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. (Operator Instructions)

女士們，先生們，感謝大家的支持，歡迎參加安森美半導體 2021 年第一季財報電話會議。（操作員指令）

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

現在，我想將電話轉給投資者關係和企業發展副總裁 Parag Agarwal。謝謝。請繼續。

Thank you, Denise. Good morning, and thank you for joining ON Semiconductor Corporation's First Quarter 2021 Quarterly Results Conference Call. I'm joined today by Hassane El-Khoury, our President and CEO; and Thad Trent, our CFO.

謝謝你，丹尼斯。早安，感謝您參加安森美半導體公司 2021 年第一季季度業績電話會議。今天與我一起出席的還有我們的總裁兼執行長 Hassane El-Khoury；以及我們的財務長 Thad Trent。

This call is being webcast on the Investor Relations section of our website at www.onsemi.com. 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. Additional information related to our end markets, business segments, geographies, channels, share count and 2021 fiscal calendar are also posted on our website.

本次電話會議將在我們網站 www.onsemi.com 的投資者關係欄位進行網路直播。本次網路直播的重播以及我們的 2021 年第一季財報將在本次電話會議結束後約 1 小時在我們的網站上提供，錄製的網路直播將在本次電話會議結束後約 30 天內提供。與我們的終端市場、業務部門、地區、通路、股票數量和 2021 財年日曆相關的其他資訊也發佈在我們的網站上。

Our earnings release and this presentation includes certain non-GAAP financial measures. 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.

我們的收益報告和本簡報包括某些非公認會計準則財務指標。這些非 GAAP 財務指標與 GAAP 下最直接可比較指標的對帳包含在我們的收益報告中，該報告在我們網站的「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. The words believe, estimate, project, anticipate, intend, may, expect, will, large, should or similar expressions are intended to identify forward-looking statements. 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. 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. Additional factors are described in our earnings release for the first quarter of 2021. 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.

在本次電話會議中，我們將對公司未來事件或未來財務表現做出預測或其他前瞻性陳述。相信、估計、預期、預期、打算、可能、期望、將、大、應該或類似的表達旨在識別前瞻性陳述。我們希望提醒的是，此類聲明受風險和不確定性的影響，可能導致實際事件或結果與預測有重大差異。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，均在我們的 10-K 表格、10-Q 表格以及向美國證券交易委員會提交的其他文件中進行了描述。我們在 2021 年第一季的財報中描述了其他因素。我們的估計或其他前瞻性陳述可能會發生變化，本公司不承擔更新前瞻性陳述以反映實際結果、改變假設或法律要求外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. We will send out further details regarding the event in a few weeks.

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，並期待在夏天與大家見面。我們將在幾週後發送有關該活動的更多詳細資訊。

Now let me turn it over to Hassane. Hassane?

現在讓我把話題交給哈桑。哈桑？

Thank you, Parag, and thank you, everyone, for joining us today. For the first quarter of 2021, we posted strong results, driven by solid execution and broad-based strength across our strategic end markets. We reported revenue of $1.48 billion, up 16% year-over-year. 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. 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. 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.

謝謝 Parag，也謝謝大家今天的參與。2021 年第一季度，我們取得了強勁的業績，這得益於穩健的執行力和策略終端市場的廣泛實力。我們報告的收入為 14.8 億美元，年增 16%。更重要的是，我們對擴大毛利率的關注開始取得成效，第一季毛利率年增 370 個基點，季增 80 個基點。我們已採取措施優化我們的產品組合和通路策略，以確保我們獲得產品正確的價值，這些措施將繼續推動有利和可持續的績效。同時，我們繼續推動整個供應鏈的成本改進，提高營運效率，並調整產品組合以提高利潤率。

We are seeing increased demand across most end markets. 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. 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.

我們發現大多數終端市場的需求都在增加。雖然汽車市場的強勁表現已廣為人知，但隨著全球工業活動勢頭強勁，我們也看到工業市場的強勁表現。需求的急劇增長影響了我們供應某些產品的能力，特別是由我們的代工合作夥伴生產的產品以及某些地區內部生產的產品。

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. By having better control over inventory, we are able to quickly respond to the needs of our strategic customers. 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. We expect supply and demand to get back in balance as demand stabilizes later this year.

我們正在與我們的製造合作夥伴勤奮合作，以確保及時向我們的客戶供應產品，並已採取措施，透過在資產負債表上建立庫存並減少分銷渠道中的庫存來確保繼續向我們的戰略客戶供應產品。透過更好地控制庫存，我們能夠快速回應戰略客戶的需求。我們在過去幾季看到的這種需求急劇增長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。我們預計，隨著今年稍後需求穩定，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. 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. 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.

關於我們的轉型舉措，我在上次電話會議中就提到，我們的目標是重新調整我們的投資和資源，以加速高利潤業務的成長。同時，考慮到近期材料成本的上漲，我們正在審視我們的定價實踐，以識別和解決價格與價值的差異，並重新調整整個供應鏈的成本結構。我們正在與客戶進行有效的合作，以確保收回這些成本，但更重要的是，與我們的策略客戶合作，達成長期協議，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. 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. 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.

在過去的幾個月裡，我們做出了一些改變以精簡組織並提高效率。我們引進了具有強大執行記錄的領導者，從內部提拔了新的領導者，所有這些都致力於加速我們的策略轉型，並利用當前的市場實力，為未來五年的成長和利潤擴大鋪平道路。我的目標是建立一個能夠對不斷變化的商業環境做出快速反應並能夠以股東的最佳利益為目的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. These are the fastest-growing semiconductor end markets with solid margin potential. 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. We will provide you with greater insights into our strategy and targets at our Analyst Day on August 5.

我對我們公司的潛力依然充滿信心，並且相信我們擁有獨特的優勢，能夠從汽車和工業市場的主要大趨勢中獲益。這些是成長最快的半導體終端市場，具有可觀的利潤潛力。我們擁有優秀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持續強勁的執行力，我們可以為股東、客戶和員工實現價值最大化。我們將在 8 月 5 日的分析師日上為您提供有關我們的策略和目標的更深入的見解。

Let me now discuss a few highlights of our key strategic end markets, starting with automotive. We set a new record for automotive revenue in Q1 with revenue of $515 million. This revenue represents 35% of our Q1 revenue and an increase of 17% from Q1 2020. 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.

現在，讓我討論一下我們主要戰略終端市場的幾個亮點，首先是汽車市場。我們第一季的汽車收入達到了 5.15 億美元，創下了新紀錄。該收入占我們第一季營收的 35%，比 2020 年第一季成長了 17%。這種成長是廣泛的，我們在汽車電氣化、汽車 MOSFET、CMOS 影像感測器、照明和超音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. 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. These wins are expected to ramp starting in late '21 and will contribute to the growth we will see over the next few years.

我們繼續看到電動車用碳化矽和 IGBT 產品的強勁發展勢頭。在第一季度，我們與領先的一級和全球電動車原始設備製造商取得了重大的設計勝利，其中一些製造商最近推出了大型平台。預計這些勝利將從21年底開始加速，並將促進未來幾年的成長。

It takes more than technology to win these platforms. 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. In addition, we have been serving automotive and industrial customers for a few decades and during this time. We have built a vast distribution network, strong customer relationships, solid domain knowledge and a reputation for quality. Customer feedback on our silicon carbide traction modules has been very strong. 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.

要贏得這些平台，光靠技術是不夠的。其中最重要的差異化來源是我們在封裝方面的專業知識，這對於改善散熱和減少模組的佔用空間至關重要。此外，幾十年來，我們一直為汽車和工業客戶提供服務。我們建立了龐大的分銷網絡、強大的客戶關係、紮實的領域知識和優質的聲譽。客戶對我們的碳化矽牽引模組的回饋非常強烈。我們的模組效率明顯高於競爭對手，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. 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. 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.

從第一季的汽車感測解決方案來看，我們已獲得可在單輛車上安裝多達 11 個影像感測器的平台勝利，預計將在 2022 年實現量產。包括軍事、航空航太和醫療在內的工業終端市場在 2021 年第一季貢獻了 3.71 億美元的收入，占我們收入的 25%。剔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，我們第一季的工業收入成長了 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. 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.

在工業終端市場，我們繼續看到我們的電源模組在各種應用領域的強勁發展勢頭，其中替代能源是關鍵的成長領域。我們正在將客戶參與度拓展到電動車基礎設施，並且我們與新興電動車 OEM 的充電應用碳化矽功率模組設計首次獲得成功。

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

現在我將把電話轉給 Thad，以提供有關我們的財務和指導的更多詳細資訊。泰德？

Thanks, Hassane. Let me start by saying that I'm energized to join on semiconductor at a very exciting time for our company. We have tremendous opportunities to create value for our shareholders, customers and employees as we execute our strategic transformation. We have the building blocks of a robust product portfolio, excellent teams and operational scale to drive sustainable financial results during this transition.

謝謝，哈桑。首先，我要說的是，我很高興能在公司非常令人興奮的時刻加入半導體公司。在實施策略轉型的過程中，我們有巨大的機會為股東、顧客和員工創造價值。我們擁有強大的產品組合、優秀的團隊和營運規模，以在轉型期間推動永續的財務表現。

Now let me comment on the current business environment. During the first quarter of 2021, we saw a continuing recovery in business conditions, driven by further acceleration in global economic activity. 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. 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. 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. We believe supply and demand will start to balance later in the year.

現在，讓我評論一下當前的商業環境。2021 年第一季度，在全球經濟活動進一步加速的推動下，我們看到商業環境持續復甦。隨著我們日常生活中遇到的產品中半導體含量的不斷增加，我們看到大多數終端市場都呈現出普遍的強勢。正如哈桑所提到的，我們繼續受益於汽車和工業終端市場的長期大趨勢，目前這部分市場占我們總收入的 60%。儘管全球產業都面臨嚴重的供應限制，但我們仍透過積極的庫存管理為客戶提供支持，即減少通路庫存，同時在資產負債表上保留更多庫存。我們相信，供需將在今年稍後開始平衡。

Now let me turn to results for the quarter. 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%. The year-over-year increase in revenue was driven by broad-based strength with automotive and industrial growing by 16% and 17%, respectively.

現在我來談談本季的業績。2021 年第一季的營收為 14.8 億美元，較 2020 年第一季成長 16%，季增 2.4%，而正常季節性因素則較上季下降 2% 至 3%。營收年增率主要得益於全行業的強勁成長，汽車和工業領域分別成長了 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. 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.

2021年第一季的毛利率為35.2%，年增370個基點，較上季提高80個基點。毛利率的提高得益於高利潤產品組合的改善、利用率的提高以及我們對整個公司成本結構的密切關注。

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

由於我們加大了產量以滿足強勁的需求，工廠利用率達到了 84%。隨著我們不斷前進，我們的晶圓廠輕量化策略將使我們能夠繼續減少製造足跡並優化晶圓廠內的產品組合，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. 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.

第一季 GAAP 每股收益為每股 0.20 美元，而 2020 年第一季每股淨虧損為 0.03 美元。2021 年第一季非公認會計準則淨收入為每股攤薄收益 0.35 美元，而 2020 年第一季為每股 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. Revenue for PSG for the first quarter was $747 million. PSG revenue increased by 20% year-over-year due to strength in automotive, industrial and computing end markets. Revenue for the Advanced Solutions Group, or ASG, for the first quarter was $531.5 million, an increase of 14% year-over-year. In addition to strength in industrial and automotive, ASG benefited from strength in computing, especially in high-end graphic cards. Revenue for the Intelligent Sensing Group, or ISG, was $203 million, an increase of 9% year-over-year. Strength in ISG was primarily driven by automotive and by computing with the work-from-home trend remaining strong.

接下來，讓我進一步介紹我們業務部門的業績，先從電源解決方案集團（PSG）開始。PSG第一季的營收為7.47億美元。由於汽車、工業和計算終端市場的強勁成長，PSG 收入年增了 20%。高級解決方案集團（ASG）第一季的營收為 5.315 億美元，年增 14%。除了在工業和汽車領域的優勢外，ASG 還受益於在運算領域的優勢，尤其是在高階顯示卡領域。智慧感測集團（ISG）的營收為 2.03 億美元，較去年同期成長 9%。ISG 的強勁成長主要得益於汽車和運算領域，在家工作的趨勢依然強勁。

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

現在讓我為您的模型提供一些額外的數字。2021 年第一季的 GAAP 營運費用為 3.953 億美元，而 2020 年第一季為 3.841 億美元。2021年第一季非GAAP營業費用為3.247億美元，年增600萬美元，季增3,230萬美元，符合預期。這一增長主要歸因於浮動薪酬和股票薪酬的增加，以及年內福利費率的正常調整。

Our GAAP operating margin for the first quarter of 2021 was 8.5% as compared to 1.5% in the first quarter of 2020. 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. 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. Our non-GAAP diluted share count was $432.6 million. 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.

我們 2021 年第一季的 GAAP 營業利潤率為 8.5%，而 2020 年第一季為 1.5%。我們的非公認會計準則營業利潤率為 13.3%，而 2020 年第一季為 6.6%，這主要得益於收入和毛利率的提高。我們的 GAAP 稀釋股數為 4.454 億股，其中包括 1,280 萬股可轉換票據的價內部分。我們的非公認會計準則攤薄股份總數為 4.326 億美元。請注意，我們的投資人關係網站上有一個更新的參考表，可協助您計算不同股價下的稀釋股數。

So turning to the balance sheet. Cash and cash equivalents was $1.04 billion, and we had $1.42 billion undrawn on our revolver. Cash from operations was $218.5 million or 15% of revenue. Capital expenditures during the first quarter of 2021 were $77 million, which equates to capital intensity of 5.2%. 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.

因此轉向資產負債表。現金和現金等價物為 10.4 億美元，還有 14.2 億美元未動用循環信貸資金。經營活動現金流為 2.185 億美元，佔收入的 15%。2021 年第一季的資本支出為 7,700 萬美元，相當於資本密集度為 5.2%。正如我們之前所指出的，我們將把很大一部分資本支出用於實現 East Fishkill 晶圓廠的 300 毫米產能。

Accounts receivable was $684 million, resulting in DSO of 42 days. Inventory increased $44 million sequentially to $1.3 billion, and days of inventory increased 3 days to 123 days. 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. 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. Total debt was $3.34 billion, and we paid down $154 million in the quarter.

應收帳款為 6.84 億美元，導致 DSO 為 42 天。庫存較上月增加 4,400 萬美元，達到 13 億美元，庫存天數增加 3 天，達到 123 天。庫存分銷週數從第四季的 11 週減少了 1.13 億美元至 8.4 週，目前遠低於我們的目標 11 至 13 週。正如我之前提到的，我們主動減少分銷庫存，以便在資產負債表上持有更多庫存來滿足客戶需求，而不是在供應鏈中建立庫存。總債務為 33.4 億美元，我們本季償還了 1.54 億美元。

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

因此轉向第二季的指引。我們在與第一季業績相關的新聞稿中提供了詳細列出我們的 GAAP 和非 GAAP 指引的表格。

Let me now provide a few key elements of our non-GAAP guidance for the second quarter. As mentioned, demand remains strong, driven by improving global macroeconomic environment and the steep recovery in our markets following the COVID-19 downturn. 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. We expect gross margins between 35.8% and 37.8%. This includes share-based compensation of $3.5 million.

現在，讓我提供我們第二季非公認會計準則指引的幾個關鍵要素。如上所述，受全球宏觀經濟環境改善和新冠疫情導致的市場衰退後強勁復甦的推動，需求仍然強勁。根據目前的預訂趨勢和積壓水平，我們預計營收將在 15.7 億美元至 16.7 億美元之間。我們預計毛利率在 35.8% 至 37.8% 之間。其中包括 350 萬美元的股權激勵費用。

We expect total non-GAAP operating expenses of $323 million to $337 million in the second quarter. This includes share-based compensation of approximately $20 million. Capital expenditure is expected to be $110 million to $120 million for the quarter. 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. So this results in non-GAAP earnings per share in the range of $0.44 to $0.54.

我們預計第二季非 GAAP 總營業費用為 3.23 億至 3.37 億美元。其中包括約 2000 萬美元的股權激勵費用。本季資本支出預估為 1.1 億至 1.2 億美元。我們預計非公認會計準則下的 OIE（包括利息支出）為 2,800 萬至 3,000 萬美元，2021 年第二季的非公認會計準則稀釋股數預計為 4.35 億股。因此非 GAAP 每股收益將在 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. I look forward to seeing you all in August at our Analyst Day in New York.

總而言之，我對我們未來的機會充滿樂觀，並且在我們踏上轉型之旅時，我對我們全球團隊的表現感到滿意。我期待著八月在紐約分析師日上見到大家。

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

說完這些，我現在將電話轉回給丹尼斯，讓她開始問答環節。

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

（操作員指示）您的第一個問題來自德意志銀行的羅斯·西摩。

Congrats on the strong results and guide. I guess the first question I had is on the supply side. Obviously, demand is strong across the board. 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? And probably more importantly, any impact of your product rationalization efforts on your total revenues? And just how that process is going currently?

恭喜您取得的優異成績和指導。我想我第一個問題是關於供應方面的。顯然，各方面的需求都很強勁。但是在供應方面，哈桑，我想知道內部或供應鏈其他部分的供應限制是否會對您的收入產生影響？也許更重要的是，您的產品合理化努力對您的總收入有何影響？目前這項進程進展如何？

Yes. Thanks, Ross. So look, the obvious answer is yes. It's impacting our ability to ship to the demand that we have. So revenue could have been higher if we did not have any constraint in a perfect world. However, we are where we are as an industry. But that's not really impacting what we are doing moving forward on the portfolio rationalization to answer your second question. Because it's actually helping us. 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. Like Thad mentioned, we have good utilization this quarter. Now it's really maintaining the optimization and running the growth and the high-margin products within our fabs. And that fits very well with the rationalization, creating more capacity for the products that we want to maintain.

是的。謝謝，羅斯。那麼，答案顯然是肯定的。這影響了我們滿足需求的運輸能力。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。然而，作為一個產業，我們處於當前的境地。但這並沒有真正影響我們在投資組合合理化方面所採取的措施，以回答您的第二個問題。因為它確實在幫助我們。根據我們所做的策略評估，我們已經知道了我們的目標，並且我們優先考慮這些產品，特別是在內部利用方面。正如 Thad 所提到的，我們本季的利用率很好。現在我們真正要做的就是維持工廠的最佳化，並保持工廠的成長和高利潤產品。這與合理化非常契合，為我們想要維護的產品創造了更多的產能。

That's a perfect segue to my follow-up question, Hassane or that, Thad, either one of you guys. The utilization, I think, Thad you said is that 85% already. It's good to see that back to normal levels. Can you talk about some of the drivers of gross margin going forward? 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.

這與我的後續問題完美銜接，哈桑 (Hassane) 或薩德 (Thad)，你們任何一位都可以。我認為，您說的利用率已經是 85% 了。很高興看到它恢復到正常水平。您能談談未來毛利率的一些驅動因素嗎？您剛才提到的產品優化 Hassane 是一個很明顯的例子，但我認為這需要一點時間才能產生成效。

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

那麼第二季的毛利率呈現出良好的成長勢頭，這是否只是利用率再次上升的結果？那麼，在處理之前，需要採取哪些步驟才能將毛利率從 36.5% 提高到 37% 並達到您的目標範圍？

Yes. Look, we have launched a gross margin initiative corporate wide. So there's not a single pop that caused the margin in Q2 that we guided to. It's really across the board. Of course, some of it is utilization, but we have a laser focus on cost optimization within the supply chain. 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.

是的。你看，我們已經在全公司範圍內啟動了一項毛利率計劃。因此，第二季的利潤率並沒有因任何因素而出現我們預期的暴漲。這確實是全面的。當然，其中一部分是利用率，但我們重點關注的是供應鏈內的成本優化。我們一直在與客戶進行策略性討論我們已經看到的一些成本增加以及如何轉嫁其中的一些成本增加。

There is operational efficiencies that we have been doing. We've seen some of that start in the first quarter. 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. Utilization will get better over time. 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. That will come, of course, with better utilization.

我們一直在努力提高營運效率。我們在第一季就已經看到一些這樣的現象。這就是為什麼我稱之為有利的和可持續的前進，這就是你將會看到我們不斷進步的地方。隨著時間的推移，利用率將會越來越好。但更重要的是，毛利率的提升之處是我在先前的回答中提到的，因為我們開始將更多的內部產能轉移到毛利率更高的產品，並卸載所謂的傳統或收穫產品線，這將創造向更高毛利率的組合轉變。當然，這需要更好的利用。

Our next question comes from Chris Danely with Citi.

下一個問題來自花旗的 Chris Danely。

And I'll add my congrats on the strong quarter and outlook. So would you say that the shortages are getting better in Q2 or getting a little worse? And then how do you expect this easing of demand you talked about in the second half of the year? Could we have like a sub-seasonal quarter? Or do you expect to go from above seasonal back to normal seasonal?

我也要對本季的強勁表現和前景表示祝賀。那麼您認為第二季的短缺情況會改善還是會惡化？那麼，您對下半年談到的需求放緩有什麼預期呢？我們可能會出現像亞季節性季度的情況嗎？或者您希望從高於季節性的趨勢恢復到正常季節性的趨勢？

Yes. 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. 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. So that's the velocity.

是的。所以看，期望其實就是我們與客戶談論的內容，以及我稱之為需求到來的速度。我上次說，問題其實並不在於產能本身，而是需求到來的速度太快，以及在一個非常強勁的季度中形成的影響。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. I'm talking about the momentum, but it will remain at a very healthy and not -- and better than seasonal outlook. So that's where we see the demand. 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.

因此，當我談到需求和供應以及需求在下半年或年底下降時，我並不是說需求實際上會變得更弱或倒退。我說的是勢頭，但它將保持非常健康的狀態，而且比季節性前景更好。這就是我們看到的需求。但我想說，我們能夠滿足需求的平衡將在今年下半年實現。

Yes. And Chris, this is Thad. I would just add, if you take the midpoint of our guidance for Q2, that's our code for the company, right? It's up 9% sequentially. 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.

是的。克里斯，這是泰德。我只想補充一點，如果您採用我們第二季指引的中點，那就是我們公司的程式碼，對嗎？季增 9%。當您回顧第三季度時，我認為從這一高點來看，我們將在第三季度處於亞季節性狀態，然後可能在第四季度恢復到季節性狀態。

Okay. That's helpful. 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? How do you expect the total impact of that to be towards margins? Do you think it kind of negates everything out? 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?

好的。這很有幫助。然後我的後續問題是，您自己的投入成本和原材料上漲之間，我猜，您的產品定價有沒有可能更加穩固？您預計這對利潤的整體影響如何？您認為這會否定一切嗎？或者您認為，就您自己的定價與投入成本而言，這可能會對利潤率有點提升？

It's -- pricing is a small portion of our gross margin trajectory because, obviously, right now, we are in a favorable environment. But what we are looking for is those sustainable pricing structures and sustainable cost structures that will remain favorable and the up or down. And that's -- you always hear me talk about structural gross margin improvement. That's how we're going to get there. So to answer your question more directly, there is not a one-size-fits-all. It's not a one to one. It's really talking to our strategic customers in order to reset, one, is the cost basis.

定價只是我們毛利率走勢的一小部分，因為顯然，目前我們處於有利的環境。但我們尋求的是那些可持續的定價結構和可持續的成本結構，無論上漲或下跌，它們都將保持有利的勢頭。這就是—您總是聽到我談論結構性毛利率的改善。這就是我們到達那裡的方法。因此，更直接地回答你的問題，沒有萬能的解決方案。這不是一對一的。這實際上是為了與我們的策略客戶進行交談，以便重新設定成本基礎。

But more importantly, in some cases, there's a value to price discrepancy. 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? Where we are today from happening to our customers over the next 3 to 5 years. 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.

但更重要的是，在某些情況下，價格存在差異。我們甚至與一些策略客戶達成了協議，並承諾提供長期供應，因為今天真正最重要的事情是，我們如何防止這種情況發生？我們今天的狀況與未來 3 至 5 年內客戶面臨的情況如何？這才是真正的重點，即達成這些協議，為我們和客戶獲得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. I was hoping you could give us some color on which end markets could be above or below that number? 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?

哈桑，您提到—薩德曾提到第二季度環比增長 9%。我希望您能告訴我們哪些終端市場可能高於或低於這個數字？但同樣重要的是，您預計第二季的銷售額將創下歷史新高，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種差異？

So the demand is pretty broad. So there's not a single end market. 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. So I wouldn't say there's a one specific end market that's going to drive the majority of it.

因此需求是相當廣泛的。因此，並不存在單一的終端市場。顯然，我們所有的重點和戰略終端市場都將得到加強，當你談論汽車和工業等時，這確實反映在整個產業中。因此，我不會說有某個特定的終端市場能夠主導大部分市場。

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

是的。與歷史相比，如果回顧 2018 年的毛利率，我認為高峰期是 2018 年第三季度，我們對第二季度的預期中位數將比高峰期高出約 5％。但您說得對，利潤率確實較低，這主要是因為公司在資本方面的投資，所以隨著我們不斷擴大東菲什基爾晶圓廠的產能，我們的折舊也在增加。顯然，隨著我們不斷前進，我們會合理化這一足跡，因為這將為我們提供一些機會來提高我們所討論的利潤率。但這是主要驅動因素，也是兩者之間的差異。

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

知道了。接下來，我很好奇，哈桑，我們在過去幾個月看到的情況是，擁有更好內部產能的公司比競爭對手能夠更好地抵禦晶片短缺問題。那麼，當您考慮安森美半導體未來幾年的發展時，如何透過縮短交貨時間和響應客戶需求來實現隨著時間的推移減少晶圓廠佔地面積的目標？您是否認為您可以實現這兩者，對客戶做出積極回應，同時又減少工廠佔地面積？

Yes. Yes, absolutely. I'm highly confident that we are able to do both. And from -- obviously, we've been working on the rationalization of our portfolio and the manufacturing footprint since I joined the company. And I see a path for achieving both. And that's going to be really with the rationalization.

是的。是的，絕對是如此。我非常有信心我們能夠做到這兩點。顯然，自從我加入公司以來，我們一直致力於合理化我們的產品組合和製造足跡。我看到了實現這兩點的途徑。這確實會實現合理化。

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. It doesn't change really the overall products you run. 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. By removing all these inefficiencies, we are able to even get more out of our existing fab footprint or back-end footprint. And then as we restructure and consolidate, you're going to get that volume upside to maintain our growth. So we're going to be able to get both confidently.

當你擁有相當廣泛的足跡時，它可能就像在晶圓廠內簡化技術一樣簡單，你將獲得更好的利用率，你將獲得更好的成本，同時仍然運行一組非常不同的產品。它實際上不會改變您運行的整體產品。只需在技術基礎上進行精簡，甚至在後端根據封裝進行精簡，它就能改變每個晶圓廠的運作產量。透過消除所有這些低效率，我們甚至可以從現有的​​晶圓廠佔地面積或後端佔地面積中獲得更多收益。然後，隨著我們進行重組和整合，您將獲得銷售上升的機會以維持我們的成長。因此我們將能夠滿懷信心地實現這兩點。

Yes. And Vivek, just to clarify, right, as we talk about being fab lighter, it's not necessarily going outside. We'll still run the same volume in our fab. 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. But it isn't necessarily shifting from insight to the outside.

是的。維韋克，我只是想澄清一下，當我們談論變得更輕時，並不一定要到戶外去。我們的工廠仍將保持相同的產量。只要這些晶圓廠的產量更高，然後再考慮規模較小的晶圓廠，並採取措施減少佔地面積。但它不一定是從洞察力轉向外部的。

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. Thad, just a question on the decision to kind of build inventory on the balance sheet while simultaneously reducing inventory in the distribution channel. Maybe you could walk us through kind of the rationale of that decision?

並對這一良好勢頭表示祝賀。泰德，我有一個問題，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。也許您可以向我們解釋一下這個決定的理由？

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? And what are the steps that you're taking in order to kind of get the supply in balance relative to demand? Is it more demand is just decelerating? And then or is the combination where demand is decelerating and supply is starting to increase to meet that level of demand?

當您談到今年稍後的供需再平衡時，您能否就我們目前的狀況給我們一些看法？為了使供應與需求達到平衡，您將採取哪些措施？是不是需求成長只是在減速？那麼，或者是需求減速而供應開始增加以滿足該水準的需求？

Sure. I think I lost track of the first question.

當然。我想我忘了第一個問題。

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

第一個問題是關於資產負債表上的庫存。

Yes. Yes. Okay, so let me address that, sorry. So we made the decision, obviously, we were running at about 11 weeks of inventory last quarter. Our target range is 11 to 13 weeks of inventory in the channel. We dropped it to 8.4. The logic there is it doesn't make sense to have inventories sitting on the shelves of the distributors versus supporting customers. 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. So it was a proactive decision basically for customer support.

是的。是的。好的，那麼讓我來解決這個問題，抱歉。所以我們做出了決定，顯然，上個季度我們的庫存量約為 11 週。我們的目標範圍是渠道庫存為11至13週。我們將其降至 8.4。這裡的邏輯是，將庫存放在經銷商的貨架上與支援客戶相比是沒有意義的。因此，透過持有我們的資產負債表，我們可以透過管道或直接為客戶提供支持，但它使我們能夠確保在正確的時間將產品分配給正確的客戶，而不是讓產品在通路中停留數週。所以這基本上是為了客戶支援而做出的主動決定。

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

不，我的意思是我要回答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. 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. Not through capital expenditure, but literally through streamlining our operations, part of the initiatives that we have for our strategy.

因此，從需求角度來看，確實發生了一些事情。一是我之前提到的我們做了很多工作，關於改變產品組合和簡化我們的足跡，我們有更多的供應上線。不是透過資本支出，而是透過精簡我們的運營，這是我們策略舉措的一部分。

So that's going to help increase our supply. 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. What's been happening is we get the demand signal, we start the wafers, then the demand gets stronger, we start wafers. But those wafers have a latency before they get out, and that's why we're in the supply constraint.

這將有助於增加我們的供應。但需求的成長速度也會開始減弱，這意味著我們能夠更清楚地了解穩定狀態的需求，以便我們能夠為此進行建造。發生的情況是，我們得到了需求訊號，我們開始生產晶圓，然後需求變得更強勁，我們開始生產晶圓。但這些晶圓在輸出之前有一個延遲，這就是我們面臨供應限制的原因。

But as we are getting more stable outlook of demand, which remains, by the way, at a very healthy level. I'm not talking about demand going backwards, I'm talking about the velocity, the demand kind of stabilizing. 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.

但隨著我們的需求前景更加穩定，順便說一句，需求仍然處於非常健康的水平。我不是說需求倒退，而是在談論速度和需求的穩定。我們能夠開始生產滿足該需求的材料，這將使我們在年底時實現供需平衡。

And for my follow-up, in terms of the automotive market, you had record automotive revenue, as you stated. 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? Do we still have more way to go? And so how do we think about the overall industry? And then how do we think about kind of your momentum in silicon carbide and electric vehicles?

我的後續問題是，就汽車市場而言，正如你所說，你們的汽車收入創下了歷史新高。您能否談談您在 SAR 生產方面看到的情況，隨著我們全年的進展，我們是否已經解決了影響生產的零件短缺問題？我們還有更多的路要走嗎？那我們如何看待整個產業？那麼我們如何看待您在碳化矽和電動車領域的發展勢頭？

Yes. I think as an industry, automotive is going to remain strong. There's low inventory across the board. 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. So that's going to fuel the strength that we are seeing.

是的。我認為汽車產業仍將保持強勁。全盤庫存都很低。我不知道最近什麼時候有人想買車，但哪裡都沒有庫存，無論是租賃車、新車還是二手車。所以這將會增強我們所看到的力量。

And obviously, we do have pockets where some of the OEMs have reduced production because of the supply. And we do have some ad hoc issues in the industry. Like unfortunately, the renaissance fire that happened in the fab, that also has an impact on where the demand is going to be. But that doesn't change the overall picture for automotive being one of the strongest years I've seen. Our momentum remains very strong. Obviously, we keep talking about a content story.

顯然，有些原始設備製造商由於供應不足而減少了產量。我們行業中確實存在一些臨時問題。不幸的是，晶圓廠發生的復興之火也對需求產生了影響。但這並沒有改變汽車行業整體形勢，這是我所見過的最強勁的年份之一。我們的勢頭依然強勁。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. And that includes our silicon carbide. I'm very close to our silicon carbide initiatives here in the company. 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.

因此，隨著這些車輛恢復上線，我們將看到我們的內容隨之增長，這是我們成長軌蹟的一部分，不僅是今年，而且是未來的成長軌跡。其中包括我們的碳化矽。我非常了解我們公司的碳化矽計劃。更重要的是，我密切關注並親自與客戶溝通平台設計的成功，這將推動我們的收入和利潤成長。

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

但我對我們的碳化矽故事喜歡的一點是，我們不僅僅致力於汽車本身的電氣化，儘管這是一個很好的領域，我們也致力於基礎設施建設，無論是車載充電還是基礎設施充電。這也將增加燃料消耗，因為隨著道路上的電動車越來越多，我們需要有為其充電的基礎設施，我們正在致力於此。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. You talked about very strong demand across your key markets. 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. So I'm just trying to better understand why Q3 would be sub-seasonal given the backdrop? And then I've got a quick follow-up.

哈桑，我想回到你關於第三季收入可能低於季節性的評論。您談到了主要市場的需求非常強勁。供應鏈上下游的庫存似乎相當低，包括您的分銷管道，並且您在電源和影像感測器等方面擁有獨特的成長驅動力。所以我只是想更好地理解為什麼在這樣的背景下第三季會出現季節性下降？然後我會快速跟進。

Yes. I mean, if you talk about sub-seasonal, Q3 is usually up 3% to 4%. But you have to remember, we're coming off of a 9% up quarter in Q2, which is typically 3% to 4% down. So when we talk about seasonality, for this year, you can throw that a little bit out the window. What we are looking is just maximizing our supply in order to meet the maximum demand we can. So demand remains strong. 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.

是的。我的意思是，如果談論亞季節性，第三季通常會上漲 3% 到 4%。但你必須記住，我們第二季的銷售額成長了 9%，而通常會下降 3% 到 4%。因此，當我們談論季節性時，就今年而言，你可以稍微忽略這一點。我們要做的就是最大限度地提高供應量，以滿足最大需求。因此需求依然強勁。因此，即使我們談論的是低於季節性的第三季度，但這仍然是一個非常健康的第三季度，第二季度實現了 9% 的環比增長。

Okay. So from your standpoint, is supply a bigger issue in Q3 than it is in Q2? Is that a fair statement or no?

好的。那麼從您的角度來看，第三季的供應問題是否比第二季更嚴重？這是一個公平的說法嗎？

No, no. I wouldn't say it's bigger. I think we're still going to be navigating the same supply constraints that we've seen.

不，不。我不會說它更大。我認為我們仍將面臨同樣的供應限制。

Okay. Got it. And then as a quick follow-up, I was hoping you could give us an update on Belgium and Niigata. I know you're in conversations with potential counterparties, but any update there? 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? Does that continue to be the case?

好的。知道了。然後，作為一個快速的跟進，我希望您能向我們提供有關比利時和新潟的最新消息。我知道您正在與潛在交易對手進行對話，但有任何最新消息嗎？我記得在之前的電話中您曾提到過，每個晶圓廠的潛在銷售都會為您節省數千萬甚至數千萬億美元的成本？這種情況會持續下去嗎？

Yes. I mean, we have nothing new to report. Obviously, as soon as we conclude anything, we'll make sure that becomes public. But where the status you stated is exactly where we are.

是的。我的意思是，我們沒有什麼新消息可以報告。顯然，一旦我們得出任何結論，我們都會確保將其公開。但您所述的狀態正是我們所處的狀況。

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. Just a question on the automotive side. You mentioned silicon carbide. Obviously, on the EV side, that continues to grow. Any thoughts on how you see that percentage? And how you see that growing in '21, '22? And what is it as a percent of your auto revenues there?

非常棒的季度和開箱即用的指南。這只是關於汽車方面的一個問題。您提到了碳化矽。顯然，從電動車方面來看，這一數字還在持續成長。您對於這個百分比有什麼看法？您認為 21、22 年這數字將如何成長？它佔你們汽車收入的百分比是多少？

I think it's going to stay. We don't break it up specifically. We look at our electrification, both silicon carbide and that's been growing. It's going to continue to grow. 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. But right now, our focus is layering in all the design wins in order for us to be able to do that. And we're on track.

我認為它會繼續存在。我們不具體分解它。我們看看我們的電氣化，碳化矽都在不斷增長。它還將繼續增長。隨著越來越多的碳化矽從 IGBT 向技術滲透，以及客戶在未來 2 到 3 年內轉向，我們將隨之擴大我們的內容。但現在，我們的重點是將所有設計成果分層整合，以便能夠做到這一點。我們正步入正軌。

Got it. 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?

知道了。在 300 毫米方面，您能否向我們介紹您如何提升這一水平，當您今年和明年將一些產品轉向 300 毫米時，您預計利用率會達到什麼水平？

Yes. I mean we're on track moving this. But just to remind everybody, we don't take ownership of the fab until 2020. 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.

是的。我的意思是我們正在按計劃推進這一進程。但需要提醒大家的是，我們要到 2020 年才會擁有該晶圓廠的所有權。因此在那之前，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，不僅經過內部認證，還經過我們客戶的認證，因此當我們擁有該晶圓廠時，我們能夠按計劃進行生產。

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

祝賀迄今所取得的策略進展。我想從一個長期的問題開始，哈桑，你提到你正在與一些客戶達成一些長期協議。問題是 2021 年的銷售額能佔多少百分比？展望未來 3 至 4 年，我們可以看到，由於您有幾年的時間來處理這些問題，這些長期協議的規模將會有多大。

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

以汽車產業為例，這是否意味著，在汽車產業，你實際上可以加速高端產業的成長，我認為公司已經談到了 10 個百分點？或者這些長期協議是否真的會使相對成長與公司一直尋求的相比保持不變？

Yes. 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. So I'm very comfortable with those. 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. So there's puts and takes on the growth trajectory. And that's why what the growth we have provided is a pretty well balanced growth.

是的。我不會說這會改變我們的成長目標，因為與未來幾年的 SAAR 數字相比，我們的成長目標相當激進。所以我對這些很滿意。當然，從前面的問題來看，如果碳化矽的成長速度比我們想像的要快，那麼我們的成長速度就會比預期的要高。因此，成長軌跡存在著不確定性。這就是為什麼我們所實現的成長是相當均衡的成長。

As far as the long-term agreements, I look at them as more outlook confidence. If you look out over the next few years, we want to be able to spare capacity. We want to be able to potentially build or shift capacity into the strategic products we want. And we are engaged with customers to make sure that their demands over the next few years are met. And that comes with a 2-way where we make sure the investments are made in the areas where we see the growth. 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.

就長期協議而言，我認為它們更能增強前景信心。如果展望未來幾年，我們希望能夠有剩餘產能。我們希望能夠潛在地建構或轉移產能到我們想要的策略產品。我們與客戶保持聯繫，以確保滿足他們未來幾年的需求。這是一種雙向的，我們確保在我們看到成長的領域中進行投資。從客戶的角度來看，進行投資是為了讓我們獲得可見度和長期協議，以確保我們能夠滿足正確的需求。

So it's a win-win for our strategic customers. We've been working with a lot of them in order to make sure that what we experienced in 2021 does not occur again. And that only comes with a steady and outward-looking demand signal that they will commit to.

因此，這對我們的策略客戶來說是雙贏的。我們一直在與他們中的許多人合作，以確保 2021 年經歷的事情不會再次發生。而這只有伴隨著穩定和外向的需求訊號才會被承諾。

That makes a lot of sense. And then the follow-up is for you that. So a number of times in the commentary prepared and Q&A, the company mentioned strategic mix out. 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? Is that later in 2021? Or would that be sometime more distant in 2022?

這很有道理。然後後續的事情就是為你準備的。因此，該公司在準備的評論和問答中多次提到策略組合。問題是，我們是否開始看到業務中出現這種情況，例如，我注意到第一季通訊業務年減了 10％，我們何時會看到業務影響達到頂峰？那是在 2021 年晚些時候嗎？或者這會是更遠的 2022 年某個時候？

Yes. As we go through our strategic review process, it's too early to really see those results coming through our financials at this point. I think you'll see that shifting much further out in 2022, probably hitting the revenue numbers. So I wouldn't look at this quarter as being indicative of the strategic markets that we're focused on. Obviously, auto and industrial will be strategic to us, but I wouldn't read more into that on a short-term basis.

是的。在我們進行策略審查過程時，現在真正看到這些結果透過我們的財務狀況表現出來還為時過早。我認為你會看到這種轉變在 2022 年進一步擴大，可能會達到收入數字。因此，我不會將本季視為我們關注的策略市場的指標。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過多的解讀。

Your next question comes from Christopher Rolland with Susquehanna.

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

Thanks for the question. There have been some rumors about some CMOS image sensor tightness out there. Can you guys talk about that market specifically? And are there any supply constraints there that you guys are seeing, whether you specifically or anywhere in the supply chain for those modules?

謝謝你的提問。有一些關於 CMOS 影像感測器密封性的傳言。你們能具體談談那個市場嗎？你們是否看到那裡有任何供應限制，無論是具體限制還是這些模組供應鏈中的任何位置？

The short answer is yes. We see it -- most of it is -- well, all of it is foundry for us, and we all know the foundry situation. Part of our allocation strategy that I've been discussing or hinting at during the call applies to the image sensing. But for sure, there's tightness in the market.

簡短的回答是肯定的。我們看到了 - 其中大部分 - 嗯，所有這些都是我們的代工廠，我們都知道代工廠的情況。我在通話中討論或暗示的分配策略的一部分適用於影像感測。但可以肯定的是，市場供應確實緊張。

Great. And then perhaps tying into that as well, just a discussion about East Fishkill. So 2023, that's when you guys get the fabs. But are you able to ramp meaningfully before that? Is there some additional capacity that you can kind of touch there? And then this supply chain tightness that we've seen out there, has that accelerated qualifications or requalifications from other fabs to this fab?

偉大的。然後也許也與此相關，只是關於東菲什基爾的討論。所以到 2023 年，你們就會擁有晶圓廠。但在此之前你能有意義地提升嗎？那裡還有什麼您可以觸及的額外能力嗎？那麼，我們看到的這種供應鏈緊張狀況，是否加速了其他晶圓廠對該晶圓廠的資格認證或重新資格認證？

You've talked about $2 billion plus of revenue. 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? Has this put you guys in a better position? And where do you see that position?

您談到了20多億美元的收入。所以我想，把所有的部分放在一起，當你們在 2023 年建成這座晶圓廠時，你們的利用率會達到什麼水平，收入是否會達到 20 億美元以上？這是否讓你們的處境變得更好？您認為這一立場如何？

Yes. Look, we still have a few years on. We have looked at the products that we are moving. 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. So those, of course, we're going to try to accelerate.

是的。瞧，我們還有幾年的時間。我們已經查看了正在運送的產品。我們重新調整了優先順序，以確保我們優先推出的產品是策略性產品，也就是我一直在談論的成長產品，也是投資組合合理化的一部分。因此，我們當然會盡力加速這些進程。

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

但如你所知，對於許多產品品質而言，重要的不是你工作有多努力或多快，而是需要時間來獲得資格。您需要測試 x 個小時，並且這些小時必須過去。我們可以進行並行品質檢驗，可以進行客戶電話溝通，我們正在做上述所有工作，以確保當我們在 2023 年接管該晶圓廠時，考慮到我們當時的所有需求，該晶圓廠能夠達到當時可以達到的最大利用率。當然，就短期而言，我們與營運該晶圓廠的全球代工廠保持著密切的關係，並努力解決供應限制問題，就像我們與任何外部代工廠合作一樣。

Your next question comes from Chris Caso with Raymond James.

您的下一個問題來自 Raymond James 的 Chris Caso。

The first question is about the production plan as we go through the year. 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. What does that look like as we go into the second half with revenue potentially flattening out as you go to Q3? Does that mean utilization comes down a bit? Or -- and I guess, what does that imply for gross margins as we go into the second half of the year?

第一個問題是關於我們全年的生產計劃。聽起來你現在正在大幅提高產量以滿足供應，這顯然會帶來利潤效益。隨著我們進入下半年，營收可能會在第三季趨於平穩，情況會如何？這是否意味著利用率會下降？或者——我猜，當我們進入今年下半年時，這對毛利率意味著什麼？

Yes. As I mentioned, utilization is currently at 84%. It was mid-70s last quarter. 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. So when we talk about the second half coming back into balance, it's balanced really at this level, right? So we don't expect the utilizations to drop much through the remainder of the year.

是的。正如我所提到的，利用率目前為 84%。上個季度是 70 年代中期。展望今年剩餘時間，我們認為，根據積壓訂單的預測，銷售額將保持在這一水平。所以當我們談論下半場恢復平衡時，它在這個水平上確實是平衡的，對嗎？因此，我們預計今年剩餘時間內利用率不會大幅下降。

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

好的。因此，作為對此的後續回答，鑑於一些同行表示預計全年供應將緊張。您是否預計，在今年下半年，您仍將有機會改善產品組合，優先考慮一些利潤率較高的產品，從而在下半年仍能獲得混合效益？

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

是的，絕對是如此。我的意思是——我們已經開始這樣做了。我們希望在今年剩餘時間內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和額外的順風。所以這就是我們所談論的，對吧，毛利率的下一階段並不完全取決於利用率，而在於優化佔地面積，優化這些晶圓廠的運作方式，以提高產量。

Your next question comes from Matt Ramsay with Cowen.

您的下一個問題來自 Cowen 的 Matt Ramsay。

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.

當您回想起自己加入這家公司以及剛進入這家公司的時候，我覺得——當您考慮透過製造來實現現代化或合理化時，我不知道當您開始製定計劃時，是否會想到整個行業極端的 6 英寸和 8 英寸的緊張狀況。

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

所以我想知道您是否可以對此稍微思考一下。考慮到整個行業的緊張局面以及 6 英寸和 8 英寸緊張局面可能在較長時間內持續存在的可能性，您是否認為存在新的變量或戰略選擇的範圍有所擴大？

No. From where we look at it, obviously, we had to relook and revisit our baseline assumptions. 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. 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. And as we keep those fabs fully utilized, that cost will basically spread across all products that we run in. So it doesn't change the valuation of these fabs as far as the market is concerned. But when we decide to potentially divest any of those assets, they'll just bring in more than they did when I first started.

不。從我們的角度來看，顯然，我們必須重新審視並重新審視我們的基本假設。我要告訴你，它沒有改變，因為事實不是由 6 英寸或 8 英寸的緊張狀況決定的，而是由我們能多大程度上有效地運營這些晶圓廠，而不是合併或遷移，例如從 6 英寸到 8 英寸。所以這不會改變我們需要做的事情，那就是我們需要簡化我們的製造足跡，我們需要整合，我們需要讓我們所有的晶圓廠都達到可以降低成本的規模。隨著我們充分利用這些晶圓廠，該成本基本上會分攤到我們生產的所有產品上。因此就市場而言，這不會改變這些晶圓廠的估值。但當我們決定剝離任何一項資產時，它們帶來的利益將比我剛開始時更多。

Fair enough. That makes sense. As my follow-up, you guys mentioned in the prepared script, strength from computing and also strength from GPUs. Maybe you could talk about how big are those markets for you guys specifically that you called out driving some upside? And are those particular products at the richer end of the mix? And are you, I guess, planning on those sustaining through the balance of the year? It seems like those would be fairly high-margin products into those markets.

很公平。這很有道理。作為我的後續行動，你們在準備好的腳本中提到了來自計算的力量以及來自 GPU 的力量。也許您可以具體談談這些市場對您們來說到底有多大，以至於你們認為它們能夠帶來一些好處？這些特定產品是否屬於混合物中的更豐富產品？我想，您是否計劃在全年內維持這些計劃？看起來這些產品在這些市場上的利潤相當高。

Yes. Our product focus on -- in these segments. First of all, those segments are not a big percent of our revenue. 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. 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.

是的。我們的產品重點關注這些領域。首先，這些部分在我們的收入中所佔的比例並不大。然而，我認為它們與我們在汽車和工業領域提供的電源產品非常相似，我們為這些 GPU 汽車等帶來了大量價值，這些產品已經實現了一定的成長。因此，我們能夠支持這種成長，但我只想重申，一旦我們全力支持作為我們戰略市場一部分的汽車和工業客戶，我們就能夠支持這種成長。

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

您的下一個問題來自羅森布拉特證券公司的凱文卡西迪。

And congratulations on the great results. Your CapEx spending at $77 million came in lower than, I guess, guidance, guidance was $90 million to $100 million. Was that just due to timing of the equipment delivery? Or is there some other change that's happening?

恭喜您取得的優異成績。您的資本支出為 7,700 萬美元，我猜低於指導值，指導價值是 9,000 萬至 1 億美元。這僅僅是因為設備交付的時間嗎？或正在發生其他變化嗎？

No, that's just the timing of the cash payments, right? So you can think about it still being in that 7% range long term. This quarter it just happened to be lower on a cash basis. But no change in strategy at this point.

不，這只是現金支付的時間，對嗎？因此你可以認為它長期內仍會處於 7% 的範圍內。本季度，以現金計算，這一數字恰好較低。但目前戰略沒有改變。

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

好的。您能否說一下其中有多少比例是用於 300 毫米的，又有多少比例是用於 8 吋的呢？

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，但我想說今天大部分都是朝著 300 毫米的方向發展。

Okay. And so is there -- I guess, what is the lead times for 8-inch equipment? Or can you still find used equipment?

好的。那麼——我想問一下，8 吋設備的交貨時間是多久？或者你還能找到二手設備嗎？

Yes. 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. So we're not looking at purchasing heavy equipment. 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. So we haven't hit any roadblocks in what we aim to achieve in the 6 or 8-inch fab trajectory we have.

是的。嗯，是的，因為我們在 8 英寸方面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、消除晶圓廠中的一些瓶頸。因此我們不考慮購買重型設備。當您精簡和整合某個實體位置內的某些生產線時，我們可以靈活地將某些設備從一個位置移動到另一個位置，以消除特定於晶圓廠的任何瓶頸。因此，我們在實現 6 吋或 8 吋晶圓廠發展軌蹟的過程中沒有遇到任何障礙。

Your next question comes from John Pitzer of Crédit Suisse.

您的下一個問題來自瑞士信貸的約翰‧皮策 (John Pitzer)。

Congratulations on the strong results. Hassane, I'm a little curious on this inventory strategy. To what extent is taking on more inventory tactical to try to kind of make sure your customers aren't building much inventory? And if you can comment on what you think end customer inventory, that would be great. And to what extent might this be a little bit more structural? And as we think about use of cash, how should we think about the use of cash relative to your inventory strategy?

恭喜您取得的優異成績。Hassane，我對這個庫存策略有點好奇。在多大程度上採取更多庫存策略可以確保你的客戶不會累積過多庫存？如果您能就您認為的最終客戶庫存進行評論，那就太好了。這在多大程度上會變得更加結構化？當我們考慮現金的使用時，我們應該如何考慮相對於庫存策略的現金使用？

Yes. I would say, John, it's tactical. 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. 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.

是的。我想說，約翰，這是戰術。當我們有強烈的需求和來自客戶的強烈訊號時，無論我們如何直接或透過分銷來滿足客戶需求，客戶與我們都是直接互動的。並且能夠進行這些對話並將庫存轉移到我們需要的地方，以支持我們的戰略方向並回到我們的投資組合合理化，我們最好持有這些庫存，而不是把它放在分銷商那裡，讓他們根據他們的積壓或訂單自行發貨。

So from that perspective, it is purely a tactical approach to how we believe we are able to support it. And that worked very well for us. We had a great quarter that we just talked about. We have a great outlook. That's all part of it. That is a tactic.

因此從這個角度來看，這純粹是一種我們認為能夠支持它的戰術方法。這對我們來說非常有效。我們剛剛談到，我們度過了一個非常棒的季度。我們有著美好的前景。這只是其中的一部分。這是一種策略。

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. 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. And again, it's either internal or external. For me, it's the same. It is inventory that needs to be monetized by getting on a customer board.

現在就長期而言，顯然我們將討論合理化我們的庫存管理，包括通路和內部，因為這必須與我們從開始到成品的速度相符。如何在模具庫中安排產品以及如何安排產品和成品將取決於我們製造足跡的合理化和效率，這將推動我們對庫存管理的資本配置的變化。再說一次，它要么是內部的，要么是外部的。對我來說也是一樣。庫存需要透過進入客戶板才能貨幣化。

And John, on the cash, I wouldn't expect the inventory to increase the balance sheet inventory to increase. I think over the longer term, it will come back into balance, but we're not looking to increase it further. 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.

約翰，就現金而言，我預期庫存不會增加，資產負債表庫存也不會增加。我認為從長遠來看，它會恢復平衡，但我們並不打算進一步增加它。我們認為這對於這種戰術水平來說是合適的，正如你所說，這是短期管理庫存的戰術舉措。

That's helpful. And then for my follow-up, Hassane, I was a little bit surprised about 2 things. One, that pricing is not a big part of what's going on right now. And two, neither is portfolio rationalization? 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. I guess, why aren't you doing that now? 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? Or why isn't the portfolio rationalization happening more quickly?

這很有幫助。然後對於我的後續問題，哈桑，有兩件事讓我有點驚訝。首先，定價並不是目前發生的重要問題。其次，投資組合合理化也不是嗎？原因是，如果我回過頭來思考一下你們過去在 NOR 市場上所做的事情，如果我沒記錯的話，你們利用了市場強勢時期將客戶擠出市場，並更積極地調整投資組合。我想，為什麼現在不這麼做呢？這些是否只是不同的市場，因為它們更依賴單一產品，如果不為客戶提供支援就很難做到這一點？或者為什麼投資組合合理化沒有更快發生？

Well, let me put it this way. We are doing that. It is happening quickly, but there's a lot of pieces to it. If you think about it, it's not going to have an impact in Q1. 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. 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.

嗯，讓我這樣說吧。我們正在這麼做。它發生得很快，但也包含很多部分。如果你仔細想想，它不會對第一季產生影響。它在第二季度開始產生影響，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過積壓工作，我們將予以支持。正如您所說，我們正在採取定價行動，將一些機會排除在市場之外，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. But as far as happening quickly, we are. 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. 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.

但隨著我們完成合理化過程，這一切都將在年底有所幫助。但就發生得如此迅速而言，我們確實正在迅速發生。因為有一件事你還必須記住，不同之處在於，當你的供應緊張時，如果我不發貨，而客戶由於產品組合的戰略原因無法從其他地方獲得該產品，他們就不會建造那艘載有我想要的產品的船。因此，我們必須確保一些生產仍在進行，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 Piper Sandler 的 Harsh Kumar。

First of all, congratulations on a very strong guide. I had 2 questions. Hassane, first one for you. I know silicon carbide and power for cars in automotive is a focus area. If I had to ask you, what is your view of ON's position in that market today with your products? I know if I asked you where you want to be, you would say, #1, but I'm curious where you are today? And I'm curious what you think needs to be done to get to that top-tier slot?

首先恭喜你獲得了非常強大的指導。我有兩個問題。哈桑 (Hassane)，第一個問題請你提出。我知道汽車產業的碳化矽和汽車動力是一個重點領域。如果我必須問您，您如何看待 ON 憑藉其產品在當今市場上的地位？我知道如果我問你想去哪裡，你會說，#1，但我很好奇你現在在哪裡？我很好奇，您認為需要做些什麼才能獲得頂級位置？

Sure. We are in a very good place, and it's only getting better. It's -- today, it's better than it was when I first started. So that's kind of the focus that we have. 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. That's going to be with a focus and an investment strategy, and that's the work that we have been looking at.

當然。我們目前的狀況非常好，而且只會越來越好。今天的情況比我剛開始的時候好得多。這就是我們關注的重點。情況會怎樣變得更好呢，用你的話來說，就是我們要成為第一，當然，我們是為了贏而戰，我們不會涉足其中。這將是一個重點和投資策略，這也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.

但這就是我們在碳化矽和許多其他領域所關注的工作——以及技術，以確保當我們選擇一個載體時，無論是碳化矽還是其他任何東西，我們都能在未來4到5年內維持它，並對產品進行投資，以達到領導地位。

Great, so. And for the next one, I just wanted to ask you and Thad, about the cost side. 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? Or where would you sort of characterize where you are in the process of cutting costs?

太好了。下一個問題，我只想問您和泰德關於成本方面的問題。因此，當您回顧您們已開始實施的一些成本計劃時，您是否會說，那些本來可以做的簡單的事情已經在進行中或即將完成，而艱苦的工作已經開始了？或者您能描述一下您在削減成本過程中所處的位置嗎？

Yes. It's not the hard and easy way, it's how long it takes to implement and get the benefit of. We can implement, if I use the 2 categories, we can implement 2 things. One is easy, one is hard. The easy one is implemented, but it's not going to see results for another quarter or so. We're doing all of these in parallel.

是的。這並不是方法難易的問題，而是需要多長時間去實施並獲得利益。我們可以實現，如果我使用這兩個類別，我們就可以實現兩件事。一個容易，一個困難。簡單的方案已經實施，但還要再過一個季度左右才會看到效果。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. The question is, have we seen all of the benefit of it? The answer is no. So it's not really -- I look at it as the timing to get or reap the benefits of hard or easy implementation. What we have done is we've launched a lot of them in Q1. You're starting to see that benefit in Q2. And back to my prepared remarks, those benefits are obviously favorable, but more importantly, to me, they are sustainable.

顯然，我所說的那些唾手可得的成果都已經啟動和開始了。問題是，我們是否已經看到了它的所有好處？答案是否定的。所以其實不然──我將其視為獲取或收穫艱難或輕鬆實施成果的時機。我們所做的是，我們在第一季推出了許多產品。您會在第二季開始看到這種好處。回到我準備好的發言，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. And that's the gross margin trajectory that we are -- we set ourselves up for.

因此，當這些事情開始顯示出好處時，它就會產生累積效應，它們是在我們已經建立的基線上累積的。這就是我們設定的毛利率軌跡。

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. The ISG business was down about 2% sequentially, it was up 9% year-over-year. I believe auto and industrial make up a majority of ISG revenues. And these 2 end markets combined are up 5% sequentially and 17% year-over-year. So the largest delta does appear to reflect the capacity constraints on foundry that you guys talked about. 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?

季度執行情況非常好。ISG業務季減約2%，但較去年同期成長9%。我相信汽車和工業佔 ISG 收入的大部分。這兩個終端市場合計較上季成長 5%，較去年同期成長 17%。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。與你們的整體業務類似，你們是否預期今年第四季 ISG 代工產能將更符合你們的需求？

So ISG specifically, obviously, the revenue is 100% constrained by supply. So that is a one-to-one supply constraint. And that will remain through probably the first half of 2022. 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. We're working very closely with our foundry partners to get more capacity.

因此，ISG 的收入顯然 100% 受到供應的限制。所以這是一個一對一的供應限制。這種狀況很可能會持續到 2022 年上半年。考慮到 ADAS 等市場的成長，這是唯一一個供需之間仍將稍微失衡的業務。我們正在與代工合作夥伴密切合作以獲得更大的產能。

Obviously, because we have a lot of common customers with the microcontrollers or the advanced nodes that they ship. And that's how we're going to be able to get a little bit more capacity. We do have a path to more capacity for the second half of the year. That's capacity that we've negotiated in the first quarter. 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.

顯然，因為我們有很多共同的客戶，他們也都提供微控制器或先進節點。這就是我們如何能夠獲得更多容量的方法。我們確實有辦法在下半年增加產能。這是我們在第一季協商的產能。所以，當然，這會減輕一些差距，但不會徹底解決差距，但會讓我們更接近差距。

No, I appreciate the insights there. 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. I mean you already seem to be executing to a focus on a higher mix of gross margin products. 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?

不，我很欣賞那裡的見解。儘管第三季的收入可能有點不合時宜，但我認為球隊預計毛利率將繼續走高。我的意思是，您似乎已經開始將重點放在毛利率較高的產品組合上了。因此，雖然第三季的營收可能具有季節性，但我們是否應該預期毛利率在下半年會繼續走高？

Yes, Harlan, this is Thad. We expect gross margins to continue to expand through the remainder of the year. This is from a lot of the things we've talked about, whether it's the cost initiatives, also the mix. The benefit of the utilization and the cost structure in the fabs. But yes, we do expect even as revenue is coming back into balance, we expect gross margins to continue to accelerate.

是的，哈蘭，這是薩德。我們預計今年剩餘時間內毛利率將持續擴大。這是我們討論過的很多事情，無論是成本計劃，還是組合。晶圓廠的利用率和成本結構所帶來的好處。但是的，我們確實預計，即使收入恢復平衡，我們也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. Some people call that double ordering, some call it, building inventory, safety stock. 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.

哈桑，很多時候，在週期的這個部分發生的情況是，原始設備製造商 (OEM) 和合約製造商訂購的零件數量超出了他們所需的數量。有些人稱之為雙重訂購，有些人稱之為建立庫存、安全庫存。然後，產業將會發生什麼情況？產能增加，交貨時間縮短，安全庫存要求下降，半導體公司將出現季度取消的情況。

So the questions here are is this cycle -- can this cycle be different than all the other ones? 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? And I had a follow-up.

所以這裡的問題是，這個循環——這個循環能與所有其他循環不同嗎？當我聽到您計劃如何重組安森美蘭的製造業務時，我想弄清楚，您是否能以某種方式保護您未來的投資組合免受這種動態的影響？我進行了後續行動。

Yes. 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. It's the same thing that happened in '18 or coming out of '18 into '19. So what does that look like for us? 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. It's much harder to put double orders on our direct book rather than through the disti.

是的。因此，如果你考慮我們已經談論過的許多評論，那麼所有這些都是為了——讓我們與任何預期的「週期」保持更遠的距離。這與 18 年發生的事情以及 18 年之後到 19 年發生的事情是一樣的。那麼對我們來說這是什麼樣子的呢？我們討論了將庫存保留在資產負債表上而不是放入通路中，因為這樣我們可以對真正的需求訊號做出更清晰、更快速的反應。在我們的直接訂單上而不是透過分銷商下雙重訂單要困難得多。

So that gives us much better visibility. The engagement, not just with the Tier 1, but with the OEMs directly. 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. Nobody has got those products on the shelf and causing an OEM lines down. So that's another signal that we look at.

這為我們提供了更好的可視性。這種合作不僅與 Tier 1 合作，還直接與 OEM 合作。當你的 OEM 因缺貨而在幾天內停產時，我向你保證，這不會發生重複訂購。沒有人將這些產品上架，導致 OEM 生產線停產。這是我們正在關注的另一個訊號。

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

再次強調，當我們持有庫存時，反應速度比它在渠道中時更快。至於投資組合原理或製造足跡，具體來說，這就是為什麼我說，我們對投資增加產能與​​消除一些瓶頸非常謹慎，因為我們會改變製造中的產品組合，只是改變那個瓶頸，所以我們不會增加最終會導致我們貶值的資本支出。為了獲得該吞吐量，無論是測試儀還是機器，都需要增加非常輕的投資，以支援高需求，但不會真正影響我們希望保持在 85 以上的長期利用率前景。

So all of these, whether they shield us, I can't comment on that because who knows what the cycle would look like. But what I will tell you is it will make us much more immune than just letting it ride.

所以，所有這些，無論它們是否能保護我們，我都無法評論，因為誰知道這個週期會是什麼樣子。但我要告訴你的是，與置之不理相比，它能讓我們獲得更強的免疫力。

Very helpful. And a follow-up. 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. 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?

非常有幫助。以及後續行動。目前看起來表現較好的 OEM 是那些去年放棄這些準時庫存流程並自願建立庫存的 OEM。我想知道，即使您和其他半導體公司計劃增加自己資產負債表上的庫存天數，您是否聽到客戶表示希望採取這種方法？

Yes. It's not -- I wouldn't say it's common across the board. There are still some customers. Unfortunately, they are in denial. And we're working with them, but everybody has a decision to make. We can make the decision for us, and they have to make their own decision about how they want to manage inventory.

是的。事實並非如此——我不會說這是普遍存在的現象。還有一些顧客。不幸的是，他們拒絕承認。我們正在與他們合作，但每個人都必須做出決定。我們可以為自己做決定，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. 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. 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. The short-term cancellation, all of that, I think, is going to be a thing of the past.

但我會告訴你，即時錯誤是不可持續的。在完成這一步驟之後，那些持續推動這項進程的客戶將會發現自己正處於下一次需求轉變或需求強勁甚至略有上升的階段。對我來說，重點是與客戶進行富有成效的互動，讓他們對自己的需求訊號充滿信心，而我對我為滿足這項需求所做的投資也充滿信心。我認為，短期取消所有這些事情都將成為過去。

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. That's where our focus has been. And part of it is part of those long-term agreements.

這就是策略客戶和非策略客戶之間的區別，我們能夠與之開展健康、獲利的業務，但更重要的是，開展可預測的業務。這正是我們關注的重點。其中一部分是那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. And we just have to make sure it's replenished. We've done that, a lot of it with our Japanese strategic customers. And I'm hoping that we'll start expanding for European and North American customers as well.

現在，當我查看已經完成此事的客戶的庫存時，我過去就曾這樣做過，一些客戶會與我們合作制定所謂的 BCP，即業務連續性計劃，其中包括我們的一些庫存，但更多的是他們的庫存，我們可以查看，他們會在哪裡存放，他們會訂購，他們有 2 個月左右的庫存。我們只需確保它得到補充。我們已經與許多日本戰略客戶進行了這樣的合作。我希望我們也能開始拓展歐洲和北美客戶市場。

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. 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. And I think your prior responses around this have been that it's not so straightforward. It's not just looking at margins, you have to look at parts and, in particular, parts by end market. 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?

祝賀您擁有非常強勁的前景。哈桑，過去我們曾經討論過這樣一種觀點，即將相對更專業化或獨特的產品與本質上更商品化的產品區分開來。我認為您之前對此的回答是，這並不是那麼簡單。不僅要看利潤，還要看零件，特別是終端市場的零件。我想知道您是否有機會完成這項分析，並可能幫助我們更好地理解目前的分裂情況以及未來這兩個類別之間的平衡？

So the answer to your question is, yes, I have had a lot of opportunities to look at it. 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. But what you said is true for us not just on the margin. Because you have to look margin and our ability to manufacture it at a very aggressive cost. You can have a product today at a low-margin that we are targeting in automotive. It is valued product.

所以對你的問題的回答是，是的，我有很多機會去觀察它。我們幾乎處於所謂的審查的最後階段，將用兩週的時間完成戰略計劃和戰略審查。但您說的對我們來說是正確的，不只是在邊緣上。因為你必須考慮利潤和我們以極具競爭力的成本生產它的能力。您今天就可以以低利潤獲得我們瞄準汽車市場的產品。這是很有價值的產品。

And the margin impact is because it is not running efficiently as far as cost structures through our manufacturing footprint. So by consolidating and rationalizing the manufacturing, that's going to give an uplift to those specific products. 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. And then the decision for us here is do we act on the product right away? Or do we fix the cost and keep the product, and that's part of a strategic review. 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. But I just wanted to give you a preview of the mindset that I have going into that work.

而利潤率受到影響的原因是，就我們的製造足跡而言，成本結構運作效率不高。因此，透過整合和合理化製造，將會提升這些特定產品的效能。因此，在我急於說低利潤、取消它或放棄它之前，我必須確保我們有一個基準成本，以便做出這些評估。那麼我們需要決定的是，我們是否立即對產品採取行動？或者我們固定成本並保留產品，這是策略審查的一部分。我現在無法告訴您有多少產品屬於哪個類別，這將成為我們在分析師日準備時要完成的工作的一部分。但我只是想讓你預覽我從事這項工作的想法。

I appreciate that. And maybe a follow-up along the same lines. In terms of not getting a quantified size or split today. 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?

我很感激。或許還會有類似的後續行動。就今天沒有量化的規模或分割而言。您是否認為規模可能足夠大，可以採取重大行動，而這種行動看起來並不只是讓它——將其定價出市場，或讓它隨著時間的推移從損益表中消失，而是可能採取一些更具戰略性的行動，例如通過合資或類似方式將資產貨幣化？

Yes, absolutely. I mean if you think about -- once you disposition your assets and categories, you have a harvest core and growth categories. We have to look at what we -- how do we disposition the assets. 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. But monetizing the assets is, of course, something that is on the table that we're going to be looking at. 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.

是的，絕對是如此。我的意思是，如果你考慮一下——一旦你處置了你的資產和類別，你就擁有了收穫核心和成長類別。我們必須考慮如何處置資產。將自己定價出市場、退出或停產以及關閉支持這些產品的生產基地只是其中的一個面向。但將資產貨幣化當然是我們正在考慮的事情。所有選項都已列出，我們將在平衡現金流和平衡製造足跡方面為公司做最好的事情。

Okay. This concludes the Q&A session for today's call. I'd now like to turn the call back over to Hassane El-Khoury, President and CEO.

好的。今天的電話會議的問答環節到此結束。現在我想將電話轉回給總裁兼執行長 Hassane El-Khoury。

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

感謝大家今天的參與。我要感謝我們全球的團隊加強幫助推動我們的轉型，而轉型已開始取得良好的成果。在應對當前市場狀況的同時，我們仍將重點放在執行上，我期待在 8 月 5 日的分析師日上見到大家。

Thank you.

謝謝。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線。