look, we still have a few years on.

看，我們還有幾年的時間。

We have looked at the products that we are moving.

我們已經查看了我們正在移動的產品。

We have reprioritized in order to make sure the products we are moving with higher priority are the strategic products, the growth products that I've been talking about, part of the portfolio rationalization.

我們已經重新確定了優先級，以確保我們正在優先考慮的產品是戰略產品，我一直在談論的增長產品，是投資組合合理化的一部分。

So those, of course, we're going to try to accelerate.

因此，當然，我們將嘗試加速。

But as you know, with a lot of product quals, it is not how hard or how fast you work, it takes time to qualify.

但如您所知，有很多產品質量，不是你工作有多努力或多快，而是需要時間來獲得資格。

There are x number of hours you have to test and those hours have to pass.

您必須測試 x 小時數，並且必須通過這些小時數。

We can do parallel quals, we can do customer calls, and we're doing all of the above to make sure that when we take ownership of the fab in 2023, it has the maximum utilization we can get to at that time given all of the demand that we have.

我們可以進行並行驗證，我們可以接聽客戶電話，我們正在做以上所有事情，以確保當我們在 2023 年獲得晶圓廠的所有權時，考慮到所有我們的需求。

As far as the short term, of course, we maintain a close relationship with global foundry that operates the fab, and we navigate the supply constraints, just like we do with any outside foundry.

當然，就短期而言，我們與運營該工廠的全球代工廠保持密切關係，並且我們應對供應限制，就像我們與任何外部代工廠一樣。

Your next question comes from Chris Caso with Raymond James.

您的下一個問題來自 Chris Caso 和 Raymond James。

The first question is about the production plan as we go through the year.

第一個問題是關於我們這一年的生產計劃。

And it sounds like you'd be ramping production pretty significantly now to catch up on supply, and that's obviously having a margin benefit now.

聽起來你現在會大幅增加產量以趕上供應，這顯然現在有利潤優勢。

What does that look like as we go into the second half with revenue potentially flattening out as you go to Q3?

進入下半年，隨著您進入第三季度，收入可能趨於平緩，這會是什麼樣子？

Does that mean utilization comes down a bit?

這是否意味著利用率下降了一點？

Or -- and I guess, what does that imply for gross margins as we go into the second half of the year?

或者——我猜，隨著我們進入下半年，這對毛利率意味著什麼？

Yes.

是的。

As I mentioned, utilization is currently at 84%.

正如我所提到的，利用率目前為 84%。

It was mid-70s last quarter.

上個季度是 70 年代中期。

As we look through the remainder of the year, and we think it's going to stay right in that level based on the projections we're seeing in the backlog.

當我們回顧今年剩餘的時間時，我們認為根據我們在積壓中看到的預測，它將保持在該水平。

So when we talk about the second half coming back into balance, it's balanced really at this level, right?

所以當我們談論下半場恢復平衡時，在這個水平上真的很平衡，對吧？

So we don't expect the utilizations to drop much through the remainder of the year.

因此，我們預計今年剩餘時間的利用率不會大幅下降。

All right.

好的。

So just as a follow-on to that, given what some of your peers have said about expecting tight supply through the year.

因此，鑑於您的一些同行所說的預計全年供應緊張，因此作為後續行動。

Do you expect you'll still have the opportunity to improve the mix as you go through the year, prioritize some of the higher-margin products and therefore, still get a mixed benefit as you go through the second half?

您是否認為您仍然有機會在這一年中改善組合，優先考慮一些利潤率較高的產品，因此在下半年仍然獲得混合收益？

Yes, absolutely.

是的，一點沒錯。

I mean that's -- we've already started doing that.

我的意思是——我們已經開始這樣做了。

And we hope to get more favorable mix and optimize those fabs as we go through the rest of the year, and that will give us some tailwind on the gross margin, additional tailwind.

我們希望在今年剩下的時間裡獲得更有利的組合併優化這些晶圓廠，這將為我們的毛利率帶來一些順風，額外的順風。

So that's what we talked about, right, is that the next phase of the gross margin isn't all about utilization, it's really about optimizing the footprint, optimizing what's going through those fabs to increase the throughput.

所以這就是我們所說的，對，下一階段的毛利率不僅僅與利用率有關，它實際上是關於優化佔地面積，優化通過這些晶圓廠的流程以提高產量。

Your next question comes from Matt Ramsay with Cowen.

您的下一個問題來自 Matt Ramsay 和 Cowen。

As you think back to when you were thinking about joining the company and when you came into the company, it seems to me like the -- as you think about modernizing or rationalizing the footprint by manufacturing, I don't know if you guys would have thought about the extreme 6 and 8-inch tightness across the industry when you started putting the plan together.

當你回想當你考慮加入公司時，當你進入公司時，在我看來，當你考慮通過製造實現足跡現代化或合理化時，我不知道你們是否會當您開始製定計劃時，已經考慮過整個行業的 6 英寸和 8 英寸的極端密封性。

So I wonder if you might reflect on that a little bit.

所以我想知道你是否可以稍微反思一下。

Are there anything new variables or has the aperture sort of broadened for strategic options as you think about it, given the tightness and the likelihood of 6 and 8-inch tightness persisting across the industry for a longer period of time?

考慮到 6 英寸和 8 英寸的緊縮性以及整個行業在較長時間內持續存在的可能性，您認為是否有任何新的變量或戰略選擇的範圍有所擴大？

No.

不。

From where we look at it, obviously, we had to relook and revisit our baseline assumptions.

顯然，從我們的角度來看，我們必須重新審視和重新審視我們的基線假設。

And I'll tell you, it hasn't changed because the fact of the matter is not the 6 or 8-inch tightness that is driving, it is how effective can we run those fabs at the scale that they are in versus consolidating or moving from, for example, 6 to 8, as an example.

我會告訴你，它並沒有改變，因為事實不是 6 或 8 英寸的緊密度在推動，而是我們以它們所處的規模運行這些晶圓廠與整合或例如，從 6 移動到 8。

So it doesn't change what we need to do, which is we need to streamline our manufacturing footprint, we need to consolidate, and we need to have all our fabs be at a scale that we can drive lower cost.

所以它不會改變我們需要做的事情，那就是我們需要精簡我們的製造足跡，我們需要整合，我們需要讓我們所有的晶圓廠達到我們可以降低成本的規模。

And as we keep those fabs fully utilized, that cost will basically spread across all products that we run in.

當我們充分利用這些晶圓廠時，這些成本基本上會分攤到我們運行的所有產品中。

So it doesn't change the valuation of these fabs as far as the market is concerned.

因此，就市場而言，它不會改變這些晶圓廠的估值。

But when we decide to potentially divest any of those assets, they'll just bring in more than they did when I first started.

但是，當我們決定潛在地剝離這些資產中的任何一項時，它們只會帶來比我剛開始時更多的收益。

Fair enough.

很公平。

That makes sense.

這就說得通了。

As my follow-up, you guys mentioned in the prepared script, strength from computing and also strength from GPUs.

作為我的後續，你們在準備好的腳本中提到了計算的力量和 GPU 的力量。

Maybe you could talk about how big are those markets for you guys specifically that you called out driving some upside?

也許你可以談談這些市場對你們來說有多大，特別是你呼籲推動一些上行空間？

And are those particular products at the richer end of the mix?

那些特定的產品是否在組合的更豐富的一端？

And are you, I guess, planning on those sustaining through the balance of the year?

我猜你是否計劃在今年餘下的時間里維持生計？

It seems like those would be fairly high-margin products into those markets.

似乎這些產品將是進入這些市場的高利潤產品。

Yes.

是的。

Our product focus on -- in these segments.

我們的產品專注於這些領域。

First of all, those segments are not a big percent of our revenue.

首先，這些細分市場在我們收入中的佔比並不大。

However, they are very, I would call them, adjacent to our power product offering that we have in the auto and industrial where we bring a lot of value in these GPU cars and so on, which have seen some growth.

但是，我會稱它們非常接近我們在汽車和工業領域提供的動力產品，我們在這些 GPU 汽車等方面帶來了很多價值，這些汽車和工業已經看到了一些增長。

So we're able to support that growth, but I will just reiterate, we're able to support that growth once we have fully supported our automotive and industrial customers, which are part of our strategic markets.

因此，我們能夠支持這種增長，但我只想重申，一旦我們充分支持我們的汽車和工業客戶，我們就能夠支持這種增長，這些客戶是我們戰略市場的一部分。

And your next question comes from Kevin Cassidy with Rosenblatt Securities.

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

And congratulations on the great results.

並祝賀偉大的成果。

Your CapEx spending at $77 million came in lower than, I guess, guidance, guidance was $90 million to $100 million.

你 7700 萬美元的資本支出低於我猜的指導，指導是 9000 萬美元到 1 億美元。

Was that just due to timing of the equipment delivery?

僅僅是因為設備交付的時間問題嗎？

Or is there some other change that's happening?

還是發生了其他一些變化？

No, that's just the timing of the cash payments, right?

不，這只是現金支付的時間，對吧？

So you can think about it still being in that 7% range long term.

所以你可以認為它仍然長期處於 7% 的範圍內。

This quarter it just happened to be lower on a cash basis.

本季度以現金計算只是碰巧較低。

But no change in strategy at this point.

但在這一點上沒有改變策略。

Okay.

好的。

And can you say what percentage of that goes towards the 300-millimeter and how much maybe for 8-inch?

你能說一下 300 毫米的比例是多少，8 英寸的比例是多少？

I don't have the breakout, but I would say the majority of that is going towards the 300-millimeter today.

我沒有突破，但我想說其中大部分是今天的 300 毫米。

Okay.

好的。

And so is there -- I guess, what is the lead times for 8-inch equipment?

那麼——我想，8 英寸設備的交貨時間是多少？

Or can you still find used equipment?

或者你還能找到二手設備嗎？

Yes.

是的。

Well, yes, because our investment or CapEx in the 8-inch is really maintenance or upgrade investment, back to what I mentioned, streamlining, removing some bottlenecks in the fab.

嗯，是的，因為我們對 8 英寸的投資或資本支出實際上是維護或升級投資，回到我提到的，精簡，消除晶圓廠的一些瓶頸。

So we're not looking at purchasing heavy equipment.

所以我們不打算購買重型設備。

And as you streamline and consolidate some of the lines within a physical location, we have the flexibility to move some equipment from our own from one spot to the next in order to remove any bottlenecks that are specific to a fab.

當您在一個物理位置精簡和整合一些生產線時，我們可以靈活地將一些設備從我們自己的位置移動到另一個位置，以消除晶圓廠特有的任何瓶頸。

So we haven't hit any roadblocks in what we aim to achieve in the 6 or 8-inch fab trajectory we have.

因此，我們在 6 或 8 英寸晶圓廠的目標上沒有遇到任何障礙。

Your next question comes from John Pitzer of Crédit Suisse.

您的下一個問題來自瑞士信貸的 John Pitzer。

Congratulations on the strong results.

祝賀你取得了不錯的成績。

Hassane, I'm a little curious on this inventory strategy.

哈桑，我對這個庫存策略有點好奇。

To what extent is taking on more inventory tactical to try to kind of make sure your customers aren't building much inventory?

在多大程度上採取更多庫存策略以確保您的客戶不會建立太多庫存？

And if you can comment on what you think end customer inventory, that would be great.

如果您可以評論您認為的最終客戶庫存，那就太好了。

And to what extent might this be a little bit more structural?

這在多大程度上可能更具結構性？

And as we think about use of cash, how should we think about the use of cash relative to your inventory strategy?

當我們考慮使用現金時，我們應該如何考慮相對於您的庫存策略的現金使用？

Yes.

是的。

I would say, John, it's tactical.

我會說，約翰，這是戰術性的。

When we have strong demand and strong signals from our customers coming to us directly, regardless of how we fulfill either direct or through distribution, the customer engagement is direct with us.

當我們有來自客戶的強烈需求和強烈信號時，無論我們如何直接或通過分銷實現，客戶的參與都是直接與我們聯繫的。

And being able to have those conversations and move inventory where we need to move it in order to support our strategic direction and back to our portfolio rationalization, it is better for us to hold that inventory than put it at the distributor and have them ship at their discretion, I would say, based on their backlog or their order.

並且能夠進行這些對話並將庫存轉移到我們需要轉移的地方，以支持我們的戰略方向並回到我們的投資組合合理化，我們持有該庫存比將其放在分銷商處並讓它們發貨更好我想說，他們的酌處權是基於他們的積壓或訂單。

So from that perspective, it is purely a tactical approach to how we believe we are able to support it.

所以從這個角度來看，這純粹是一種戰術方法，我們相信我們能夠支持它。

And that worked very well for us.

這對我們來說非常有效。

We had a great quarter that we just talked about.

我們剛剛談到了一個很棒的季度。

We have a great outlook.

我們有很好的前景。

That's all part of it.

這就是它的一部分。

That is a tactic.

那是一種策略。

Now as far as longer term, obviously, we're going to be talking about rationalizing our inventory management, both in the channel and internally, because that has to match the velocity at which we are able to get our products from start to finished goods.

現在，就長期而言，顯然，我們將討論合理化我們的庫存管理，無論是在渠道還是內部，因為這必須與我們能夠將產品從開始到成品的速度相匹配.

How do you stage products in die bank and how do you stage products and finished goods is going to depend on the rationalization and really the efficiency of our manufacturing footprint, and that's going to drive a change in our capital allocation for inventory management.

您如何在模具庫中放置產品以及如何放置產品和成品將取決於我們製造足蹟的合理化和真正的效率，這將推動我們對庫存管理的資本分配發生變化。

And again, it's either internal or external.

再說一次，它要么是內部的，要么是外部的。

For me, it's the same.

對我來說，是一樣的。

It is inventory that needs to be monetized by getting on a customer board.

這是需要通過進入客戶委員會來貨幣化的庫存。

And John, on the cash, I wouldn't expect the inventory to increase the balance sheet inventory to increase.

約翰，就現金而言，我不希望庫存增加資產負債表庫存增加。

I think over the longer term, it will come back into balance, but we're not looking to increase it further.

我認為從長遠來看，它會恢復平衡，但我們不打算進一步增加它。

We think this is about the right level for this tactical, as you call it, tactical move in managing the inventory on a short-term basis.

我們認為這是適合這種戰術的水平，正如你所說的，在短期內管理庫存的戰術舉措。

That's helpful.

這很有幫助。

And then for my follow-up, Hassane, I was a little bit surprised about 2 things.

然後對於我的後續行動，哈桑，我對兩件事有點驚訝。

One, that pricing is not a big part of what's going on right now.

一，定價並不是目前正在發生的事情的重要組成部分。

And two, neither is portfolio rationalization?

第二，投資組合合理化也不是嗎？

And the reason why is, if I go back and think about what you historically did in the NOR market, if memory serves me correct, you used periods of strength to kind of price customers out of the market and move that portfolio more aggressively.

原因是，如果我回過頭來想想你過去在 NOR 市場上所做的事情，如果我沒記錯的話，你會利用強勢時期將客戶定價出市場，並更積極地轉移投資組合。

I guess, why aren't you doing that now?

我想，你為什麼不現在這樣做？

Are these just different markets in the sense that they're more sole socked and it's hard to do that without kind of not supporting your customers?

從某種意義上說，這些只是不同的市場嗎？如果不支持你的客戶就很難做到這一點？

Or why isn't the portfolio rationalization happening more quickly?

或者為什麼投資組合合理化沒有更快地發生？

Well, let me put it this way.

好吧，讓我這樣說吧。

We are doing that.

我們正在這樣做。

It is happening quickly, but there's a lot of pieces to it.

它發生得很快，但它有很多部分。

If you think about it, it's not going to have an impact in Q1.

如果您考慮一下，它不會對第一季度產生影響。

It's starting to have an impact in Q2, and it'll have more impact, talk about Q3 and Q4 because there is backlog that we have accepted before that we're going to support.

它開始在第二季度產生影響，並且會產生更大的影響，談論第三季度和第四季度，因為我們之前已經接受了積壓，我們將支持。

There is pricing actions that we are doing, like you said, to price some opportunities out of the market because we're not going to be supporting them.

正如您所說，我們正在採取定價行動，將一些機會從市場上定價，因為我們不會支持它們。

But that all is going to help towards the end of the year as we get through the of rationalization.

但是，隨著我們度過合理化階段，這一切都將在年底前有所幫助。

But as far as happening quickly, we are.

但就迅速發生而言，我們是。

Because one thing you have to also remember, the difference with it is when you have the tightness in supply, if I'm not shipping and the customer because of strategic reasons on the portfolio and the customer can't get that product from somewhere else, they're not going to build that boat that I'm also on with products that I do want.

因為您還必須記住一件事，與它的區別是當您供應緊張時，如果我不發貨，客戶由於投資組合的戰略原因而客戶無法從其他地方獲得該產品，他們不會用我想要的產品來建造我也正在駕駛的那艘船。

So we have to make sure there's some production that's still going, and that's the trade-off we're able to make.

所以我們必須確保有一些生產仍在進行，這是我們能夠做出的權衡。

Your next question comes from Harsh Kumar with Piper Sandler.

您的下一個問題來自 Harsh Kumar 和 Piper Sandler。

First of all, congratulations on a very strong guide.

首先，祝賀一個非常強大的指南。

I had 2 questions.

我有 2 個問題。

Hassane, first one for you.

哈桑，第一個給你。

I know silicon carbide and power for cars in automotive is a focus area.

我知道汽車中的碳化矽和汽車電源是一個重點領域。

If I had to ask you, what is your view of ON's position in that market today with your products?

如果我不得不問您，您對 ON 在當今市場上的產品地位有何看法？

I know if I asked you where you want to be, you would say, #1, but I'm curious where you are today?

我知道如果我問你想去哪裡，你會說，#1，但我很好奇你今天在哪裡？

And I'm curious what you think needs to be done to get to that top-tier slot?

我很好奇你認為需要做什麼才能進入頂級位置？

Sure.

當然。

We are in a very good place, and it's only getting better.

我們處在一個非常好的地方，而且只會越來越好。

It's -- today, it's better than it was when I first started.

它——今天，比我剛開始的時候好多了。

So that's kind of the focus that we have.

這就是我們的重點。

How is it going to get better, to use your term for us to become number one, which, of course, we play to win and we don't dabble.

怎麼會變得更好，用你的話讓我們成為第一，當然，我們為勝利而戰，我們不涉足。

That's going to be with a focus and an investment strategy, and that's the work that we have been looking at.

這將具有重點和投資策略，這就是我們一直在關注的工作。

But that's the work we're looking at for silicon carbide and a lot of our other segments that -- and the technology in order to make sure that when we pick a vector, be it silicon carbide or anything else that we're able to sustain it over the next 4, 5 years and investments in products in order to get to that leadership position.

但這就是我們正在為碳化矽和我們的許多其他細分市場尋找的工作——以及確保我們選擇載體時的技術，無論是碳化矽還是我們能夠選擇的任何其他東西在接下來的 4 年和 5 年維持它，並在產品上進行投資以達到領導地位。

Great, so.

太好了，所以。

And for the next one, I just wanted to ask you and Thad, about the cost side.

對於下一個，我只是想問你和泰德，關於成本方面的問題。

So as you look at some of the cost initiatives that you guys have started on, would you say that the easy things that you could have done are sort of underway and close to getting done and the hard work has started?

所以當你看到你們已經開始的一些成本計劃時，你會說你本可以做的簡單的事情正在進行中並且接近完成並且艱苦的工作已經開始了嗎？

Or where would you sort of characterize where you are in the process of cutting costs?

或者您會在哪些方面描述您在削減成本的過程中所處的位置？

Yes.

是的。

It's not the hard and easy way, it's how long it takes to implement and get the benefit of.

這不是簡單易行的方法，而是實施和受益所需的時間。

We can implement, if I use the 2 categories, we can implement 2 things.

我們可以實現，如果我使用 2 個類別，我們可以實現 2 個東西。

One is easy, one is hard.

一個容易，一個很難。

The easy one is implemented, but it's not going to see results for another quarter or so.

簡單的實現了，但它不會在另一個季度左右看到結果。

We're doing all of these in parallel.

我們正在同時進行所有這些工作。

Obviously, anything that is, what I call, low-hanging fruit has already been launched and initiated.

顯然，任何我稱之為唾手可得的成果的事情都已經啟動並啟動了。

The question is, have we seen all of the benefit of it?

問題是，我們是否看到了它的所有好處？

The answer is no.

答案是不。

So it's not really -- I look at it as the timing to get or reap the benefits of hard or easy implementation.

所以這不是真的 - 我將其視為獲得或收穫艱難或容易實施的好處的時機。

What we have done is we've launched a lot of them in Q1.

我們所做的是我們在第一季度推出了很多。

You're starting to see that benefit in Q2.

您開始在第二季度看到這種好處。

And back to my prepared remarks, those benefits are obviously favorable, but more importantly, to me, they are sustainable.

回到我準備好的評論，這些好處顯然是有利的，但更重要的是，對我來說，它們是可持續的。

So it's a cumulative effect as these things kind of start showing the benefit, they're cumulative on what we've already established as a baseline.

所以這是一種累積效應，因為這些東西開始顯示出好處，它們是我們已經建立的基線的累積效應。

And that's the gross margin trajectory that we are -- we set ourselves up for.

這就是我們的毛利率軌跡——我們為自己做好了準備。

Your next question comes from the line of Harlan Sur with JPMorgan.

您的下一個問題來自摩根大通的 Harlan Sur。

Great job on the quarterly execution.

在季度執行方面做得很好。

The ISG business was down about 2% sequentially, it was up 9% year-over-year.

ISG 業務環比下降約 2%，同比增長 9%。

I believe auto and industrial make up a majority of ISG revenues.

我相信汽車和工業佔 ISG 收入的大部分。

And these 2 end markets combined are up 5% sequentially and 17% year-over-year.

這兩個終端市場加起來環比增長 5%，同比增長 17%。

So the largest delta does appear to reflect the capacity constraints on foundry that you guys talked about.

因此，最大的增量似乎確實反映了你們談到的代工廠的產能限制。

Similar to your overall business, do you guys expect that ISG foundry capacity to be more in line with your demand by the fourth quarter of this year?

與你們的整體業務類似，你們是否期望 ISG 代工產能在今年第四季度更符合你們的需求？

So ISG specifically, obviously, the revenue is 100% constrained by supply.

因此，特別是 ISG，顯然，收入 100% 受到供應的限制。

So that is a one-to-one supply constraint.

所以這是一對一的供應限制。

And that will remain through probably the first half of 2022.

這可能會持續到 2022 年上半年。

That's the one business that will remain a little bit out of balance between the supply and demand, given the growth in that market with ADAS and everything.

考慮到 ADAS 和所有產品在該市場的增長，這是一項將在供需之間保持一點點失衡的業務。

We're working very closely with our foundry partners to get more capacity.

我們正在與我們的代工合作夥伴密切合作，以獲得更多的產能。

Obviously, because we have a lot of common customers with the microcontrollers or the advanced nodes that they ship.

顯然，因為我們有很多共同的客戶，他們使用微控制器或他們提供的高級節點。

And that's how we're going to be able to get a little bit more capacity.

這就是我們能夠獲得更多容量的方式。

We do have a path to more capacity for the second half of the year.

我們確實有辦法在下半年增加產能。

That's capacity that we've negotiated in the first quarter.

這是我們在第一季度談判的容量。

So of course, that's going to alleviate some of that gap, but it was not -- it's not going to resolve it, but it will get us closer to it.

所以當然，這會緩解一些差距，但它不是 - 它不會解決它，但它會讓我們更接近它。

No, I appreciate the insights there.

不，我很欣賞那裡的見解。

And then despite the potential for Q3 revenues to be, maybe a bit sub-seasonal, I would assume that the team would expect gross margins to continue to move higher.

然後，儘管第三季度的收入可能會有點季節性，但我認為團隊預計毛利率會繼續走高。

I mean you already seem to be executing to a focus on a higher mix of gross margin products.

我的意思是你似乎已經開始專注於更高的毛利率產品組合。

So while Q3 revenues might be seasonal, should we expect gross margins to continue to move higher as we move through the second half of the year?

因此，雖然第三季度的收入可能是季節性的，但隨著我們進入下半年，我們是否應該期望毛利率繼續走高？

Yes, Harlan, this is Thad.

是的，哈蘭，這是泰德。

We expect gross margins to continue to expand through the remainder of the year.

我們預計毛利率將在今年剩餘時間內繼續擴大。

This is from a lot of the things we've talked about, whether it's the cost initiatives, also the mix.

這來自我們討論過的很多事情，無論是成本計劃，還是組合。

The benefit of the utilization and the cost structure in the fabs.

晶圓廠的利用率和成本結構的好處。

But yes, we do expect even as revenue is coming back into balance, we expect gross margins to continue to accelerate.

但是，是的，我們確實預計，即使收入恢復平衡，我們預計毛利率將繼續加速。

Your next question comes from Mark Lipacis with Jefferies.

您的下一個問題來自 Jefferies 的 Mark Lipacis。

Hassane, a lot of time, what happens at this part of the cycle is you get OEMs and contract manufacturers order more components than they need.

哈桑，很多時候，在這個週期的這一部分發生的事情是你讓原始設備製造商和合同製造商訂購比他們需要的更多的組件。

Some people call that double ordering, some call it, building inventory, safety stock.

有人稱之為雙重訂購，有人稱之為建立庫存，安全庫存。

And then what happens to industry adds capacity, lead time shrink and then the requirement for that safety stock declines and semiconductor companies see the quarter cancellations.

然後行業發生的事情增加了產能，交貨時間縮短，然後對安全庫存的需求下降，半導體公司看到季度取消。

So the questions here are is this cycle -- can this cycle be different than all the other ones?

所以這裡的問題是這個循環——這個循環可以不同於所有其他循環嗎？

And as I listen to how you're planning to retool ON's manufacturing operations, I'm trying to figure out if you're insulated from this dynamic in some way for your future portfolio?

當我聽到您計劃如何重組 ON 的製造業務時，我想弄清楚您是否以某種方式為您的未來投資組合隔離了這種動態？

And I had a follow-up.

我進行了跟進。

Yes.

是的。

So if you think about a lot of the commentary that we've talked about, all of that is to -- in order to set us up to be more distance from any "cycle" that as you say, is expected.

因此，如果您考慮我們討論過的很多評論，所有這些都是為了讓我們與您所說的預期的任何“週期”保持更遠的距離。

It's the same thing that happened in '18 or coming out of '18 into '19.

這與 18 年或從 18 年到 19 年發生的事情是一樣的。

So what does that look like for us?

那麼這對我們來說是什麼樣的呢？

We talked about holding the inventory on our balance sheet versus putting it in the channel because that gives us a more clearer and quick response to the true demand signals.

我們談到了將庫存保留在資產負債表上而不是將其放入渠道中，因為這使我們能夠更清晰、更快速地響應真實的需求信號。

It's much harder to put double orders on our direct book rather than through the disti.

在我們的直接預訂上而不是通過 disti 下達雙重訂單要困難得多。

So that gives us much better visibility.

所以這給了我們更好的能見度。

The engagement, not just with the Tier 1, but with the OEMs directly.

參與，不僅是與一級供應商，而是直接與原始設備製造商。

When you have an OEM that is going lines down in a few days because they're not getting parts, I guarantee you, there's no double ordering in that.

當您的 OEM 因無法獲得零件而在幾天內停產時，我向您保證，這沒有重複訂購。

Nobody has got those products on the shelf and causing an OEM lines down.

沒有人將這些產品上架並導致 OEM 生產線中斷。

So that's another signal that we look at.

這是我們關注的另一個信號。

Again, more responsive when we hold the inventory than what it is -- when it is in the channel.

同樣，當我們持有庫存時比實際情況更敏感——當它在渠道中時。

As far as the portfolio rationale or the manufacturing footprint, specifically, that's why I said, we're very cautious about investing to add more capacity versus removing some bottlenecks as we change the product mix in our manufacturing, just changing that bottleneck so we're not adding CapEx that will end up loading us with depreciation.

具體而言，就投資組合的基本原理或製造足跡而言，這就是我說的原因，我們非常謹慎地投資以增加更多的產能，而不是在我們改變製造中的產品組合時消除一些瓶頸，只是改變那個瓶頸，所以我們不添加最終會給我們帶來折舊的資本支出。

It is adding very light investment in whether it's a tester or one machine in order to get that throughput out, in order to support the high demand but not really impact our long-term utilization outlook that we want to maintain in that 85 plus.

無論是測試儀還是一台機器，它都在增加非常輕的投資，以提高吞吐量，以支持高需求，但不會真正影響我們希望保持在 85+ 的長期利用率前景。

So all of these, whether they shield us, I can't comment on that because who knows what the cycle would look like.

所以所有這些，無論他們是否保護我們，我都無法對此發表評論，因為誰知道這個週期會是什麼樣子。

But what I will tell you is it will make us much more immune than just letting it ride.

但我要告訴你的是，它會讓我們更加免疫，而不僅僅是讓它騎行。

Very helpful.

很有幫助。

And a follow-up.

以及後續行動。

The OEMs that seem to be doing better right now are those that abandon these just-in-time inventory processes and built inventories on their own volition last year.

現在似乎做得更好的原始設備製造商是那些放棄這些即時庫存流程並在去年自行建立庫存的原始設備製造商。

And I'm wondering if you're hearing from your customers the desire to take that approach even as you and other semiconductor companies plan to increase your own days of inventory on your own balance sheet?

我想知道，即使您和其他半導體公司計劃在您自己的資產負債表上增加您自己的庫存天數，您是否從您的客戶那裡聽到了採用這種方法的願望？

Yes.

是的。

It's not -- I wouldn't say it's common across the board.

這不是——我不會說它在所有方面都很普遍。

There are still some customers.

還有一些顧客。

Unfortunately, they are in denial.

不幸的是，他們否認。

And we're working with them, but everybody has a decision to make.

我們正在與他們合作，但每個人都需要做出決定。

We can make the decision for us, and they have to make their own decision about how they want to manage inventory.

我們可以為我們做出決定，他們必須自己決定如何管理庫存。

But I will tell you, the just-in-time error is not going to be sustainable.

但我會告訴你，即時錯誤是不可持續的。

And customers who are going to keep pushing for it after this is done, will just find themselves in it in the next demand turn or the demand strength or even slight upside.

完成此操作後將繼續推動它的客戶，只會在下一個需求轉折或需求強度甚至輕微上漲時發現自己處於其中。

For me, the focus is a productive engagement with the customer, where they are confident in their demand signal, and I'm confident in my investment in order to meet that.

對我而言，重點是與客戶進行富有成效的互動，他們對自己的需求信號充滿信心，而我對滿足這一需求的投資充滿信心。

The short-term cancellation, all of that, I think, is going to be a thing of the past.

我認為，短期取消，所有這一切都將成為過去。

And that's going to be the difference between a strategic customer and a nonstrategic customer, it's the ones that we are able to run a healthy and profitable, but more importantly, a predictable business with.

這將是戰略客戶和非戰略客戶之間的區別，這是我們能夠經營健康和盈利的客戶，但更重要的是，這是一個可預測的業務。

That's where our focus has been.

這就是我們一直關注的地方。

And part of it is part of those long-term agreements.

其中一部分是這些長期協議的一部分。

Now when I look at the inventory for customers who have done it, I've done it in my past lives, where some customers will work with us on what we call a BCP, business continuity plan, which includes some inventory with us, but more inventory with them that we have visibility to, where they will hold it, they will order it, they have 2 months or so of it.

現在，當我查看做過的客戶的庫存時，我在過去的生活中做過，一些客戶將與我們合作制定我們所說的 BCP，業務連續性計劃，其中包括我們的一些庫存，但是他們有更多庫存，我們可以看到，他們會在哪裡存放，他們會訂購，他們有 2 個月左右的時間。

And we just have to make sure it's replenished.

我們只需要確保它得到補充。

We've done that, a lot of it with our Japanese strategic customers.

我們已經做到了這一點，其中很多是與我們的日本戰略客戶合作的。

And I'm hoping that we'll start expanding for European and North American customers as well.

我希望我們也能開始為歐洲和北美客戶擴展業務。

Your next question comes from William Stein with Truist Securities.

您的下一個問題來自 Truist Securities 的 William Stein。

Congratulations on a very strong outlook.

恭喜您擁有非常強勁的前景。

Hassane, in the past, we've talked about this idea of a split between you're relatively more, let's say, specialized or unique products versus ones that are somewhat more commoditized in nature.

哈桑，在過去，我們已經討論過這樣一種想法，即您相對更多，比方說，專業或獨特的產品與本質上更加商品化的產品之間存在分歧。

And I think your prior responses around this have been that it's not so straightforward.

我認為您之前對此的回應是，這並不是那麼簡單。

It's not just looking at margins, you have to look at parts and, in particular, parts by end market.

這不僅僅是看利潤，你必須看零件，特別是終端市場的零件。

And I'm wondering if you've had the opportunity to complete that analysis and maybe help us understand a little bit better about what the split might look like today and going forward in terms of the balance between those 2 categories?

我想知道您是否有機會完成該分析，並可能幫助我們更好地了解今天的拆分情況以及在這兩個類別之間的平衡方面向前發展？

So the answer to your question is, yes, I have had a lot of opportunities to look at it.

所以你的問題的答案是，是的，我有很多機會去看它。

We're in almost, call it, the last stages of review, where have a 2 week-long kind of wrapping up the strategic plans and the strategic reviews.

我們幾乎可以稱之為審查的最後階段，其中有 2 週的時間來總結戰略計劃和戰略審查。

But what you said is true for us not just on the margin.

但你所說的對我們來說是正確的，而不僅僅是邊緣。

Because you have to look margin and our ability to manufacture it at a very aggressive cost.

因為您必須考慮利潤和我們以非常激進的成本製造它的能力。

You can have a product today at a low-margin that we are targeting in automotive.

您今天可以以低利潤獲得我們針對汽車行業的產品。

It is valued product.

它是有價值的產品。

And the margin impact is because it is not running efficiently as far as cost structures through our manufacturing footprint.

利潤率的影響是因為它沒有通過我們的製造足蹟有效地運行成本結構。

So by consolidating and rationalizing the manufacturing, that's going to give an uplift to those specific products.

因此，通過整合和合理化製造，這將提升這些特定產品的價值。

So before I rush and I say low margin, kill it or move away from it, I have to be able to make sure that we have a benchmark cost in order to make those assessments.

因此，在我急於說低利潤、殺死它或遠離它之前，我必須能夠確保我們有一個基準成本來進行這些評估。

And then the decision for us here is do we act on the product right away?

然後我們的決定是我們是否立即對產品採取行動？

Or do we fix the cost and keep the product, and that's part of a strategic review.

或者我們是否固定成本並保留產品，這是戰略審查的一部分。

I can't tell you at this point how much of the products fall in which bucket that's going to be part of the work we are going to be finalizing as we get ready for Analyst Day.

在這一點上，我無法告訴您有多少產品屬於哪個桶，這將成為我們為分析師日做準備時將要完成的工作的一部分。

But I just wanted to give you a preview of the mindset that I have going into that work.

但我只是想讓你預覽一下我從事這項工作的心態。

I appreciate that.

我很感激。

And maybe a follow-up along the same lines.

或許還有類似的後續行動。

In terms of not getting a quantified size or split today.

就今天沒有量化的大小或拆分而言。

Do you think the size might be big enough to take a significant action that doesn't look like just sort of letting it -- pricing yourself out of the market or letting it fall off the income statement over time and something that could be more of a strategic action like monetizing the asset through a JV or something like that?

您是否認為規模可能大到足以採取一項看起來不像只是讓其採取的重大行動——將自己定價出市場或讓它隨著時間的推移從損益表中掉下來，而且可能更多諸如通過合資企業或類似的方式將資產貨幣化之類的戰略行動？

Yes, absolutely.

是的，一點沒錯。

I mean if you think about -- once you disposition your assets and categories, you have a harvest core and growth categories.

我的意思是，如果你考慮一下——一旦你配置了你的資產和類別，你就有了一個收穫核心和增長類別。

We have to look at what we -- how do we disposition the assets.

我們必須看看我們 - 我們如何處置資產。

Pricing yourself out of the market or exiting or EOL'ing and shutting down a manufacturing site that supports those products is one side of it.

將自己定價退出市場或退出或停產並關閉支持這些產品的製造站點是其中一方面。

But monetizing the assets is, of course, something that is on the table that we're going to be looking at.

但是，當然，將資產貨幣化是我們將要考慮的事情。

All options are out, and we're going to do the best thing for the company as far as balancing cash flow and balancing manufacturing footprint.

所有的選擇都沒有了，就平衡現金流和平衡製造足跡而言，我們將為公司做最好的事情。

Okay.

好的。

This concludes the Q&A session for today's call.

今天電話會議的問答環節到此結束。

I'd now like to turn the call back over to Hassane El-Khoury, President and CEO.

我現在想將電話轉回給總裁兼首席執行官 Hassane El-Khoury。

Thank you all for joining us today.

感謝大家今天加入我們。

I'd like to thank our worldwide teams for stepping up to help drive our transformation, which has already started delivering favorable results.

我要感謝我們的全球團隊加緊幫助推動我們的轉型，這已經開始產生良好的結果。

We remain focused on our execution as we navigate the current market conditions, and I look forward to seeing you all at our Analyst Day on August 5.

在駕馭當前市場狀況時，我們將繼續專注於執行，我期待在 8 月 5 日的分析師日與大家見面。

Thank you.

謝謝你。

This concludes today's conference call.

今天的電話會議到此結束。

You may now disconnect.

您現在可以斷開連接。