安森美 (ON) 2022 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Onsemi Third Quarter 2022 Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded.

美好的一天，感謝您的支持。歡迎來到 Onsemi 2022 年第三季度收益電話會議。 （操作員說明）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your speaker today, Parag Agarwal, Vice President of Investor Relations and Corporate Development. Please go ahead.

我現在想把會議交給你今天的演講者，投資者關係和企業發展副總裁 Parag Agarwal。請繼續。

Thank you, Liz. Good morning, and thank you for joining onsemi's Third Quarter 2022 quarterly results conference call. I'm joined today by Hassane El-Khoury, our President and CEO; and Thad Trent, our CFO. 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 2022 third quarter earnings release, will be available on our website approximately 1 hour following this conference call, and the recorded webcast will be available for approximately 30 days following this conference call. . Additional information is posted on the investor relations section of our website.

謝謝你，麗茲。早上好，感謝您參加 onsemi 的 2022 年第三季度季度業績電話會議。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。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。本次網絡廣播的重播以及我們的 2022 年第三季度收益發布將在本次電話會議後大約 1 小時在我們的網站上提供，錄製的網絡廣播將在本次電話會議後大約 30 天內提供。 .其他信息發佈在我們網站的投資者關係部分。

Our earnings release and this presentation include certain non-GAAP financial measures. In consideration of these non-GAAP financial measures to the most directly comparable GAAP measures under GAAP financial measures are included in our earnings release, which is posted separately on our website in the Investor Relations section.

我們的收益發布和本演示文稿包括某些非公認會計準則財務指標。考慮到這些非 GAAP 財務措施與 GAAP 財務措施下最直接可比的 GAAP 措施，我們的收益發布中包含，該發佈單獨發佈在我們網站的投資者關係部分。

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

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。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 that can affect our business, including factors that could cause actual results to differ from our forward-looking statements, are described in most recent 10-K and Form 10-Qs in our current filings with the Securities and Exchange Commission and in our earnings for the -- earnings release for the third quarter of 2022. Our estimates or other forward-looking statements may change, and the company assumes no obligation to update forward-looking statements to reflect actual results, changed assumptions or other events that may occur except as required by law.

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，在我們當前提交給美國證券交易委員會的文件中的最新 10-K 和表格 10-Q 以及我們的2022年第三季度收益發布的收益。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、改變的假設或可能發生的其他事件的義務除非法律要求。

Now let me turn it over to Hassane. Hassane?

現在讓我把它交給哈桑。哈桑？

Thank you, Parag, and thank you, everyone, for joining the call. We have closed our sixth consecutive quarter of record financial results with revenue of $2.2 billion and a non-GAAP EPS of $1.45 in the third quarter.

謝謝你，帕拉格，謝謝大家加入電話會議。我們已經連續第六個季度實現了創紀錄的財務業績，第三季度收入為 22 億美元，非公認會計準則每股收益為 1.45 美元。

Onsemi is now a very different company. Our strategy has proven successful and our employees are the one to thank for their commitment and dedication to excellence through these changes. Congratulations to our worldwide teams. I am proud of your steadfast and consistent execution, and I'm confident we will continue to deliver on our long-term growth plans.

Onsemi 現在是一家非常不同的公司。我們的戰略已被證明是成功的，我們的員工應該感謝他們通過這些變化對卓越的承諾和奉獻。祝賀我們的全球團隊。我為你堅定而一致的執行感到自豪，我相信我們將繼續實現我們的長期增長計劃。

Now let me address the current demand environment. In the third quarter, we saw continued strong demand in the automotive and industrial end markets, with revenue increasing sequentially 11%, 5%, respectively. As we noted last quarter, we saw softening in our nonstrategic end markets of consumer and computing with both markets declining mid-single digits sequentially. We expect the weakness in these markets to persist and extend to some legacy areas of industrial, while demand and design activity remain robust for EV, ADAS and energy infrastructure. Today, more than 30% of our revenue is generated from the sales of new products at accretive margins and the third quarter new product revenue was a record for the company.

現在讓我談談當前的需求環境。第三季度，我們看到汽車和工業終端市場的需求持續強勁，收入分別環比增長 11% 和 5%。正如我們上個季度所指出的，我們看到我們的非戰略性終端市場消費者和計算市場出現疲軟，這兩個市場連續下降中個位數。我們預計這些市場的疲軟將持續存在並延伸到一些傳統的工業領域，而電動汽車、ADAS 和能源基礎設施的需求和設計活動仍然強勁。今天，我們超過 30% 的收入來自以增值利潤率銷售新產品，第三季度的新產品收入創下了公司的紀錄。

Over the last 18 months, we have taken a concerted approach to improve the predictability and reduce the volatility of our business. We have transformed the company into one with a sustainable long-term growth outlook and attractive financial profile and a resilient operating model, and we made proactive structural changes to prepare us for eventual headwinds.

在過去的 18 個月中，我們採取了一致的方法來提高可預測性並減少業務的波動性。我們已將公司轉變為一家具有可持續的長期增長前景、有吸引力的財務狀況和有彈性的運營模式的公司，我們進行了積極的結構調整，為最終的逆風做好準備。

We rationalized our product portfolio and exited $277 million of business to eliminate our exposure to price-sensitive, nondifferentiated products at diluted gross margins. We addressed price-to-value discrepancies and instill the discipline in the company to capture the right value of our products. We executed our fab-lighter strategy with planned exits of 4 fabs to reduce our fixed costs. We secured long-term supply agreements that provide committed and transparent supply assurance against long-term customer demand. We decreased wafer starts by 20% from the peak in Q1 to limit the inventory build with distribution now at an all-time low under 7 weeks. We drove efficiencies and streamlined operations to control OpEx below our 17% target.

我們合理化了我們的產品組合併退出了 2.77 億美元的業務，以消除我們對價格敏感、非差異化產品的攤薄毛利率風險敞口。我們解決了價格與價值的差異，並在公司中灌輸紀律，以獲取我們產品的正確價值。我們執行了輕工廠戰略，計劃退出 4 家工廠，以降低我們的固定成本。我們簽訂了長期供應協議，針對長期客戶需求提供承諾和透明的供應保證。我們將晶圓開工率從第一季度的峰值減少了 20%，以限制庫存增加，目前分銷處於 7 週內的歷史最低水平。我們提高了效率並簡化了運營，以將 OpEx 控制在 17% 的目標以下。

These changes set onsemi apart from the legacy semiconductor and we are now well equipped to navigate through the coming quarters. And while we are planning for short-term uncertainty, long-term demand for our highly differentiated intelligent power and sensing solutions continue to grow with Q3 design wins increasing 19% quarter-over-quarter.

這些變化將 Onsemi 與傳統半導體區分開來，我們現在已經準備好應對未來幾個季度。雖然我們正在為短期不確定性進行規劃，但對我們高度差異化的智能電源和傳感解決方案的長期需求繼續增長，第三季度設計勝率環比增長 19%。

Our intelligent power revenues grew by 35% year-over-year and 6% quarter-over-quarter, driven by the accelerating momentum in electric vehicles and alternative energy. In these markets, customers are increasingly relying on us to enable their long-term product road maps with the market-leading efficiency of our solutions and our end-to-end supply chain capabilities.

在電動汽車和替代能源加速發展的推動下，我們的智能電力收入同比增長 35%，環比增長 6%。在這些市場中，客戶越來越依賴我們，以我們的解決方案的市場領先效率和我們的端到端供應鏈能力來實現他們的長期產品路線圖。

Our progress to our silicon carbide leadership is accelerating. As compared to our exit rate in Q4 of '21, we tripled our silicon carbide revenue in the third quarter and we continue to install capacity across the entire supply chain. We just passed the 1-year mark since acquiring GTAT, and we remain on track to expand our growth capacity by 5x year-over-year exiting 2022. We have also increased silicon carbide wafer fab starts by 3x this year to keep up with our full output, a number which we plan to double again next year. We remain on track to triple our SiC revenue in 2022 and deliver $1 billion of revenue in '23 based on committed revenue from LTSAs.

我們在碳化矽領導地位方面的進步正在加速。與我們在 21 年第四季度的退出率相比，我們在第三季度的碳化矽收入增加了兩倍，並且我們繼續在整個供應鏈中安裝產能。自收購 GTAT 以來，我們剛剛過了 1 年大關，到 2022 年，我們仍有望將增長能力同比擴大 5 倍。今年我們還將碳化矽晶圓廠的開工率提高了 3 倍，以跟上我們的步伐滿產，我們計劃明年再翻一番。我們仍有望在 2022 年將我們的 SiC 收入增加兩倍，並根據 LTSA 的承諾收入在 23 年實現 10 億美元的收入。

To limit our long-term CapEx investments, most of the silicon carbide equipment we are installing around the world is 200-millimeter capable, and we are on track for 200-millimeter wafer qualification in 2024 and related revenue ramp in '25.

為了限制我們的長期資本支出投資，我們在世界各地安裝的大多數碳化矽設備都具備 200 毫米的能力，我們有望在 2024 年獲得 200 毫米晶圓認證，並在 25 年實現相關收入增長。

Our energy infrastructure revenue is accelerating with a year-over-year increase of 70% in the third quarter. For '22, we expect our energy infrastructure revenue to grow by 60%, exceeding our target of 50% year-over-year growth. The volatility in global energy markets is driving an accelerated transition to alternative energy. And with a broad portfolio of silicon carbide and silicon power modules, we have emerged as a leader in this market. The top 10 solar inverter providers in the world collectively have a market share of 80%, and we have now signed LTSAs with 8 of them.

我們的能源基礎設施收入正在加速增長，第三季度同比增長 70%。對於 '22，我們預計我們的能源基礎設施收入將增長 60%，超過我們 50% 的同比增長目標。全球能源市場的波動正在推動向替代能源的加速過渡。憑藉廣泛的碳化矽和矽功率模塊產品組合，我們已成為該市場的領導者。全球排名前 10 位的太陽能逆變器供應商合計佔有 80% 的市場份額，我們現已與其中 8 家簽訂了 LTSA。

As countries around the world strive for energy security and lower greenhouse gas emissions associated with fossil fuels, we can expect to see strong long-term growth in our alternative energy business. Traction for our silicon carbide solutions is complemented by continued growth in our silicon power business. A key differentiating advantage for onsemi is our ability to offer silicon and silicon carbide solutions across a wide range of power and voltage requirements.

隨著世界各國努力實現能源安全和降低與化石燃料相關的溫室氣體排放，我們可以預期我們的替代能源業務將實現強勁的長期增長。我們的碳化矽解決方案的牽引力與我們的矽動力業務的持續增長相輔相成。 onsemi 的一個關鍵差異化優勢是我們能夠提供滿足各種功率和電壓要求的矽和碳化矽解決方案。

Many EV customers use our silicon carbide solution for rear axle and a silicon solution for the front axle. Similarly, solar inverter customers choose our silicon carbide or silicon solutions based on power and efficiency requirements. Customers who use a combination of power solutions value our ability to offer a complete range of products, which enables us to gain market share across both technologies.

許多電動汽車客戶將我們的碳化矽解決方案用於後軸，將矽解決方案用於前軸。同樣，太陽能逆變器客戶根據功率和效率要求選擇我們的碳化矽或矽解決方案。使用電源解決方案組合的客戶看重我們提供全系列產品的能力，這使我們能夠在這兩種技術中獲得市場份額。

In the third quarter alone, our IGBT and MOSFET businesses grew 37% year-over-year, driven by high-growth mega trends in automotive and industrial. Our intelligent sensing revenue increased 43% year-over-year and 11% quarter-over-quarter. The growth was driven by additional semiconductor content required in automotive and industrial applications as well as an increase in units shipped. The number of sensors per car will continue to grow and the level of sophistication delivered by the latest generation systems is also driving ASPs higher. Safety rating requirements for new vehicles continue to increase, such as a broader field of view and higher-resolution sensors, accelerating the shift from 1 megapixel image sensors to 8 megapixel sensors for ADAS applications.

僅在第三季度，在汽車和工業高增長大趨勢的推動下，我們的 IGBT 和 MOSFET 業務同比增長 37%。我們的智能傳感收入同比增長 43%，環比增長 11%。這一增長是由汽車和工業應用所需的額外半導體含量以及出貨量的增加推動的。每輛汽車的傳感器數量將繼續增長，最新一代系統提供的複雜程度也在推動 ASP 更高。對新車的安全等級要求不斷提高，例如更寬的視野和更高分辨率的傳感器，加速了 ADAS 應用從 1 兆像素圖像傳感器向 8 兆像素傳感器的轉變。

Onsemi was the first to market with 8 megapixel automotive-grade sensors that provide both high detection range and a wide field of view, delivering consistent performance across all temperature and lighting conditions. Based on this industry-leading dynamic range, dark noise performance and LED flicker mitigation feature of our sensor, we are winning new designs. And in the third quarter, we displayed the large incumbent at local Japanese automotive OEMs.

Onsemi 率先推出 8 兆像素汽車級傳感器，提供高檢測範圍和寬視野，在所有溫度和照明條件下提供一致的性能。基於我們傳感器的行業領先的動態範圍、暗噪聲性能和 LED 閃爍抑制功能，我們正在贏得新設計。第三季度，我們展示了日本本土汽車原始設備製造商的大型現有企業。

We expanded the internal back-end capacity to ensure to support the growth of our business and enhance our margins. Demand has been outpacing our ability to supply, but our early investments in capacity expansions allowed us to deliver 38% more automotive sensors in Q3 than in the quarter a year ago. In addition to our technology advantage, we are the only image sensor supplier with internal and external capabilities across every manufacturing stage of the supply chain for automotive and industrial sensors.

我們擴大了內部後端能力，以確保支持我們的業務增長並提高我們的利潤率。需求一直超過我們的供應能力，但我們在產能擴張方面的早期投資使我們在第三季度交付的汽車傳感器比去年同期增加了 38%。除了我們的技術優勢，我們是唯一一家在汽車和工業傳感器供應鏈的每個製造階段都具備內部和外部能力的圖像傳感器供應商。

We are a much stronger company today because of our commitment to our transformation and the structural changes we have implemented over the last 18 months. We have executed our strategy in one of the most challenging environments we have ever seen, not only for our industry but for the world, and we've set ourselves up for the leadership position in our target markets. Driven by exposure to secular mega trends of vehicle electrification ADAS, energy infrastructure and factory automation, we are well positioned to continue to outgrow the semiconductor market.

由於我們對轉型的承諾以及我們在過去 18 個月中實施的結構變革，我們今天已成為一家更強大的公司。我們在我們所見過的最具挑戰性的環境之一中執行了我們的戰略，不僅是為了我們的行業，也是為了世界，我們已經為在目標市場中的領導地位做好了準備。在汽車電氣化 ADAS、能源基礎設施和工廠自動化的長期大趨勢的推動下，我們有能力繼續超越半導體市場。

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，以提供有關我們財務和指導的更多詳細信息。泰德？

Thanks, Hassane. Our third quarter results clearly demonstrate the success of our transformation strategy with record revenue, operating income and free cash flow. The steps we have taken to strengthen our operating model will not only enable us to get through short-term market volatility, but also propel us to scale in the long term. .

謝謝，哈桑。我們第三季度的業績清楚地表明了我們轉型戰略的成功，創紀錄的收入、營業收入和自由現金流。我們為加強我們的運營模式而採取的措施不僅能讓我們度過短期的市場波動，而且還能推動我們在長期內擴大規模。 .

Defining our primary areas of focus has enabled us to double down on intelligent power and sensing technologies and lead where we bring differentiation to the automotive and industrial markets. Our customers now choose onsemi as a strategic partner to enable their success in emerging in disruptive areas such as electric vehicles, ADAS, energy infrastructure and factory automation. Customers are entering new agreements with us, while others are expanding the scope and duration of their existing LTSAs to secure even longer supply.

確定我們的主要重點領域使我們能夠加倍關注智能電源和傳感技術，並引領我們為汽車和工業市場帶來差異化。我們的客戶現在選擇 Onsemi 作為戰略合作夥伴，以幫助他們在電動汽車、ADAS、能源基礎設施和工廠自動化等顛覆性領域取得成功。客戶正在與我們簽訂新協議，而其他客戶正在擴大其現有 LTSA 的範圍和期限，以確保更長的供應。

Revenue committed through our LTSAs increased $5.3 billion in the third quarter and now totals $14.1 billion with LTS revenue over multiple years and often includes hundreds of parts. As Hassane mentioned, we also made additional structural changes to improve the sustainability of margins by rationalizing our product portfolio and eliminating our exposure to price-sensitive nondifferentiated products. So far, we have walked away from $277 million of revenue at an average gross margin of 25%. $39 million of this revenue was in the third quarter at gross margins of 35%.

通過我們的 LTSA 承諾的收入在第三季度增加了 53 億美元，現在總計 141 億美元，其中包括多年的 LTS 收入，通常包括數百個零件。正如 Hassane 所提到的，我們還進行了額外的結構性調整，通過合理化我們的產品組合和消除我們對價格敏感的非差異化產品的敞口來提高利潤率的可持續性。到目前為止，我們已經以 25% 的平均毛利率擺脫了 2.77 億美元的收入。其中 3900 萬美元的收入來自第三季度，毛利率為 35%。

We continue to execute our fab-lighter strategy through the rationalization of our manufacturing footprint. Following the sale of Belgium and South Portland fabs in the first half of the year, we closed the sale of our 8-inch fab in Pocatello, Idaho in October, and we also entered into a definitive agreement to sell our 6-inch fab in Nagata, Japan. We expect the Nagata transaction to close in the fourth quarter.

我們繼續通過合理化我們的製造足跡來執行我們的輕工廠戰略。繼今年上半年出售比利時和南波特蘭晶圓廠後，我們於 10 月完成了愛達荷州波卡特洛 8 英寸晶圓廠的出售，我們還簽訂了最終協議，在日本長田。我們預計 Nagata 交易將在第四季度完成。

Exiting these 4 fabs will reduce our annual fixed cost by $160 million, exceeding our target of $125 million to $150 million. The full benefit of these divestitures will be realized over the next several years as we transition production to other fabs in our network further supporting our long-term gross margin expansion plans.

退出這 4 家晶圓廠將使我們的年度固定成本減少 1.6 億美元，超過我們 1.25 億美元至 1.5 億美元的目標。隨著我們將生產轉移到我們網絡中的其他晶圓廠，進一步支持我們的長期毛利率擴張計劃，這些資產剝離的全部好處將在未來幾年內實現。

Turning to results for the third quarter. As I mentioned, Q3 was another quarter of record results. Total revenue was $2.2 billion, an increase of 26% over the third quarter of 2021 and 5% quarter-over-quarter. We reported record revenue for our strategic end markets of automotive and industrial, which together accounted for 68% of revenue as compared to 61% in the quarter a year ago. Weakness persisted in our nonstrategic end markets of computing and consumer, offset by sequential growth in automotive and industrial of 11% and 5%, respectively.

轉向第三季度的結果。正如我所提到的，第三季度是另一個創紀錄的四分之一。總收入為 22 億美元，比 2021 年第三季度增長 26%，環比增長 5%。我們報告了汽車和工業戰略終端市場的創紀錄收入，這些市場合計佔收入的 68%，而去年同期為 61%。我們的計算和消費類非戰略終端市場持續疲軟，汽車和工業分別連續增長 11% 和 5% 抵消了這一點。

Revenue from both intelligent power and intelligent sensing is also at record levels. Intelligent power grew 35% year-over-year and intelligent sensing grew by 43% year-over-year. Additionally, all 3 business units reported record revenue in the third quarter.

來自智能電源和智能傳感的收入也處於創紀錄水平。智能電力同比增長35%，智能傳感同比增長43%。此外，所有 3 個業務部門均在第三季度報告了創紀錄的收入。

Revenue for the Power Solutions Group, or PSG, was $1.12 billion, an increase of 25% year-over-year. Revenue for the Advanced Solutions Group, or ASG, was $734 million, an increase of 20% year-over-year. And revenue for the Intelligent Sensing Group, or ISG, was $342 million, an increase of 45% year-over-year.

電源解決方案集團 (PSG) 的收入為 11.2 億美元，同比增長 25%。 Advanced Solutions Group (ASG) 的收入為 7.34 億美元，同比增長 20%。智能傳感集團（ISG）的收入為 3.42 億美元，同比增長 45%。

Gross margin -- GAAP gross margin for the third quarter was 48.3% and non-GAAP gross margin was 49.3%. Our non-GAAP gross margin declined as expected by 40 basis points quarter-over-quarter, primarily due to an accelerating ramp in silicon carbide and lower factory utilization at 75% as we proactively slowed wafer starts by 20% from the beginning of the year.

毛利率——第三季度GAAP毛利率為48.3%，非GAAP毛利率為49.3%。我們的非美國通用會計準則毛利率環比下降 40 個基點，這主要是由於碳化矽的加速增長和工廠利用率下降至 75%，因為我們從年初開始主動將晶圓開工率降低了 20% .

As indicated in previous conference calls, we expect silicon carbide start-up costs to be 100 to 200 basis points dilutive to gross margins during the initial revenue ramp.

正如之前的電話會議所述，我們預計碳化矽的啟動成本將在初始收入增長期間稀釋毛利率 100 至 200 個基點。

GAAP operating margin for the quarter was 19.4% and non-GAAP operating margin was a record of 35.4%, an increase of 90 basis points quarter-over-quarter and approximately 1,100 basis points year-over-year. GAAP earnings per diluted share for the third quarter was $0.70, flat as compared to the quarter a year ago. Non-GAAP earnings per diluted share was at a record high of $1.45 as compared to $0.87 in the third quarter of 2021.

本季度 GAAP 營業利潤率為 19.4%，非 GAAP 營業利潤率達到創紀錄的 35.4%，環比增長 90 個基點，同比增長約 1,100 個基點。第三季度的GAAP每股攤薄收益為0.70美元，與去年同期持平。非公認會計準則每股攤薄收益創歷史新高 1.45 美元，而 2021 年第三季度為 0.87 美元。

Now let me give you some additional numbers for your models. GAAP operating expenses for the third quarter were $634 million as compared to $322 million in the third quarter of 2021. Non-GAAP operating expenses were $304 million as compared to $296 million in the quarter a year ago.

現在讓我為您的模型提供一些額外的數字。第三季度 GAAP 運營費用為 6.34 億美元，而 2021 年第三季度為 3.22 億美元。非 GAAP 運營費用為 3.04 億美元，而去年同期為 2.96 億美元。

Non-GAAP operating expenses were below our guidance due to a pushout of certain programs into the fourth quarter, delayed hirings and proactive management of discretionary spending across the company.

非 GAAP 運營費用低於我們的指引，原因是某些項目推遲到第四季度，招聘延遲以及全公司可自由支配支出的主動管理。

For the third quarter, our non-GAAP tax rate was 15.8%, and we expect to remain in the 15.5% to 16.5% range. Our GAAP diluted share count was 449 million shares, and our non-GAAP diluted share count was 441 million shares. We repurchased 1.2 million shares or $80.1 million in the third quarter. Please note that we have an updated reference table on the Investor Relations section of our website to assist you calculating our diluted share count and various share prices.

第三季度，我們的非 GAAP 稅率為 15.8%，我們預計將保持在 15.5% 至 16.5% 的範圍內。我們的 GAAP 稀釋後股票數量為 4.49 億股，我們的非 GAAP 稀釋後股票數量為 4.41 億股。我們在第三季度回購了 120 萬股或 8010 萬美元。請注意，我們在我們網站的投資者關係部分有一個更新的參考表，以幫助您計算我們的稀釋股數和各種股價。

Turning to the balance sheet. Cash and cash equivalents was $2.45 billion, and we had $1.5 billion undrawn on our revolver. Cash from operations was $1 billion, and free cash flow was $731 million at a record level of 21% of revenue on an LTM basis.

轉向資產負債表。現金和現金等價物為 24.5 億美元，我們的左輪手槍有 15 億美元未動用。運營現金為 10 億美元，自由現金流為 7.31 億美元，佔 LTM 收入的 21%，創歷史新高。

Capital expenditures during the third quarter were $271 million, which equates to a capital intensity of 12.4%. As we indicated previously, we are directing a significant portion of our capital expenditures towards silicon carbide and enabling our 300-millimeter capability at the East Fishkill fab.

第三季度的資本支出為 2.71 億美元，相當於 12.4% 的資本密集度。正如我們之前所指出的，我們將很大一部分資本支出用於碳化矽，並在 East Fishkill 工廠實現 300 毫米產能。

Accounts receivable of $857 million declined by $281 million and DSO of 36 days declined by 14 days quarter-over-quarter. Days of inventory declined by 7 days to 129 days from 136 in Q2. This includes approximately 23 days rich inventory to support transitions in the intending silicon carbide ramp. Distribution weeks of inventory declined to 6.9 weeks, down from 7.0 in Q2 as we proactively manage inventory at historically low levels for our distribution partners. And total debt was $3.2 billion.

8.57 億美元的應收賬款減少了 2.81 億美元，36 天的 DSO 環比減少了 14 天。庫存天數從第二季度的 136 天減少 7 天至 129 天。這包括大約 23 天的豐富庫存，以支持預期碳化矽斜坡的過渡。由於我們主動為我們的分銷合作夥伴管理處於歷史低位的庫存，庫存的分銷週數從第二季度的 7.0 週下降到 6.9 週。總債務為32億美元。

Turning to the guidance for the fourth quarter. A table detailing our GAAP and non-GAAP guidance is provided in the press release related to our third quarter results. Let me now provide you elements of our non-GAAP guidance for the fourth quarter.

轉向第四季度的指導。與我們第三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。現在讓我為您提供我們第四季度非公認會計原則指導的要素。

We continue to see strong demand from our automotive end markets, driven by electrification and ADAS. We are beginning to see softening in certain industrial applications, and we expect increased weakness in our nonstrategic end markets that we plan to exit as we continue our portfolio rationalization.

在電氣化和 ADAS 的推動下，我們繼續看到汽車終端市場的強勁需求。我們開始看到某些工業應用的疲軟，我們預計隨著我們繼續我們的投資組合合理化，我們計劃退出的非戰略終端市場將更加疲軟。

Given the macro uncertainty, we are taking a cautious stance in our guidance for the fourth quarter. As such, we anticipate revenue will be in the range of $2.01 billion to $2.14 billion. We expect non-GAAP gross margin to be between 47% and 49% due to lower factory utilization and the dilutive impact of ramping silicon carbide. This also includes share-based compensation of $3 million.

鑑於宏觀不確定性，我們對第四季度的指引持謹慎態度。因此，我們預計收入將在 20.1 億美元至 21.4 億美元之間。由於工廠利用率下降和碳化矽產量增加的稀釋影響，我們預計非公認會計準則毛利率將在 47% 至 49% 之間。這還包括 300 萬美元的股份補償。

Due to the delayed hiring and project spending in the third quarter, we expect non-GAAP operating expenses to increase to $305 million to $320 million, including share-based compensation of $21 million. We anticipate our non-GAAP OIE will be $22 million to $26 million. We expect our non-GAAP tax rate to be in the range of 15.5% to 16.5% and our non-GAAP diluted share count for the fourth quarter is expected to be approximately 441 million shares. This results in non-GAAP per share to be in the range of $1.18 to $1.34.

由於第三季度延遲招聘和項目支出，我們預計非美國通用會計準則運營費用將增加到 3.05 億美元至 3.2 億美元，其中包括 2100 萬美元的股票薪酬。我們預計我們的非公認會計原則 OIE 將在 2200 萬至 2600 萬美元之間。我們預計我們的非公認會計原則稅率將在 15.5% 至 16.5% 之間，我們第四季度的非公認會計原則稀釋後的股票數量預計約為 4.41 億股。這導致每股非公認會計原則在 1.18 美元至 1.34 美元之間。

We expect capital expenditures of $300 million to $330 million in the fourth quarter as we continue to ramp our silicon carbide production and invest in 300-millimeter capability to support our long-term growth we expect our capital intensity to be in the mid- to high-teen percentage range.

我們預計第四季度的資本支出為 3 億至 3.3 億美元，因為我們繼續提高碳化矽產量並投資於 300 毫米產能以支持我們的長期增長 我們預計我們的資本密集度將處於中高水平- 青少年百分比範圍。

In summary, our transformation strategy is made onsemi a more resilient and sustainable company. We have recently been named to investor business dailies, 100 best ESG companies for 2022 as we drive to net zero by 2040. We are well positioned to invest in our and deliver long-term financial performance for our shareholders while extending our competitive lead.

總之，我們的轉型戰略是使 onsemi 成為一家更具彈性和可持續發展的公司。我們最近被投資者商業日報評為 2022 年 100 家最佳 ESG 公司，因為我們將在 2040 年實現淨零。我們有能力投資於我們的股東並為我們的股東提供長期的財務業績，同時擴大我們的競爭優勢。

With that, I'd like to turn the call over to Liz to open up for Q&A.

有了這個，我想把電話轉給 Liz 來進行問答。

(Operator Instructions) Our first question comes from the line of Ross Seymore with Deutsche Bank.

（操作員說明）我們的第一個問題來自德意志銀行的 Ross Seymore。

I guess the first one is on is on the revenue side and the demand side of the equation. You mentioned uncertainties and then you talked about auto staying strong, but weakness in other places. Can you just talk a little bit about the linearity of demand and maybe dive a little bit deeper into what you're seeing in the industrial market? I think people understand your other segments have been weekend markets and aren't strategically a focus for you, but the industrial side is. So a little bit of color on those metrics would be helpful.

我猜第一個是在等式的收入方面和需求方面。你提到了不確定性，然後你談到了汽車保持強勁，但在其他地方則表現疲軟。您能否簡單談談需求的線性度，或許更深入地了解您在工業市場中所看到的情況？我認為人們了解您的其他細分市場一直是周末市場，並不是您的戰略重點，但工業方面是。因此，在這些指標上添加一點顏色會很有幫助。

Sure, Ross. So at a high level, automotive, we see the strength -- we see the strength in and supported all by the LTSA that we -- Thad and I have been talking about, including the renewed LTSAs and the extended LTSAs that cover the demand outlook that we have, and that's why we're building capacity for. You've seen the strength in our business even this quarter as we ramp the electrification as we ramp ADAS. Those are the megatrends that are driving our automotive demand. We don't see that changing in the outlook we have.

當然，羅斯。所以在汽車的高層次上，我們看到了力量——我們看到了我們——Thad 和我一直在談論的 LTSA 的力量和支持，包括更新的 LTSA 和涵蓋需求前景的擴展 LTSA我們擁有，這就是我們正在建設能力的原因。即使在本季度，您也已經看到了我們業務的實力，因為我們在提高 ADAS 的同時提高了電氣化水平。這些是推動我們汽車需求的大趨勢。我們認為我們的前景不會發生這種變化。

On the industrial side, you see factory automation. You see renewable energy, that strengths what we made including our medical business, where we see a little bit of softness in the industrial is really in the segments that are closer to the consumer. I think like white goods or so. We see that. Obviously, it's a macro-driven softness. We're watching it, but that's kind of the pockets that we see softness in the industrial.

在工業方面，您會看到工廠自動化。您會看到可再生能源，它增強了我們的業務，包括我們的醫療業務，我們看到工業中的一些疲軟實際上是在更接近消費者的領域。我認為像白色家電左右。我們看到了。顯然，這是一種宏觀驅動的柔軟度。我們正在關注它，但這就是我們在工業中看到的柔軟的口袋。

Anything in the linearity side of the equation, just the back half of that question?

等式的線性方面的任何內容，只是那個問題的後半部分？

It's up into to the right.

它在右邊。

And I guess as my follow-up, one for Thad, on the gross margin side of things. It's good that you guys are still sticking with the 1 to 2 percentage point headwind from the silicon carbide ramp, but you've heard a number of your competitors talk about the difficulty in that ramp. So can you us a little bit more color on what gives you the confidence in maintaining that hit as you're ramping so significantly? And if the revenue side of the equation and the demand side is up as high as it is, doesn't the CapEx have to rise accordingly? If you're going to do over $1 billion in revenues, how is your capital intensity staying roughly the same, shouldn't those 2 lines move in sync?

我想作為我的後續行動，Thad 的一個，在毛利率方面。很高興你們仍然堅持碳化矽坡道帶來的 1 到 2 個百分點的逆風，但是您已經聽到許多競爭對手談論該坡道的難度。那麼，您能否為我們提供更多色彩，讓您有信心在您如此顯著地加速時保持擊球的信心？如果等式的收入方面和需求方面一樣高，資本支出是否必須相應增加？如果你要實現超過 10 億美元的收入，你的資本密集度如何保持大致相同，這兩條線不應該同步移動嗎？

Yes. Look, I'll cover the first part of that as far as the difficulty and let Thad talk about the CapEx. Look, yes, this is hard stuff. So I sympathize with our competitors because it's not easy stuff to do. We've been facing standard ramping challenges, but we're able to leverage our scale worldwide and the worldwide manufacturing scale that we''ve had and the experience to address these issues as they come up. We have an excellent and very experienced operations team and that's what they do every day. We have mature processes. We have a very strong scale of manufacturing playbook.

是的。看，我將討論第一部分的難度，讓泰德談談資本支出。看，是的，這很難。所以我同情我們的競爭對手，因為這不是一件容易的事。我們一直面臨著標準的爬坡挑戰，但我們能夠利用我們在全球的規模和我們擁有的全球製造規模以及解決這些問題的經驗。我們擁有一支優秀且經驗豐富的運營團隊，這就是他們每天都在做的事情。我們有成熟的流程。我們擁有非常強大的製造規模。

So any excursion, if they do happen, we're able to tackle it quickly, we're able to resolve it quickly, and that impact is always minimal. That's why you've seen us always focusing on the ramp and more importantly, our confidence in our ramp against the difficulties of what that silicon carbide ramp will bring in. So our targets that we've been giving and our targets that we've been talking specifically on the revenue ramp are all within our capabilities, and we do believe -- strongly believe the risks are very manageable for us.

因此，任何偏差，如果它們確實發生，我們能夠快速解決它，我們能夠快速解決它，而且這種影響總是最小的。這就是為什麼您看到我們始終專注於坡道，更重要的是，我們對我們的坡道充滿信心，以應對碳化矽坡道將帶來的困難。所以我們一直在給出的目標和我們已經制定的目標一直在談論收入增長都在我們的能力範圍內，我們確實相信 - 堅信風險對我們來說是非常可控的。

Yes. Ross, on the capital intensity, as I said in my prepared remarks, we expect our capital intensity to go up to the mid- to high single -- mid- to high teens over the next several quarters. Clearly, we're having to place orders for equipment further out to support this revenue ramp, but we do expect our capital intensity to go up.

是的。羅斯，關於資本密集度，正如我在準備好的講話中所說，我們預計我們的資本密集度將在接下來的幾個季度中上升到中高水平。顯然，我們不得不進一步訂購設備以支持這一收入增長，但我們確實預計我們的資本密集度會上升。

Our next question comes from the line of Chris Danely with Citi.

我們的下一個問題來自花旗銀行的 Chris Danely。

So as part of this weakness, have your pricing expectations changed for 2023? And then do you expect the weakness to bleed over into the automotive end market as well?

因此，作為這一弱點的一部分，您對 2023 年的定價預期是否發生了變化？然後您是否預計這種疲軟也會蔓延到汽車終端市場？

This is Hassane. No, we don't see any movement on pricing. Obviously, we've been talking about the LTSAs that we have in our strategic products are based on the value of the products. And that does not change based on the outlook and the demand and the LTSAs provide that certainty of both volume and pricing, as we've said in the past. .

這是哈桑。不，我們沒有看到任何定價變動。顯然，我們一直在談論我們在戰略產品中的 LTSA 是基於產品的價值。正如我們過去所說，這不會根據前景和需求而改變，LTSA 提供了數量和定價的確定性。 .

So I don't expect that to be any place in the equation, not even in automotive and industrial. Obviously, where the pricing would be potentially volatile is in the businesses that are not core that we plan to exit, and that has always been part of our exit strategy that would actually be favorable to margin. So we're not worried about the pricing environment at this point.

所以我不認為這會在等式中佔據任何位置，即使在汽車和工業領域也是如此。顯然，定價可能波動的地方是我們計劃退出的非核心業務，這一直是我們退出策略的一部分，實際上有利於利潤率。因此，我們目前並不擔心定價環境。

And Chris, the one thing I would add is as we see input costs going up, we are passing that on to our customers, and we'll continue to do that as well. So the pricing environment is very stable.

克里斯，我要補充的一件事是，當我們看到投入成本上升時，我們正在將其轉嫁給我們的客戶，我們也將繼續這樣做。所以定價環境非常穩定。

Great. And for my follow-up, have you seen or are you seeing any change in your lead times? And then are there any -- as part of that, are there any shortages existing for the products? Or are those all gone?

偉大的。對於我的跟進，您是否看到或是否看到您的交貨時間有任何變化？然後是否有任何 - 作為其中的一部分，產品是否存在任何短缺？還是那些都沒有了？

Lead times is flat, is very consistent. As far as shortages, yes, we do have technologies that have -- are remaining in short supply the demand that we have. And we expect those technologies to remain supply constrained even through 2023. And those are the ones we're covered with LTSAs with our customers to make sure -- strategic customer to make sure we cover the whole bomb for our customers in order to sustain our ramps in new products next year. .

交貨時間是平坦的，非常一致。就短缺而言，是的，我們確實擁有滿足我們需求的技術 - 仍然供不應求。我們預計，即使到 2023 年，這些技術仍將受到供應限制。這些是我們與客戶一起獲得 LTSA 以確保的技術——戰略客戶確保我們為客戶覆蓋整個炸彈，以維持我們的明年推出新產品。 .

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

我們的下一個問題來自美國銀行的 Vivek Arya。

Hassane, I just wanted to follow up on the question, Chris also asked, which is on just the supply-demand balance on the automotive side. There is a concern that automotive could be kind of this next show to drop in this rolling correction in semis. What are you hearing from your auto customers about? Are they building inventory right now? What is the supply-demand balance when you look at OEMs and Tier 1s, especially towards the first half of next year?

哈桑，我只是想跟進這個問題，克里斯也問，這只是汽車方面的供需平衡。有人擔心汽車可能會成為下一場在半決賽滾動修正中下降的節目。您從汽車客戶那裡聽到了什麼？他們現在正在建立庫存嗎？當您查看原始設備製造商和一級供應商時，尤其是明年上半年，供需平衡如何？

Look, the visibility we have, there is no inventory. Are there small pockets because the golden screw problem? Yes. We work with our customers to make sure when we batch build something, we will give them a few weeks or 2 to 3 weeks ahead and then they drain it over the next few weeks. So those are -- those -- I'm not worried about because we work with our customers directly. .

看，我們的能見度，沒有庫存。會不會因為金螺絲的問題而出現小口袋？是的。我們與客戶合作，以確保當我們批量構建某些東西時，我們會給他們提前幾週或 2 到 3 週的時間，然後他們會在接下來的幾週內將其耗盡。所以這些是 - 那些 - 我並不擔心，因為我們直接與客戶合作。 .

If you look at the demand environment and where our growth and our demand is coming from, it's coming from EVs. No matter what report you look at or what customer you talk to an OEM, pure-play EV OEM or a broad OEM, there's one thing consistent. No matter what the SAAR does, they will build more EVs next year than they do this year. That's where our growth is coming from, both power and then more and more safety is getting into cars. That's where our sensing comes in. Between those 2 megatrends, our content is going to grow and remain growing even through '23, no matter what the SAAR does in this case, based on a lot of the prediction. So that's what gives us the confidence. Again, we have secured that outlook with LTSAs. So I'm not worried about that part of it.

如果你看看需求環境以及我們的增長和需求來自哪裡，它來自電動汽車。無論您查看什麼報告或與 OEM、純電動汽車 OEM 或廣泛的 OEM 交談什麼客戶，都有一件事是一致的。無論 SAAR 做什麼，他們明年都會製造比今年更多的電動汽車。這就是我們增長的來源，無論是動力還是越來越多的安全性都進入了汽車。這就是我們的感知發揮作用的地方。在這兩個大趨勢之間，我們的內容將不斷增長，即使到 23 年，無論 SAAR 在這種情況下做什麼，基於大量的預測。這就是給我們信心的原因。同樣，我們通過 LTSA 確保了這一前景。所以我並不擔心那部分。

Is ICE engine going to have some softness because of rates going up or demand going down? Potentially. But again, the EV plants are the ones that we focus on the ones that our OEMs want to make sure they secure their EV penetration or they're going to lose share. So that's what we work on. But it is not because of any inventory. If anything, it's potentially just demand. But at this point, we don't see it for our business and our exposure to EV.

由於利率上升或需求下降，ICE 發動機是否會出現一些疲軟？潛在的。但同樣，電動汽車工廠是我們關注的那些，我們的原始設備製造商希望確保他們確保他們的電動汽車滲透率，否則他們將失去份額。所以這就是我們的工作。但這不是因為任何庫存。如果有的話，它可能只是需求。但在這一點上，我們並沒有看到我們的業務和我們對電動汽車的敞口。

Got it. And for my follow-up, on gross margins. Thad, I think on the last call, you said you feel comfortable staying in this 48% to 50% range. So when I look at the Q4 outlook, you are at 48% already. How should we think about the puts and takes for -- from a calendar '23 perspective? Because you'll be taking on the East Fishkill fab, right, which you have outlined some headwinds from and then, of course, silicon carbide ramps. So there is some headwind and your utilization right now is 75%. So can you stay in this 48 -- plus kind of range for next year? Just what are kind of the puts and takes of gross margins for next year?

知道了。對於我的後續行動，毛利率。泰德，我想在上次電話會議上，你說你覺得保持在 48% 到 50% 的範圍內很舒服。因此，當我查看第四季度的前景時，您已經達到了 48%。從 23 年日曆的角度來看，我們應該如何看待看跌期權？因為您將挑戰東菲什基爾工廠，對，您已經概述了一些不利因素，當然還有碳化矽坡道。所以有一些阻力，你現在的利用率是 75%。那麼明年你能保持在這個 48 歲以上的範圍內嗎？明年毛利率的看跌期權是多少？

Yes. Look, for '23 -- and by no means I'm trying to provide a guidance here, but for '23, you've got a couple of headwinds, as you mentioned, right, 100 to 200 basis points for silicon carbide. You've got 40 to 70 basis points for the East Fishkill foundry business that are -- that will be dilutive for next year. I think more than anything, this will be driven by the market dynamics in terms of what our margins will do. We're very comfortable in pricing for next year. I think it really comes down to utilization. In this environment, I think we're going to be very cautious. We're seeing utilization and starts down already.

是的。看，對於 23 年——我絕不是想在這裡提供指導，但對於 23 年，你有一些不利因素，正如你所提到的，對，碳化矽有 100 到 200 個基點。東菲什基爾代工業務有 40 到 70 個基點，這將在明年稀釋。我認為最重要的是，這將取決於我們的利潤率將做什麼的市場動態。我們對明年的定價非常滿意。我認為這真的歸結為利用率。在這種環境下，我認為我們會非常謹慎。我們看到了利用率並且已經開始下降。

As we go into next year, I think we're modeling it very conservatively. But we feel pretty comfortable sitting here based on what we can see today that there's a floor on our gross margins in the mid-40% range. That will be driven by the market more than anything.

隨著我們進入明年，我認為我們對它的建模非常保守。但根據我們今天看到的情況，我們坐在這裡感覺很舒服，我們的毛利率在 40% 的中間範圍內有一個底線。這將比任何事情都更受市場驅動。

Our next question comes from the line of Matt Ramsay with Cowen.

我們的下一個問題來自 Matt Ramsay 和 Cowen 的對話。

This is Josh Buchalter on behalf of Matt. Congrats on the result. I wanted to ask about CapEx. It seems like at least next year or the next couple of quarters, it's going to be running materially higher than the initial 12% outlook. Were there any -- can you walk us through what's driving the increased spending and in particular, why the uptick now?

這是代表馬特的喬什·布查爾特。祝賀結果。我想問一下資本支出。似乎至少在明年或接下來的幾個季度，它將大大高於最初 12% 的前景。有沒有 - 你能告訴我們是什麼推動了支出的增加，特別是為什麼現在上升？

Yes, the uptick is to support the LTSA revenue that we continue to lock-in. I referred to the increase that we had in Q3. But clearly, we're locking up more and more open carbide wins and the ramp will go out for the years and that requires additional capital. And that's the reason that we're -- we continue to make investments.

是的，上漲是為了支持我們繼續鎖定的 LTSA 收入。我提到了我們在第三季度的增長。但很明顯，我們正在鎖定越來越多的開放式硬質合金勝利，並且斜坡將持續數年，這需要額外的資金。這就是我們繼續投資的原因。

Then obviously, Thad mentioned the equipment lead time, we want to make sure we stay ahead of it. So that's forcing us to place order materially earlier than we typically would need to. We don't want to run the risk of not being able to support our ramp. So we're being very proactive given the environment and the lead time of equipment vendors.

然後很明顯，Thad 提到了設備交貨時間，我們希望確保我們保持領先。因此，這迫使我們比通常需要的時間更早地下訂單。我們不想冒無法支持我們的坡道的風險。因此，鑑於環境和設備供應商的交貨時間，我們非常積極主動。

I appreciate the color there. And then you sort of mentioned the issue at one of your competitors with the yields that we found out about last week. Since then, we've been getting a lot of questions on is there any read-through into your own internal substrate ambitions? Can you walk us through your thinking there? Is it sort of just a normal part of coming up the yield curve? Or was it from your view, some specific to design decisions that they made?

我很欣賞那裡的顏色。然後你在我們上週發現的收益率中提到了你的一個競爭對手的問題。從那時起，我們收到了很多關於您自己的內部基板野心是否有任何通讀的問題？你能告訴我們你的想法嗎？這只是收益率曲線上升的正常部分嗎？還是從您的角度來看，是他們做出的一些特定於設計的決定？

Look, I can't comment on what decisions or what assumptions they made. I can only comment on our business and what we are doing. We've always given the same outlook for our business as far as the ramp, as far as the margin targets at scale and the headwinds from the ramp with the start-up cost that we include all of them in our reported results.

聽著，我無法評論他們做出的決定或假設。我只能評論我們的業務和我們正在做的事情。就坡道而言，我們一直對我們的業務給予相同的展望，就規模的利潤率目標以及坡道帶來的不利因素以及我們將所有這些因素都包括在我們報告的結果中的啟動成本而言。

Those have not changed, and we've been very consistent over the last few quarters since we started disclosing them. And that should give you an idea that -- and really the confidence from our side -- that the numbers and the models we're giving are all well within our capabilities, inclusive of any challenges we may or may not have. We've had all those baked in. Because as I mentioned, we have a very strong process and a very strong playbook given our scale of manufacturing of power products over the last 2 decades with IGBTs.

這些並沒有改變，自從我們開始披露它們以來，我們在過去幾個季度中一直非常一致。這應該給你一個想法 - 並且真正來自我們方面的信心 - 我們提供的數字和模型都在我們的能力範圍內，包括我們可能面臨或可能沒有的任何挑戰。我們已經掌握了所有這些內容。因為正如我所提到的，鑑於我們在過去 20 年中使用 IGBT 製造功率產品的規模，我們擁有非常強大的流程和非常強大的劇本。

So our ability to scale power products and walk through all the yield and walk through all the production ramp challenges that we have, we're still at exactly where we were since we started disclosing those numbers. We're meeting both the top line and the margin. And at scale, those margins will be accretive. There's no change from our side.

因此，我們擴展電力產品並完成所有產量並完成所有生產坡道挑戰的能力，我們仍然處於我們開始披露這些數字以來的確切位置。我們正在滿足頂線和邊距。在規模上，這些利潤將是遞增的。我們這邊沒有變化。

Our next question comes from the line of Toshiya Hari with Goldman Sachs.

我們的下一個問題來自高盛的 Toshiya Hari。

Thad, you mentioned that you guys exited from $39 million in revenue in Q3. 3 months ago, you talked about, I think, $150 million in the second half of this year and an incremental $450 million in 2023. Is that still the plan? Or given the weakness in the consumer end markets, could some initiatives be accelerated?

Thad，你提到你們在第三季度退出了 3900 萬美元的收入。 3個月前，你說，我想，今年下半年1.5億美元，2023年增加4.5億美元。這仍然是計劃嗎？或者鑑於消費者終端市場的疲軟，是否可以加快一些舉措？

Yes. We've always said that the exit would be market driven. And the faster we could exit, the better off we'd be, we exited $35 million as you referred to. As we forward to Q4, we think we're going to exit somewhere between $65 million to $75 million in Q4. And for 2023, we still think we're on track and be market dependent, but we think it will be in the neighborhood of 400 to 450 exits for next year as well.

是的。我們一直說退出是市場驅動的。我們退出的速度越快，我們的境況就越好，正如你所說，我們退出了 3500 萬美元。隨著我們進入第四季度，我們認為我們將在第四季度退出 6500 萬至 7500 萬美元。對於 2023 年，我們仍然認為我們正在走上正軌並依賴市場，但我們認為明年也會有 400 到 450 個退出。

So we think we're on track for that. We think the softness in this market kind of supports this exit allows us to reallocate that capacity somewhere else that's more valuable to us. So those are the numbers that we have line of sight to right now.

因此，我們認為我們正在實現這一目標。我們認為，這種市場的疲軟支持這種退出，使我們能夠將產能重新分配到其他對我們更有價值的地方。所以這些是我們現在可以看到的數字。

Great. And then as my follow-up, another one on gross margins. I'm curious what your plans are from a wafer start or utilization rate perspective into Q4? You said 75% utilization rate in Q3. I'm guessing it continues to move, move south, but curious what the assumption is there? And in response to another question to a prior question you said, you expect the mid-40s to be a floor for gross margins. In making that statement, what kind of volume and pricing assumptions are you making for '23?

偉大的。然後作為我的後續行動，另一個關於毛利率的問題。我很好奇您從晶圓啟動或利用率的角度到第四季度的計劃是什麼？您說第三季度的利用率為 75%。我猜它會繼續移動，向南移動，但很好奇那裡的假設是什麼？在回答您之前提到的另一個問題時，您預計 40 年代中期將成為毛利率的下限。在發表該聲明時，您對 23 年的數量和定價假設是什麼？

Okay. So -- so look, when coming back, I'll start in reverse order here on the floor of what we think is the mid-40s in a downturn next year. Pricing remains very, very steady in terms of next year. We think the business is -- well, I'm not going to provide you guidance on that one, we'll let you guys figure out what that is, it's going to be more market-driven. You guys will model it the way you model it. What was the first part of the question?

好的。所以 - 所以看，回來時，我將在我們認為明年低迷時期的 40 年代中期的地板上以相反的順序開始。明年的價格仍然非常非常穩定。我們認為該業務是-好吧，我不會為您提供有關該業務的指導，我們會讓你們弄清楚那是什麼，它將更加受市場驅動。你們將按照建模的方式對其進行建模。問題的第一部分是什麼？

Utilization rates in Q4, what the plans are? .

第四季度的利用率，計劃是什麼？ .

Yes. Thanks for the reminder. So Q2, we were at 77%. We dropped to 75% here in Q3. As we look forward into Q4, again, we assume incremental softness here. So we think it's flat to down slightly in Q4 as our assumption.

是的。感謝您的提醒。所以第二季度，我們達到了 77%。我們在第三季度下降到 75%。當我們展望第四季度時，我們再次假設這裡會出現增量疲軟。因此，我們認為作為我們的假設，它在第四季度持平或略有下降。

Our next question comes from the line of Rajvindra Gill with Needham.

我們的下一個問題來自於李約瑟的 Rajvindra Gill。

Question on the guidance on the top line. Can you give us any kind of direction by the nonstrategic or strategic?

關於頂行指導的問題。您能給我們一些非戰略性或戰略性的方向嗎？

Yes, Raji, let me break it out by end market. Auto, we think, is going to be up kind of low single digits. We think industrial is down kind of mid-single digits. And we think our other category, nonstrategic, is down kind of mid- to high single digits. That's the way that we think about the guidance there.

是的，Raji，讓我按終端市場細分一下。我們認為，汽車行業的漲幅將會是個位數的低位。我們認為工業下降了中個位數。我們認為我們的另一個類別，非戰略性，下降了中高個位數。這就是我們思考那裡的指導的方式。

Got it. So on the industrial being down mid-single and kind of seeing a deceleration in kind of the year-over-year growth rate, quarter-by-quarter, that growth rate has been decelerating. And obviously, we've heard commentary about softness in industrial from some competitors. I'm just curious if you think this softness in white goods is just kind of relegated to that particular market. And that seems to be -- even if it is relegated to that small segment of the market, it's still a relatively decent percentage of your industrial if you're seeing kind of a mid-single decline quarter-over-quarter.

知道了。因此，在工業處於單一中期下降並且同比增速有所放緩的情況下，該增速一直在減速。顯然，我們從一些競爭對手那裡聽到了關於工業疲軟的評論。我只是好奇你是否認為白色家電的這種疲軟只是歸入那個特定市場。這似乎是——即使它被歸入市場的一小部分，如果你看到季度環比出現中單下降，它在你的工業中仍然是一個相對不錯的百分比。

So just wondering if that's the case? Or are there other kind of indications that you're seeing with respect to your customers? Outside of alternative energy, are you seeing slower industrial production in medical or other different segments?

所以只是想知道是不是這樣？或者您是否看到了與您的客戶相關的其他類型的跡象？在替代能源之外，您是否看到醫療或其他不同領域的工業生產放緩？

Now look, the industrial -- factory automation, alternative energy is going to be up. The white goods, I gave it as an example of what we call legacy industrial, meaning the industrial segment that is the closest to the consumer, and that is driven by consumer spending or even real estate. The industrial market is very broad, and we're starting to see the softness kind of in multiple of these legacy industrial areas.

現在看，工業——工廠自動化，替代能源將會興起。白色家電，我把它作為我們所謂的傳統工業的例子，意思是最接近消費者的工業部分，由消費者支出甚至房地產驅動。工業市場非常廣闊，我們開始看到多個這些傳統工業領域的疲軟。

Our focus specifically is on factory automation and alternative energy. And that's what we've really been investing in, in driving new products through, and that remains strong and that remains growing. But obviously, automotive or industrial is a very broad market.

我們特別關注工廠自動化和替代能源。這就是我們真正一直在投資的東西，推動新產品的推出，而且它仍然很強勁，而且還在不斷增長。但顯然，汽車或工業是一個非常廣闊的市場。

And just for my follow-up, I appreciate that Hassane. Just that on the OpEx, it's been kind of bold quarter-by-quarter based on kind of pushouts some programs. So 3 12.5% for Q4, as you kind of go into 2023, wondering how you're thinking about the OpEx ramp? Is there going to be continued investment in R&D? I'm just curious if there -- you obviously are managing an OpEx system that's going to be conducive if the demand environment slows down, same thing where you're managing inventory. Just curious how you're thinking about the OpEx controls into calendar 2023?

就我的後續行動而言，我很欣賞哈桑。就在 OpEx 上，基於推出一些程序的方式，它每季度都是大膽的。所以 3 第 4 季度 12.5%，當您進入 2023 年時，想知道您是如何考慮運營支出增長的？是否會繼續對研發進行投資？我只是好奇是否存在——你顯然正在管理一個運營支出系統，如果需求環境放緩，這將是有利的，就像你管理庫存一樣。只是好奇您如何看待 2023 年日曆中的運營支出控制？

Yes. Look, we've already been managing discretionary spending very carefully. Some of the lumpiness, as I mentioned in my prepared remarks with the timing of some R&D projects. What you'll see us continue to do is reallocate some of the spending into R&D as we grow. As we think into next year, we've set our model at 17%. We've been running well below that, I think, kind of too low at this point. As I look into next year, I don't think we're going to get to 17%. I think we're probably going to be somewhere around 15.5%, maybe max out at 16% of the top end. That would be my thinking for next year. .

是的。看，我們已經非常謹慎地管理可自由支配的支出。正如我在準備好的一些研發項目時間安排的評論中提到的那樣，有些混亂。你會看到我們繼續做的是隨著我們的成長將部分支出重新分配到研發中。考慮到明年，我們將模型設置為 17%。我認為，在這一點上，我們已經遠遠低於這個水平。展望明年，我認為我們不會達到 17%。我認為我們可能會達到 15.5% 左右，最高可能達到高端的 16%。這將是我明年的想法。 .

Our next question comes from the line of Tore Svanberg with Stifel.

我們的下一個問題來自 Tore Svanberg 和 Stifel。

Yes. This is Jeremy Kwan calling for Tore. I guess just 2 quick questions here. The first, regarding your launch or supply agreement, are there any upfront cash commitments or peak pace associated with this? I just want to get a sense of any kind of financial commitments that your customers have given.

是的。這是 Jeremy Kwan 呼喚 Tore。我想這裡只有 2 個簡單的問題。首先，關於您的發布或供應協議，是否有任何與此相關的前期現金承諾或最高速度？我只是想了解您的客戶做出的任何類型的財務承諾。

Can you repeat the first part of your question, you broke up a little bit?

你能重複你問題的第一部分嗎，你們分手了一點？

Sorry about that. Yes, the long-term supply agreement, just wondering if there's any prepayments associated with these?

對於那個很抱歉。是的，長期供應協議，只是想知道是否有任何與這些相關的預付款？

Yes, absolutely. I mean our customers have been co-investing with us. We've been saying that for a while. That's -- that has to be prepayments, it can be on payments for capital. It could be co-investing in R&D, that's very typical.

是的，一點沒錯。我的意思是我們的客戶一直在與我們共同投資。我們已經說了一段時間了。那是-必須是預付款，可以是資本付款。可能是共同投資研發，這是非常典型的。

Any chance you could quantify that for us?

你有機會為我們量化嗎？

No. They vary by agreement and duration. So I wouldn't want to try and put a number on it.

不，它們因協議和期限而異。所以我不想嘗試在上面加上一個數字。

Got it. Okay. And then just circling back to the pricing question. Are there -- is there anything that you might want to highlight in terms of maybe the timing of these price increases that you're passing along versus the price increase that you're seeing in the supply chain? And any way to quantify this as well?

知道了。好的。然後回到定價問題。有沒有什麼是您可能想要強調的，可能是您傳遞的這些價格上漲的時間與您在供應鏈中看到的價格上漲？還有什麼方法可以量化這一點？

No, we're not giving quantitative because we're just passing whatever we get. So from the outlook and from our margin, you can think about it as being neutral. So as we get it, we pass it on. .

不，我們沒有給出量化，因為我們只是傳遞我們得到的任何東西。因此，從前景和我們的利潤率來看，你可以認為它是中性的。因此，當我們得到它時，我們會傳遞它。 .

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

我們的下一個問題來自摩根大通的 Harlan Sur。

Your intelligent sensing group, primarily image sensor solutions, which is where you have quite a bit of the portfolio, which is outsourced as -- I remember it was capacity constrained back last year. This business has been outperforming this year. I think it's up like 41% for the first 9 months. I assume you guys are getting better capacity allocation from your foundry partners. Is image sensor demand still tracking higher than supply and can you just give us an update on the in-sourcing initiatives?

你的智能傳感組，主要是圖像傳感器解決方案，你有相當多的產品組合，這是外包的——我記得去年產能受限。該業務今年表現出色。我認為前 9 個月上漲了 41%。我假設你們從代工合作夥伴那裡獲得了更好的產能分配。圖像傳感器的需求是否仍然高於供應，您能否向我們提供有關內包計劃的最新信息？

Yes. Demand -- look, I'll give you the demand environment. Obviously, demand still outpaces supply based on a lot of the penetration that we see in ADAS for automotive, which is agnostic of EVs or ICE engines. So a very healthy demand environment and more importantly, very healthy position that we hold in that market. We also have a lot of new products that we've launched, both in automotive and industrial that are fit for purpose for these markets individually and that is driving some of our new product ramps as well. .

是的。需求——看，我給你需求環境。顯然，基於我們在汽車 ADAS 中看到的大量滲透，需求仍然超過供應，這與電動汽車或內燃機引擎無關。因此，一個非常健康的需求環境，更重要的是，我們在該市場中擁有非常健康的地位。我們還推出了許多新產品，包括汽車和工業產品，它們分別適合這些市場，這也推動了我們的一些新產品的推出。 .

On the supply side, we have been getting incrementally more supply over time. Every quarter, we get incrementally more as our road map with our foundry partners are. And internally, what we've been doing also is expanding some of our -- that I mentioned in my prepared remarks, increasing some of our capacity for back-end in order to get closer to the demand environment as we get more wafers from foundry partners. So both of these have enabled us to increase our units as well as our revenue because of the higher ASPs given the technology advancements that I talked to you about in my prepared remarks. We don't see that slowing down. We're going to keep increasing capacity, we're going to keep getting more wafers from foundry partners, and that's going to keep driving the growth in that business even through next year.

在供應方面，隨著時間的推移，我們的供應量逐漸增加。隨著我們與代工合作夥伴的路線圖越來越多，每個季度我們都會獲得更多收益。在內部，我們一直在做的也是擴大我們的一些——我在準備好的評論中提到，增加我們的一些後端能力，以便在我們從代工廠獲得更多晶圓時更接近需求環境夥伴。因此，鑑於我在準備好的評論中與您談到的技術進步，這兩者都使我們能夠增加我們的單位和收入，因為更高的平均售價。我們沒有看到這種放緩。我們將繼續增加產能，我們將繼續從代工廠合作夥伴那裡獲得更多的晶圓，這將繼續推動該業務的增長，甚至到明年。

Great. Hassane, you also talked about this a little bit in your prepared remarks. Being a leader in power, you guys have a pretty broad portfolio of solutions, right? So in addition to the silicon carbide traction inverter for EV and onboard charging, like how successful has the team been in also pulling in, for example, the gate driver module, which uses your MOSFET portfolio, the front-wheel drive, IGBT traction inverters?

偉大的。哈桑，你在準備好的發言中也談到了這一點。作為權力的領導者，你們擁有相當廣泛的解決方案組合，對吧？因此，除了用於 EV 和車載充電的碳化矽牽引逆變器之外，該團隊在引入例如柵極驅動器模塊（使用您的 MOSFET 產品組合）、前輪驅動、IGBT 牽引逆變器方面取得了多麼成功?

This, I assume, is not included in the $4 billion pipeline, but it does sit alongside your silicon carbide solutions and represent sort of further content gain opportunity. So how successful has the team been in sort of attaching these other components, 2-year silicon carbide pipeline?

我認為，這不包括在 40 億美元的管道中，但它確實與您的碳化矽解決方案並列，代表了進一步獲取內容的機會。那麼，該團隊在連接這些其他組件（2 年碳化矽管道）方面取得了多大的成功？

That's a good question. So the team has been very successful. What we -- what I refer to as cross-selling, it's something that our sales team drives with the business unit that I track as well. So just to give some more specifics, the $4 billion committed revenue we talked about for silicon carbide, that's purely on the silicon carbide. Thad talked about our LTSAs in general, being north of the $14 billion and increasing more than $5 billion last quarter and including hundreds of parts.

這是個好問題。所以這個團隊非常成功。我們 - 我稱之為交叉銷售，這是我們的銷售團隊與我跟踪的業務部門一起推動的事情。因此，為了提供更多細節，我們談到碳化矽的 40 億美元承諾收入，這純粹是在碳化矽上。 Thad 總體上談到了我們的 LTSA，超過 140 億美元，上個季度增加了超過 50 億美元，其中包括數百個零件。

So you can think about that's the cross-selling at a customer where we want to make sure that everything on that bond that the customer needs is secured in the LTSA. The worst thing you can have is have 99 parts, and you're missing the golden screw from us also, and we can ship to 99. So we have the full content on per bomb. And per new designs, we pull a lot of our other content that will support that system level sell.

因此，您可以將其視為客戶的交叉銷售，我們希望確保客戶所需的債券上的所有內容都在 LTSA 中得到保護。你能擁有的最糟糕的事情是有 99 個零件，而且你還缺少我們的金螺絲，我們可以運送到 99 個。所以我們每個炸彈都有完整的內容。根據新設計，我們會提取許多其他支持該系統級銷售的內容。

I've mentioned in the past, we do that even with image sensors where new and highly advanced image sensors also carry a PMIC with them. So it's not just power. Within power, we carry power even our intelligent sensing business as a cross-selling. So we do that as a matter of day to day. Our sales team is focused on it, and our business units are focused on it.

我在過去提到過，即使使用圖像傳感器，我們也會這樣做，其中新的和高度先進的圖像傳感器也帶有 PMIC。所以這不僅僅是權力。在權力範圍內，我們甚至將我們的智能傳感業務作為交叉銷售來承載權力。所以我們每天都這樣做。我們的銷售團隊專注於它，我們的業務部門也專注於它。

Our next question comes from the line of Timothy Arcuri with UBS.

我們的下一個問題來自瑞銀的蒂莫西·阿庫裡（Timothy Arcuri）。

I wondered if you could quantify in Q4, the gross margin headwinds from the underutilization and then maybe help us think about does that get better in Q1 or worse?

我想知道您是否可以在第四季度量化利用不足帶來的毛利率逆風，然後也許可以幫助我們思考第一季度會變得更好還是更糟？

Well, look, the way we're thinking about the market right now is we think it remains soft. I think utilization kind of stays in this level, maybe even goes backwards slightly as we go into Q1. So I don't expect that to improve just based on what we're all seeing in the news.

好吧，看，我們現在對市場的看法是我們認為它仍然疲軟。我認為利用率保持在這個水平，甚至在我們進入第一季度時甚至會略微倒退。因此，我不希望僅根據我們在新聞中看到的情況有所改善。

In terms of the quantification, we said silicon carbide is 100 to 200 basis points dilutive there. And the utilization is a factor in addition to that.

在量化方面，我們說碳化矽在那裡稀釋了 100 到 200 個基點。除此之外，利用率也是一個因素。

Okay. And then, I guess, can you help quantify -- you just talked about the LTSAs, and it sounds like most of the increases you're kind of sweeping other content inside of the silicon carbide business given the importance of that. Can you just talk about how much of the $2.2 billion right now is moving inside of LTSAs?

好的。然後，我想，你能幫忙量化一下嗎——你剛剛談到了 LTSA，聽起來你的大部分增長都在席捲碳化矽業務中的其他內容，因為它很重要。您能否談談目前 22 億美元中有多少正在轉移到 LTSA 內部？

I guess the question really goes to -- there's just a lot of general skepticism typically around LTSAs. And maybe can you just talk broadly about any change in customer behavior inside of an LTSA versus revenue that moves outside of an LTSA?

我想這個問題真的是——通常圍繞 LTSA 有很多普遍的懷疑。也許您可以廣泛談論 LTSA 內部客戶行為的任何變化與 LTSA 之外的收入變化嗎？

Yes. Look, as I said, customers are extending their LTSAs. They are coming back and increasing them as well. So I think that the age has been very consistent with our customers trying to lock up long-term supply. And just to clarify, our LTSA -- our committed revenue in LTSA over a multiyear period now is over $14 billion. It was up over $5 billion -- $5.3 billion in the third quarter.

是的。看，正如我所說，客戶正在擴展他們的 LTSA。他們正在回來並增加它們。所以我認為這個時代與我們的客戶試圖鎖定長期供應非常一致。澄清一下，我們的 LTSA——我們在多年期間在 LTSA 的承諾收入現在超過 140 億美元。它增加了超過 50 億美元——第三季度為 53 億美元。

So you can see that this is customers locking in supply on silicon carbide, but beyond that as well across the entire portfolio. What we're not doing is we're not doing LTSAs on the business we're looking to exit, obviously, because -- we don't want to have a commitment there.

因此，您可以看到這是客戶鎖定碳化矽的供應，但除此之外，整個產品組合也是如此。我們沒有做的是我們沒有對我們希望退出的業務進行 LTSA，顯然，因為 - 我們不想在那裡做出承諾。

Our next question comes from the line of Tristan Gerra with Baird.

我們的下一個問題來自 Tristan Gerra 和 Baird。

Just a follow-up on this. So in industry-wide in analog outside of LTSAs, we know that another companies had implemented earlier this year, noncancelable orders to. So are those holding into next year or at least into the first half of next year in terms of how you're dealing with or outside of your LTSAs?

只是對此的跟進。因此，在 LTSA 之外的全行業模擬中，我們知道今年早些時候另一家公司已經實施了不可取消的訂單。那麼，就您如何處理或在您的 LTSA 之外而言，那些堅持到明年或至少到明年上半年的人呢？

Yes. Look, it's not about just, it's also with the end customers. Obviously, LTSAs is a broader view, and it's a multiyear. As far as NCNR, it depends. We've had -- we have NCNRs that extend up to 12 months of backlog. But it always remains our cautious outlook even if you have an NCNR order, but there's inventory at the disty will you still ship it? You've seen us be very, very disciplined on inventory and trying to make sure we -- it doesn't balloon out of control.

是的。看，這不僅與最終客戶有關，還與最終客戶有關。顯然，LTSA 是一個更廣闊的視野，而且是多年的。至於NCNR，這取決於。我們有——我們的 NCNR 可以延長 12 個月的積壓工作。但是，即使您有 NCNR 訂單，我們始終保持謹慎的前景，但是 disty 有庫存，您還會發貨嗎？你已經看到我們在庫存方面非常非常自律，並試圖確保我們 - 它不會失控。

We've kept it around the 7 weeks. We're comfortable with the visibility we have at that. We have the NCNR orders to support all of the demand that we have, but we are very cautious and disciplined about how much we ship and when we ship it because we have to ensure that it does POS at the end of the day during the quarter. So it doesn't get above our expectations as far as weeks of inventory with our partners.

我們已經保存了大約 7 週。我們對我們在這方面的能見度感到滿意。我們有 NCNR 訂單來支持我們的所有需求，但我們對發貨量和發貨時間非常謹慎和自律，因為我們必須確保它在本季度結束時完成 POS .因此，就我們合作夥伴的數週庫存而言，它並沒有超出我們的預期。

Yes. Tristan, I would add that of our $14.1 billion of LTSA, it does not include the NCNR orders. So when you combine the 2, we have very good visibility into our backlog and what we're truly.

是的。特里斯坦，我要補充一下我們 141 億美元的 LTSA，它不包括 NCNR 訂單。因此，當您將兩者結合起來時，我們可以很好地了解我們的積壓工作以及我們的真實情況。

Okay. That's great. And then for my follow-up, it looks like based on the specs provided on your website, your silicon carbide products already at 650 volts. I know there's some silicon carbide products from other suppliers out there going all the way to 1,200 volt. So could you talk about this in terms of specs? And what's your expectation? Because I'm assuming that increasing the voltage also increases your TAM within EVs.

好的。那太棒了。然後對於我的後續行動，根據您網站上提供的規格，您的碳化矽產品的電壓已經達到 650 伏。我知道有一些來自其他供應商的碳化矽產品一直到 1,200 伏。那麼你能從規格的角度談談這個嗎？你的期望是什麼？因為我假設增加電壓也會增加電動汽車內的 TAM。

Yes, I don't know where you're referring to, but we have 1,200 volts already in production and supplying to customers. So I'm very comfortable with our road map and the breadth of our portfolio, both in silicon and silicon carbide, but our 1,200 volts is already in production, and it has been.

是的，我不知道您指的是哪裡，但我們已經有 1,200 伏電壓在生產並供應給客戶。因此，我對我們的路線圖和產品組合的廣度感到非常滿意，包括矽和碳化矽，但我們的 1,200 伏電壓已經投入生產，而且已經投入生產。

Our next question comes from the line of Vijay Rakesh with Mizuho.

我們的下一個問題來自瑞穗的 Vijay Rakesh。

Just a quick question. On the silicon carbide side, obviously, you're seeing pretty solid traction. Just wondering if you could give us an idea of what the dollar content you're getting per car in terms of the range, if you can as you go from a dual motor to quad motor, et cetera?

只是一個快速的問題。顯然，在碳化矽方面，您會看到相當穩固的牽引力。只是想知道您是否可以讓我們了解每輛車的續航里程，如果您可以從雙電機到四電機等等？

Yes. Look, Vijay, I'll give you a couple of comments because it depends on how much power for the drivetrain or the inverter and so on. So it's a broad range. But just to give you an idea for an equivalent reference. For us on EVs, you can think about incremental content, it's about $700 for an EV versus ICE. Obviously, the majority of it is from the traction inverter, then you add onboard chargers and so on. .

是的。看，維杰，我會給你一些評論，因為這取決於動力傳動系統或逆變器等的功率。所以範圍很廣。但只是為了給你一個等效參考的想法。對於我們的電動汽車，你可以考慮增加內容，電動汽車與 ICE 的成本約為 700 美元。顯然，大部分來自牽引逆變器，然後您添加車載充電器等等。 .

And then as far as the ASP, you can think about it as the silicon carbide ASP is about 3x that of an IGBT. So that gives you kind of an apples-to-apples as far as if you normalize it on a specific power output.

然後就 ASP 而言，您可以將其視為碳化矽 ASP 約為 IGBT 的 3 倍。因此，就好像您將其標準化為特定的功率輸出一樣，這給了您一種蘋果對蘋果的感覺。

Got it. And then the second question is, as you look at your design win pipeline is growing very nicely. You talked about how you're displacing some legacy suppliers as well incumbents. Just wondering if you could kind of go through what are the top 3 things that are helping you drive the design wins, I think that would be very helpful? And if we had an updated backlog you can cover backlog number there as well?

知道了。然後第二個問題是，當您看到您的設計獲勝管道正在非常好地增長時。您談到瞭如何取代一些傳統供應商以及現有供應商。只是想知道您是否可以了解有助於您推動設計勝利的前三件事是什麼，我認為這會很有幫助？如果我們有更新的積壓工作，您也可以在那裡覆蓋積壓數量嗎？

So from an overall, obviously, there are 2 things driving a lot of our design wins and the new product revenue and all of the forward-looking revenue confidence. One is always starts with technology. Our technology and a lot of our focus area and our strategic area is compelling, and it's very competitive against what's in the market today.

因此，從總體上看，很明顯，有兩件事推動了我們的許多設計勝利、新產品收入和所有前瞻性收入信心。一是始終從技術開始。我們的技術以及我們的許多重點領域和戰略領域非常引人注目，並且與當今市場上的產品相比具有很強的競爭力。

Obviously, we've talked about silicon carbide and why we win, both on the technology and the packaging as far as module, getting more power in a smaller and smaller module, reducing costs and so on and improving efficiency. So that's on the silicon carbide.

顯然，我們已經談到了碳化矽以及我們為什麼會在技術和封裝方面獲勝，就模塊而言，在越來越小的模塊中獲得更多的功率，降低成本等等，提高效率。這就是碳化矽。

Image sensing, I'll give you a few examples. LED flicker mitigation is a great example of where our superior technology in a market need where a lot of the signs are LED and standard camera or a competitive camera cannot detect an LED sign. We have technologies that address that. Global shutter is what is needed for detection and/or factory automation. Every single strategic market we are going after, we have products that are tailored made with specific technology to address real problems that the customers have. That's what creates value. And that's what, number one, puts us in the lead for new designs and also puts us in the lead when there's a refresh and the design for us to capture share. But it always starts with technology and capability.

圖像傳感，我給你舉幾個例子。 LED 閃爍緩解是一個很好的例子，說明我們在市場中的卓越技術需要很多標誌是 LED 和標準相機或競爭相機無法檢測到 LED 標誌。我們有解決這個問題的技術。全局快門是檢測和/或工廠自動化所需要的。我們追求的每一個戰略市場，我們都有使用特定技術定制的產品，以解決客戶遇到的實際問題。這就是創造價值的東西。這就是第一，讓我們在新設計方面處於領先地位，並且在更新和設計讓我們獲得份額時也讓我們處於領先地位。但它總是從技術和能力開始。

That concludes today's question-and-answer session. I'd like to turn the call back to Hassane El-Khoury, President and CEO, for closing remarks.

今天的問答環節到此結束。我想將電話轉回給總裁兼首席執行官 Hassane El-Khoury，以致閉幕詞。

Thank you all for joining us today. Our teams have yet again delivered outstanding results in the third quarter. I'm excited about our future as we have not yet reached our full potential and we have everything we need to lead in the fastest-growing markets, superior technology, committed customers and a talented workforce that will continue to expand to support our long-term growth. And as always, we remain consistent and committed to executing with the highest degree of excellence. We look forward to seeing you at various investor events during the quarter. Thank you. .

感謝大家今天加入我們。我們的團隊在第三季度再次取得了出色的成績。我對我們的未來感到興奮，因為我們尚未充分發揮潛力，我們擁有在增長最快的市場、卓越的技術、忠誠的客戶和才華橫溢的員工隊伍中領先所需的一切，他們將繼續擴大以支持我們的長期-長期增長。與往常一樣，我們始終如一，致力於以最高水平的卓越執行。我們期待在本季度的各種投資者活動中見到您。謝謝你。 .

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

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。