安森美 (ON) 2023 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the ON Semiconductor Fourth Quarter 2023 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。歡迎參加安森美半導體 2023 年第四季財報電話會議。 （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 host today, Parag Agarwal, Vice President of Corporate Development and Investor Relations. Please go ahead.

現在，我想將會議交給今天的東道主，企業發展和投資者關係副總裁帕拉格·阿加瓦爾 (Parag Agarwal)。請繼續。

Thank you, Liz. Good morning, and thank you for joining On Semi's Fourth Quarter 2023 Quarterly Results Conference Call. I'm joined today by Hassane El-Khoury, our President and CEO; and Thad Trent, our CFO.

謝謝你，莉茲。早安，感謝您參加 On Semi 2023 年第四季業績電話會議。今天我們的總裁兼執行長 Hassane El-Khoury 也加入了我的行列。還有我們的財務長薩德‧特倫特 (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 2023 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.

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路直播。本次網路廣播的重播以及我們的 2023 年第四季收益發布將在本次電話會議後約 1 小時在我們的網站上發布，錄製的網路廣播將在本次電話會議後約 30 天內提供。更多資訊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 financial measures and a discussion of certain limitations when using non-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簡報包括某些非公認會計準則財務指標。這些非GAAP 財務指標與最直接可比較的GAAP 財務指標的調節以及對使用非GAAP 財務指標時的某些限制的討論都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, we will make projections or other forward-looking statements regarding the 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 materially from our forward-looking statements are described in our most recent Form 10-K, Form 10-Qs and other filings with the Securities and Exchange Commission and in our earnings release for the fourth quarter of 2023.

在本次電話會議期間，我們將對公司未來事件或未來財務表現做出預測或其他前瞻性陳述。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有重大差異。我們最近向美國證券交易委員會提交的表格10-K、表格10-Q 和其他文件以及我們的報告中描述了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有重大差異的因素。2023 年第四季收益 發布。

Our estimates or other forward-looking statements might 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. Now let me turn it over to Hassane. Hassane?

我們的估計或其他前瞻性陳述可能會發生變化，本公司不承擔更新前瞻性陳述以反映實際結果、變化假設或可能發生的其他事件的義務，除非法律要求。現在讓我把它交給哈桑。哈桑？

Thank you, Parag. Good morning, and thank you all for joining us on the call. We are pleased to share our results with you following another year of significant accomplishments as we continue transforming the company to achieve our long-term financial model. Our Intelligent Power & Sensing Technologies accounted for 71% of our revenue in 2023 compared to 62% in 2021 as we have driven our portfolio to strategic areas with higher gross margin.

謝謝你，帕拉格。早安，感謝大家加入我們的電話會議。我們很高興與您分享我們的成果，在我們繼續改造公司以實現長期財務模式的過程中又取得了重大成就。我們的智慧電源和感測技術佔 2023 年收入的 71%，而 2021 年為 62%，因為我們已將我們的產品組合推向毛利率更高的策略領域。

Our revenue from crude products in 2023 increased more than 40% over '22. Year-over-year, design win growth continues to outpace the long-term revenue growth target we outlined during our Analyst Day.

2023 年我們的原油產品營收比 22 年成長了 40% 以上。與去年同期相比，設計獲勝成長持續超過我們在分析師日期間概述的長期收入成長目標。

We had a record year of automotive revenue increasing 29% over 2022, driven by both Intelligent Power and Sensing. We achieved our first $1 billion revenue year for Automotive Image Sensors with design wins increasing more than 50% year-over-year, fueling our future growth with new products.

在智慧電源和感測的推動下，我們的汽車收入比 2022 年成長了 29%，創歷史新高。我們的汽車影像感測器首次實現了 10 億美元的收入，設計訂單年增超過 50%，透過新產品推動了我們未來的成長。

It was a great year for silicon carbide. We shipped more than $800 million in 2023 or 4x 2022 revenue. Our silicon carbide revenue had the highest growth in the industry, both in terms of dollars and percentage in 2023, delivering an estimated 25% market share.

對碳化矽來說，這是偉大的一年。我們 2023 年的出貨量超過 8 億美元，是 2022 年營收的 4 倍。到 2023 年，我們的碳化矽收入無論是以美元還是百分比計算，都將實現行業內最高的成長，預計將佔據 25% 的市場份額。

We increased our customer base to more than 600 customers in 2023. Our top 10 customers are geographically distributed with over 50% in APAC, including Korea, followed by the U.S., and we expect to further diversify our customer base in 2024 as European customers ramp production.

到2023 年，我們的客戶群將增加到600 多個。我們的前10 位客戶在地理上分佈在亞太地區，其中超過50% 位於亞太地區，包括韓國，其次是美國，隨著歐洲客戶的增加，我們預計到2024 年我們的客戶群將進一步多元化生產。

We continue to make progress on our transition to 200-millimeter with material already running through our manufacturing steps and we announced the world's largest silicon carbide fab with our expansion in Bucheon, South Korea.

我們在向 200 毫米過渡方面繼續取得進展，材料已通過我們的製造步驟，並且我們宣佈在韓國富川擴建，建成世界上最大的碳化矽工廠。

While market reports still project 30% or 40% growth for silicon carbide in 2024, OEM's latest EV plans indicate a more tapered growth signaling a SiC market growth in the range of 20% to 30%. We still expect to grow at 2x the market growth in 2024 with customers ramping production in both industrial and automotive.

雖然市場報告仍預計 2024 年碳化矽將成長 30% 或 40%，但 OEM 的最新電動車計畫顯示成長將更加緩慢，這表明 SiC 市場成長在 20% 至 30% 範圍內。隨著客戶在工業和汽車領域的產量增加，我們仍預期 2024 年的成長率將是市場成長率的 2 倍。

Electrification remains a content expansion opportunity for us. Our broad portfolio of silicon carbide and IGBT combined with our high-power packaging solutions give us a competitive advantage across all levels of EVs, ranging from HEV to PHEV and BEV. In fact, our 2023 hybrid vehicle related revenue nearly doubled year-over-year, while the number of vehicles grew 30%.

電氣化仍然是我們內容擴展的機會。我們廣泛的碳化矽和 IGBT 產品組合與我們的高功率封裝解決方案相結合，使我們在從 HEV 到 PHEV 和 BEV 的所有級別的電動車中都具有競爭優勢。事實上，我們的 2023 年混合動力車相關收入年增近一倍，而車輛數量增加了 30%。

We have significant content gains across all xEVs and specifically up to $350 of content in hybrid electric drivetrains and onboard chargers. We grow no matter which one gains traction, pun intended.

我們在所有 xEV 上都獲得了顯著的內容收益，特別是在混合動力電動傳動系統和車載充電器方面的內容高達 350 美元。無論哪一個獲得關注，我們都會成長，這是雙關語。

On Semi is #2 in silicon power with best-in-class IGBT and MOSFET technologies. Our overall IGBT revenue nearly doubled over the last 2 years driven by market share gains and further penetration in xEV and energy infrastructure.

On Semi 憑藉一流的 IGBT 和 MOSFET 技術在矽功率領域排名第二。在市場佔有率成長以及 xEV 和能源基礎設施領域進一步滲透的推動下，我們的 IGBT 整體收入在過去兩年中幾乎翻了一番。

In Automotive, On Semi is #1 in image sensors with 2023 revenue increasing more than 12% year-over-year driven by the shift to higher value 8 megapixel sensors as customers move to better performance options at higher ASPs. 8 megapixel image sensor revenue nearly doubled year-over-year demonstrating the market trend toward higher resolution for ADAS systems.

在汽車領域，安森美半導體在影像感測器領域排名第一，隨著客戶轉向以更高的平均售價獲得更好性能的選擇，安森美半導體在轉向更高價值的800 萬像素感測器的推動下， 2023 年營收年增超過12%。 800 萬像素影像感測器收入同比幾乎翻倍，顯示 ADAS 系統解析度更高的市場趨勢。

We are also #1 in automotive LED lighting, inductive and ultrasonic sensing and we plan to advance our leadership position with our upcoming analog and mixed signal platform.

我們也在汽車 LED 照明、電感和超音波感測領域排名第一，我們計劃透過即將推出的類比和混合訊號平台來提升我們的領導地位。

In Industrial, we are #1 in solar and energy storage solutions with our IGBTs, silicon carbide and module portfolio from commercial to utility scale string inverters. Energy infrastructure is still our highest growth megatrend in industrial, where we continue to see demand for our hybrid modules with silicon and silicon carbide.

在工業領域，我們憑藉 IGBT、碳化矽和從商業到公用事業規模串式逆變器的模組產品組合，在太陽能和儲能解決方案領域排名第一。能源基礎設施仍然是我們工業領域成長最快的大趨勢，我們繼續看到對矽和碳化矽混合模組的需求。

In 2023, the International Energy Agency, or IEA, reported that the world's renewable energy surpassed 50% growth over 2022, its fastest rate in the past 25 years. Our revenue for energy infrastructure during the same period grew 60%. The IEA predicts that renewable energy is on course to increase by 2.5x by 2030.

2023年，國際能源總署（IEA）報告稱，全球再生能源較2022年增長超過50%，為過去25年來最快增速。同期我們的能源基礎設施收入成長了 60%。 IEA 預測，到 2030 年，再生能源發電量將成長 2.5 倍。

For EV chargers, we just released a full suite of EliteSiC power integrated modules, enabling bidirectional charging capabilities for DC ultrafast electric vehicle chargers. Our newly released modules can be used up to 350-kilowatt in EV chargers, the highest in the industry to reduce charging time to 15 minutes for a near full charge.

對於電動車充電器，我們剛剛發布了全套EliteSiC功率整合模組，為直流超快電動車充電器提供雙向充電功能。我們新發布的模組可在電動車充電器中使用高達 350 千瓦的功率，這是業內最高的，可將充電時間縮短至 15 分鐘，幾乎充滿電。

Our broad portfolio of products has enabled us to become a one-stop shop for our customers and the source for the most optimized solutions. It is critical for customers to extract the best performance for their system and using our portfolio to provide a system level optimized solution across our power and sensing technologies remain a competitive advantage.

我們廣泛的產品組合使我們能夠成為客戶的一站式商店和最佳化解決方案的來源。對於客戶來說，為他們的系統獲得最佳性能至關重要，並且使用我們的產品組合在我們的電源和感測技術中提供系統級優化的解決方案仍然是一項競爭優勢。

We are also excited about our power opportunity to support the transition to 48-volt. We are already in production with a leading automotive customer on their new 48-volt architecture as we had already planned our portfolio for such a transition.

我們也對支持向 48 伏特過渡的電力機會感到興奮。我們已經與一家領先的汽車客戶合作生產其新的 48 伏特架構，​​因為我們已經為這種轉變規劃了我們的產品組合。

Last year, we responded to the market uncertainty by focusing on our execution. As demonstrated with more predictable and sustainable financial results, our worldwide teams delivered operational excellence in the face of challenging market conditions without losing sight of innovation to further our leadership position in intelligent power and sensing solutions.

去年，我們透過專注於執行來應對市場的不確定性。正如更可預測和可持續的財務業績所證明的那樣，我們的全球團隊在面對充滿挑戰的市場條件時實現了卓越的運營，同時又不忽視創新，以進一步鞏固我們在智慧電源和感測解決方案方面的領導地位。

We are happy with the progress we've made in 2023, having built a resilient business model capable of performing in all market environments. We are now turning to the opportunities for operational improvements in 2024 to achieve our target financial model.

我們對 2023 年的進展感到滿意，建立了能夠在所有市場環境中發揮作用的彈性業務模式。我們現在正在尋求 2024 年營運改進的機會，以實現我們的目標財務模型。

In the near term, based on our current outlook and early LTSA signals, we expect continued softness across all end markets through a period of inventory digestion and slowing end demand.

短期內，根據我們目前的前景和早期 LTSA 訊號，我們預計，在一段庫存消化和終端需求放緩的時期，所有終端市場將持續疲軟。

The bottom line is that we will weather 2024 with substantially better financial performance than in prior downturns. Meanwhile, we will continue to invest in extending our leading portfolio and we will benefit disproportionately as the market recovers. With that, I'll turn it over to Thad to provide further details on our results. Thad?

最重要的是，我們將以比之前經濟低迷時期更好的財務表現度過 2024 年。同時，我們將繼續投資擴大我們的領先產品組合，隨著市場復甦，我們將獲得不成比例的收益。這樣，我會將其轉交給泰德，以提供有關我們結果的更多詳細資訊。泰德？

Thanks, Hassane. Our ongoing transformation in 2023 delivered significant improvement towards our long-term financial model. Our ability to proactively navigate through the current cycle while delivering better results than ever in a downturn is a testament to the work our teams have accomplished over the last 3 years.

謝謝，哈桑。我們 2023 年正在進行的轉型顯著改善了我們的長期財務模式。我們能夠積極應對當前週期，同時在經濟低迷時期取得比以往更好的業績，這證明了我們團隊在過去三年中所完成的工作。

Today, On Semi is a different and more resilient company, having achieved 2023 non-GAAP gross margin of 47.1%, which is 1,440 basis points higher than 2020, the last year in which utilization was at comparable levels. We maintained revenue of $8.3 billion for the year, non-GAAP operating margin of 32.3% and delivered $5.16 of non-GAAP earnings per share.

如今，安森美半導體已成為一家不同的、更具彈性的公司，2023 年非公認會計準則毛利率達到 47.1%，比 2020 年（利用率處於可比水平的上一年）高出 1,440 個基點。我們全年收入維持在 83 億美元，非 GAAP 營業利潤率為 32.3%，非 GAAP 每股收益為 5.16 美元。

For the year, we returned 140% of free cash flow to our shareholders through share repurchases and we have $2.4 billion remaining on the buyback authorization we announced a year ago.

今年，我們透過股票回購向股東返還了 140% 的自由現金流，一年前宣布的回購授權還剩 24 億美元。

For the fourth quarter, we reported revenue of $2.02 billion, non-GAAP gross margin of 46.7% and non-GAAP earnings per share of $1.25, all above the midpoint of our guidance.

第四季度，我們報告收入為 20.2 億美元，非 GAAP 毛利率為 46.7%，非 GAAP 每股收益為 1.25 美元，均高於我們指導的中點。

Looking at the fourth quarter breakdown by end market, our Automotive business of $1.1 billion grew 13% as compared to the quarter a year ago and declined 4% quarter-over-quarter in line with our expectations. Still, vehicle electrification and advanced safety features are driving upside as demonstrated by our record automotive revenue for image sensors in 2023.

從第四季終端市場細分來看，我們的汽車業務規模為 11 億美元，與去年同期相比成長 13%，季減 4%，符合我們的預期。儘管如此，車輛電氣化和先進的安全功能正在推動上行，我們 2023 年創紀錄的汽車影像感測器收入證明了這一點。

Our revenue for Industrial was $497 million, down 10% versus Q4 2022 and down 19% sequentially as anticipated. All segments have been impacted by macroeconomic factors and slowdown in industrial activity. Our Automotive and Industrial revenue accounted for 80% of our business in 2023 as compared to 68% in 2022, following our strategy to shift to high-growth megatrends for the sustainable ecosystem.

我們的工業收入為 4.97 億美元，比 2022 年第四季下降 10%，比預期連續下降 19%。所有細分市場都受到宏觀經濟因素和工業活動放緩的影響。根據我們轉向永續生態系統高成長大趨勢的策略，到 2023 年，我們的汽車和工業收入占我們業務的 80%，而 2022 年為 68%。

In Q4, we exited another $30 million of non-core business. And for the full year, we exited $180 million. While we expected customers to find alternative options, the remaining non-core portions of our business are now healthy nearing corporate gross margins and demonstrating the power of our portfolio.

第四季度，我們又退出了 3,000 萬美元的非核心業務。全年我們退出了 1.8 億美元。雖然我們預計客戶會找到替代選擇，但我們業務的其餘非核心部分現在健康接近公司毛利率，並展示了我們投資組合的力量。

Looking at the split between the operating units, revenue for the Power Solutions Group or PSG, was $1.1 billion an increase of 4% year-over-year due to an increase in silicon carbide revenue for auto and energy infrastructure. Revenue for the Advanced Solutions Group or ASG was $625 million, 11% decline year-over-year, driven by softness in compute and mobile end markets. Revenue for the Intelligent Sensing Group or ISG was $308 million, a 13% decrease year-over-year due to a decline in compute and industrial.

從營運部門之間的劃分來看，由於汽車和能源基礎設施的碳化矽收入增加，Power Solutions Group（PSG）的營收為 11 億美元，年增 4%。受運算和行動終端市場疲軟的推動，高級解決方案集團（ASG）的收入為 6.25 億美元，年減 11%。智慧感測集團（ISG）的收入為 3.08 億美元，由於計算和工業業務的下滑，年減 13%。

In the fourth quarter, our GAAP and non-GAAP gross margin of 46.7% was above the midpoint of our guidance. Our gross margin exceeded expectations despite total utilization decreasing to 66% from 72% in Q3, further validating the structural changes we have implemented over the last 3 years. We should see the full impact of the decline in utilization materialized in Q1.

第四季度，我們的 GAAP 和非 GAAP 毛利率為 46.7%，高於我們指引值的中位數。儘管總利用率從第三季的 72% 下降至 66%，但我們的毛利率超出了預期，進一步驗證了我們在過去 3 年中實施的結構性變革。我們應該會看到利用率下降的全面影響在第一季顯現出來。

At East Fishkill, we have already made progress by improving the overall cost structure of the fab making it 50 basis points less dilutive than expected in the fourth quarter. Based on our current outlook, we expect to hold our gross margin above the mid-40% floor with utilization in the mid-60% range. Silicon carbide gross margin also remained above 40% with high profit fall-through, and we expect to maintain these levels through 2024.

在東菲什基爾，我們已經透過改善晶圓廠的整體成本結構取得了進展，使其第四季度的稀釋性比預期減少了 50 個基點。根據我們目前的前景，我們預計毛利率將保持在 40% 左右的底線以上，而利用率將在 60% 左右的範圍內。碳化矽毛利率也維持在 40% 以上，利潤大幅下滑，我們預計到 2024 年將維持在此水準。

Now let me give you some additional numbers for your models. GAAP operating expenses for the fourth quarter were $330 million as compared to $316 million in the fourth quarter of 2022. Non-GAAP operating expenses were $306 million as compared to $300 million in the quarter a year ago. GAAP operating margin for the quarter was 30.3% and non-GAAP operating margin was 31.6%. Our GAAP tax rate was 7.8% and our non-GAAP tax rate was 15.4%.

現在讓我為您的模型提供一些額外的數字。第四季的 GAAP 營運費用為 3.3 億美元，而 2022 年第四季的 GAAP 營運費用為 3.16 億美元。非 GAAP 營運費用為 3.06 億美元，而去年同期為 3 億美元。本季 GAAP 營運利潤率為 30.3%，非 GAAP 營運利潤率為 31.6%。我們的 GAAP 稅率為 7.8%，非 GAAP 稅率為 15.4%。

GAAP earnings per diluted share for the fourth quarter was $1.28 as compared to $1.35 in the quarter a year ago. Non-GAAP earnings per share was above the midpoint of our guidance at $1.25 as compared to $1.32 in Q4 of 2022. Our GAAP diluted share count was 440 million shares and our non-GAAP diluted share count was 434 million shares. In Q4, we were aggressive with our share repurchases and returned 136% of free cash flow to shareholders through $300 million of buybacks.

第四季 GAAP 攤薄每股收益為 1.28 美元，去年同期為 1.35 美元。非 GAAP 每股盈餘高於我們指引的中位數 1.25 美元，而 2022 年第四季為 1.32 美元。我們的 GAAP 稀釋後股票數量為 4.4 億股，非 GAAP 稀釋後股票數量為 4.34 億股。第四季度，我們積極進行股票回購，並透過 3 億美元的回購將 136% 的自由現金流返還給股東。

Turning to the balance sheet. Cash and cash equivalents was $2.5 billion and we had $1.1 billion undrawn on our revolver. Cash from operations was $611 million and free cash flow was $221 million or approximately 11% of revenue. Capital expenditures during Q4 were $391 million, which equates to a capital intensity of 19%. We expect 2024 capital intensity to be in the low teens for the full year ahead of our original plan and driven by our improved silicon carbide manufacturing output on 150 millimeters.

轉向資產負債表。現金和現金等價物為 25 億美元，我們的左輪手槍還有 11 億美元未提取。營運現金為 6.11 億美元，自由現金流為 2.21 億美元，約佔營收的 11%。第四季的資本支出為 3.91 億美元，相當於資本密集度為 19%。我們預計，在我們提高 150 毫米碳化矽製造產量的推動下，2024 年全年資本密集度將低於我們最初的計畫。

Inventory increased by $27 million sequentially and days increased by 13 days to 179 days. This includes approximately 74 days of bridge inventory to support fab transitions in the silicon carbide ramp. Excluding these strategic builds, our base inventory decreased $52 million sequentially with days of inventory at 105 days.

庫存較上月增加 2,700 萬美元，天數增加 13 天至 179 天。這包括大約 74 天的橋樑庫存，以支援碳化矽坡道上的晶圓廠過渡。不包括這些策略構建，我們的基礎庫存較上季減少了 5,200 萬美元，庫存天數為 105 天。

We continue to proactively manage distribution inventory. Distrib. inventory was down $11 million sequentially with weeks of inventory at 7.2 weeks versus 6.9 weeks in Q3. We have been underserving the mass market through this channel, while we focused on our LTSA commitments. We expect to replenish the channel in 2024 to service the long tail of customers and expect inventory to start to normalize with increase in inventory levels between 7 and 9 weeks over the next few quarters.

我們繼續主動管理分銷庫存。分發。庫存較上季減少 1,100 萬美元，庫存週數為 7.2 週，而第三季為 6.9 週。我們一直透過這個管道為大眾市場提供服務，同時我們專注於我們的 LTSA 承諾。我們預計將在 2024 年對通路進行補貨，以服務長尾客戶，並預計庫存將開始正常化，並在未來幾季的 7 至 9 週內增加庫存水準。

Now let me provide you the 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. Given the current macro environment and our demand visibility, we anticipate Q1 revenue will be in the range of $1.8 billion to $1.9 billion with softness across all end markets. We expect non-GAAP gross margin to be between 44.5% and 46.5%, primarily due to lower factory utilization and continued EFK headwinds.

現在讓我向您提供我們第一季非公認會計準則指引的關鍵要素。與我們第四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。考慮到當前的宏觀環境和我們的需求可見性，我們預計第一季營收將在 18 億美元至 19 億美元之間，所有終端市場均疲軟。我們預計非 GAAP 毛利率將在 44.5% 至 46.5% 之間，這主要是由於工廠利用率較低和 EFK 持續不利因素所致。

Our Q1 non-GAAP gross margin includes share-based compensation of $5 million. We expect non-GAAP operating expenses of $305 million to $320 million, including share-based compensation of $27 million. We anticipate our non-GAAP other income to be a net benefit of $8 million with our interest income exceeding interest expense. This benefit is a result of the debt restructuring activities we have completed over the last 2 years, reducing a significant historical drag on the P&L.

我們第一季的非 GAAP 毛利率包括 500 萬美元的股權激勵。我們預計非 GAAP 營運費用為 3.05 億美元至 3.2 億美元，其中包括 2,700 萬美元的股權激勵。我們預計我們的非 GAAP 其他收入將為 800 萬美元的淨收益，其中利息收入將超過利息支出。這項收益是我們過去兩年完成的債務重組活動的結果，減少了對損益表的重大歷史拖累。

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 433 million shares. This results in non-GAAP earnings per share to be in the range of $0.98 to $1.10. We expect capital expenditures of $310 million to $340 million in brownfield investments primarily in silicon carbide and EFK.

我們預計我們的非 GAAP 稅率將在 15.5% 至 16.5% 範圍內，我們第一季的非 GAAP 稀釋股數預計約為 4.33 億股。這導致非 GAAP 每股收益在 0.98 美元至 1.10 美元之間。我們預期棕地投資的資本支出為 3.1 億至 3.4 億美元，主要投資於碳化矽和 EFK。

As we navigate through 2024, we will focus on operational excellence without losing sight of our long-term commitments to our customers and our shareholders. We remain perfectly positioned in the markets where we focus and continue to engage in long-term supply agreements with our strategic customers. We remain confident in our 53% long-term gross margin target as we execute our fab right strategy to optimize factory utilization and drive operational efficiencies across the company. With that, I'd like to start the Q&A. So I'll turn it over to Liz to open the line.

展望 2024 年，我們將專注於卓越運營，同時也不會忽視對客戶和股東的長期承諾。我們在我們關注的市場中保持完美的地位，並繼續與我們的策略客戶簽訂長期供應協議。我們對 53% 的長期毛利率目標仍然充滿信心，因為我們執行晶圓廠正確策略以優化工廠利用率並提高整個公司的營運效率。接下來，我想開始問答環節。所以我會把它交給莉茲來開通。

(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羅斯·西莫爾（Ross Seymore）。

Can you hear me?

你聽得到我嗎？

Yes.

是的。

Great. First question is on the automotive side of things. I guess, kind of 2 parts to it. The silicon carbide side, it sounds like there's a little bit of a difference between the third-party estimates and what you're seeing from OEMs. And then last quarter, you talked about some weakness emerging in the Tier 1 guys in Europe. Can you just give us an update on what you've seen on kind of that side of the business as well?

偉大的。第一個問題是關於汽車方面的。我想，大概有兩個部分。碳化矽方面，聽起來第三方的估計與您從原始設備製造商看到的有一點差異。上個季度，您談到了歐洲第一線人員中出現的一些弱點。您能否向我們介紹一下您在該業務方面所看到的最新情況？

Sure. Yes. Look, we started the year regarding the silicon carbide, you know all know what the third-party estimates are. But when you look at customers, even public announced outlook for 2024. The outlook has been tapered down a little bit. From our side, however, it's purely demand-driven. The platforms are qualified. The designs have been shipping. The question now is tied to end demand. And that's why we're still very confident in 2x the market growth. The question is, what will the market do in 2024 based on the few announcements that have been made but it's a demand driven. We'll just tag on to demand. .

當然。是的。聽著，我們從碳化矽方面開始了這一年，你們都知道第三方的估計是多少。但當你看看客戶時，即使公開宣布了 2024 年的展望，前景也有所縮小。然而，從我們的角度來看，這純粹是需求驅動的。平台均具備資質。設計已出貨。現在的問題與最終需求有關。這就是為什麼我們仍然對 2 倍的市場成長充滿信心。問題是，根據已經發布的少量公告，2024 年市場會做什麼，但這是由需求驅動的。我們將根據需求進行標記。 。

And then on to automotive in general, look, we saw softness. I mentioned it in my prepared remarks, it is inventory digestion, but it's also slowing demand. You'll see that in our guide as we work through it. But one thing for us as a very high priority is managing the inventory internally and managing the inventory externally, which means we have been taking utilization down in order to match what we believe the outlook is and when the outlook recover, we'll get all of that as tailwinds.

然後在整個汽車領域，我們看到了柔軟度。我在準備好的演講中提到過，這是庫存消化，但也是需求放緩。當我們完成它時，您會在我們的指南中看到這一點。但對我們來說，非常重要的一件事是內部管理庫存和外部管理庫存，這意味著我們一直在降低利用率，以符合我們認為的前景，當前景恢復時，我們將得到所有作為順風。

So that's the cautious approach we've had given the signals we've seen. And we've seen them kind of come in as we've talked about since last quarter because of the LTSAs are giving us that outlook.

這就是我們所採取的謹慎態度，給了我們所看到的訊號。正如我們自上個季度以來所討論的那樣，我們已經看到它們的出現，因為 LTSA 給了我們這樣的前景。

And I guess my follow-up for that. On the gross margin side, it looks like you're going to hold the 45 floor you talked about before. Can you just walk us through the puts and takes as the year progresses? And perhaps how big of a headwind is the utilization of 65% is going to be the floor on the utilization side approximately how much of an impact is that versus kind of the long-term target of getting back to 53%?

我想我的後續行動是這樣的。在毛利率方面，看起來你會守住之前談到的45%的底線。您能否向我們介紹今年的看跌期權和看跌期權？也許 65% 的利用率將成為利用率的下限，這對回到 53% 的長期目標有多大影響？

Yes, Ross, you're absolutely right. So we plan on holding that mid-40% floor. We think utilization will bottom out around the mid-60s. We're pretty close to that now. And if you look at our margin today, I think the company has executed very well, which really shows that our Fab Liter strategy that we implemented 2 years ago has worked very effectively.

是的，羅斯，你說得完全正確。因此，我們計劃保持 40% 中間的底線。我們認為利用率將在 60 年代中期左右觸底。我們現在已經非常接近了。如果你看看我們今天的利潤率，我認為公司執行得非常好，這確實表明我們兩年前實施的 Fab Liter 策略非常有效。

And as we execute Fab Right, we'll continue to drive cost efficiency across that network. What you should think about is every point of utilization is about 15 basis points of gross margin going both ways up and down. So you can kind of think about we're there, we've proactively taken our utilization down. We started taking it down in late '22, and we're kind of at that point where we think we can manage through this at this level.

當我們執行 Fab Right 時，我們將繼續提高整個網路的成本效率。您應該考慮的是，每個利用率點都會使毛利率上下波動約 15 個基點。所以你可以想我們在那裡，我們已經主動降低了利用率。我們從 22 年底開始把它拿下來，現在我們認為我們可以在這個層面上解決這個問題。

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

我們的下一個問題來自 Vivek Arya 與美國銀行的聯繫。

Hassane, I'm curious, what do you think has helped you avoid some of the deeper 30%, 40% kind of peak to trough correction that we have seen at your -- several of your peers. And I think kind of related to that, what we're all trying to grapple with, do you think Q1 is kind of the trough because when I listen to Thad talking about utilization and that you're close to the bottom, that suggests Q1 is the trough. But do you think of it that way? And should we be modeling kind of seasonal recoveries?

Hassane，我很好奇，你認為是什麼幫助你避免了我們在你的幾位同行身上看到的更深的 30%、40% 類型的峰谷調整。我認為與此相關的是，我們都在努力解決的問題，你認為第一季是一種低谷嗎？因為當我聽泰德談論利用率時，你已經接近底部，這表明第一季是波谷。但你是這樣認為的嗎？我們應該對季節性復甦進行建模嗎？

So kind of 2 parts, what has helped you avoid some of the correction and from what you can see today is Q1 kind of the relative trough of the cycle for On Semi?

這兩個部分，是什麼幫助你避免了一些調整，從你今天看到的情況來看，第一季是安森美半導體週期的相對低潮？

Yes, Vivek, thanks for that question. Look, if you think about what helped us navigate better than a lot of our peers given the guide of companies that guided already. And like you mentioned, 20%, 30% is really the fact that we talked about the LTSAs. We talked about how, at a minimum, the LTSAs are going to provide us a phone call when things start getting softer. Those phone calls started happening in industrial before anyone talked about industrial softness. I'm talking 6 quarters ago. That's when we started taking utilization down, that's when we timed even more what we ship into the channel to be way closely tied to what we believe the demand is at that point in time.

是的，維韋克，謝謝你的提問。看，如果您考慮一下，在已經提供指導的公司的指導下，是什麼幫助我們比許多同行更好地導航。正如您所提到的，20%、30% 確實是我們談論 LTSA 的事實。我們討論了當情況開始變得疲軟時，LTSA 至少將如何為我們提供電話。在有人談論工業疲軟之前，這些電話就開始在工業領域發生。我說的是六個季度前。從那時起，我們開始降低利用率，從那時起，我們對運送到通路的貨物進行了更多的計時，以便與我們認為當時的需求密切相關。

The other thing in automotive, we talked about it in our Q3 earnings over 90 days ago when we talked about we started to see signs because we started getting the calls about the LTSAs and customers wanting to get some relief on the volume. So those are the tools that we have implemented over the last few years in order to give us that visibility. But it's not -- the LTSAs are not going to solve a demand problem. What LTSAs have done is allowed us to prepare what we do in response to a softer demand environment.

汽車領域的另一件事，我們在90 多天前的第三季財報中談到了這一點，當時我們談到我們開始看到跡象，因為我們開始接到有關LTSA 的電話，客戶希望獲得一些銷量上的緩解。這些是我們在過去幾年中實施的工具，目的是為了提高我們的可見度。但事實並非如此——長期安全協議並不會解決需求問題。 LTSA 所做的事情讓我們能夠為應對疲軟的需求環境做好準備。

And you've seen we put a tight management on distri inventory. It didn't bubble up. We've actually reduced our utilization. We've reduced our base inventory in dollars. All of these are signs of the resiliency we have in our model, which, by the way, all of them will be tailwinds on the other side of that.

您已經看到我們對分銷庫存實施嚴格管理。它沒有冒泡。我們實際上已經減少了利用率。我們減少了以美元計的基礎庫存。所有這些都表明我們的模型具有彈性，順便說一句，所有這些都將成為模型的另一面的順風車。

Now as far as do we -- what we believe the trough is Q1 or not. Look, I'm smart enough not to call a bottom until I'm standing on top of the hill looking back at it. So I'll let you know when that happens.

現在就我們而言——我們是否相信第一季是低谷。看，我很聰明，直到我站在山頂回頭看時才稱其為底部。所以當這種情況發生時我會通知你。

On silicon carbide, could you help give us some sense of what it was in Q4, what the auto industrial mix is? What's the implied for Q1? And why tied to a market rate, why not in the past, you have given us very specific and absolute numbers because you had those supply agreements. So why not give an absolute number, why tied to a market rate. So just any more quantification of what silicon carbide did in Q4. What the implied is for Q1 and then kind of an absolute number for this year instead of giving -- tying it to a market rate?

關於碳化矽，您能否幫助我們了解一下第四季的情況，汽車工業結構是什麼？ Q1 意味著什麼？為什麼與市場價格掛鉤，為什麼不在過去，你給了我們非常具體和絕對的數字，因為你有這些供應協議。那為什麼不給一個絕對數字，為什麼要跟市場利率掛鉤。因此，對碳化矽在第四季度的表現進行更多量化。第一季的暗示是什麼，然後是今年的絕對數字，而不是與市場利率掛鉤？

Yes. So I'll first cover on -- in Q4, our revenue for silicon carbide went up as we discussed in the Q3 call and as we expected. So it came in line with our expectation. Again, it grew from Q3 to Q4. So that shows both the diversification and the strength in that business that will also remain in 2024 with the growth we're going to see in 2024.

是的。因此，我將首先介紹一下 - 在第四季度，我們的碳化矽收入正如我們在第三季度電話會議中討論的那樣增長了，正如我們所預期的那樣。所以它符合我們的期望。再次，它從第三季度增長到第四季度。因此，這表明該業務的多元化和實力也將在 2024 年繼續存在，並且我們將在 2024 年看到成長。

Now the reason we don't talk about absolute numbers, it is a ramping business and it is -- the lumpiness of a very new ramping business is going to be in silicon carbide like it is with any ramping business that is tied to adoption. That's the reason we went to 2x market. And by the way, it is what we peck to at our Analyst Day. So we didn't really change what we do. We change the short term more on the long term. We've always said we're going to outgrow the market. We're going to be 2x the market. That is our trajectory for the next 5 years that we discussed at Analyst Day.

現在我們不談論絕對數字的原因是，這是一項不斷增長的業務，而且它是——一個非常新的不斷增長的業務的塊狀部分將出現在碳化矽中，就像任何與採用相關的不斷成長的業務一樣。這就是我們進入 2x 市場的原因。順便說一句，這就是我們在分析師日所關注的內容。所以我們並沒有真正改變我們所做的事情。我們從長遠來看更多地改變短期。我們總是說我們的成長將超過市場。我們將成為市場的兩倍。這就是我們在分析師日討論的未來 5 年的發展軌跡。

And my comments are, we will remain committed to that trajectory based on the design-ins we have. And as I mentioned on Ross's question, all the design-ins are done. All the shipments have been made for the ramp to start with a very broad range of customers. The question remains what is end demand going to do. And if end demand is better than what we are forecasting, we're going to grow better than what we forecast at 2x the market. That's where I would leave kind of the -- I'm going to call it, the short term, which is 2024.

我的意見是，我們將根據我們現有的設計繼續致力於這一軌跡。正如我在羅斯的問題中提到的，所有設計都已完成。所有的出貨都是為了面向廣泛的客戶而進行的。問題仍然是最終需求會做什麼。如果最終需求優於我們的預測，我們的成長將比我們預測的兩倍好。這就是我要離開的地方——我稱之為短期，即 2024 年。

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

我們的下一個問題來自花旗銀行的克里斯丹利 (Chris Danley)。

Sorry, I got cut off for a second. Anyway, so just a few clarifications on the silicon carbide business. Do you still expect to have one major customer this year that's, say, 30%, 40% of revenue? And then have your pricing expectations for silicon carbide changed for this year versus, say, 3 to 6 months ago?

抱歉，我被打斷了一秒鐘。無論如何，我只是對碳化矽業務進行一些澄清。您仍期望今年擁有一個主要客戶，例如佔收入的 30%、40%？那麼，與 3 到 6 個月前相比，今年您對碳化矽的定價預期是否發生了變化？

Let me cover the pricing, one, because it's easier. Pricing has not changed as we've always discussed, our pricing is tied to the LTSAs, although we will discuss with customers on volume changes depending on ramps or end market, as I discussed earlier. Pricing is consistent. Therefore, I'm not seeing any of the pricing impact other than the efficiencies that we get in our -- as we improve yields as we transfer technologies, et cetera. Those are very tied to technology advancements that actually enhance our gross margin. So that's on that.

首先讓我介紹一下定價，因為它更容易。正如我們一直討論的那樣，定價並沒有改變，我們的定價與 LTSA 掛鉤，儘管我們將根據坡道或終端市場與客戶討論銷售變化，正如我之前討論的那樣。定價是一致的。因此，除了我們在轉讓技術等過程中提高產量時獲得的效率之外，我沒有看到任何定價影響。這些與技術進步密切相關，而技術進步實際上提高了我們的毛利率。就這樣吧。

As far as customer concentration, we will remain with a few handful of lead customers. That's not going to be any different from 2023. However, as a percent, we're going to see more diversification. As we ramp more customers across the worldwide, both in Asia and North America, and you're going to start seeing Europe ramp up in the second half of the year from design wins we've done over the last couple of years.

就客戶集中度而言，我們仍將保留少數主要客戶。這與 2023 年不會有任何不同。但是，從百分比來看，我們將看到更多的多元化。隨著我們在亞洲和北美等全球範圍內吸引更多客戶，您將開始看到歐洲在今年下半年因我們在過去幾年中取得的設計成果而有所增長。

So we will remain with a profile of having key customers. I won't discuss the percentage of revenue for each, but it will just keep diversifying as we predicted in the Q3 call.

因此，我們將繼續保持擁有關鍵客戶的形象。我不會討論兩者的收入百分比，但正如我們在第三季電話會議中預測的那樣，它將繼續多樣化。

Great. And for my follow-up, can you just talk a little bit more about your trends and overall expectations for the big 2 end markets, automotive and industrial, which one would you expect to start to recover sooner? And do you think that either of them can get much worse from here? Maybe just give us a sense of your confidence in both the markets relatively.

偉大的。對於我的後續行動，您能否多談談您對汽車和工業兩大終端市場的趨勢和整體預期，您預期哪一個市場會更快開始復甦？你認為他們中的任何一個會從這裡變得更糟嗎？也許只是讓我們了解一下您對這兩個市場的相對信心。

Look, I can only manage and comment on what we see. And therefore, what we see is kind of that inventory digestion and softer end demand. Therefore, that's what we're managing to. I've been very consistent over the last -- almost 2 quarters that we're going to manage 2024 as there is no recovery per se. And then if there is one, we'll just take advantage of it and it will become a tailwind across all financial metrics. Margin goes up with utilization, revenue goes up, et cetera. So that's how we're going to manage.

聽著，我只能對我們所看到的進行管理和評論。因此，我們看到的是庫存消化和終端需求疲軟。因此，這就是我們正在努力做到的。在過去的近 2 個季度裡，我一直非常一致地認為我們將應對 2024 年，因為經濟本身並沒有復甦。如果有的話，我們就會利用它，它將成為所有財務指標的動力。利潤隨著利用率的增加而增加，收入增加等等。這就是我們要進行管理的方式。

Now what I will say, though, is both of these markets, auto and industrial, 2 of the largest markets that we have, -- we've been -- we saw the softness, I would say, even ahead of a lot of our peers. As I mentioned, we talked about automotive softness in the Q3 quarter. We talked about industrial softness in Q4 '22 quarter. So we've seen it. We've managed to it. We've done very well managing to it and we're going to keep managing to the signals we can control and we can see.

現在我要說的是，汽車和工業這兩個市場，我們擁有的兩個最大的市場，我想說，我們已經看到了疲軟，甚至領先許多市場。我們的同齡人。正如我所提到的，我們討論了第三季汽車產業的疲軟。我們討論了 22 年第四季的工業疲軟情況。所以我們已經看到了。我們已經做到了。我們在管理方面做得非常好，我們將繼續管理我們可以控制和看到的訊號。

And then when they start recovering, we'll take advantage of it as well. But one thing for sure, we're not sitting here, ignoring it, just keeping realization artificially high hoping for a recovery. And if it doesn't come, then the correction is much harder, which you've seen with some of our peers. We're taking a much more disciplined approach as far as how we address our markets.

然後當他們開始康復時，我們也會利用它。但可以肯定的是，我們不會坐在這裡忽視它，只是人為地高估經濟復甦的希望。如果它沒有到來，那麼糾正就會困難得多，正如你在我們的一些同行身上看到的那樣。就我們如何應對市場而言，我們正在採取更嚴格的方法。

And Chris, to give you a little more color on the Q1 for auto and industrial. We expect both of those end markets to be down kind of high single digits quarter-on-quarter in Q1. So we're not seeing a recovery of either one of them yet.

Chris，為您提供有關汽車和工業 Q1 的更多資訊。我們預期這兩個終端市場第一季季度季比都會出現高個位數下降。所以我們還沒有看到他們中的任何一個人康復。

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

我們的下一個問題來自 Toshiya Hari 與高盛的對話。

Yes, I had two as well. Hassane, in your prepared remarks, you talked about your Automotive Image Sensor business. I think hitting or exceeding $1 billion in '23. You also talked about design wins being up 50% year-over-year. How are you thinking that business specifically in '24. And can you speak to the profitability of that business as you continue to in-source more than in the past?

是的，我也有兩個。 Hassane，在您準備好的演講中，您談到了您的汽車影像感測器業務。我認為 23 年將達到或超過 10 億美元。您還談到設計勝利年增 50%。您如何看待 24 年的這項業務？當您繼續比過去更多地進行內包時，您能談談該業務的盈利能力嗎？

Yes. Look, the business, given that the business is tied to auto and industrial, over 90% of our revenue in image sensor is auto and industrial. That has been a very active really transition over the last few years, moving our capacity to auto and industrial, where a lot of the growth has been away from the consumer and the web cams and all of that. So that transition is behind us. Therefore, what I'm seeing from a financial performance, the margin performance is much better than it's ever been. It's higher than the corporate average. So it is actually accretive. And profitability is in, I would say, around the corporate. As we maintain OpEx in that business and invest in innovation like the 8 megapixels and the Fab transfers.

是的。看，業務，鑑於該業務與汽車和工業相關，我們在圖像感測器領域超過 90% 的收入來自汽車和工業。在過去的幾年裡，這是一個非常活躍的轉變，將我們的產能轉移到汽車和工業領域，而這些領域的大部分成長都來自於消費者和網路攝影機等。所以這種轉變已經過去了。因此，從財務表現來看，利潤率表現比以往任何時候都要好得多。它高於企業平均。所以它實際上是增值的。我想說，獲利能力取決於公司。我們維持該業務的營運支出並投資於 800 萬像素和晶圓廠轉移等創新。

As far as the mix change from outside to inside, that's more of a longer term. We sampled our products out of East Fishkill, but until that ramps and becomes a meaningful percent of revenue, you're not going to see an impact on margin from a mix change to an internal sourcing. But that will be part of our call it outlook as we get to the 53% margin model for the company. That will be a contributor.

就混合從外部到內部的變化而言，這是一個更長期的過程。我們從東菲什基爾採樣了我們的產品，但在其成長並成為收入的有意義的百分比之前，您不會看到混合變化到內部採購對利潤的影響。但這將成為我們展望的一部分，因為我們將採用該公司 53% 的利潤率模型。那將是一個貢獻者。

That's great. And then as my follow-up, that's kind of where I wanted to go, long-term gross margins maybe for Thad. So you're reiterating the 53% medium to long term. In the past, you've talked about the Fab divestitures contributing to gross margin expansion. You talked a little bit about EFK. I think SiC should normalize and you've got utilization rates, hopefully, marching higher over time.

那太棒了。然後作為我的後續行動，這就是我想要去的地方，也許是薩德的長期毛利率。所以你重申了 53% 的中長期目標。過去，您談到了晶圓廠剝離有助於毛利率擴張。您談到了一些關於 EFK 的事情。我認為 SiC 應該正常化，並且利用率有望隨著時間的推移而不斷提高。

I guess my question is, in the 2027 model, the revenue assumption was somewhere in the $13 billion plus to maybe $14.5 billion range, do you need to get to those revenue levels to hit 53% gross margin? Or do you think you can hit those levels even at a significantly lower revenue level given the progress you've made on multiple fronts?

我想我的問題是，在 2027 年模型中，收入假設在 130 億美元以上到 145 億美元範圍內，您是否需要達到這些收入水準才能達到 53% 的毛利率？或者，考慮到您在多個方面取得的進展，您認為即使收入水準顯著降低，您也可以達到這些水準嗎？

Yes, Toshi, it's Thad. Look, I don't think the march to the 53% gross margin is revenue dependent. Clearly, we've got a tailwind as we crank up utilization as the market normalizes and recovers in the outer years. But we don't look at it, given our current manufacturing footprint, we don't look at that as the primary driver being revenue. You nailed it, right? It's the utilization, it's the EFK getting that cost under control. It's the monetization of the divested Fabs that we divested in 2022. And then it's the ramping of these new products that are accretive to gross margins. All of that will give us the tailwind that gets us there.

是的，托西，我是泰德。看，我認為毛利率達到 53% 並不依賴收入。顯然，隨著市場在過去幾年的正常化和復甦，我們在提高利用率方面遇到了順風車。但考慮到我們目前的製造足跡，我們不會考慮這一點，我們不會將其視為收入的主要驅動力。你成功了，對吧？這是利用率，是 EFK 控製成本。這是我們在 2022 年剝離的晶圓廠的貨幣化。然後是這些新產品的增加，從而增加了毛利率。所有這些都將為我們提供推動力，幫助我們實現這一目標。

Clearly, we've got to have some growth from here, but we don't need to have that growth that you talked about. So we look at it much more as internally controlled but what we can execute to versus a demand driven, revenue-driven number.

顯然，我們必須從現在開始實現一些成長，但我們不需要您談論的那種成長。因此，我們更將其視為內部控制，而是我們可以執行的內容，而不是需求驅動、收入驅動的數字。

Our next question will come from the line of Gary Mobley with Wells Fargo.

我們的下一個問題將來自富國銀行的加里·莫布里 (Gary Mobley)。

Thad, you mentioned that -- I believe you mentioned that Q1 represents the bottom for utilization, manufacturing utilization for the year. And given that we've seen your inventory increase in days for 4 consecutive quarters, should we read into that as if you're also saying that Q1 represents the bottom for the fiscal year for revenue?

薩德，您提到過——我相信您提到第一季度代表了今年利用率和製造業利用率的底部。鑑於我們已經看到您的庫存連續 4 個季度以天數增加，我們是否應該理解這一點，就好像您也說第一季度代表了本財年收入的底部一樣？

No. Look, I think Hassane answered that earlier. We're not calling a bottom here. In terms of utilization, we think we're going to be in this kind of mid-60% range until we normalize -- the market normalizes and starts to return to the levels that we saw earlier in the year and in 2022. So utilization will kind of stay at this level.

不，我想哈桑之前就回答過這個問題。我們這裡不稱之為底部。就利用率而言，我們認為在我們實現正常化之前，我們將處於 60% 左右的範圍內——市場正常化並開始恢復到我們今年早些時候和 2022 年看到的水平。因此，利用率會停留在這個水平。

In terms of inventory, if you look at what we've been doing, we've actually been growing what we call our strategic inventory, silicon carbide and the Fab transition. If you look at the inventory, what I call our working inventory or base inventory, it was actually down $52 million sequentially. Days were up just because the COGS number was a lower number. But we've been managing that very effectively and kind of in a good tight range here.

在庫存方面，如果你看看我們一直在做的事情，我們實際上一直在增加我們所謂的戰略庫存、碳化矽和晶圓廠轉型。如果你看看庫存，我稱之為我們的工作庫存或基本庫存，它實際上比上一季減少了 5,200 萬美元。日子增加只是因為銷貨成本數字較低。但我們一直在非常有效地管理這一點，並且在一個很好的狹窄範圍內進行管理。

I expect as we go through the year, we'll build a little bit more of the strategic inventory in terms of dollars. But we'll burn that off over a multiyear period that's always been in our plan as we exit those Fabs and start to bring that production into our internal Fabs. So we're actually -- in terms of base inventory, we're happy where we are.

我預計，隨著這一年的發展，我們將建立更多的以美元計的策略庫存。但我們將在多年的時間內將其燒掉，這一直在我們的計劃中，因為我們退出這些工廠並開始將生產引入我們的內部工廠。因此，實際上，就基本庫存而言，我們對目前的狀況感到滿意。

That's helpful, Thad. For you, Hassane, I know that you began to highlight your analog and mixed signal platforms at your May Analyst Day, I believe, that was maybe the first time that you're really vocal on it. And maybe if you can give us an idea of where that ramp stands, how material can it be as we look through the balance of fiscal year '24 or maybe even into fiscal year '25?

這很有幫助，泰德。對你來說，哈桑，我知道你開始在五月分析師日上強調你的模擬和混合信號平台，我相信，這可能是你第一次真正在這方面發聲。也許如果你能讓我們了解這個成長的情況，當我們回顧 24 財年甚至 25 財年的餘額時，它的重要性有多大？

Yes. So look, the fact that I'm highlighting in my prepared remarks tells you how excited I am about the progress that we've made with a brand-new platform. So as far as technology development, technology development is actually on track, a little bit ahead of schedule as far as products are concerned. We've already taped out a few of our lead products. We will be sampling here in early '24.

是的。所以看，我在準備好的發言中強調的事實告訴您我對我們在全新平台上的進展感到多麼興奮。所以就技術發展而言，技術發展實際上是步入正軌的，就產品而言，稍微提前了一點。我們已經流片了一些主導產品。我們將於 24 年初在這裡取樣。

And then obviously, there's a design cycle before you get to revenue. So from all leading indicators of, one, the competitiveness of the platform; and two, the competitiveness of the products and the adoptions that I see from -- early adoption that I see from customers, all of those are at or ahead where we thought that technology will get us.

顯然，在獲得收入之前有一個設計週期。那麼從各個先行指標來看，一是平台的競爭力；二是平台的競爭力；三是平台的競爭力。第二，我從客戶那裡看到的產品的競爭力和採用率——我從客戶那裡看到的早期採用率，所有這些都處於或領先於我們認為技術能夠幫助我們實現的目標。

You'll hear more about it as we get through 2024 about what that technology platform is. But I will tell you, it is the most competitive mixed-signal analog platform that exists in the market today and it will carry with it products that are highly synergistic with what we do on the power side of it. So very complementary drivers, controllers as Sudhir mentioned in Analyst Day.

到 2024 年，您將會聽到更多有關該技術平台的資訊。但我會告訴你，它是當今市場上最具競爭力的混合訊號模擬平台，它將帶來與我們在電源方面所做的工作高度協同的產品。正如 Sudhir 在分析師日中提到的那樣，驅動程式和控制器非常互補。

So we remain on track. I'm more bullish than I was when we did Analyst Day, given the progress, and we will continue to push forward through 2024.

所以我們仍然在正軌上。鑑於所取得的進展，我比分析師日時更加樂觀，我們將繼續推進到 2024 年。

Our next question will come from the line of Joshua Buchalter with TD Cowen.

我們的下一個問題將來自 Joshua Buchalter 和 TD Cowen 的對話。

I wanted to follow up on an earlier question. I think the conventional view is that silicon carbide is constrained and your -- a lot of your peer commentary seems to be shifting to more demand focus right now. I guess to ask it simply, do you still view silicon carbide as constrained? And given we are moving towards more demand signals now, how are you managing investment levels, given all the efforts and long lead times that a lot of your vertical integration efforts take?

我想跟進之前的問題。我認為傳統觀點是碳化矽受到限制，而您的許多同行評論似乎現在正在轉向更多的需求焦點。我想簡單地問一下，您仍然認為碳化矽受到限制嗎？鑑於我們現在正朝著更多的需求訊號邁進，考慮到您的許多垂直整合工作所付出的所有努力和漫長的準備時間，您如何管理投資水平？

Yes. From a supply, if you look at a lot of the Fabs and the capacity that the whole industry has talked about versus a trajectory of growth for electrification in general, I do believe that technology will remain constrained. Now of course, in the short term, capacity for 2024 to a first order is put in place. So it is a demand driven. But that goes back to the lumpiness of the ramp that we've always talked about. So I don't see that as additional capacity or overcapacity given that it is temporary in nature and the growth is going to remain.

是的。從供應來看，如果你看看整個產業討論的許多晶圓廠和產能與電氣化整體成長軌跡，我確實相信科技仍將受到限制。當然，從短期來看，2024 年第一批訂單的產能已經到位。所以這是需求驅動的。但這又回到了我們一直在談論的坡道的凹凸不平。因此，我不認為這是額外產能或產能過剩，因為它本質上是暫時的，而且成長將持續下去。

The way we are managing it, of course, is -- a lot of it is internally driven. Majority of our -- substrate majority of our supply is generated internally and we modulate that as we convert to 8-inch. We talked about taking utilization down in the last quarter's earning -- utilization -- sorry, the capacity. Capital intensity will be down in 2024 and that's because we've been performing better on our 6-inch and therefore, we're able to ramp 8-inch faster than we originally expected.

當然，我們管理它的方式是——很多都是內部驅動的。我們的大部分基板供應都是內部產生的，我們在轉換為 8 英吋時對其進行調整。我們談到了在上個季度的收益中降低利用率——利用率——抱歉，是產能。到 2024 年，資本密集度將會下降，這是因為我們在 6 吋產品上的表現更好，因此我們能夠比最初預期更快地生產 8 吋產品。

So we're going to modulate this internal-external supply in order to tag on to what we see as a demand signal. So we don't see a underloading the above and beyond what you see in the company, and we'll manage it that way because revenue is going to recover. EVs are going to keep growing, whether it's 20 to 30, 30 to 40, it doesn't matter. It's going to grow and it's a multi-decade growth, given that the penetration of silicon carbide and EVs is still below 25% and EVs in general, are below 25%. A lot of upside in that business, it does not change our outlook for the mega trend and we will continue to invest in the long term.

因此，我們將調節這種內部-外部供應，以便標記我們所看到的需求訊號。因此，我們認為上述情況不會出現負載不足的情況，而且我們將以這種方式進行管理，因為收入將會恢復。電動車將會繼續成長，無論是 20 到 30 輛、30 到 40 輛，都沒關係。鑑於碳化矽和電動車的滲透率仍低於 25%，而電動車總體低於 25%，它將會成長，而且是數十年的成長。該業務有很多優勢，它不會改變我們對大趨勢的展望，我們將繼續進行長期投資。

And Josh, for the investments over the long term, we can modulate our investments very easily because we have a capital-light strategy of converting from 6-inch to 8-inch. Our Fabs are already 8-inch capable. So as we think about substrates, we can convert slowly versus having to go out and do greenfield investments of a new Fab and new facility and having to bring that up. So as the market takes off, we can modulate our investments correspondingly kind of an equal basis, depending on what's happening and move very quickly to bring on capacity if needed.

Josh，對於長期投資，我們可以輕鬆調整我們的投資，因為我們有從 6 英寸轉換到 8 英寸的輕資本策略。我們的晶圓廠已經具備 8 吋產能。因此，當我們考慮基板時，我們可以緩慢地進行轉換，而不是必須出去對新工廠和新設施進行綠地投資，然後必須將其提出。因此，隨著市場的起飛，我們可以根據正在發生的情況，在平等的基礎上相應地調整我們的投資，並在需要時迅速採取行動以增加產能。

There's a lot of helpful context there. As my follow-up, I believe in the prepared remarks, you mentioned that at some point in 2024, you were going to look to refill the channel. Could you maybe provide some context of what signals you would need to see to go ahead and do that. I know you mentioned you're not planning on a recovery, but is a recovery needed to get you to refill the channel? And I guess how much of a revenue tailwind would you expect that to be?

那裡有很多有用的背景。作為我的後續行動，我相信在準備好的演講中，您提到在 2024 年的某個時候，您將尋求重新填充該管道。您能否提供一些背景信息，說明您需要看到哪些信號才能繼續執行此操作。我知道你有提到你不打算恢復，但是需要恢復才能讓你重新填充頻道嗎？我猜你預計這會對收入產生多大的推動作用？

Yes. In the prepared remarks, I said we're going to -- we will start replenishing 7 to 9 weeks. We're at 7.2 this quarter. We need to start filling that channel now. We're underserving that mass market. So if you look over the last few years, we are supply constrained, so we started the long tail. And then we focused on our strategic LTSA customers and again, continue to start that long tail.

是的。在準備好的演講中，我說我們將 - 我們將開始補充 7 到 9 週。本季我們的得分為 7.2。我們現在需要開始填充該通道。我們對大眾市場的服務不足。因此，如果你回顧過去幾年，我們的供應受到限制，所以我們開始了長尾。然後我們專注於我們的策略 LTSA 客戶，並再次繼續啟動長尾。

So we do need to start replenishing that. I think -- for the first quarter, you may see us go up in terms of weeks, go up a week plus or minus. But keep in mind, on this revenue basis, it's likely down in terms of dollars, right? But we're going to be thinking about it that way is we've got to actually start moving inventory into that channel to support that longer tail.

所以我們確實需要開始補充。我認為，在第一季度，您可能會看到我們以週為單位增加，增加或減少一周。但請記住，在這個收入基礎上，以美元計算，它可能會下降，對吧？但我們要這樣考慮，我們必須真正開始將庫存轉移到該渠道以支援更長的尾巴。

So you think about all those customers that broad set of customers, industrial through the catalog, we have not been servicing them well. Our distributors have been putting orders on us. They actually want to hold more inventory than what we've allowed them to hold. So we've got to start replenishing that. But we don't see a big step function here as much as just a gradual increase over the course of several quarters.

所以你想想所有那些廣泛的客戶群，工業通過目錄，我們沒有為他們提供良好的服務。我們的經銷商一直在向我們下訂單。他們實際上想要持有比我們允許他們持有的庫存更多的庫存。所以我們必須開始補充它。但我們在這裡並沒有看到一個大的階梯函數，而只是在幾個季度的過程中逐漸增加。

Our next question will come from the line of Christopher Rolland with Susquehanna.

我們的下一個問題將來自克里斯多福羅蘭與薩斯奎哈納的對話。

Can you guys talk about your overall levels of LTSAs. And then if you can, double clicking the SiC LTSAs, I think you've given industrial in the past as well. Anything there -- and then the update on the SiC customer from last quarter, did they come back? And did you fill them this quarter? Or what are your expectations there?

你們能談談你們的 LTSA 總體水平嗎？然後，如果可以的話，請雙擊 SiC LTSA，我認為您過去也提供工業。那裡有什麼 - 然後是上季度 SiC 客戶的更新，他們回來了嗎？這個季度你填滿了嗎？或者你對那裡有什麼期望？

Yes. So our LTSAs for the next 12 months, the value is $4.8 billion. The breakdown of what that looks like roughly is about 80% auto, of 17% industrial and the rest kind of in that other bucket. So that gives us that view over the next 12 months of the LTSA coverage.

是的。因此，我們未來 12 個月的 LTSA 價值為 48 億美元。粗略來看，大約 80% 是汽車業，17% 是工業業，其餘的則屬於其他行業。這讓我們對 LTSA 未來 12 個月的覆蓋範圍有了這樣的看法。

Yes. As far as -- look, I don't want to comment about specific customers, but it came exactly as we guided last quarter. And overall, it came higher than Q3. So we said last time that we'll keep ramping, we'll keep ramping through '24, and that's coming in exactly as we expected. So that temporary, I would say, demand signal that impacted Q4 is behind us and we're moving forward with the ramp.

是的。至於——看，我不想評論特定客戶，但它與我們上季度的指導完全一致。總體而言，它高於第三季。所以我們上次說過，我們將繼續加大力度，我們將在 24 年繼續加大力度，這與我們的預期完全一致。因此，我想說，影響第四季的臨時需求訊號已經過去，我們正在繼續前進。

In terms of your non-core customers, if you could update us there, are we done with that at this point? Do you keep any remaining? Any other thoughts that would be great?

就您的非核心客戶而言，如果您可以向我們通報最新情況，我們現在已經完成了嗎？剩下的你還留著嗎？還有其他很棒的想法嗎？

Yes. Chris, when we rolled this out, we thought we would exit somewhere between $800 million and $900 million over a multiyear period. And as you know, we've overcalled this for a couple of years now. I think that gives you an indication of the value that we bring to these customers. So for the year, we exited $180 million, think about over the multiyear period, it's about $475 million. What's remaining is good healthy business at the corporate average.

是的。克里斯，當我們推出這個項目時，我們認為我們將在多年的時間內退出 8 億至 9 億美元。如您所知，幾年來我們一直在誇大這一點。我認為這可以讓您了解我們為這些客戶帶來的價值。因此，今年我們退出了 1.8 億美元，考慮到多年期，大約為 4.75 億美元。剩下的就是公司平均的良好健康業務。

So as we've said, at this point, if our customers haven't found another source, we're just going to consider this good business as long as we don't need that capacity. So we'll continue to support those customers. Those customers are valuing that and valuing our ability to support them because we provide them many products, not just these products we're talking about. So we're not going to talk about exits any further, I'd just be in our baseline.

因此，正如我們所說，此時，如果我們的客戶還沒有找到其他來源，只要我們不需要該容量，我們就會考慮這項好業務。因此，我們將繼續支持這些客戶。這些客戶非常重視這一點並重視我們支持他們的能力，因為我們為他們提供了許多產品，而不僅僅是我們正在談論的這些產品。所以我們不會再談論退出，我只是在我們的基線中。

Our next question will come from the line of Quinn Bolton with Needham.

我們的下一個問題將來自奎因·博爾頓和李約瑟的路線。

First for Hassane, you mentioned the diversification of the silicon carbide business in Asia, and I think you specifically called out Korea, U.S. and then Europe. Just wondering if you could comment how do you feel positioned in China, both with the battery electric vehicles and the hybrids?

首先，哈桑提到了亞洲碳化矽業務的多元化，我認為您特別提到了韓國、美國，然後是歐洲。只是想知道您是否可以評論一下您在中國的定位，無論是純電動車還是混合動力汽車？

Yes. We're -- actually, our position in China is -- we're very well positioned. I think last quarter, we talked about having LTSAs with 4 of the top 5 China OEM, both qualified and ramping revenue. But again, it's tied to the end demand commentary I put before. So all our ducks in a row as far as the platforms, the qualification on these platforms, the early ramps on these platforms. That's both SiC and IGBT, as I mentioned, both are seeing the growth on electrification in general, all flavors of electrification.

是的。事實上，我們在中國的地位是──我們處於非常有利的位置。我想上個季度，我們討論過與中國前 5 名 OEM 中的 4 家建立長期協議，這兩家公司都合格並且收入不斷增加。但同樣，它與我之前提出的最終需求評論有關。因此，我們所有的平台、這些平台上的資格、這些平台上的早期坡道都在排隊。正如我所提到的，SiC 和 IGBT 都在總體上看到了電氣化的增長，所有類型的電氣化。

But we feel pretty good about our success and our exposure in China for EV. And that's, by the way, I would extend that to the industrial side of it with energy storage is the same commentary with our engagement with the OEMs, a lot of them are based in China.

但我們對我們的成功以及我們在中國電動車領域的知名度感到非常滿意。順便說一句，我想將其擴展到能源儲存的工業方面，這與我們與原始設備製造商的合作相同，其中許多都位於中國。

Got it. And then Hassane just a question on the utilization rates. What gives you the confidence that the utilizations will sort of hold in the mid-60s. Obviously, kind of an uncertain demand environment, inventory needs to be reduced. Is it just the visibility the LTSAs give you? Is it the fact that you've been able to reduce sort of normal inventory by $50 million at this utilization rate. Just how do you feel confident holding the line there on utilization?

知道了。然後哈桑只是關於利用率的問題。是什麼讓您確信利用率將保持在 60 年代中期。顯然，在需求不確定的環境下，庫存需要減少。這只是 LTSA 為您提供的可見性嗎？在此利用率下，您是否能夠將正常庫存減少 5000 萬美元？您對控制利用率有何信心？

Yes. It's exactly that. I mean we get visibility through the LTSAs, but more importantly, as we've been managing that base inventory. It's down at a working level. We have an overshipped to our disties. We've kept our working base inventory at optimal levels here. And so as we look forward in the current market dynamics, we feel like we can hold that mid-60 just because of where we are in an inventory position. We don't need to take it lower because we're not over inventoried anywhere.

是的。正是如此。我的意思是，我們透過 LTSA 獲得了可見性，但更重要的是，因為我們一直在管理基礎庫存。它已降至工作水平。我們的迪迪斯有超載的情況。我們在這裡將工作基地庫存保持在最佳水準。因此，當我們展望當前的市場動態時，我們認為我們可以保持在 60 左右，因為我們處於庫存位置。我們不需要降低庫存，因為我們沒有任何地方庫存過多。

And the fact that we've got to start shipping into the channel to support that mass market we're going to have to build some products for that as well. And that's that broad-based product line, not something specific to silicon carbide. So that's what gives us the confidence of where we are here, given the current market dynamics.

事實上，我們必須開始進入通路來支援大眾市場，我們也必須為此建立一些產品。這就是基礎廣泛的產品線，而不是碳化矽特有的產品線。鑑於當前的市場動態，這讓我們對自己所處的位置充滿信心。

Our next question will come from the line of Joseph Moore with Morgan Stanley.

我們的下一個問題將來自摩根士丹利的約瑟夫摩爾。

You guys have talked about some automotive deceleration and running the business conservatively. But when I look at your automotive revenue, you were down low single digits sequentially in Q4. You're still up double digits year-on-year, which is kind of -- there's a gamut of companies guiding for a bunch of different kind of use of autos, but everybody is kind of in that same ballpark. So maybe could you talk to the year-on-year growth, how much of that is silicon carbide -- silicon carbide minus IGBTs replaces and how much of that is just general autos -- it seems like the numbers are a little bit better than maybe your conservatism would imply?

你們談論了一些汽車減速和保守經營業務的問題。但當我查看你們的汽車收入時，第四季你們的收入連續下降了低個位數。與去年同期相比，你的成長率仍然達到兩位數，這有點像——有很多公司為一系列不同類型的汽車使用提供指導，但每個人都在同一個範圍內。那麼，也許你能談談同比增長，其中有多少是碳化矽——碳化矽減去 IGBT 的替代品，其中有多少只是普通汽車——看起來數字比去年要好一些。也許你的保守主義會暗示？

I'm trying to tie all the -- so what we -- I guess, in general, if you take out silicon carbide, the silicon business declined. I guess that's the -- at a high level, the silicon business decline. If we look at the amount of decline, it declined with what the expected market decline based on the early reports that I'm starting to see in general.

我試著將所有 - 所以我們 - 我想，總的來說，如果你去掉碳化矽，矽業務就會下降。我想這就是──在高水準上，矽業務的下滑。如果我們看一下下降的幅度，它會隨著我開始看到的早期報告的預期市場下降而下降。

So I don't think our business is an outlier from the market. It may be an outlier for what some of our peers and some -- what others have said. But for us, we're tied more to market because we've been taking a very disciplined approach about what to ship based on the LTSAs and the discussions we've had with the customers that have been ongoing.

所以我不認為我們的業務是市場上的異常值。對於我們的一些同行和其他一些人的言論來說，這可能是個異常值。但對我們來說，我們與市場的聯繫更多，因為我們一直根據 LTSA 以及我們與客戶正在進行的討論，對運輸內容採取非常嚴格的方法。

So I think we feel pretty good about our response to demand signals being pretty quick as far as taking utilization down in response to it and making sure we don't build inventory in the channel in response to it or at the direct customers as a matter of fact. So between these two, I think automotive came in line, except a few of the strength in pockets, like we talked about in image sensor, which is a content growth and an ASP growth approach here.

因此，我認為我們對需求訊號的反應速度非常快，我們對此感到非常滿意，因為我們降低了利用率，並確保我們不會在通路或直接客戶中建立庫存。事實上。因此，在這兩者之間，我認為汽車產業是一致的，除了口袋裡的一些優勢，就像我們在影像感測器中討論的那樣，這是一種內容成長和 ASP 成長方法。

Our next question will come from the line of Harsh Kumar with Piper Sandler.

我們的下一個問題將來自 Harsh Kumar 和 Piper Sandler。

Yes, (inaudible), first of all, congratulations and doing a lot better than our peers, but I am giving you a loaded complement, because other companies are guiding down 10% to 20% on a sequential basis, you're guiding down a lot smaller. Do you think you're cutting enough? In other words, why not go ahead and cut a lot more.

是的，（聽不清楚），首先，恭喜你，做得比我們的同行好很多，但我給你一個補充，因為其他公司的指導值環比下降10% 到20%，而你的指導值卻下降了小得多。你覺得你砍得夠多了嗎？換句話說，為什麼不繼續削減更多呢？

And then part 2 of the question is, assuming demand stays at this level, and we know that we don't know where the demand will go. But at this 65-something percent utilization, how many quarters of excess inventory do you think you might have?

問題的第二部分是，假設需求保持在這個水平，我們知道我們不知道需求會去哪裡。但以 65% 左右的利用率，您認為可能會有多少個季度的過剩庫存？

Yes. Look, I'll cover the first one and then a little bit on the second question. Look, it's not a matter of did we cut it off and did we do know. It's -- we are guiding based on our level of visibility and based on our very close engagement with the customers. Where we guided is where we believe and based on the quarter progression where we believe the customers need from us. So it is a demand-driven signal.

是的。看，我將介紹第一個問題，然後介紹第二個問題。看，這不是我們是否切斷它以及我們是否知道的問題。我們的指導是基於我們的可見性程度以及我們與客戶的密切接觸。我們所指導的地方是我們相信的地方，並且基於我們相信客戶需要我們的季度進度。所以這是一個需求驅動的訊號。

Now the difference between our smaller reduction in the first quarter versus some of the larger reductions from some of our peers is historical. We've been tapering down a lot of our -- what we ship to customers. And we believe we've been closer and more in line with demand that our customers need versus some of our peers that don't have that same visibility levels with whatever construct they have on whether LTSAs or similar program.

現在，我們第一季較小的削減與一些同行的較大削減之間的差異是歷史性的。我們已經減少了向客戶提供的許多服務。我們相信，與我們的一些同行相比，我們更接近、更符合客戶的需求，而我們的一些同行在 LTSA 或類似計劃上的任何結構都沒有相同的可見性水平。

We believe the LTSAs gave us that visibility. We have been engaged with customers earlier than most of our peers and we believe we have been closer to what a real demand signal is and therefore, changes to demand signals are not as drastic as with some of our peers.

我們相信 LTSA 為我們帶來了這種可見性。我們比大多數同行更早與客戶接觸，我們相信我們更接近真實的需求訊號，因此需求訊號的變化並不像我們的一些同行那麼劇烈。

So when we talk about our guide is better than some of our peers, I think our business and where we are with our business, we put ourselves in a much better position than some of our peers. And you can see that, by the way, not just on the revenue, you can see that on our utilization. You can see that on our base inventory. You can see that on our channel inventory. All of these are better and show better discipline than some of our peers that had a much larger correction. So we don't see this as a "correction", what we see it is a view and a transparent view of what we believe demand is going to do in the first quarter.

因此，當我們談論我們的指南比一些同行更好時，我認為我們的業務以及我們的業務狀況，我們使自己處於比一些同行更好的位置。順便說一句，您可以看到，不僅在收入上，您還可以在我們的利用率上看到這一點。您可以在我們的基礎庫存中看到這一點。您可以在我們的渠道庫存中看到這一點。所有這些都比我們的一些進行了更大調整的同行更好，並且表現出更好的紀律。因此，我們並不認為這是一次“修正”，我們認為這是對我們認為第一季需求將會發生的變化的一種觀點和透明觀點。

Yes. And Harsh, on the utilization, just to remind you, we started taking utilization down in Q3 of 2022 as we saw softness in industrial at that time. So if you look at our base inventory, we've managed it very effectively. If you really think about utilization, it's been a soft landing in terms of utilization. We weren't in a position where we got over inventory, too much inventory in the channel and had to take it down hard. So at these levels, it's what gives us confidence that this mid-60s that we can hold here.

是的。嚴格地說，關於利用率，我想提醒您一下，我們在 2022 年第三季開始降低利用率，因為當時我們看到工業疲軟。因此，如果您查看我們的基礎庫存，您會發現我們的管理非常有效。如果您真正考慮利用率，您會發現利用率方面已經實現了軟著陸。我們沒有處於庫存過剩的境地，通路中的庫存太多，不得不大力削減。因此，在這些層面上，這讓我們有信心在 60 年代中期堅持下去。

Understood. Guys, very helpful. And then as my follow-up, Hassane, should I think of your silicon carbide business as having a starting point of about $1 billion in 2024 because that capacity, I believe, that came on, the $200 million was, from my understanding, reallocated to other customers. And then part 2 of the question is you made a very subtle, but I think important comment that something to the tune of you're already running 200-millimeter silicon carbide in the Fabs or maybe on (inaudible). Could you just expand on that?

明白了。夥計們，非常有幫助。然後，作為我的後續跟進者，Hassane，我是否應該認為您的碳化矽業務在2024 年的起點約為10 億美元，因為我相信，根據我的理解，該產能的2 億美元是重新分配的給其他客戶。然後問題的第二部分是你做了一個非常微妙但我認為重要的評論，即你已經在工廠或可能正在運行 200 毫米碳化矽（聽不清楚）。能擴展一下嗎？

Yes. So look, I'm not going to give an absolute guide on silicon carbide. What I would say is 2x the market. We feel comfortable with 2x the market, given all of the platforms and given the customers and the ramps that we've seen. The question now is on end demand, but end demand is better, we're going to grow better. End demand is where we believe it is, we're going to grow at that, but it will be 2x the market and that's showing both an aggressive ramp and share gains. So that's on the outlook for 2024.

是的。所以看，我不會給關於碳化矽的絕對指南。我想說的是市場的兩倍。考慮到所有的平台、客戶和我們所看到的成長，我們對 2 倍的市場感到滿意。現在的問題是最終需求，但最終需求更好，我們就會成長得更好。最終需求是我們所認為的，我們將在此成長，但它將是市場的兩倍，這顯示出積極的成長和份額成長。這就是 2024 年的展望。

As far as the 200-millimeter, this one -- it was more, I would say, I thought it was more a direct comment because what we've always said is we're going to qualify 200-millimeter in 2024 and ramp in 2025. So my prepared remarks is purely highlighting the fact we are on track to achieve that goal that we set out, which is qualifying in '24, revenue ramp in '25. It's already running in the Fab, which is a pretty good leading indicator of where our (inaudible) and our confidence in the (inaudible) is going to be in '24.

至於 200 毫米，這個 - 我想說，我認為這更像是一個直接的評論，因為我們一直說我們將在 2024 年獲得 200 毫米資格並逐步增加2025 年。所以我準備好的發言純粹是強調這樣一個事實，我們正在實現我們設定的目標，即24 年取得資格，25 年收入成長。它已經在 Fab 中運行，這是一個很好的領先指標，表明我們的（聽不清楚）和我們對（聽不清楚）的信心在 24 年將達到什麼水平。

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

今天的問答環節到此結束。我想將電話轉回給 Hassane El-Khoury，讓其致閉幕詞。

Through the structural changes we've made over the last 3 years, we built the resilience required in our business to navigate a dynamic macro environment. We remain close to our customers. We are committed to our financial target model with our strategy of enabling the sustainable ecosystem.

透過過去三年來進行的結構性變革，我們建立了業務所需的彈性，以適應動態的宏觀環境。我們與客戶保持密切聯繫。我們致力於我們的財務目標模型和實現永續生態系統的策略。

Again, we'd like to thank our worldwide teams for their continued tenacity and ongoing contributions to the company's success and thank you for joining our call today.

再次，我們要感謝我們的全球團隊的持續堅韌和對公司成功的持續貢獻，並感謝您今天加入我們的電話會議。

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。您現在可以斷開連線。