安森美 (ON) 2022 Q4 法說會逐字稿

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

美好的一天，謝謝你的支持。歡迎來到 onsemi 2022 年第四季度收益電話會議。 （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, Christa. Good morning, and thank you for joining onsemi's Fourth Quarter 2022 Quarter Results Conference Call. I'm joined today by Hassane El-Khoury, our President and CEO; and Thad Trent, our CFO.

謝謝你，克里斯塔。早上好，感謝您參加 onsemi 的 2022 年第四季度業績電話會議。今天，我們的總裁兼首席執行官 Hassane El-Khoury 加入了我的行列；和我們的首席財務官 Thad Trent。

This call is being webcast on the Investor Relations section of our website at www.onsemi.com. A replay of this webcast, along with our 2022 fourth 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.

此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。此網絡廣播的重播以及我們的 2022 年第四季度收益發布將在本次電話會議後約 1 小時在我們的網站上提供，錄製的網絡廣播將在本次電話會議後約 30 天內提供。更多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. Reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measures and the 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 GAAP 財務指標。這些非 GAAP 財務指標與最直接可比的 GAAP 指標和 GAAP 財務指標的對賬包含在我們的收益發布中，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, will make projections or other forward-looking statements regarding future events or the 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. Important factors that can affect our business, including factors that could cause actual results to differ from our forward-looking statements, are described in our most recent Form 10-K and Form 10-Q in our filings with the Securities and Exchange Commission and in our earnings release for the fourth quarter of 2022.

在本次電話會議期間，將對未來事件或公司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。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，在我們最近提交給美國證券交易委員會的文件中的 10-K 表格和 10-Q 表格以及我們發布了 2022 年第四季度的收益報告。

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 except as required by law.

我們的估計或其他前瞻性陳述可能會發生變化，除法律要求外，公司不承擔更新前瞻性陳述以反映實際結果、變更假設或其他可能發生的事件的義務。

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 all for joining us today. 2022 has been an excellent year for onsemi, and nothing makes me prouder than to share our latest progress after closing the second year of our transformation.

謝謝您，Parag，也感謝大家今天加入我們。 2022 年對 onsemi 來說是出色的一年，沒有什麼比在結束轉型的第二年後分享我們的最新進展更讓我感到自豪的了。

Our worldwide teams have yet again delivered outstanding results, allowing us to deliver the most successful year in the company's history, with record revenue of $8.3 billion in 2022, an increase of 24% year-over-year, with earnings growing 3x faster than revenue. Our gross margin of 49.2% increased 880 basis points for the full year and 1,650 basis points since we began our transformation journey.

我們的全球團隊再次取得了出色的成績，使我們能夠取得公司歷史上最成功的一年，2022 年的收入達到創紀錄的 83 億美元，同比增長 24%，收益增長速度是收入增長速度的 3 倍.我們的毛利率為 49.2%，全年增長 880 個基點，自我們開始轉型以來增長 1,650 個基點。

From our manufacturing footprint to our product portfolio and go-to-market strategy, we have transformed all facets of our business and set ourselves up to win in the fastest-growing megatrends of the automotive and industrial market.

從我們的製造足跡到我們的產品組合和上市戰略，我們已經改變了我們業務的方方面面，並讓我們自己在汽車和工業市場增長最快的大趨勢中獲勝。

We earned ourselves the position in the S&P 500 this past year, and we created more value for our shareholders than ever before. The uncertainty in the macro environment has impacted demand, and we have seen a slowdown in some areas of our business, which include consumer computing and parts of industrial. Demand for our automotive business remains healthy as automakers have been catching up on production levels.

我們在過去一年贏得了標準普爾 500 指數的地位，我們為股東創造了比以往任何時候都多的價值。宏觀環境的不確定性影響了需求，我們已經看到我們業務的某些領域放緩，其中包括消費計算和部分工業領域。由於汽車製造商一直在追趕生產水平，對我們汽車業務的需求依然健康。

In Q4, our automotive business grew 54% year-over-year, 30% quarter-over-quarter and accounted for 47% of our total revenue as compared to 35% in the quarter a year ago. Our industrial business grew 6% year-over-year in Q4 and accounted for 26% of our total revenue. While we saw softness in parts of our industrial business in Q4, demand for energy infrastructure and medical applications, such as continuous glucose monitors and hearing aids, remain strong.

在第四季度，我們的汽車業務同比增長 54%，環比增長 30%，占我們總收入的 47%，而去年同期為 35%。我們的工業業務在第四季度同比增長 6%，占我們總收入的 26%。雖然我們在第四季度看到部分工業業務疲軟，但對能源基礎設施和醫療應用（例如連續血糖監測儀和助聽器）的需求依然強勁。

We continue to extend our leadership in silicon carbide with our customers who value the leading performance of our silicon carbide modules and our end-to-end supply chain capabilities. In 2022, we shipped more than $200 million in silicon carbide revenue. We remain on track to deliver $1 billion in 2023 based on committed revenue from LTSAs, and we now have more than $4.5 billion of committed silicon carbide revenue between 2023 and 2025.

我們繼續擴大我們在碳化矽領域的領導地位，與重視我們碳化矽模塊領先性能和我們端到端供應鏈能力的客戶一起。 2022 年，我們的碳化矽出貨收入超過 2 億美元。根據 LTSA 的承諾收入，我們仍有望在 2023 年交付 10 億美元，而我們現在在 2023 年至 2025 年期間承諾的碳化矽收入超過 45 億美元。

By focusing on the areas where we provide the most value to our customers, we have positioned ourselves with the market leaders in the fastest-growing segments in automotive and industrial. The top automotive OEMs are not only choosing onsemi for silicon carbide, but for our worldwide class intelligent power and sensing solution.

通過專注於我們為客戶提供最大價值的領域，我們已將自己定位為汽車和工業領域增長最快的市場領導者。頂級汽車原始設備製造商不僅選擇 onsemi 用於碳化矽，還選擇我們世界一流的智能電源和傳感解決方案。

In automotive, we have seen tremendous momentum with silicon carbide, and we believe that vehicle electrification will be a long-term driver for our business. We expect to remain supply constrained for the next several years even as we aggressively add capacity to our Hudson, Czech Republic and South Korea manufacturing sites.

在汽車領域，我們看到了碳化矽的巨大發展勢頭，我們相信汽車電氣化將成為我們業務的長期驅動力。即使我們積極增加哈德遜、捷克共和國和韓國製造基地的產能，我們預計未來幾年仍將受到供應限制。

As we recently announced, Volkswagen Group has selected onsemi as a corporate strategic supplier to provide the silicon carbide modules that enable a complete traction inverter solution for its entire fleet of next-generation electric vehicles. onsemi will deliver its EliteSiC 1,200-volt traction inverter power module. These modules facilitate a small footprint and full weight system solution, which will support the front and rear axle inverters in a large range of VW models.

正如我們最近宣布的那樣，大眾汽車集團已選擇 onsemi 作為企業戰略供應商，以提供碳化矽模塊，為其整個下一代電動汽車車隊提供完整的牽引逆變器解決方案。 onsemi 將交付其 EliteSiC 1,200 伏牽引逆變器電源模塊。這些模塊有助於實現佔地面積小和全重量的系統解決方案，該解決方案將支持大量大眾車型中的前橋和後橋逆變器。

We already shipped more than 500 different devices to Volkswagen Group, including IGBTs, MOSFETs image sensors and power management integrated circuits and this expanded engagement to include our silicon carbide further strengthens our partnership with one of the largest carmakers leading the charge in vehicle electrification.

我們已經向大眾汽車集團運送了 500 多種不同的設備，包括 IGBT、MOSFET 圖像傳感器和電源管理集成電路，此次擴大合作範圍以包括我們的碳化矽，進一步加強了我們與引領汽車電氣化的最大汽車製造商之一的合作關係。

In 2022, we began to recognize revenue at Tesla from silicon carbide shipments and expect revenue to see a continued ramp in 2023. We have also expanded our partnership beyond silicon carbide and image sensor to numerous power and analog solutions, totaling over 300 different part numbers.

2022 年，我們開始從碳化矽出貨量中確認 Tesla 的收入，並預計收入將在 2023 年繼續增長。我們還將我們的合作夥伴關係從碳化矽和圖像傳感器擴展到眾多電源和模擬解決方案，共有 300 多個不同的零件編號.

Jaguar Land Rover signed a 7-year long-term supply agreement to adopt onsemi's silicon carbide for their next-generation platforms and other solutions for their 11-kilowatt onboard chargers and other XEV application. This LTSA also provides Jaguar Land Rover with the supply assurance for their current production model across onsemi's broad portfolio of power solutions.

捷豹路虎簽署了一份為期 7 年的長期供應協議，為其下一代平台採用 onsemi 的碳化矽，並為其 11 千瓦車載充電器和其他 XEV 應用採用其他解決方案。該 LTSA 還通過 onsemi 廣泛的電源解決方案組合為 Jaguar Land Rover 提供其當前生產模型的供應保證。

In addition, Hyundai Motor Group selected onsemi's EliteSiC family of silicon carbide power modules for their high-performance electric vehicles. Onsemi's EliteSiC silicon carbide modules increase the efficiency and lower the weight of the traction inverters extending electric vehicle range and improving performance. Our high-power density SiC modules deliver the most innovative package technology to reduce power losses associated with DC to AC conversion, along with reduced size and weight of the traction inverter to extend easy range and increase performance.

此外，現代汽車集團為其高性能電動汽車選擇了onsemi 的EliteSiC 系列碳化矽功率模塊。 Onsemi 的 EliteSiC 碳化矽模塊提高了效率並減輕了牽引逆變器的重量，從而延長了電動汽車的續航里程並提高了性能。我們的高功率密度 SiC 模塊採用最具創新性的封裝技術，可減少與直流到交流轉換相關的功率損耗，同時減小牽引逆變器的尺寸和重量，從而輕鬆擴展範圍並提高性能。

We remain just as focused on our engagement with Tier 1s, where we are seeing a steep increase in onsemi content for upcoming EV platforms and advanced safety applications. We recently secured a win with a major Tier 1 for a marquee European platform that includes more than $1,800 of content across our portfolio of silicon carbide and other intelligent power solutions for traction inverters. These are just a few of our recent wins in the fastest-growing automotive applications, giving us confidence in our outlook for this business and our $1 billion revenue year for silicon carbide.

我們仍然專注於我們與一級供應商的合作，我們看到即將推出的電動汽車平台和高級安全應用的 onsemi 內容急劇增加。我們最近贏得了一個大型歐洲平台的主要一級供應商，其中包括超過 1,800 美元的內容，涵蓋我們的碳化矽產品組合和其他用於牽引逆變器的智能電源解決方案。這些只是我們最近在增長最快的汽車應用中取得的一些勝利，讓我們對我們的業務前景和我們 10 億美元的碳化矽年收入充滿信心。

As the leading automakers accelerate the transition towards vehicle electrification, increased autonomy and advanced safety, they are choosing onsemi as their preferred partner for the performance of our silicon carbide solutions and vertical integration from substrates to state-of-the-art modules, for our world-class image sensors and for the breadth of our complementary intelligent power intensive portfolio, and for our manufacturing excellence and supply assurance.

隨著領先的汽車製造商加速向車輛電氣化、更高的自主性和先進的安全性過渡，他們選擇 onsemi 作為他們的首選合作夥伴，以提高我們的碳化矽解決方案的性能以及從基板到最先進模塊的垂直集成，為我們的世界一流的圖像傳感器和我們互補的智能功率密集型產品組合的廣度，以及我們卓越的製造和供應保證。

In industrial, while fourth quarter revenue declined 10% over Q3, we expect our traction in energy infrastructure and medical applications to offset the softness we are seeing in the legacy parts of this business. The global energy crisis is triggering an acceleration in alternative energy deployment with solar as the most installed renewable power capacity by 2027, tripling from 2021. This accelerated deployment trend is reflected in our revenue for energy infrastructure, which increased 75% year-over-year, above our forecast of 60% growth.

在工業領域，雖然第四季度的收入比第三季度下降了 10%，但我們預計我們在能源基礎設施和醫療應用方面的吸引力將抵消我們在該業務的遺留部分看到的疲軟。全球能源危機正在引發替代能源部署的加速，到 2027 年，太陽能將成為安裝最多的可再生能源容量，比 2021 年增加兩倍。這種加速部署趨勢反映在我們的能源基礎設施收入中，同比增長 75% ，高於我們 60% 的增長預測。

Our newest 200-kilowatt wins with leading energy storage system suppliers contained nearly $370 of content per system in silicon carbide and other power solutions. Last month, we announced our partnership with Ampt, the world's #1 DC optimizer company for large-scale solar and energy storage systems. Ampt uses our EliteSiC silicon carbide critical power switching application. Customers like Ampt expect leading-edge technology, and our silicon carbide solution meets the high performance and reliability standards required for these renewable energy applications.

我們與領先的儲能係統供應商最新的 200 千瓦合同中包含每個系統近 370 美元的碳化矽和其他電源解決方案內容。上個月，我們宣布與全球排名第一的大型太陽能和儲能係統直流優化公司 Ampt 建立合作夥伴關係。 Ampt 使用我們的 EliteSiC 碳化矽關鍵電源開關應用。像 Ampt 這樣的客戶期望獲得領先的技術，而我們的碳化矽解決方案滿足這些可再生能源應用所需的高性能和可靠性標準。

In addition to our alternative energy opportunities, our customer LTSAs are providing demand visibility into the broader industrial market where we expect our growth to come from over-the-counter hearing aid and emerging requirements in factory automation. We are at the beginning of a transition cycle where our award-winning inductive position sensors and new generation image sensors engineered for robotics and scanning provide better performance and lower power.

除了我們的替代能源機會外，我們的客戶 LTSA 正在提供更廣泛的工業市場的需求可見性，我們預計我們的增長將來自非處方助聽器和工廠自動化的新興需求。我們正處於過渡週期的開始階段，我們屢獲殊榮的電感式位置傳感器和專為機器人技術和掃描設計的新一代圖像傳感器可提供更好的性能和更低的功耗。

We have spent the last 2 years making structural changes in all areas of the company to improve the resiliency of our business. We are a different company today. We have rationalized our product portfolio and manufacturing footprint, we are leading in the fastest-growing markets, and we are now getting the true value for our products with multiyear commitments from our customers. We will not be distracted with the current market environment and remain focused on our execution against our near-term objectives and our long-term strategy.

在過去的 2 年裡，我們在公司的所有領域進行了結構調整，以提高我們業務的彈性。我們今天是一家不同的公司。我們已經合理化了我們的產品組合和製造足跡，我們在增長最快的市場中處於領先地位，現在我們通過客戶的多年承諾獲得我們產品的真正價值。我們不會因當前的市場環境而分心，而是繼續專注於我們的近期目標和長期戰略的執行。

Our customers are planning well beyond 2023, and they are investing with onsemi to deliver leading-edge technologies that address complex intelligent power and sensing requirements in automotive, industrial and cloud power markets. We will grow faster than the markets we plan, and our traction in silicon carbide, coupled with the demand visibility that long-term supply agreements support us, leave me confident that with a disciplined approach in 2023, we will continue to meet our customers' expectations and deliver on our commitments to our shareholders.

我們的客戶計劃遠超 2023 年，他們正在與 onsemi 進行投資，以提供領先的技術，以滿足汽車、工業和雲電源市場中復雜的智能電源和傳感需求。我們的增長速度將超過我們計劃的市場，我們在碳化矽領域的吸引力，加上長期供應協議支持我們的需求可見性，讓我相信，在 2023 年，我們將通過嚴格的方法，繼續滿足客戶的需求期望並兌現我們對股東的承諾。

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

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。那？

Thanks, Hassane. Let me first start by going through our full year's performance, followed by results for the quarter and wrap up with guidance for the first quarter.

謝謝，哈桑。首先讓我先回顧一下我們全年的業績，然後是本季度的業績，最後是第一季度的業績指引。

As Hassane mentioned, our results have only been possible because of the incredible effort of our worldwide teams. I want to thank our employees for embracing our fast-paced transformation and going above and beyond for our customers. A year where the macro environment and geopolitical uncertainties were front and centered, we remained steadfast in our execution to achieve a record financial year for onsemi.

正如 Hassane 所提到的，我們的結果之所以成為可能，是因為我們遍布全球的團隊付出了難以置信的努力。我要感謝我們的員工接受我們快節奏的轉型，並為我們的客戶超越自我。在宏觀環境和地緣政治不確定性成為焦點的一年，我們堅定不移地執行，為 onsemi 創造了創紀錄的財政年度。

Our 2022 revenue closed to $8.3 billion, an increase of 24% year-over-year, primarily driven by strength in our automotive and industrial businesses. Our non-GAAP gross margin of 49.2% increased 880 basis points year-over-year, achieving our target model of 48% to 50% for the full year. Our non-GAAP earnings per share was $5.33 as compared to $2.95 in 2021, growing 3x faster than revenue.

我們 2022 年的收入接近 83 億美元，同比增長 24%，這主要得益於我們汽車和工業業務的實力。我們的非美國通用會計準則毛利率為 49.2%，同比增長 880 個基點，實現了我們全年 48% 至 50% 的目標模型。我們的非 GAAP 每股收益為 5.33 美元，而 2021 年為 2.95 美元，增長速度是收入的 3 倍。

We just closed the eighth quarter since the beginning of our transformation, and our continued success is a direct result of the structural changes we've made to improve the resiliency of our business. The company's transformation has taken shape by optimizing 3 key areas of our business: our manufacturing footprint, our product portfolio and our go-to-market strategy.

自轉型開始以來，我們剛剛結束了第八季度，我們的持續成功是我們為提高業務彈性而進行的結構性變革的直接結果。通過優化我們業務的 3 個關鍵領域，公司的轉型已經成形：我們的製造足跡、我們的產品組合和我們的上市戰略。

In 2022, we divested 4 subscale fabs to improve our cost structure. We completed the acquisition of East Fishkill fab in New York, which became part of our manufacturing network on December 31. We further reduced price-to-value discrepancies to maximize value for our technology investments. We exited volatile and highly competitive businesses, allowing us to walk away from $294 million of noncore revenue to date at an average gross margin of 26%. We've pivoted our portfolio to high-margin products and end markets, with auto and industrial exiting the year at 73% of total revenue versus 59% in Q4 of 2020.

2022 年，我們剝離了 4 家小型晶圓廠，以改善我們的成本結構。我們完成了對紐約 East Fishkill 工廠的收購，該工廠於 12 月 31 日成為我們製造網絡的一部分。我們進一步降低了價格與價值的差異，以最大限度地提高技術投資的價值。我們退出了不穩定且競爭激烈的業務，使我們能夠以 26% 的平均毛利率擺脫迄今為止 2.94 億美元的非核心收入。我們已將我們的產品組合轉向高利潤產品和終端市場，今年汽車和工業收入佔總收入的 73%，而 2020 年第四季度為 59%。

We exited the year with $16.6 billion of signed LTSAs across our entire portfolio. We increased our new product revenue by 34%, and we increased the design win funnel by 38% year-over-year. These structural changes have yielded a threefold increase in free cash flow since the start of our transformation, growing approximately 4x as fast as revenue, with 2022 coming at a 20% free cash flow margin.

我們在整個投資組合中籤署了 166 億美元的 LTSA，結束了這一年。我們的新產品收入增加了 34%，設計獲勝漏斗同比增加了 38%。自我們轉型開始以來，這些結構性變化使自由現金流增長了三倍，增長速度約為收入的 4 倍，2022 年的自由現金流利潤率為 20%。

Our strategy has driven radical improvements in the performance of our business units, and these businesses are now best-in-class among their immediate and broader peer group. For example, our Intelligent Sensing Group's transformation has yielded a high growth, high operating margin business. ISG is now comparable to peers who typically command valuation multiples at premiums of more than 2x the industry average. ISG exited Q4 with record gross margin of more than 49%. By rationalizing the portfolio and exiting low-margin consumer-facing markets, ISG's gross margin has improved by more than 1,600 basis points since the start of our transformation and the revenue mix is now more than 90% high-margin automotive and industrial. ISG revenue of $1.28 billion in 2022 increased 73% over 2020, driven by the transition to higher-resolution sensors at elevated ASPs.

我們的戰略推動了我們業務部門績效的根本改善，這些業務現在在其直接和更廣泛的同行群體中是一流的。例如，我們的智能傳感集團的轉型產生了高增長、高營業利潤率的業務。 ISG 現在可與通常以超過行業平均水平 2 倍的溢價獲得估值倍數的同行相媲美。 ISG 以超過 49% 的創紀錄毛利率退出了第四季度。通過合理化產品組合併退出低利潤面向消費者的市場，自轉型開始以來，ISG 的毛利率提高了 1,600 多個基點，收入組合現在超過 90% 是高利潤汽車和工業。 ISG 在 2022 年的收入為 12.8 億美元，比 2020 年增長了 73%，這是由於在更高的 ASP 上向更高分辨率的傳感器過渡的推動。

As I mentioned earlier, we assumed ownership of our 300-millimeter fab in East Fishkill on December 31. This fab is a key enabler of our brownfield manufacturing strategy by providing incremental capacity for our silicon power products that we are transitioning from our fab in Korea to create capacity for our silicon carbide ramp. In addition, the EFK fab provides us with the capabilities to support long-term growth for our Intelligent Sensing business. Since the acquisition closed on the last day of the year, there is no P&L impact in Q4, but the acquired assets are now reflected on our balance sheet.

正如我之前提到的，我們於 12 月 31 日獲得了我們在 East Fishkill 的 300 毫米晶圓廠的所有權。該晶圓廠是我們棕地製造戰略的關鍵推動者，它為我們從韓國晶圓廠轉移的矽功率產品提供增量產能為我們的碳化矽坡道創造能力。此外，EFK 工廠為我們提供了支持智能傳感業務長期增長的能力。由於收購在今年的最後一天結束，因此第四季度沒有損益影響，但收購的資產現在反映在我們的資產負債表上。

Turning to results for the fourth quarter. As I mentioned, Q4 was another quarter of strong results. Total revenue was $2.1 billion, an increase of 14% over the fourth quarter of 2021 and a 4% decline in quarter-over-quarter. Record automotive revenue of $989 million increased 13% quarter-over-quarter and 54% year-over-year to 47% of our total revenue as compared to 35% in the quarter a year ago.

轉向第四季度的結果。正如我所提到的，第四季度是又一個強勁業績的季度。總收入為 21 億美元，比 2021 年第四季度增長 14%，環比下降 4%。創紀錄的汽車收入為 9.89 億美元，環比增長 13%，同比增長 54%，占我們總收入的 47%，而去年同期為 35%。

Industrial revenue grew by 6% year-over-year, but declined by 10% quarter-over-quarter, primarily due to macroeconomic factors. As Hassane mentioned, our energy infrastructure and medical businesses continue to grow despite macroeconomic headwinds. Revenue from Intelligent Power and Intelligent Sensing accounted for 69% of our total revenue in Q4. Intelligent Power grew 18% year-over-year and Intelligent Sensing grew by 47% year-over-year, both driven by continued growth in the automotive and industrial markets.

工業收入同比增長 6%，但環比下降 10%，主要原因是宏觀經濟因素。正如哈桑所說，儘管宏觀經濟逆風，我們的能源基礎設施和醫療業務仍在繼續增長。智能電源和智能傳感的收入占我們第四季度總收入的 69%。智能電源同比增長 18%，智能傳感同比增長 47%，兩者均受到汽車和工業市場持續增長的推動。

Revenue for the Power Solutions Group, or PSG, was $1 billion, an increase of 10% year-over-year. Revenue for the Advanced Solutions Group, or ASG, was $701 million, an increase of 8% year-over-year and revenue for the Intelligent Sensing Group, or ISG, was a record $354 million, an impressive increase of 44% year-over-year.

電源解決方案集團 (PSG) 的收入為 10 億美元，同比增長 10%。 Advanced Solutions Group (ASG) 的收入為 7.01 億美元，同比增長 8%，而 Intelligent Sensing Group (ISG) 的收入達到創紀錄的 3.54 億美元，同比增長 44%，令人印象深刻-年。

GAAP gross margin for the fourth quarter was 48.5% and non-GAAP gross margin was 48.4% and above the midpoint of our guidance. Our non-GAAP gross margin declined by 90 basis points quarter-over-quarter, with our planned ramp in silicon carbide and lower factory utilization at 74% as we proactively slowed wafer starts from the beginning of the year. We also exited an additional $17 million of revenue in the quarter at an average gross margin of 40% and bringing the total to date to $294 million of non-core business exits.

第四季度的 GAAP 毛利率為 48.5%，非 GAAP 毛利率為 48.4%，高於我們指引的中點。我們的非 GAAP 毛利率環比下降 90 個基點，我們計劃增加碳化矽，工廠利用率降低至 74%，因為我們從年初開始主動減緩晶圓啟動。我們還在本季度以 40% 的平均毛利率退出了額外的 1700 萬美元收入，使迄今為止的非核心業務退出總額達到 2.94 億美元。

GAAP operating margin for the quarter was 33.5% and non-GAAP operating margin was 34.1%, an increase of 550 basis points year-over-year and a decrease of 130 basis points quarter-over-quarter. GAAP earnings per diluted share for the fourth quarter was $1.35 as compared to $0.96 in the quarter a year ago. Non-GAAP earnings per share was $1.32 as compared to $1.09 in the fourth quarter of 2021.

本季度 GAAP 營業利潤率為 33.5%，非 GAAP 營業利潤率為 34.1%，同比增長 550 個基點，環比下降 130 個基點。第四季度 GAAP 每股攤薄收益為 1.35 美元，而去年同期為 0.96 美元。非 GAAP 每股收益為 1.32 美元，而 2021 年第四季度為 1.09 美元。

We remain confident in the sustainability of our long-term gross margin model of 48% to 50% despite near-term headwinds from silicon carbide start-up costs and our ramp at EFK. As we enter 2023, we are maintaining tight control of our wafer starts, managing inventory levels, and we remain disciplined in our spending. We expect continued favorability as we plan to exit more than $400 million of low-margin business. And starting in 2024, we'll start recognizing $160 million of gross margin benefit as we transition our wafer supply from the divested fab.

儘管碳化矽啟動成本和我們在 EFK 的增長帶來了近期不利因素，但我們仍然對我們 48% 至 50% 的長期毛利率模型的可持續性充滿信心。進入 2023 年，我們將嚴格控制晶圓開工、管理庫存水平，並嚴格控制開支。由於我們計劃退出超過 4 億美元的低利潤業務，因此我們預計會繼續受到青睞。從 2024 年開始，隨著我們從剝離的晶圓廠轉移晶圓供應，我們將開始確認 1.6 億美元的毛利率收益。

Now let me give you some additional numbers for your models. GAAP operating expenses for the fourth quarter were $316 million as compared to $352 million in the fourth quarter of 2021. Non-GAAP operating expenses were $300 million as compared to $306 million in the quarter a year ago. Non-GAAP operating expenses were below the midpoint of our guidance as we proactively manage spend across the company.

現在讓我為您的模型提供一些額外的數字。第四季度的 GAAP 運營費用為 3.16 億美元，而 2021 年第四季度為 3.52 億美元。非 GAAP 運營費用為 3 億美元，而去年同期為 3.06 億美元。由於我們積極管理整個公司的支出，非 GAAP 運營支出低於我們指導的中點。

For the fourth quarter, our non-GAAP tax rate was 16.9%, our GAAP diluted share count was 448 million shares, and our non-GAAP diluted share count was 440 million shares. We repurchased 1.3 million shares for $90 million in the fourth quarter. For the full year, we repurchased 4 million shares for a total of $260 million at an average price of $65.13 per share, which was 16% of 2022 free cash flow.

第四季度，我們的非 GAAP 稅率為 16.9%，我們的 GAAP 稀釋股數為 4.48 億股，我們的非 GAAP 稀釋股數為 4.4 億股。我們在第四季度以 9000 萬美元的價格回購了 130 萬股股票。全年，我們以每股 65.13 美元的平均價格回購了 400 萬股股票，總計 2.6 億美元，佔 2022 年自由現金流的 16%。

Turning to the balance sheet. Cash and cash equivalents increased 19% sequentially to $2.9 billion, and we had $1.5 billion undrawn on our revolver. Cash from operations was $731 million and free cash flow was $380 million or 18.5% of revenue. Capital expenditures during the fourth quarter were $340 million, which equates to a capital intensity of 16% for the quarter and 12% for the full year.

轉向資產負債表。現金和現金等價物環比增長 19% 至 29 億美元，我們有 15 億美元未動用。運營現金為 7.31 億美元，自由現金流為 3.8 億美元，佔收入的 18.5%。第四季度的資本支出為 3.4 億美元，相當於本季度資本密集度為 16%，全年資本密集度為 12%。

As we indicated previously, we are directing a significant portion of our capital expenditures towards silicon carbide and enabling our 300-millimeter capabilities at the East Fishkill fab and expect our capital intensity to be in the mid- to high teens percentage range for the next several quarters.

正如我們之前指出的那樣，我們將資本支出的很大一部分用於碳化矽，並在 East Fishkill 工廠啟用我們的 300 毫米產能，並預計我們的資本強度在接下來的幾年中將處於中高十幾歲的百分比範圍內宿舍。

Accounts receivable of $842 million declined by $15 million and DSO of 37 days increased by 1 day. Inventory increased by $41 million sequentially and days of inventory increased by 7 days to 136 days. This includes approximately 26 days of bridge inventory to support fab transition and the impending silicon carbide ramp.

應收賬款 8.42 億美元減少 1500 萬美元，37 天的 DSO 增加 1 天。存貨環比增加 4100 萬美元，存貨天數增加 7 天至 136 天。這包括大約 26 天的橋樑庫存，以支持晶圓廠轉型和即將到來的碳化矽坡道。

We continue to proactively manage distribution inventory decrease in inventory in the channel by $10 million sequentially and at historically low levels with weeks of inventory at 7.3 weeks compared to 6.9 weeks in Q3. Total debt was $3.2 billion and net leverage is approaching 0.

我們繼續積極管理分銷庫存，渠道庫存連續減少 1000 萬美元，處於歷史低位，庫存週數為 7.3 週，而第三季度為 6.9 週。總債務為 32 億美元，淨槓桿率接近 0。

We accrued $15.7 million on our balance sheet under property, plant and equipment related to the 25% investment tax credit for investments in our U.S. factories. This will eventually flow through our income statement as lower depreciation, and we will receive the associated cash benefit in the future.

我們在資產負債表上的財產、廠房和設備項下累積了 1570 萬美元，這與我們在美國工廠投資的 25% 投資稅收抵免有關。這最終將以較低的折舊形式流入我們的損益表，我們將在未來獲得相關的現金收益。

Let me now provide you key elements of our non-GAAP guidance for the first quarter. A table detailing our GAAP and non-GAAP guidance is provided in the press release related to our fourth quarter results. We continue to see strong demand from our automotive end market, driven by electrification and ADAS and accelerating ramp of our silicon carbide business. We continue to see softening in certain industrial applications, and we expect increased weakness in our nonstrategic end markets that we plan to exit.

現在讓我為您提供我們第一季度非 GAAP 指南的關鍵要素。與我們第四季度業績相關的新聞稿中提供了一張表格，詳細說明了我們的 GAAP 和非 GAAP 指南。在電氣化和 ADAS 以及碳化矽業務加速增長的推動下，我們繼續看到汽車終端市場的強勁需求。我們繼續看到某些工業應用的疲軟，我們預計我們計劃退出的非戰略性終端市場將更加疲軟。

Given the macro uncertainty, we are taking a cautious stance on our guidance. Despite a slowing macroeconomic environment, our business continues to strengthen with total committed revenue under LTSAs of $16.6 billion, an increase of $2.5 billion quarter-over-quarter. We expect to recognize more than $5 billion of revenue from our committed LTSAs in 2023 in addition to our noncancelable nonreturnable orders. We anticipate Q1 revenue will be in the range of $1.87 billion to $1.97 billion, with continued strength in automotive amid softness in all other end markets. We expect non-GAAP gross margin to decline, to be between 45.7% and 47.7% due to lower factory utilization and the dilutive impact of ramping silicon carbide and EFK, which is within our expected range of 100 to 200 basis points and 50 to 70 basis points, respectively.

鑑於宏觀不確定性，我們對我們的指引持謹慎態度。儘管宏觀經濟環境放緩，但我們的業務繼續增強，LTSA 下的總承諾收入為 166 億美元，環比增長 25 億美元。除了我們不可取消的不可退貨訂單外，我們預計到 2023 年將從我們承諾的 LTSA 中確認超過 50 億美元的收入。我們預計第一季度收入將在 18.7 億美元至 19.7 億美元之間，在所有其他終端市場疲軟的情況下，汽車業務將持續走強。我們預計非美國通用會計準則毛利率將下降，介於 45.7% 和 47.7% 之間，原因是工廠利用率較低，以及碳化矽和 EFK 產量增加的稀釋影響，這在我們 100 到 200 個基點和 50 到 70 個基點的預期範圍內基點，分別。

This also includes share-based compensation of $3.4 million. We expect 2023 to be a transition year for our gross margins as we manage the temporary headwinds. We expect non-GAAP operating expenses of $298 million to $313 million, including share-based compensation of $23 million. We anticipate our non-GAAP OIE to be $21 million to $25 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 first quarter is expected to be approximately 441 million shares. This results in non-GAAP earnings per share to be in the range of $1.02 to $1.14. We expect capital expenditures of $340 million to $380 million, primarily in brownfield investments, which are a more efficient use of capital and the greenfield alternative of building a fab from the ground up.

這還包括 340 萬美元的股權報酬。我們預計 2023 年將是我們毛利率的過渡年，因為我們要應對暫時的逆風。我們預計非 GAAP 運營費用為 2.98 億美元至 3.13 億美元，其中包括 2300 萬美元的股權補償。我們預計我們的非 GAAP OIE 為 2100 萬至 2500 萬美元。我們預計我們的非 GAAP 稅率將在 15.5% 至 16.5% 之間，我們第一季度的非 GAAP 稀釋股數預計約為 4.41 億股。這導致非 GAAP 每股收益在 1.02 美元至 1.14 美元之間。我們預計資本支出為 3.4 億至 3.8 億美元，主要用於棕地投資，這是更有效地利用資本和從頭開始建造工廠的綠地替代方案。

As a company, we become much more agile, controlled and purposeful in our execution, and we'll benefit from our disciplined approach in 2023 and beyond. Given our confidence in our strategy to invest for long-term profitable growth, we remain committed to a balanced capital allocation strategy to drive shareholder value. With a threefold increase in free cash flow, a strong balance sheet and our net leverage approaching zero, we have increased flexibility into one capital towards our shareholder return program.

作為一家公司，我們在執行方面變得更加敏捷、可控和有目的性，我們將在 2023 年及以後受益於我們的紀律方法。鑑於我們對我們為長期盈利增長進行投資的戰略充滿信心，我們將繼續致力於平衡的資本配置戰略，以推動股東價值。隨著自由現金流量增加三倍、資產負債表強勁以及我們的淨槓桿率接近於零，我們增加了將資本用於股東回報計劃的靈活性。

Today, we announced that our Board of Directors has approved a new program authorizing up to $3 billion of share repurchases through 2025, representing twice that of the last authorization, which expired at the end of last year. This is aligned with our stated strategy of returning 50% of free cash flow to shareholders over the long term.

今天，我們宣布，我們的董事會已批准一項新計劃，授權到 2025 年回購高達 30 億美元的股票，是去年年底到期的上次授權的兩倍。這符合我們長期將 50% 的自由現金流返還給股東的既定戰略。

And finally, we hope you're saving the date for our Analyst Day in New York on May 16. We look forward to sharing more of our long-term vision at that time.

最後，我們希望您將日期定在 5 月 16 日在紐約舉行的分析師日。我們期待屆時分享更多我們的長期願景。

And with that, I would like to turn the call back over to Christa to open the line for questions.

有了這個，我想把電話轉回給克里斯塔，讓他打開問題熱線。

(Operator Instructions) And our first question will come from Ross Seymore from Deutsche Bank.

（操作員說明）我們的第一個問題將來自德意志銀行的 Ross Seymore。

First question for either of you guys. In the first quarter, guiding down about 9% sequentially. I know you said auto is staying strong and everything else is kind of softening. Can you give a little bit more color on the puts and takes with exits, et cetera? And then perhaps more importantly, how those trend throughout the year between the end segments within that $5 billion of LTSAs you plan to represent?

你們兩個的第一個問題。第一季度，指導價環比下降約 9%。我知道你說汽車保持強勁，其他一切都在走軟。你能在 puts 和 takes 與 exits 等上多加一點顏色嗎？然後也許更重要的是，這些在您計劃代表的 50 億美元 LTSA 中的終端部分之間的全年趨勢如何？

Yes, Ross, this is Thad. So if you look at the planned exits that we have for Q1, we think we'll exit up to another $75 million in the first quarter. As we've always said, this will be market-dependent, but we do kind of see that in the cards here.

是的，羅斯，這是泰德。因此，如果您查看我們為第一季度製定的退出計劃，我們認為我們將在第一季度再退出 7500 萬美元。正如我們一直所說的那樣，這將取決於市場，但我們確實從這裡的卡片中看到了這一點。

In terms of overall what we're seeing for Q1, we're looking at automotive continuing to be strong. We think about it as kind of low single digits. We think industrial is down kind of low single digits. And the best consumer compute, other being down pretty significantly to make up that -- the rest of it to be down approximately 9% for the quarter.

就我們對第一季度的整體情況而言，我們認為汽車行業將繼續保持強勁勢頭。我們認為它是一種低個位數。我們認為工業下降了一種低個位數。以及最好的消費者計算，其他的都大幅下降以彌補這一點——其餘部分在本季度下降了約 9%。

I think for the year, it's hard to tell at this point. I think we see auto remains strong. I think industrial kind of being potentially flat year-on-year and the rest of the business being down slightly or down, but it's obviously too early to tell what's going to happen long term.

我認為今年很難說。我認為我們看到汽車仍然強勁。我認為工業可能同比持平，其餘業務略有下降或下降，但現在判斷長期會發生什麼顯然還為時過早。

And then on the gross margin side of things, it seems like that's holding in well despite the utilization dropping and all the other headwinds. It doesn't seem like there's any surprises. Any sort of linearity about how the buckets work throughout the year, the exits being a positive, the silicon carbide side and the East Fishkill being negative? Is that something that peaks out in the headwinds in the beginning of the year and then lessen? Or is the shape a little more back-end loaded? Anything you could provide on color on that would be helpful.

然後在毛利率方面，儘管利用率下降和所有其他逆風，但它似乎保持良好。似乎沒有什麼驚喜。關於桶全年如何工作的任何線性關係，出口為正，碳化矽側和 East Fishkill 為負？這是否會在年初的逆風中達到頂峰然後減弱？還是形狀更後端加載？您可以提供的任何顏色都會有所幫助。

Yes. Look, you know that, right? I mean there's no surprises here on where margins are coming in. We're really happy with where we're performing. All of the ramps in silicon carbide and EFK are playing out just as we would expect. We think these headwinds kind of peaked probably Q2, Q3. We think by the end of this year, we've got silicon carbide, the headwinds there have gotten to parity and the margins for average at that point after all these headwinds are behind us. But we're pretty happy with the performance and the tracking of gross margin at this point, right on track with what we've been telegraphing for a couple of quarters ago.

是的。看，你知道，對吧？我的意思是，利潤率的增長並不令人意外。我們對我們的表現非常滿意。碳化矽和 EFK 的所有增長都如我們所料。我們認為這些逆風可能在第二季度、第三季度達到頂峰。我們認為到今年年底，我們已經有了碳化矽，那裡的逆風已經達到平價，並且在所有這些逆風都過去之後，那時的平均利潤率已經過去了。但我們對目前的表現和毛利率的追踪感到非常滿意，與我們幾個季度前一直在傳達的信息相吻合。

And our next question comes from Vivek Arya from Bank of America.

我們的下一個問題來自美國銀行的 Vivek Arya。

I just wanted to dig into the silicon carbide comments. It seemed like you are reaffirming the $1 billion commitment for this year. And I think you raised the longer-term outlook by $0.5 billion to $4.5 billion.

我只是想深入了解碳化矽評論。您似乎在重申今年 10 億美元的承諾。我認為你將長期前景提高了 5 億美元，達到 45 億美元。

I was wondering, Hassane, if you could give us some more color on what's helping to drive that upside? And as kind of part B of that question, how should we think about any incremental headwinds on the cost or the gross margin side as you bring on more internal material supply? Are you getting the yields? Are you getting the performance? Are you getting what you need from your internal supply? Or will you have to rely more on external wafers that could change the profitability of your silicon carbide business?

我想知道，Hassane，你是否可以給我們更多的顏色來說明是什麼有助於推動這種上升趨勢？作為該問題的 B 部分，我們應該如何考慮在您帶來更多內部材料供應時成本或毛利率方面的任何增量逆風？你得到收益了嗎？你得到性能了嗎？您是否從內部供應中獲得了所需的東西？還是您將不得不更多地依賴可能改變碳化矽業務盈利能力的外部晶圓？

Yes. So in fact, a few parts of your question. So first, yes, we're reconfirming the $1 billion revenue for '23. The increase of $0.5 billion in the same time frame, the '23 to '25, obviously, we've always said we continue to engage with customers. Customer continue to value the performance of our products and the end-to-end capability, as I mentioned in my prepared remarks. So that obviously has maintained the strength of our business where customers are committing to long-term supply agreements, even in what I would call a shorter-term horizon, which is '23 to '25. So that's again a testament of where we stand with the technology and the supply.

是的。所以事實上，你的問題的幾個部分。所以首先，是的，我們要重新確認 23 年的 10 億美元收入。在同一時間段內增加 5 億美元，從 23 年到 25 年，很明顯，我們一直說我們會繼續與客戶互動。正如我在準備好的評論中提到的那樣，客戶繼續重視我們產品的性能和端到端的能力。因此，這顯然保持了我們的業務實力，客戶承諾簽訂長期供應協議，即使是在我稱之為“23 到 25 年”的短期範圍內也是如此。所以這再次證明了我們在技術和供應方面的立場。

Now as far as your comments on internal substrate, we remain committed to our internal substrates. So of course, we have been -- through '22, we have ramped our capabilities for internal substrates. That ramp is going to keep increasing. And that ramp is as a plan to support our growth in the LTSA that we have from '23 to '25 and even beyond.

現在就您對內部基板的評論而言，我們仍然致力於我們的內部基板。因此，當然，我們已經 - 通過'22，我們已經提高了內部基板的能力。該斜坡將繼續增加。這個斜坡是作為支持我們從 23 歲到 25 歲甚至以後的 LTSA 增長的計劃。

And as far as yields are concerned, I know there's conversations about yield, none of which have been made by the company. So I'll use the opportunity to set the record straight. Any commentary about yields from unreliable sources, I'm not going to comment on. What I will tell you is our yields are coming in per plan. Our ramp is coming in per plan. And as shown in our margin in the fourth quarter and our guide in the first quarter, which all have come between that 100 to 200 basis points. So our business is healthy, our ramp is on track, and we will continue to invest in brownfield to support our customers.

就收益率而言，我知道有關於收益率的對話，但公司都沒有進行過。所以我會利用這個機會澄清事實。任何關於來自不可靠來源的收益的評論，我都不會評論。我要告訴你的是，我們的產量是按計劃計算的。我們的斜坡按計劃進入。正如我們在第四季度的利潤率和我們在第一季度的指南中所示，它們都在 100 到 200 個基點之間。所以我們的業務是健康的，我們的斜坡正在走上正軌，我們將繼續投資棕地以支持我們的客戶。

And then just as a quick follow-up. I was hoping you could give us some color on your automotive business, excluding silicon carbide. Sales have now grown in your auto business for, I believe, 10 quarters, and you're guiding to another quarter of sequential growth. How undersupplied is the automotive market right now? And is your non-silicon carbide business you think can it grow in line or above the market this year?

然後作為快速跟進。我希望你能給我們一些關於你的汽車業務的顏色，不包括碳化矽。我相信，您的汽車業務的銷售額現在已經增長了 10 個季度，並且您正在引導另一個季度的連續增長。現在的汽車市場供不應求到什麼程度？還有你們的非碳化矽業務你認為今年能達到或超過市場的增長水平嗎？

Yes. Look, I think we're going to outgrow the market in automotive. We said that goal even back in our Analyst Day, and we've been outperforming our own goal. Outside of silicon carbide, the breadth of our portfolio is what is really highlighting the strength of that business. We've always said that our growth is going more pact content versus unit sold.

是的。看，我認為我們將超越汽車市場。我們甚至在我們的分析師日就說過這個目標，我們一直在超越我們自己的目標。在碳化矽之外，我們產品組合的廣度真正凸顯了該業務的實力。我們一直說我們的增長是更多的協議內容與銷售量。

Thad talked about the transformation we've had in our image sensing -- our Intelligent Sensing Group. That is content, both in number per vehicle, but also the ASPs with the higher resolution. That's driving growth in our business. A lot of the power, whether its IGBT or support other medium and high-voltage fabs outside of silicon carbide, that's more content, both content and share gains.

Thad 談到了我們在圖像傳感方面的轉變——我們的智能傳感組。即內容，既包括每輛車的數量，也包括具有更高分辨率的 ASP。這推動了我們業務的增長。很多電源，無論是它的IGBT還是支持碳化矽以外的其他中高壓晶圓廠，那都是更多的內容，內容和份額收益。

I can tell you, I am -- we are winning more share as others can't supply, and we're locking in that share gain in LTSAs to sustain the long term. So all of that is what is giving us the confidence in our ramp. And look, we still are oversubscribed as far as demand is concerned, which puts us in a very good buffer as far as whatever demand does and the macro does. We feel very strongly about the position in our automotive. And of course, other segments from ASG is the LED driver, ultrasonic sensing. All of these are macro trends that are happening in automotive driving our content in that business.

我可以告訴你，我是——我們正在贏得更多份額，因為其他人無法提供，我們正在鎖定 LTSA 的份額增長以維持長期。所以所有這些都是讓我們對我們的斜坡充滿信心的原因。看，就需求而言，我們仍然處於超額認購狀態，這使我們在需求和宏觀方面都處於非常好的緩衝狀態。我們對我們在汽車領域的地位感到非常強烈。當然，ASG 的其他部分是 LED 驅動器、超聲波傳感。所有這些都是汽車行業正在發生的宏觀趨勢，推動了我們在該業務中的內容。

Our next question comes from Chris Danely from Citi.

我們的下一個問題來自花旗銀行的 Chris Danely。

Last quarter, you gave us an update on the shortage situation and lead times. I think you talked about lead times being 45 weeks, where they're normally 15. How have the shortage situation and lead times changed over the last 3 months?

上個季度，您向我們介紹了短缺情況和交貨時間的最新情況。我想你談到交貨時間是 45 週，而通常情況下是 15 週。在過去 3 個月中，短缺情況和交貨時間有何變化？

Yes. So the lead times are relatively flat. I mean, I think they're down a couple of weeks on average. But when you're out at 45 weeks, that really isn't material. So I would say things have been very consistent throughout the quarter in terms of the lead times as well as just the shortages and the number of escalations that we've seen.

是的。所以交貨時間相對平坦。我的意思是，我認為他們平均下降了幾週。但是當你在 45 週時出院時，那真的不重要了。所以我想說整個季度的情況在交貨時間以及我們所看到的短缺和升級數量方面都非常一致。

Sure. And then any comment on the Q2 outlook? It's been sort of flat, slightly up, slightly down over the last several years. How's Q2 looking? Can we expect this to spread into Q2?

當然。然後對第二季度前景有何評論？在過去的幾年裡，它有點持平，略有上升，略有下降。 Q2看起來怎麼樣？我們可以預期這會蔓延到第二季度嗎？

So Chris, we'll talk about Q2 in 90 days. It's too early to make that call.

所以克里斯，我們將在 90 天內討論第二季度。現在下這個電話還為時過早。

Our next question comes from Toshiya Hari from Goldman Sachs.

我們的下一個問題來自高盛的 Toshiya Hari。

Hassane, I was hoping you could talk a little bit about your philosophy around LTSAs with the macro softening. I guess one of the common questions we get from investors is how does the company? How do you guys manage any requests around pushouts and things of that sort?

Hassane，我希望你能談一談你關於 LTSAs 的哲學以及宏觀軟化。我想我們從投資者那裡得到的一個常見問題是公司如何？你們如何處理有關推出和此類事情的任何請求？

I think in the past, you've talked about not being flexible on the pricing side because that's a committed contract, if you will. But how are you managing the volume side of things as it relates to LTSAs?

我想在過去，你曾談到在定價方面不靈活，因為如果你願意的話，那是一份承諾的合同。但是，您如何管理與 LTSA 相關的事物的數量方面？

Yes. Look, obviously, our philosophy has not changed. The pricing is firm. The backdrop is the LTSAs are legally binding. We will engage with customers for the right reasons. Obviously, it's not in anybody's benefit to have inventory on their shelf or even inventory in the channel. So we've been managing the inventory in the channel. You've seen that consistently in our performance. So that philosophy is holding, and we will maintain that. Engagement with customers, it's not about price, but we will have a win-win situation with the customer, and that remains our philosophy.

是的。看，很明顯，我們的理念沒有改變。定價是堅定的。背景是 LTSA 具有法律約束力。我們將以正確的理由與客戶接觸。顯然，在他們的貨架上有庫存甚至在渠道中有庫存對任何人都沒有好處。所以我們一直在管理渠道中的庫存。您已經在我們的表現中始終如一地看到了這一點。所以這種理念是成立的，我們將保持這一點。與客戶的互動，不是價格，而是我們與客戶的雙贏，這一直是我們的理念。

Got it. And then as a quick follow-up for Thad. I guess what kind of utilization rates are you assuming for the current quarter? That's a quick clarification. Then my question is in terms of long-term gross margins, at the '21 Analyst Day, I think you gave a range of 48% to 50%. It sounds like your strategy -- the execution to your strategy has been really good in terms of your portfolio, your manufacturing footprint, et cetera. Is 48% to 50% still the right range? Or do you feel like there could be upside given the $160 million benefit you spoke to in your prepared remarks?

知道了。然後作為 Thad 的快速跟進。我想您假設本季度的利用率是多少？這是一個快速的澄清。那麼我的問題是關於長期毛利率，在'21 分析師日，我認為你給出的範圍是 48% 到 50%。這聽起來像你的戰略——就你的投資組合、製造足蹟等而言，你的戰略執行得非常好。 48% 到 50% 仍然是正確的範圍嗎？或者，考慮到您在準備好的發言中談到的 1.6 億美元的收益，您是否覺得會有好處？

Yes. So on the utilization rates, we expect that we'll be kind of in this range, maybe it's flat to down slightly in Q1. I think just given kind of the macro softness we're seeing here in the first half of the year, it's probably going to be -- remain in that range. And we'll see how the second half shapes up later. And what's the second part of the question? What was it? Can you repeat the second part?

是的。因此，在利用率方面，我們預計我們會在這個範圍內，可能在第一季度持平或略有下降。我認為，鑑於今年上半年我們在這裡看到的宏觀經濟疲軟，它可能會——保持在那個範圍內。我們稍後會看到下半場的情況。問題的第二部分是什麼？它以前如何？你能重複第二部分嗎？

Yes, long-term gross margins, you gave a 48% to 50% range. I don't expect you to give us a preview on the May Analyst Day, but how are you thinking about the puts and takes? And I think you gave a number in terms of the benefit from transitioning manufacturing from your divested fabs. Any potential upside to that 48% to 50% long term?

是的，長期毛利率，你給出了 48% 到 50% 的範圍。我不希望您在 5 月的分析師日給我們一個預覽，但您如何看待看跌期權？而且我認為你給出了從你剝離的晶圓廠轉型製造的好處方面的數字。 48% 到 50% 的長期增長有什麼潛在的好處嗎？

Yes. Look, we remain confident in that 48% to 50%. I said that in my prepared remarks. We've also said that target is a milestone, not a destination, right? We're confident in our business. We have a lot of tailwinds after we get through '23. So stay tuned on that, but we remain committed to the 48% to 50%. And I believe that is a milestone.

是的。看，我們對 48% 到 50% 仍然充滿信心。我在準備好的發言稿中這麼說了。我們也說過目標是一個里程碑，而不是一個目的地，對吧？我們對我們的業務充滿信心。在我們度過 23 年之後，我們有很多順風。所以請繼續關注這一點，但我們仍然致力於 48% 到 50%。我相信這是一個里程碑。

Our next question comes from Harsh Kumar from Piper Sandler.

我們的下一個問題來自 Piper Sandler 的 Harsh Kumar。

First of all, some great color on Tesla, Volkswagen, JLR, particularly the traction inverter win at Volkswagen. I think that's huge.

首先，Tesla、Volkswagen、JLR 的一些出色表現，尤其是牽引逆變器贏得了 Volkswagen。我認為這是巨大的。

I had a question on gross margins. You're basically guiding gross margin 400 basis points, but you are saying that the headwind from silicon carbide is between 100 and 200. Should we assume that it's closer to 200 at the beginning of the year? And could you give us some color on how that number will trend? Do you expect it to be gone by the end of this year? Will it continue into next year? And then any color on Fishkill that 50 to 70 bps of headwind as well would be helpful.

我有一個關於毛利率的問題。你基本上指導毛利率 400 個基點，但你說碳化矽的逆風在 100 到 200 之間。我們是否應該假設它在年初接近 200？你能給我們一些關於這個數字趨勢的顏色嗎？你預計它會在今年年底消失嗎？會持續到明年嗎？然後 Fishkill 上任何顏色的 50 到 70 個基點的逆風也會有所幫助。

Yes. So let me start with the latter. The East Fishkill is 50 to 70 basis points. You can think about that as being linear throughout the year and very consistent. That's where the foundry services that we'll be providing to GLOBALFOUNDRIES at kind of a low margin, low single-digit type margin.

是的。所以讓我從後者開始。 East Fishkill 為 50 至 70 個基點。您可以將其視為全年呈線性並且非常一致。這就是我們將以低利潤、低個位數類型的利潤率向 GLOBALFOUNDRIES 提供代工服務的地方。

In terms of the silicon carbide, as I said earlier, we're really happy with the execution there. We're in that range of 100 to 200 hundred basis points. We think that starts to peak kind of in midyear. We think that based on what we can see now with the $1 billion run rate or the $1 billion number that we're going to hit in '23, we think we'll exit the year with that headwind behind us. So that's why I've said that 2023 is really a transition year.

就碳化矽而言，正如我之前所說，我們對那裡的執行非常滿意。我們處於 100 到 20000 個基點的範圍內。我們認為這在年中開始達到頂峰。我們認為，根據我們現在可以看到的 10 億美元的運行率或我們將在 23 年達到的 10 億美元的數字，我們認為我們將在這一年的逆風中結束。所以這就是為什麼我說 2023 年確實是一個過渡年。

Okay. So it will be gone by the end of '23? And just curious about the softness in March. Have you seen any kind of noise cancellations in core industrial just outside of the consumer industrial? And a couple of the other companies have talked about cancellations in the auto business. I was curious if you've seen anything kind of strange over here in your auto business with increasing cancellations?

好的。所以它會在 23 年底消失嗎？只是對三月的柔軟感到好奇。您是否在消費工業之外的核心工業中看到過任何類型的噪聲消除？其他幾家公司也談到了汽車業務的取消。我很好奇您在汽車業務中是否看到過越來越多的取消訂單的奇怪情況？

No. No. This is Hassane. We haven't seen any of that in automotive. Like I said earlier, we still remain oversubscribed in auto. So it's not really a demand for us, it's more of a supply. So as we get more supply, we're going to be able to cover more of the demand. But cancellations have not been an issue in automotive.

不，不，這是哈桑。我們還沒有在汽車中看到任何這樣的東西。正如我之前所說，我們仍然在汽車領域保持超額認購。所以這對我們來說並不是真正的需求，更像是一種供應。因此，隨著我們獲得更多供應，我們將能夠滿足更多需求。但取消在汽車行業並不是問題。

Obviously, we've seen cancellations. If I look at a trend, actually Q4 was slightly down as far as cancellations on the non-auto. So I think it's too soon to call it a trend. But it looks like it's getting better. But like I said, with our LTSAs, we're able to engage with customers for a win-win. So we don't see that impact beyond what we guided.

顯然，我們已經看到取消。如果我看一個趨勢，實際上第四季度在非汽車取消方面略有下降。所以我認為現在將其稱為趨勢還為時過早。但看起來情況正在好轉。但正如我所說，有了我們的 LTSA，我們能夠與客戶互動以實現雙贏。所以我們沒有看到超出我們指導範圍的影響。

(Operator Instructions) Our next question comes from Chris Caso from Credit Suisse.

（操作員說明）我們的下一個問題來自瑞士信貸的 Chris Caso。

Just a follow-up question on some of the industrial weakness that you saw. And recognize for you, the industrial market is very broad. And it sounds like you've seen some different trends there. Perhaps you could just give some more color on what you're seeing and how that looks like it's trending into midyear?

只是關於您看到的一些工業弱點的後續問題。並為您認識到，工業市場非常廣闊。聽起來你在那裡看到了一些不同的趨勢。也許你可以為你所看到的以及它在年中的趨勢如何看起來提供更多顏色？

Yes. Look, I think even last quarter, when we talked about the third quarter even, we talked about how some of the industrial markets that are closer to the consumer, like power tools and so on, those remain soft. We've seen softness in the broader market. Again, we believe this is more consumer and macro-driven, where we have been investing in industrial and alternative energy, that has actually been up, as I said, 75%, even ahead of our 60% growth target that we had. So that exceeded our expectation. That gives you the strength of the market that will continue through '23.

是的。看，我認為即使是上個季度，當我們談到第三季度時，我們也談到了一些更接近消費者的工業市場，如電動工具等，它們仍然疲軟。我們已經看到大盤疲軟。同樣，我們認為這更多是消費者和宏觀驅動的，我們一直在投資工業和替代能源，正如我所說，實際上已經增長了 75%，甚至超過了我們設定的 60% 的增長目標。所以這超出了我們的預期。這為您提供了將持續到 23 年的市場力量。

And then pockets in the medical business that we focus on have seen a lot of growth, and we see that continuing in '23, obviously, offset by softness in other broader pockets of industrial. So no real change in the performance of that business or the outlook as we get into '23.

然後我們關注的醫療業務領域出現了很大的增長，我們看到這種情況在 23 年繼續增長，顯然被其他更廣泛的工業領域的疲軟所抵消。因此，當我們進入 23 世紀時，該業務的表現或前景沒有真正的變化。

Just a follow-up on pricing. And I think you've been clear on a number of aspects of pricing. It sounds, like principally in auto, this is covered by the LTSAs in some of the non-core segments where pricing is declining, that's where you're exiting.

只是跟進定價。而且我認為您已經清楚定價的許多方面。聽起來，主要是在汽車領域，LTSA 在一些定價下降的非核心領域涵蓋了這一點，這就是你要退出的地方。

But what about industrial, which I imagine probably more NCNR orders? Are you seeing any changes as the NCNRs tail off and you're signing new orders for these customers? Or is that pricing remaining resilient as well?

但是工業呢，我想這可能會有更多的 NCNR 訂單？隨著 NCNR 的減少以及您正在為這些客戶簽訂新訂單，您是否看到任何變化？或者定價是否也保持彈性？

No, the pricing is holding up because -- just to clarify one thing. Our industrial business, where I highlighted the growth and where we have been focusing and where we want to keep investing, those are -- those remain under LTSA. So the LTSAs are not only for automotive, but they are for growth areas where we have been putting investments and we want that return on the investments to be solid.

不，定價是因為 - 只是為了澄清一件事。我們的工業業務，我強調了增長，我們一直關注的領域以及我們希望繼續投資的領域，這些都是 - 那些仍然在 LTSA 之下。因此，LTSA 不僅適用於汽車，而且適用於我們一直在投資的增長領域，我們希望投資回報穩定。

So that carved out a big portion of the growth in industrial and puts it on high confidence. Obviously, the NCNR, we are getting the renewed backlog in these, and the backlog comes in at the same rate as far as pricing is concerned. So we don't see any softness there as far as pricing, even on the NCNR.

因此，這在工業增長中佔據了很大一部分，並使其充滿信心。顯然，NCNR，我們在這些方面得到了更新的積壓，並且就定價而言，積壓以相同的速度出現。因此，就定價而言，我們看不到任何軟性，即使是在 NCNR 上也是如此。

Our next question will come from Matt Ramsey from Cowen.

我們的下一個問題將來自 Cowen 的 Matt Ramsey。

For my first question, I wanted to follow up on the last topic there that Chris brought up that you guys now have $16.5 billion something like that in LTSAs, only maybe 1/4 of that is from the silicon carbide business that gets a lot of attention. I wonder guys if you might spend a little bit more time on the rest of the business, LTSAs, where they're concentrated?

對於我的第一個問題，我想跟進克里斯提出的最後一個話題，你們現在在 LTSA 中擁有 165 億美元，其中可能只有 1/4 來自碳化矽業務，它獲得了很多注意力。我想知道你們是否可以花更多的時間在其他業務上，LTSAs，他們集中在哪裡？

I took note of the increase of $2.5 billion that you just announced from where the number was that you reported previously. So just where are you? Maybe a little bit more detail on the last answer of where you're seeing the strength in the market in order for a customer to be willing to sign up for those long-term agreements and other segments outside of silicon carbide?

我注意到你剛剛宣布的 25 億美元的增加是從你之前報告的數字開始的。那麼你在哪裡？也許在最後一個答案中更詳細一點，你在哪裡看到市場的力量，以便客戶願意簽署這些長期協議和碳化矽以外的其他細分市場？

Sure. This is Hassane. So look, the LTSAs are broad in nature. I highlighted some examples where we have hundreds of parts for LTSA, and that goes back to the strength of our portfolio and the breadth of our portfolio as we target applications like electric vehicle electrification or autonomous driving or even parts of the industrial where we provide, for example, the sensing part of it as well as the motor control in the areas of factory automation, as an example.

當然。這是哈桑。所以看，LTSA 本質上是廣泛的。我強調了一些例子，其中我們有數百個 LTSA 零件，這可以追溯到我們產品組合的實力和產品組合的廣度，因為我們的目標是電動汽車電氣化或自動駕駛等應用，甚至是我們提供的工業部分，例如，它的傳感部分以及工廠自動化領域中的電機控制。

So all of these is really the strength of our portfolio. If I look at it, majority is automotive just because, obviously, it ties to the total market. Total market in automotive is larger. Therefore, our LTSAs are larger. And like you said, 1/4 of it is silicon carbide. So the rest is really the broad portfolio that we have.

因此，所有這些確實是我們產品組合的優勢。如果我看一下，大部分是汽車，因為很明顯，它與整個市場有關。汽車的總市場更大。因此，我們的 LTSA 更大。就像你說的，其中 1/4 是碳化矽。所以剩下的就是我們擁有的廣泛產品組合。

Image sensing, for example, remains a constrained technology. And given that is a very key enabler for autonomous driving in the future of mobility, that has customers really locking in supply in order to ensure that they have what they need as they start converting their vehicles to more ADAS or Level 2+ with more content. That's the breadth that I can talk about across all applications that we target.

例如，圖像傳感仍然是一項受限的技術。鑑於這是未來移動性中自動駕駛的一個非常關鍵的推動因素，它讓客戶真正鎖定供應，以確保他們在開始將車輛轉換為更多 ADAS 或具有更多內容的 2+ 級時擁有所需的東西.這就是我可以在我們所針對的所有應用程序中談論的廣度。

Yes. And let me just add that the $4.5 billion of silicon carbide LTSA is through '25. So it's actually a much larger number that's included in the in $16.6 billion of total LTSAs. But as Hassane said, it's broad. The place that we are not doing LTSA, obviously, is the non-core business that we're trying to exit. So we are intentionally trying to get out of that business.

是的。讓我補充一點，價值 45 億美元的碳化矽 LTSA 已經過 25 年了。所以它實際上是一個更大的數字，包含在 166 億美元的 LTSA 總額中。但正如 Hassane 所說，它很廣泛。顯然，我們沒有做 LTSA 的地方是我們試圖退出的非核心業務。因此，我們有意嘗試擺脫該業務。

Got it. That was helpful. As my follow-up, I wanted to ask on silicon carbide on a little bit of a different angle. There's acute focus for obvious reasons on materials and yields and what not. But Hassane, I wanted to know if you could talk a little bit about the work that the company is doing and potentially the differentiation of your products in areas like using depreciated fabs to do silicon carbide rather than building new facilities or packaging, heat dissipation, size of modules, everything downstream from the raw materials and just how your company is positioned there? I see lots of conversation around the materials and not as much around the rest of the supply chain.

知道了。那很有幫助。作為我的後續行動，我想從不同的角度詢問碳化矽。由於明顯的原因，人們非常關注材料和產量等等。但是 Hassane，我想知道你是否可以談談公司正在做的工作，以及你的產品在一些領域的潛在差異化，比如使用折舊的晶圓廠來生產碳化矽，而不是建造新的設施或包裝、散熱、模塊的大小，原材料下游的一切以及貴公司在那裡的定位如何？我看到很多關於材料的討論，而不是圍繞供應鏈其餘部分的討論。

Yes. Look, that's a great question. So we've been obviously investing in brownfield. We've been very upfront about it. Given our manufacturing footprint and the optimization that we've been undergoing in the last couple of years, we're very well positioned to grow in there as we want.

是的。看，這是一個很好的問題。所以我們顯然一直在投資棕地。我們對此非常坦率。鑑於我們的製造足跡和過去幾年我們一直在進行的優化，我們完全有能力在那裡實現我們想要的增長。

So let me give you some color. We have a large-scale manufacturing site in South Korea and Buchan. That is an existing highly capable, high output power fab that today manufactures IGBT. What we've been able to do over the last few years is transfer that IGBT technology to East Fishkill, converted to 12-inch. So there's benefit from that by itself, and then use an existing power fab with slightly fewer GAAP tools in order for us to run silicon carbide and start running silicon carbide in that fab.

所以讓我給你一些顏色。我們在韓國和 Buchan 擁有大型製造基地。那是一個現有的高性能、高輸出功率的晶圓廠，現在可以製造 IGBT。我們在過去幾年中能夠做的是將 IGBT 技術轉移到 East Fishkill，轉換為 12 英寸。因此，它本身就有好處，然後使用現有的功率工廠，GAAP 工具略少，以便我們運行碳化矽並開始在該工廠運行碳化矽。

So that's what allowed us to ramp so quickly and with the CapEx efficiency that you've seen from us. That, for example, is on the front end. The same thing with the back-end. We have a very robust back-end footprint that is already leading in power and packaging for power semiconductors and modules. We've been able to retool those back-end factories in order to support our world-class modules that I mentioned in my prepared remarks for silicon carbide. So that's on the front-end and the back-end.

因此，這就是我們能夠如此迅速地提高資本支出效率的原因，正如您從我們這裡看到的那樣。例如，在前端。後端也是一樣。我們擁有非常強大的後端足跡，已經在功率半導體和模塊的功率和封裝領域處於領先地位。我們已經能夠重組這些後端工廠，以支持我在準備好的碳化矽評論中提到的世界級模塊。這就是前端和後端。

Now right after the material that we've been talking about, there is, of course, capabilities of wafering and happy, and that's where we do it in the Czech Republic. We've been able to increase that capacity to match the output from our Hudson facility for substrates and to match the capabilities that our fab has been able to ramp to. So all of these 3 sites are what is increasing proportionally in order to support our not only the $1 billion, but you can imagine, we're investing in the '24 ramp and the '25 ramp based on those LTSAs.

現在，在我們一直在談論的材料之後，當然還有晶圓和快樂的能力，這就是我們在捷克共和國所做的。我們已經能夠提高該產能，以匹配我們哈德遜工廠的基板產量，並匹配我們晶圓廠已經能夠達到的產能。因此，所有這 3 個站點都按比例增加，以支持我們不僅 10 億美元，而且你可以想像，我們正在投資基於這些 LTSA 的 '24 斜坡和 '25 斜坡。

Those are coming in on track. Those are coming in on time. Obviously, equipment has been a challenge over the last few years, but we've been able to stay ahead of it given that we're utilizing our existing manufacturing footprint.

那些正在步入正軌。那些準時進來。顯然，設備在過去幾年一直是一個挑戰，但鑑於我們正在利用現有的製造足跡，我們能夠保持領先地位。

So I'm very proud with what the team has done because it's not an easy task, but they have been able to do it, and that's obviously a testament of the capabilities of the team to run such a complex manufacturing. And we'll continue to invest in brownfield in order to support our long-term strategy.

所以我對團隊所做的事情感到非常自豪，因為這不是一件容易的事，但他們能夠做到，這顯然證明了團隊運行如此復雜製造的能力。我們將繼續投資棕地，以支持我們的長期戰略。

And our next question will come from Vijay Rakesh from Mizuho.

我們的下一個問題將來自 Mizuho 的 Vijay Rakesh。

Hassane, great guide here, given all the concerns. On the inventory side, just a quick question. Your inventories were up only 3% sequentially, which is probably the lowest among all the analog guys. Just wondering if you can give us some color on how inventories look in the channel and at the OEM level?

考慮到所有問題，Hassane 是一位出色的嚮導。在庫存方面，只是一個簡單的問題。你們的庫存環比僅增長了 3%，這可能是所有模擬廠商中最低的。只是想知道您是否可以給我們一些關於庫存在渠道和 OEM 級別的情況的顏色？

Yes. Look, we're -- if you look at our inventory on our balance sheet, in terms of days that went up, as I mentioned, there are 26 days of bridge inventory for the fab transition in the silicon carbide ramp.

是的。看，我們 - 如果你看看我們資產負債表上的庫存，就上升天數而言，正如我提到的那樣，碳化矽斜坡中的晶圓廠過渡有 26 天的橋樑庫存。

If you look at that quarter-over-quarter, our base inventory, not the strategic portion of what the transition, the bridge is actually down. So you can see, we've talked about reducing wafer starts from earlier in the year, starting in Q2, and you can see that coming through our inventory. So this is just that our tight management of inventory.

如果你看看那個季度環比，我們的基本庫存，而不是過渡的戰略部分，橋樑實際上已經倒塌了。所以你可以看到，我們已經討論過從今年早些時候開始減少晶圓啟動，從第二季度開始，你可以通過我們的庫存看到這一點。所以這只是我們對庫存的嚴格管理。

At the same time, in the channel, we've been managing it very tight as well. So we took inventory in the channel down by $10 million sequentially. It's at 7.3 weeks. We plan on running that really tight as well. We've been in that range for quite a while here, and we continue to go through the softness we'll manage both internal inventory and channel inventory very tight and just be cautious in terms of what we're seeing out there.

同時，在頻道中，我們也一直在非常嚴格地管理它。因此，我們將渠道庫存連續減少了 1000 萬美元。現在是7.3週。我們也計劃非常緊張地運行。我們在這個範圍內已經有一段時間了，我們將繼續經歷疲軟，我們將非常嚴格地管理內部庫存和渠道庫存，並對我們在那裡看到的情況保持謹慎。

Got it. And then on the silicon -- sorry, go ahead.

知道了。然後在矽片上——抱歉，請繼續。

No, that was it. Go ahead, Vijay.

不，就是這樣。去吧，維杰。

Yes. I know the silicon carbide side, just wondering what is -- if you can give us some color on what's driving the wins? Obviously, you compete with a lot of very established suppliers on the silicon carbide side. What's driving the events and how defensible is it?

是的。我知道碳化矽方面，只是想知道是什麼 - 如果你能給我們一些關於推動勝利的因素的顏色？顯然，您在碳化矽方面與許多非常成熟的供應商競爭。是什麼推動了這些事件，它的防禦性如何？

Well, we're an established supplier too for silicon carbide. So that puts us in that bucket. But look, I remain consistent in why we're winning. A lot of people focus on technology as, call it, the silicon carbide wafer technology or something before that like substrates. I always couple the competitive advantage we have on technology as encompasses the wafer technology, but also the packaging technology. Any power semiconductor for us to be competitive and really win in the market, you have to have both.

好吧，我們也是碳化矽的老牌供應商。所以這讓我們進入了那個桶。但是你看，我對我們獲勝的原因始終如一。很多人關注技術，稱之為碳化矽晶圓技術或之前的類似襯底的技術。我總是將我們在技術上的競爭優勢結合起來，包括晶圓技術和封裝技術。任何功率半導體要使我們具有競爭力並真正贏得市場，您必須兩者兼備。

The best power silicon or silicon carbide die if you can't get the heat off of it, in a very light and efficient manner, then it's not going to work in the whole system. So we're able to do the best, highest power, highest density power in a very light and cost-effective package using our road map and our innovation.

最好的功率矽或碳化矽芯片如果不能以非常輕便和高效的方式散熱，那麼它就無法在整個系統中工作。因此，我們能夠使用我們的路線圖和創新，在非常輕便且具有成本效益的封裝中提供最佳、最高功率、最高密度的功率。

Customers have validated that and customers have signed up for us. So the combination of the power, call it, semiconductor or silicon carbide plus the packaging co-developed is what puts us in the lead and customers are obviously seeing that benefit and signing up with us for those long-term agreements. So you have to have both, and we have the best of both.

客戶已經驗證了這一點，並且客戶已經註冊了我們。因此，半導體或碳化矽以及共同開發的封裝的功率組合使我們處於領先地位，客戶顯然看到了這種好處並與我們簽署了這些長期協議。所以你必須兩者兼備，而我們兩者兼具。

Our next question comes from Joseph Moore from Morgan Stanley.

我們的下一個問題來自摩根士丹利的約瑟夫摩爾。

I guess when you look at some of those that have also been announced by competitors or associated with competitors. How is that business being split? Is it one vendor? Does the onboard charger, another uses traction inverter? Are there cases where people are multi-sourcing within those individual components?

我想當您查看其中一些也由競爭對手宣布或與競爭對手相關的內容時。該業務如何拆分？它是一個供應商嗎？車載充電器，另一個使用牽引逆變器嗎？是否存在人們在這些單獨組件中進行多方採購的情況？

Yes. Look, I mean, in all fairness, let me just give you a little bit of a time-based questions. A lot of the ramps that are happening today are ramps that have been won, call it, 3, maybe 4 years ago. Before onsemi was, call it, a credible and a focused player in silicon carbide, we talked about our strategy of doubling down on silicon carbide in 2021. So my focus and our strategy and a lot of the wins that we have are forward-looking.

是的。看，我的意思是，公平地說，讓我給你一些基於時間的問題。今天發生的許多坡道都是已經贏得的坡道，稱之為 3 年，也許 4 年前。在 onsemi 成為碳化矽領域可靠且專注的參與者之前，我們討論了我們在 2021 年加倍投資碳化矽的戰略。所以我的重點和我們的戰略以及我們取得的許多勝利都是前瞻性的.

Obviously, they already started. They are ramping our -- for -- against that $1 billion we have in '23, but forward-looking. So how it's split, like I said, most of the platforms are single sourced. So I can tell you because the packaging is not like it's swappable. So most of them are single source. There are a few cases where we may share a platform, but majority of them are single sourced. And those will be ramping.

顯然，他們已經開始了。他們正在加大我們的——為了——反對我們在 23 年擁有的 10 億美元，但這是前瞻性的。所以它是如何拆分的，就像我說的，大多數平台都是單一來源的。所以我可以告訴你，因為包裝不是可更換的。所以他們中的大多數都是單一來源。在少數情況下，我們可能會共享一個平台，但大多數都是單一來源。那些將會增加。

Think about what we're winning now is in the '25, '26 and beyond. What we are ramping now has already been won a few years ago. So that gives you a little bit on the timing of what others have been disclosing, which is not a surprise to me, by the way.

想想我們現在在 25 年、26 年及以後贏得的勝利。我們現在正在努力的事情幾年前就已經贏得了。因此，這讓你對其他人披露的時間有了一些了解，順便說一下，這對我來說並不奇怪。

Great. And then in terms of the forward-looking outlook, you guys talked about maybe exiting a higher amount of business than you have the last couple of quarters of $75 million. So how much of the cautious guidance is sort of the factors that you've talked about in the nonautomotive markets versus the ability to maybe at a less tight supply environment to exit some of those businesses more quickly?

偉大的。然後就前瞻性前景而言，你們談論的業務可能比過去幾個季度的 7500 萬美元要多。那麼，您在非汽車市場中談到的謹慎指導中有多少是與可能在不太緊張的供應環境中更快退出其中一些業務的能力相比的因素？

Well, it's really a combination of both, right? In Q4, we exited $17 million. It was below our expectations than what we thought we would exit. In Q1, we're looking at $75 million. So I think it's a combination of that. We're definitely seeing slowness in the other noncore markets, right?

好吧，這真的是兩者的結合，對吧？在第四季度，我們退出了 1700 萬美元。它低於我們的預期，低於我們認為我們會退出的水平。第一季度，我們的目標是 7500 萬美元。所以我認為這是兩者的結合。我們肯定會看到其他非核心市場的放緩，對吧？

Consumer and compute has been down. It continues to be down. As I said, our automotive, we expect to be up sequentially in Q1. And we think industrial has got some headwinds as well. But so -- I would look at it as a cautious guide, but it's kind of taken into account the exits as well as just the overall softness that we're seeing right now.

消費者和計算一直在下降。它繼續下跌。正如我所說，我們的汽車，我們預計將在第一季度連續增長。我們認為工業也有一些不利因素。但是 - 我會把它看作是一個謹慎的指南，但它在某種程度上考慮了退出以及我們現在看到的整體疲軟。

Our next question comes from Rajvindra Gill from Needham & Company.

我們的下一個問題來自 Needham & Company 的 Rajvindra Gill。

Congrats on the silicon carbide ramp. Just a follow-up on the long-term supply agreements. I was wondering if you could maybe talk about any changes that you're seeing within those agreements?

祝賀碳化矽斜坡。只是對長期供應協議的跟進。我想知道您是否可以談談您在這些協議中看到的任何變化？

I know a couple of quarters ago, you talked about certain customers requesting more volume near term, some customers extending the agreements, some customers requesting higher volumes. So any kind of positive specific changes within those LTSAs that you would like to call out or noticeable?

我知道幾個季度前，您談到某些客戶要求近期增加量，一些客戶延長協議，一些客戶要求更高的量。那麼，在那些 LTSA 中，您想要提出或註意到的任何一種積極的具體變化是什麼？

Yes. Look, it's been the same. When we -- we've done a lot of amendments -- what we call amendment where customers came in and wanting more volume. And obviously, in the areas where we have been able to release volume because of the decline in the other markets and our ability to convert.

是的。看，一模一樣。當我們——我們做了很多修改——我們稱之為客戶進來並想要更多數量的修改。顯然，由於其他市場的下滑和我們的轉換能力，我們能夠釋放數量的領域。

We have been able to sign up for more volume for the customer, still, unfortunately, less than what their demand--have natural demand would be. But we have been able to increase that. So customers always engage with us on kind of almost what about now? What about now? Are we able to get that?

我們已經能夠為客戶簽約更多的數量，不幸的是，仍然低於他們的需求——有自然需求。但是我們已經能夠增加它。所以客戶總是在某種程度上與我們互動，現在呢？現在呢？我們能得到嗎？

Some of the technology or medium voltage bets remain constrained. Our IGBT remain constrained. Silicon carbide, obviously, we maintain our constraint. Image sensor constraints. So we do have technologies across the company that remain constrained.

一些技術或中壓賭注仍然受到限制。我們的 IGBT 仍然受限。碳化矽，顯然，我們保持我們的約束。圖像傳感器約束。因此，我們公司的技術確實受到限制。

So any opportunity we have where we were able to gain efficiency in our manufacturing footprint or convert from nonstrategic or non-core to core technology in our fab. We actually will either proactively go and talk to our customers that we know we're not supporting 100% or they come to us with some mix. Some of it is, again, our sockets that we want to get to 100%. And lately, it's been where others cannot support and customers have come to us and those were -- have been share gains.

因此，我們有任何機會能夠在我們的製造足跡中獲得效率，或者在我們的工廠中從非戰略或非核心技術轉變為核心技術。事實上，我們要么主動去和我們的客戶談談我們知道我們不是 100% 支持的客戶，要么他們帶著一些混合來找我們。其中一些是我們想要達到 100% 的套接字。最近，它一直是其他人無法支持的地方，客戶來找我們，而這些都是 - 一直是份額收益。

So we're able to solidify those in an LTSA to sustain 5 to sometimes 7 years length. So it's still -- the environment is positive as far as the LTSAs because it's more on a long term. It's not anything about what we can do in '23.

因此，我們能夠鞏固 LTSA 中的那些，以維持 5 到 7 年的長度。所以它仍然 - 就 LTSA 而言，環境是積極的，因為它更長期。這與我們在 23 年能做什麼無關。

Appreciate that color. Just one follow-up in terms of the overall pricing environment. I know as part of your strategy, you talked about reducing the price to value discrepancy you after obviously have prices kind of locked in regarding the LTSAs. How do you think about the pricing environment, overall blended pricing this year as you see the benefits of those strategies, but then kind of offset by maybe the nonstrategic? So just kind of maybe talk -- walk me through the puts and takes on the pricing environment this year.

欣賞那種顏色。就整體定價環境而言，只是一項後續行動。我知道，作為您策略的一部分，您談到在 LTSA 的價格明顯鎖定之後，您談到了降低價格與價值的差異。當您看到這些策略的好處時，您如何看待今年的定價環境、整體混合定價，但可能會被非戰略性抵消？所以，也許可以談談——讓我了解看跌期權，並了解今年的定價環境。

Look, I think we expect the pricing environment to be stable this year. Our approach to pricing has been strategic where you mentioned, we're looking at price to value discrepancy. We've done a lot of that. So that's all behind us. Right now, it's really focusing on supporting our customers with supply.

看，我認為我們預計今年的定價環境將保持穩定。我們的定價方法在您提到的地方具有戰略意義，我們正在研究價格與價值的差異。我們已經做了很多。所以這一切都在我們身後。現在，它真正專注於為我們的客戶提供供應支持。

So we don't see any, call it, pricing that we do. Obviously, we're always sensitive to costs, and we keep an eye up on cost. So if we do get cost increases that are not part of already our LTSA or cost increases that are new that we haven't gotten yet from some of the vendors, we are -- of course, we'll pass those on. But as far as the pricing environment, net of that, we do see it as stable.

所以我們看不到我們所做的任何定價。顯然，我們總是對成本很敏感，我們會密切關注成本。因此，如果我們確實獲得了不屬於我們的 LTSA 的成本增加，或者我們還沒有從一些供應商那裡獲得的新成本增加，我們 - 當然，我們會傳遞這些。但就定價環境而言，除此之外，我們確實認為它是穩定的。

This does conclude the question-and-answer session for today's conference. I'd now like to turn the call back over to Hassane El-Khoury, President and CEO, for any closing remarks.

今天會議的問答環節到此結束。我現在想將電話轉回給總裁兼首席執行官 Hassane El-Khoury，聽取任何結束語。

Thank you again for joining our call, and thank you for the thousands of onsemi employees who have had a direct impact on our exceptional results. As we enter this new year, amid a dynamic macro environment, I'm confident that we will maintain our momentum and navigate this market better than we ever have as a company. Thank you.

再次感謝您加入我們的電話會議，並感謝您對我們卓越成果產生直接影響的數千名 onsemi 員工。隨著我們進入新的一年，在充滿活力的宏觀環境中，我相信我們將保持我們的勢頭，並比我們公司以往任何時候都更好地駕馭這個市場。謝謝。

This concludes today's conclude call. Thank you for your participation. You may now disconnect. Everyone, have a wonderful day.

今天的總結電話會議到此結束。感謝您的參與。您現在可以斷開連接。每個人，祝你有美好的一天。