安森美 (ON) 2024 Q1 法說會逐字稿

Good day and thank you for standing by. Welcome to the onsemi First Quarter 2024 Earnings Conference Call. (Operator Instructions). Please be advised today's conference is being recorded.

您好，感謝您的支持。歡迎參加 onsemi 2024 年第一季財報電話會議。 （操作員指令）。請注意，今天的會議正在錄音。

I would now like to hand the conference over to your speaker today, Parag Agarwal. Please go ahead.

現在，我想將會議交給今天的發言人 Parag Agarwal。請繼續。

Thank you, Kevin. Good morning and thank you for joining onsemi's First Quarter 2024 Quarterly Results Conference Call. I'm joined today by Hassane El-Khoury, our President and CEO, and Thad Trent, our CFO. This call is being webcast on the Investor Relations section of our website at www.onsemi.com. A replay of this webcast, along with our 2024 first quarter earnings release, will be available on our website approximately 1 hour following this conference call, and the recorded webcast will be available for approximately 30 days following this conference call. Additional information is posted on the Investor Relations section of our website.

謝謝你，凱文。早安，感謝您參加 onsemi 2024 年第一季季度業績電話會議。今天與我一起出席的還有我們的總裁兼執行長 Hassane El-Khoury 和我們的財務長 Thad Trent。本次電話會議將在我們網站 www.onsemi.com 的投資者關係欄位進行網路直播。本次網路直播的重播以及我們的 2024 年第一季財報將在本次電話會議結束後約 1 小時在我們的網站上提供，錄製的網路直播將在本次電話會議結束後約 30 天內提供。更多資訊已發佈在我們網站的投資者關係部分。

Our earnings release and this presentation includes certain non-GAAP financial measures. Reconciliation of these non-GAAP financial measures to the most directly comparable GAAP 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 Investors Relations section.

我們的收益報告和本簡報包括某些非公認會計準則財務指標。這些非 GAAP 財務指標與最直接可比較的 GAAP 指標的調整表以及使用非 GAAP 財務指標時的某些限制的討論都包含在我們的收益報告中，該報告在我們網站的「投資者關係」部分單獨發布。

During the course of this conference call, we will make projections or other forward-looking statements regarding 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 first quarter of 2024.

在本次電話會議中，我們將對未來事件或公司未來財務表現做出預測或其他前瞻性陳述。我們希望提醒的是，此類聲明受風險和不確定性的影響，可能導致實際事件或結果與預測有重大差異。可能影響我們業務的重要因素，包括可能導致實際結果與我們的前瞻性陳述有重大差異的因素，在我們最近向美國證券交易委員會提交的 10-K 表、10-Q 表和其他文件以及 2024 年第一季度的收益報告中均有描述。

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，除非法律要求，否則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。

Now let me hand it over to Hassane. Hassane?

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. In the first quarter, our worldwide team delivered revenue of $1.86 billion, non-GAAP gross margin of 45.9% and non-GAAP earnings per share of $1.08, all above the midpoint of our guidance. We have remained laser focused on our execution, driving new design win growth of 30% quarter-over-quarter, and gaining share in silicon and silicon carbide based on the strength of our technology.

謝謝你，帕拉格。早安，感謝大家參加我們的電話會議。第一季度，我們全球團隊實現了 18.6 億美元的營收、45.9% 的非公認會計準則毛利率和非公認會計準則每股收益 1.08 美元，均高於我們預期的中位數。我們始終專注於執行，推動新設計贏單量環比成長 30%，並憑藉我們技術實力在矽和碳化矽領域獲得份額。

Customers value the breadth of our portfolio and the superior performance of our intelligent power and sensing technologies, which continue to fuel platform wins. Leading indicators of future revenue to support our plan to outgrow the market in automotive and industrial with new product revenue in Q1 increasing 9% year-over-year, and we expect it to continue to outpace total company growth with favorable gross margins at scale.

客戶看重我們產品組合的廣度以及智慧電源和感測技術的卓越性能，這些繼續推動著平台的成功。未來收入的領先指標支持我們超越汽車和工業市場的計劃，第一季新產品收入同比增長 9％，我們預計它將繼續以規模效益的有利毛利率超過公司整體增長速度。

Specifically, we believe our silicon carbide business to have the best financial performance in the industry on a fully loaded basis with more than 50% of substrates coming from internal production in the first quarter. The performance of our silicon carbide solutions, combined with our vertically integrated supply chain, are enabling us to rapidly diversify our customer base.

具體而言，我們認為我們的碳化矽業務在滿載的情況下擁有業內最佳的財務表現，第一季超過 50% 的基板來自內部生產。我們的碳化矽解決方案的性能與我們的垂直整​​合的供應鏈相結合，使我們能夠迅速實現客戶群多樣化。

Having just returned from the China Auto Show in Beijing, I remain confident that we are continuing to gain share and expanding into the top 10 leading Chinese OEMs where we are already designed into the newly announced 800-volt EV platforms and set to start ramping in the second half of 2024.

剛從北京中國車展回來，我仍然相信我們將繼續獲得市場份額並擴展到中國十大領先OEM廠商，我們已經被設計到新發布的800伏電動車平台中，並將在2024年下半年開始量產。

As for the global silicon carbide market, we still expect an increase in the TAM, although at a lower rate than previously anticipated. The increase is primarily driven by incremental volumes of EVs produced globally over 2023, even as total SAAR is projected to be flat to slightly down.

對於全球碳化矽市場，我們仍然預期 TAM 將會成長，儘管速度低於先前的預期。儘管預計整體 SAAR 將持平或略有下降，但這一增長主要得益於 2023 年全球電動車產量的增量。

We continue to gain share in silicon carbide and diversify across all markets and still expect our revenue to increase 2x the market growth in 2024. Outside of silicon carbide, there was incremental softness in the market in the first quarter.

我們繼續在碳化矽領域獲得份額，並在所有市場實現多元化，我們仍預計到 2024 年我們的收入將增長至市場增長的 2 倍。除碳化矽外，第一季市場略有疲軟。

Inventory digestion persisted across the automotive and industrial markets with stabilization in the traditional part of our industrial business. We remain cautious about the second half outlook, but we expect customer inventory levels to normalize and the market to stabilize.

汽車和工業市場庫存消化持續進行，傳統工業業務部分趨於穩定。我們對下半年的前景仍持謹慎態度，但我們預期客戶庫存水準將恢復正常，市場將趨於穩定。

We will maintain our disciplined approach to navigating the current environment and expect to deliver predictable results as we have demonstrated. Through this environment, we're also investing to further our leadership in the high-growth megatrends of automotive, industrial and cloud, including data centers.

我們將繼續保持嚴謹的方法來應對當前環境，並期望取得我們已經證明的可預測的結果。在這種環境下，我們也正在進行投資，以進一步鞏固我們在汽車、工業和雲端運算（包括資料中心）等高成長大趨勢中的領導地位。

During our Analyst Day last May, we highlighted a $19 billion high-margin TAM opportunity that we could service by expanding our portfolio of power management and sensor interface technologies. To best align with the strategic intent, we have formed the analog and mixed signal group, which will deliver industry-leading full system solutions for these markets.

在去年 5 月的分析師日期間，我們重點介紹了一個 190 億美元的高利潤 TAM 機會，我們可以透過擴展我們的電源管理和感測器介面技術組合來提供服務。為了最好地符合策略意圖，我們成立了模擬和混合訊號小組，將為這些市場提供業界領先的全系統解決方案。

Electrification remains the largest growth opportunity for onsemi across xEVs from BEV to ATV. We provide a unique value proposition for our customers with our wide range of silicon carbide and IGBT solutions along with our high-powered packaging technologies.

電氣化仍然是安森美半導體在從 BEV 到 ATV 的 xEV 領域最大的成長機會。我們憑藉廣泛的碳化矽和 IGBT 解決方案以及高效能封裝技術為客戶提供獨特的價值主張。

Our revenue from xEV grew by approximately 60% year-over-year, significantly outpacing unit production, and we continue to gain share with our silicon carbide and silicon products primarily in BEV.

我們來自 xEV 的收入同比增長了約 60%，大大超過了單位產量，並且我們繼續憑藉碳化矽和矽產品（主要在 BEV 領域）獲得市場份額。

In automotive sensing, the shift towards higher-resolution image sensor for ADAS systems continues with customers moving to better performance options. Our revenue for 8-megapixel image sensors increased more than 30% quarter-over-quarter and more than 60% year-over-year, demonstrating the market trend towards higher resolution for ADAS systems.

在汽車感測領域，隨著客戶轉向性能更佳的選項，ADAS 系統轉向更高解析度影像感測器的轉變仍在繼續。我們的800萬像素影像感測器的營收比上一季成長了30%以上，比去年同期成長了60%以上，這表明市場趨勢是向ADAS系統解析度更高方向發展。

In medical, we are leveraging AI technology in our processors for hearing aids to adapt to the user's unique hearing environment for an improved listening experience, and we are designed in more than 50% of over-the-counter hearing aids currently available in the market.

在醫療領域，我們在助聽器處理器中利用人工智慧技術，以適應用戶獨特的聽力環境，從而改善聆聽體驗，目前市場上超過 50% 的非處方助聽器都採用了我們的設計。

With a relentless focus on innovation, we are actively investing in new products and technologies to extend our competitive advantage and drive above-market revenue growth at favorable margins, consistent with our Analyst Day commitment.

我們始終堅持不懈地專注於創新，並積極投資新產品和新技術，以擴大我們的競爭優勢，以有利的利潤率推動高於市場的收入成長，這與我們的分析師日承諾一致。

We remain on track and continue to make progress towards 200-millimeter in silicon carbide. We are already sampling new mixed-signal products, and we are gaining share across the portfolio based on the differentiation of our technology.

我們將繼續沿著既定目標前進，並朝著 200 毫米碳化矽的目標不斷邁進。我們已經對新的混合訊號產品進行了採樣，並且我們正在憑藉我們技術的差異化在整個產品組合中獲得份額。

Our investment in cloud and data centers over the last 3 years has enabled us to benefit from the incremental opportunity we are seeing from the rapid rise of AI. Next-generation AI server racks will require 200 to 300 kilowatts of power, as much as the power needed in a BEV.

我們過去 3 年對雲端運算和資料中心的投資使我們從人工智慧快速崛起所帶來的增量機會中獲益。下一代 AI 伺服器機架將需要 200 到 300 千瓦的電力，與 BEV 所需的電力一樣多。

Our full suite of high-efficiency power tree solutions from the power supply unit or PSU to the CPU or GPU consuming the power continues to present the content expansion opportunity as customers look to us to solve their power density problems in data centers. As we look forward with disciplined, consistent execution while maintaining the customer-centric mindset, we will navigate the current environment and continue to deliver value for our stakeholders.

隨著客戶期待我們解決其資料中心的功率密度問題，我們從電源單元或 PSU 到耗電的 CPU 或 GPU 的全套高效電源樹解決方案繼續提供內容擴展機會。我們期待透過嚴謹、一致的執行，同時保持以客戶為中心的理念，駕馭當前環境，並持續為利害關係人創造價值。

Let me now turn it over to Thad to give you more details on our results. Thad?

現在，讓我將話題交給 Thad，讓他向您提供有關我們結果的更多詳細資訊。泰德？

Thanks, Hassane. Our teams have been relentless in their pursuit of operational excellence. Their focus on execution to drive more predictable and sustainable results once again delivered first quarter results that exceeded expectations. Our ability to respond to the current market environment and deliver better results than ever in a downturn demonstrates the resiliency we've built into the business over the last 3 years.

謝謝，哈桑。我們的團隊一直堅持不懈地追求卓越營運。他們注重執行，以推動更可預測和可持續的結果，再次使第一季的業績超出預期。我們能夠應對當前的市場環境，並在經濟低迷時期取得比以往更好的業績，這證明了我們在過去三年中為業務打造的韌性。

Amid continued inventory digestion in automotive and industrial, we reported Q1 revenue of $1.86 billion, down 8% quarter-over-quarter and down 5% year-over-year. Our automotive business of $1 billion grew 3% as compared to the quarter a year ago and declined 9% quarter-over-quarter, in line with our expectations. Vehicle electrification and advanced safety applications remain the long-term growth drivers for this business.

在汽車和工業持續消化庫存的情況下，我們報告第一季營收為 18.6 億美元，季減 8%，年減 5%。我們的汽車業務價值 10 億美元，與去年同期相比成長 3%，與上一季相比下降 9%，符合我們的預期。汽車電氣化和先進的安全應用仍然是該業務的長期成長動力。

Our revenue for industrial was $476 million, down 14% versus the first quarter of 2023, and down 4% sequentially. We are seeing early signs of stabilization in our traditional industrial business, which is slightly less than half of our total industrial. Long term, we expect upside opportunities in industrial to come from energy infrastructure, factory automation and medical applications.

我們的工業收入為 4.76 億美元，較 2023 年第一季下降 14%，季減 4%。我們看到傳統工業業務開始穩定，這部分業務占我們整個工業業務的比重略低於一半。從長遠來看，我們預期工業領域的上行機會來自能源基礎設施、工廠自動化和醫療應用。

As a result of our strategy to shift to the high-growth megatrends for the sustainable ecosystem, our Automotive and Industrial revenue accounted for 80% of our business in Q1.

由於我們轉向可持續生態系統高成長大趨勢的策略，汽車和工業收入在第一季占我們業務的 80%。

Looking at the split between the operating units. Revenue for the Power Solutions Group, or PSG, was $874 million, an increase of 2% year-over-year coming from higher silicon carbide revenue in automotive and industrial applications, offset by a decline of silicon power products.

查看營運單位之間的分割。電源解決方案集團 (PSG) 的收入為 8.74 億美元，年增 2%，主要由於汽車和工業應用領域的碳化矽收入增加，但矽電源產品的下滑抵消了這一增長。

Revenue for the analog and mixed signal group, or AMG, was $697 million, a 6% decline year-over-year driven by declines in industrial and automotive. As previously announced, we have formed AMG to deliver industry-leading full system analog mixed-signal solutions. Prior period revenue has been reclassified and is available on the Investor Relations section of our website.

類比和混合訊號集團（AMG）的收入為 6.97 億美元，年減 6%，主要是由於工業和汽車業務的下滑。正如先前宣布的那樣，我們已經成立了 AMG，以提供業界領先的全系統類比混合訊號解決方案。前期收入已重新分類，可在我們網站的「投資者關係」部分查閱。

Revenue for the Intelligent Sensing Group, or ISG, was $292 million, an 18% decrease year-over-year due to a decline in industrial and automotive. Gross margin -- GAAP gross margin was 45.8% in the first quarter and non-GAAP gross margin was 45.9% compared to 46.7% in Q4 and 46.8% in the quarter a year ago. These results exceeded expectations, even though utilization was at 65%, a slight decrease from 66% in Q4.

智慧感測集團（ISG）的收入為 2.92 億美元，由於工業和汽車業務的下滑，年減 18%。毛利率－第一季 GAAP 毛利率為 45.8%，非 GAAP 毛利率為 45.9%，而第四季為 46.7%，去年同期為 46.8%。儘管利用率為 65%，較第四季的 66% 略有下降，但這些結果超出了預期。

In prior downturns, at similar utilization levels, our gross margin was approximately 30%. Though muted By utilization, our gross margin expansions continue. Most notably, our Fab Right strategy of optimizing our existing footprint is well underway, and our teams continue to drive operational excellence with cost improvement opportunities.

在先前的經濟低迷時期，在類似的利用率水準下，我們的毛利率約為 30%。儘管利用率有所下降，但我們的毛利率仍在繼續擴大。最值得注意的是，我們優化現有足跡的 Fab Right 策略正在順利進行中，我們的團隊將繼續利用成本改進機會推動卓越營運。

At East Fishkill, we have aggressively improved the operational efficiency of the fab, reducing the fixed and variable cost to reach parity and wafer costs with our other fabs. The dilutive impact in Q1 was 140 basis points as compared to 200 basis points in the fourth quarter. We expect this to be roughly 100 basis points dilutive for the remainder of the year for the ongoing foundry business with GLOBALFOUNDRIES.

在東菲什基爾，我們積極提高晶圓廠的營運效率，降低固定成本和變動成本，以達到與我們其他晶圓廠相同的晶圓成本。第一季的稀釋效應為 140 個基點，而第四季的稀釋效應為 200 個基點。我們預計，對於今年剩餘時間內與 GLOBALFOUNDRIES 正在進行的代工業務而言，這將稀釋約 100 個基點。

As a result of our cost-reduction efforts at EFK and our Fab Right initiatives, we now expect 1 point of utilization improvement across our manufacturing network will result in approximately 15 to 20 basis points of gross margin improvement.

由於我們在 EFK 的成本削減努力和我們的 Fab Right 計劃，我們現在預計整個製造網絡的利用率提高 1 個點將導致毛利率提高約 15 到 20 個基點。

Now let me give you some additional numbers for your models. GAAP operating expenses for the first quarter was $328 million as compared to $353 million in the first quarter of 2023. Non-GAAP operating expenses were $314 million as compared to $286 million in the quarter a year ago. As Hassane mentioned, we continue to invest to further our leadership position in our focus markets.

現在讓我為您的模型提供一些額外的數字。第一季的 GAAP 營運費用為 3.28 億美元，而 2023 年第一季為 3.53 億美元。非 GAAP 營運費用為 3.14 億美元，去年同期為 2.86 億美元。正如哈桑所提到的，我們將繼續投資以進一步鞏固我們在重點市場的領導地位。

GAAP operating margin for the quarter was 28.2% and non-GAAP operating margin was 29%. Our GAAP tax rate was 15.7% and non-GAAP tax rate was 16%. GAAP earnings per share for the first quarter was $1.04 as compared to $1.03 in the quarter a year ago. Non-GAAP earnings per share was near the high end of our guidance at $1.08 as compared to $1.19 in Q1 of 2023.

本季 GAAP 營業利益率為 28.2%，非 GAAP 營業利益率為 29%。我們的 GAAP 稅率為 15.7%，非 GAAP 稅率為 16%。第一季 GAAP 每股收益為 1.04 美元，去年同期為 1.03 美元。非公認會計準則每股收益接近我們預期的高位，為 1.08 美元，而 2023 年第一季為 1.19 美元。

GAAP diluted share count was 437 million shares, and our non-GAAP diluted share count was 432 million shares. In Q1, we deployed $100 million or 36% of our free cash flow for share repurchases. In the last 12 months, we have repurchased $560 million worth of shares and returned nearly 100% of our free cash flow back to our shareholders.

GAAP 稀釋股數為 4.37 億股，非 GAAP 稀釋股數為 4.32 億股。第一季度，我們動用了 1 億美元或 36% 的自由現金流用於股票回購。在過去的 12 個月中，我們回購了價值 5.6 億美元的股票，並將近 100% 的自由現金流返還給了股東。

Turning to the balance sheet. Cash and cash equivalents was $2.6 billion, and we have $1.1 billion undrawn on our revolver. Cash from operations was $499 million, and free cash flow increased 3x year-over-year to $276 million, representing 15% of revenue.

轉向資產負債表。現金和現金等價物為 26 億美元，還有 11 億美元未動用。營運現金流為 4.99 億美元，自由現金流年增 3 倍至 2.76 億美元，佔營收的 15%。

Capital expenditures during Q1 were $222 million, which equates to a capital intensity of 12%. As previously indicated, we expect 2024 capital intensity to be in the low teens for the full year.

第一季的資本支出為 2.22 億美元，資本密集度為 12%。如前所述，我們預計 2024 年全年資本密集度將處於百分之十幾以下。

Inventory increased by $35 million sequentially, and days increased by 15 days to 194. This includes 86 days of bridge inventory to support fab transition in the silicon carbide brand. Excluding these strategic builds, our base inventory decreased $31 million sequentially to approximately 109 days.

庫存較上月增加 3,500 萬美元，庫存天數增加 15 天，達到 194 天。其中包括 86 天的過渡庫存，以支持碳化矽品牌的晶圓廠轉型。除去這些策略性建設，我們的基本庫存環比減少 3,100 萬美元至約 109 天。

We continue to proactively manage distribution inventory. Disti inventory was down $19 million sequentially with weeks of inventory at weeks -- at 8 weeks as expected versus 7.2 weeks in Q4. As previously mentioned, we expect to replenish the channel in 2024 to service mass market customers and expect inventory to start to normalize with increasing inventory levels to approximately 9 weeks over the next few quarters.

我們持續積極管理分銷庫存。 Disti 庫存季減 1,900 萬美元，庫存週數為 8 週，符合預期，而第四季為 7.2 週。如前所述，我們預計將在 2024 年補充管道，以服務大眾市場客戶，並預計庫存將開始正常化，未來幾季庫存水準將增加到約 9 週。

Now let me provide you the key elements of our non-GAAP guidance for the second quarter. A table detailing our GAAP and non-GAAP guidance is provided in the press release related to our first quarter results. Given the current macro environment and our demand visibility, we anticipate Q2 revenue will be in the range of $1.68 billion to $1.78 billion with softness across all end markets. We expect non-GAAP gross margin to be between 44.2% and 46.2%. As we have shown, our structural changes are proving sustainable, and we expect to hold the mid-40% gross margin for -- floor with utilization in the mid-60% range.

現在，讓我向您提供我們第二季非 GAAP 指引的關鍵要素。在與我們第一季業績相關的新聞稿中，提供了詳細介紹我們的 GAAP 和非 GAAP 指引的表格。鑑於當前的宏觀環境和我們的需求可見性，我們預計第二季營收將在 16.8 億美元至 17.8 億美元之間，所有終端市場均將呈現疲軟態勢。我們預計非 GAAP 毛利率在 44.2% 至 46.2% 之間。正如我們所展示的，我們的結構變化被證明是可持續的，我們預計毛利率將保持在 40% 左右，利用率將在 60% 左右。

Our Q2 non-GAAP gross margin includes share-based compensation of $6.5 million. We expect non-GAAP operating expenses of $313 million to $328 million, including share-based compensation of $28.6 million. We anticipate our non-GAAP other income to be a net benefit of $12 million with our interest income exceeding interest expense. We expect our non-GAAP tax rate to be approximately 16% and our non-GAAP diluted share count for the second quarter is expected to be approximately 432 million shares. This results in non-GAAP earnings per share to be in the range of $0.86 to $0.98. We expect capital expenditures in the range of $180 million to $220 million.

我們第二季的非 GAAP 毛利率包括 650 萬美元的股權激勵費用。我們預計非公認會計準則營業費用為 3.13 億美元至 3.28 億美元，其中包括 2,860 萬美元的股權激勵費用。我們預計非公認會計準則下的其他收入將為 1,200 萬美元的淨收益，其中利息收入將超過利息支出。我們預計我們的非公認會計準則稅率約為 16%，第二季的非公認會計準則稀釋股數預計約為 4.32 億股。這導致非 GAAP 每股收益在 0.86 美元至 0.98 美元之間。我們預計資本支出在 1.8 億美元至 2.2 億美元之間。

Our financial strategy and long-term targets remain unchanged. We are investing for our future while leaning on our playbook to drive operational efficiencies across the organization. We also remain committed to our capital allocation strategy of returning 50% of our free cash flow to shareholders over the long term.

我們的財務策略和長期目標保持不變。我們正在為我們的未來進行投資，同時依靠我們的策略來提高整個組織的營運效率。我們也將繼續致力於我們的資本配置策略，即長期將 50% 的自由現金流返還給股東。

We are a different company today, and I'd like to take this opportunity to thank our employees around the world for the value they've unlocked during our transformation journey. Their efforts were most recently recognized by the management top 250 ranking published by The Wall Street Journal, which identifies the most effectively managed businesses. We are proud to have been named as posting the biggest gain of any company and we will continue to strive for operating excellence as we navigate the coming quarters.

今天，我們已經是一家不同的公司，我想藉此機會感謝我們在世界各地的員工在我們轉型歷程中所釋放的價值。他們的努力最近得到了《華爾街日報》發布的「250 強企業管理排行榜」的認可，該排行榜選出了管理最有效的企業。我們很榮幸被評為所有公司中獲利最高的公司，我們將在接下來的幾季繼續努力實現卓越營運。

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

說到這裡，我想把電話轉回給凱文，讓他開始問答環節。

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

（操作員指示）我們的第一個問題來自德意志銀行的羅斯·西摩。

First question, Hassane, I just want to get into the linearity of demand you saw in the first quarter and thus far in the second quarter and maybe specifically what you're seeing in the silicon carbide side. I know you said that the market TAM is going to be slower, but you'll still grow 2x that. What's your estimation for what the market TAM is going to do?

第一個問題，哈桑，我只想了解您在第一季和第二季迄今為止看到的需求線性，也許具體是在碳化矽方面看到的情況。我知道你說過市場 TAM 將會放緩，但你仍將達到 2 倍的成長。您對市場 TAM 的預期是什麼？

Yes. Specifically, on the first quarter, we did see a slowdown through the quarter. Specifically, if I were to break it, you can think about it after Chinese New Year, typically, we would expect a slight recovery or back to linearity, and we didn't -- that's where we started to see some of the incremental softness that we talked about, specifically in auto.

是的。具體來說，在第一季度，我們確實看到整個季度的經濟放緩。具體來說，如果我要分解它，你可以想想農曆新年之後，通常，我們會預期會出現輕微的複蘇或恢復線性，但我們沒有 - 這就是我們開始看到我們談到的一些增量疲軟的地方，特別是在汽車領域。

As far as the silicon carbide, I think it's too early in the year to call a market. What I'm basing my comments on, and specifically the 2x growth, is really a bottoms-up share gain that we have based on a vehicle-by-vehicle and socket-by-socket that we're designed in. And we know what the sockets and the designs of the platforms are out there.

就碳化矽而言，我認為現在判斷市場還為時過早。我發表這些評論的依據，特別是 2 倍的增長，實際上是自下而上的份額增長，這種增長是基於我們設計的每個車輛和每個插槽而實現的。我們知道現有的平台的插槽和設計是什麼樣的。

What is pending to see today, and like I said, it's early in the year still, is the sell-through of these vehicles. As we get through the second half of the year, that picture will get clearer. I'll get a little bit more accurate as far as what the market would do. But for right now, we're looking at it as are we designed in more than 2x the sockets that are deployed this year, and the answer is yes.

今天要觀察的是這些車輛的銷售狀況，就像我說的，現在還處於年初階段。隨著我們進入下半年，這種情況將變得更加清晰。我會更準確地了解市場動態。但就目前而言，我們正在考慮這個問題，因為我們設計了今年部署的 2 倍以上的插座，答案是肯定的。

I guess for my follow-up, Thad, from you -- one for you on the gross margin side of things. Congrats for holding the 45% floor. Can you just walk some of the idiosyncratic puts and tastes going forward? I know you said what the utilization impact will be when revenues and all of that go up. But East Fishkill, exiting fabs, all those sorts of things, what sort of -- what are the pluses and minuses as we think about gross margin through the year?

我想接下來的問題，泰德，我想問你關於毛利率方面的問題。恭喜您保持了 45% 的底線。能否簡單介紹一下未來的一些特殊看點和品味？我知道您說過當收入和所有這些都增加時，利用率的影響會是什麼。但是東菲什基爾、退出晶圓廠等等這些事情，當我們考慮全年的毛利率時，它們有哪些優缺點呢？

Sure, sure. So just starting with the utilization. So as I mentioned in the prepared remarks, 1 point of utilization is 15 to 20 basis points of gross margin improvement. So think about us being at the mid-60s. If we get back up into the low 80s, you can do the math on the tailwind there.

當然，當然。因此，就從利用率開始。正如我在準備好的評論中提到的那樣，1 個利用率點是 15 到 20 個基點的毛利率改善。想像一下我們現在處於 60 年代中期。如果我們回到 80 華氏度以下，你就可以計算一下那裡的順風。

For East Fishkill, we expect this year, it's about 100 basis points dilutive as we go through the rest of the year. That's the foundry business. As I mentioned, we now have the cost parity with our other fabs. So we're happy with the progress we've made there. That gap is underutilized. So you get that benefit, as I mentioned, on the utilization.

對於 East Fishkill 來說，我們預計今年剩餘時間內其稀釋度將達到約 100 個基點。這就是代工業務。正如我所提到的，我們現在的成本與我們的其他晶圓廠相同。我們對所取得的進展感到非常滿意。這一差距尚未得到充分利用。因此，正如我所提到的那樣，您可以從利用率上獲得好處。

The other component is the fab divestitures from 2022, the 4 fabs. We start to see that's starting to be monetized in 2025. That's $160 million of annualized costs. We won't see it all in '25, but we'll start to recognize it in '25 and the outer-years as we move that production into our fab network. So that's another nice tailwind.

另一個組成部分是從 2022 年開始的晶圓廠剝離，即 4 座晶圓廠。我們開始看到它將在 2025 年開始貨幣化。這意味著每年 1.6 億美元的成本。我們不會在25年就看到這一切，但隨著我們將生產轉移到我們的晶圓廠網絡，我們將在25年及以後幾年開始認識到它。這又是一個好的順風。

And then we've got the ramping of new products that are accretive to gross margins. That includes silicon carbide. As we continue to scale silicon carbide in '25 and further, that becomes accretive. And all new products, as Hassane mentioned, the new product revenue is growing, that at scale is all accretive as well. So I think if you do the math there, you start to get pretty close to our target.

然後我們不斷推出新產品，以提高毛利率。其中包括碳化矽。隨著我們在 25 年及以後繼續擴大碳化矽的規模，這一數字將不斷增加。正如哈桑所提到的，所有新產品的收入都在成長，而且規模也在成長。因此我認為如果你進行計算，你就會開始非常接近我們的目標。

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

我們的下一個問題來自美國銀行證券的 Vivek Arya。

Hassane, I'm trying to understand the message and the outlook for the second half that we get the -- weaker and the headwinds for Q2, but how should we think about the pace of recovery from here? Because I thought I heard Thad say that you plan to increase, I think, distribution inventory. That sounds like a positive message, but if things started to get weaker towards the end of Q1, that doesn't sound like a positive message.

哈桑，我試圖理解下半年的訊息和前景，即我們在第二季度遭遇了較弱的阻力，但我們應該如何看待從現在開始的復甦步伐？因為我想我聽到塔德說你計劃增加分銷庫存。這聽起來像是一個積極的信息，但如果情況在第一季末開始變得疲軟，那聽起來就不像是一個積極的信息了。

So I'm just trying to understand what are you trying to signal for the second half. Is Q2 the bottom? And how should we think about Q3 from what we know today? Obviously, it's a fluid environment.

所以我只是想了解你想為下半場傳達什麼訊號。 Q2 是底部嗎？那麼根據我們目前所知，我們該如何看待問題 3？顯然，這是一個流動的環境。

Yes. I'll -- let me try to clarify here. First off, I'm not going to call the bottom. I was very clear last time, I'll call it when I'm sitting on the top on the other side. But what we are seeing -- we did see the slowdown -- that slowdown -- inventory digestion and demand. And I believe the 2 are related persistent in our outlook for Q2. But for the second half, we are starting to see stabilization in demand.

是的。我會—讓我嘗試在這裡澄清一下。首先，我不會指出底線。我上次說得很清楚了，等我坐在那邊上面的時候我就會喊。但我們確實看到了庫存消化和需求的放緩。我相信，這兩者在我們對第二季的展望中是持續相關的。但下半年，我們開始看到需求趨於穩定。

Now I wouldn't go as far as calling it a recovery. But I think if I were to use a letter that everybody talks about, it's an L at this point, meaning we're seeing stabilization, we're seeing recovery, meaning it's not deteriorating further. Now whether or not the demand will pick up, that's too close to call that. But at least we see stabilization in our outlook.

現在我還不能稱之為復甦。但我認為，如果我要用一個大家都在談論的字母來表示，那麼此時它就是 L，這意味著我們看到了穩定，我們看到了復甦，這意味著它不會進一步惡化。現在，需求是否會回升，還很難說。但至少我們的前景已經趨於穩定。

Okay. And then on the silicon carbide, just 1 or 2 near term and then kind of the longer term. On the near term, what did your silicon carbide sales do in Q1, either sequentially or year-on-year? And what's your China exposure?

好的。然後就碳化矽而言，近期只有 1 或 2 個，然後是較長期的。近期，貴公司第一季的碳化矽銷售情況如何（環比或年比）？您對中國的了解有多少？

And then there's a lot of industry discussion about low-priced EVs. And I think you guys have both silicon and silicon carbide. And I'm wondering if there is an industry move towards the so-called lower-priced EVs, especially in the U.S. market? Would that be positive or neutral to ON's power opportunity?

業界對低價電動車的討論也很多。我認為你們既有矽也有碳化矽。我想知道產業是否正在向所謂的低價電動車轉變，特別是在美國市場？這對於 ON 的電力機會來說是積極的還是消極的？

Yes. So on the first question, we're not breaking up the silicon carbide on a quarterly -- last year, we annual and we talked about, for both competitive reasons, we're not breaking up the quarterly. What we have said is, it will obviously increase in 2024 from 2023, but we will update the annual year or the annual results for 2024 as we get towards the end of the year.

是的。因此，關於第一個問題，我們不會按季度拆分碳化矽——去年，我們進行了年度分析，並且我們討論過，出於競爭原因，我們不會按季度拆分。我們說的是，2024 年的收入顯然會比 2023 年增加，但我們會在年底時更新 2024 年的年度或年度業績。

As for the low-cost EVs, it's an interesting dynamic in the market. Our position, we will benefit regardless of what technology the customer uses, whether it's silicon carbide or IGBT. And we have seen areas where we have benefited from both, whether at the same customer account or even in the same platform.

至於低成本電動車，這是市場上有趣的動態。我們的立場是，無論客戶使用何種技術，無論是碳化矽還是IGBT，我們都會受益。我們已經看到了從兩者中獲益的領域，無論是在同一個客戶帳戶還是在同一個平台上。

What I also want to highlight is we've been pushing the efficiency on silicon carbide, both device and package with our new generation that we're -- we've announced and designed in -- to customers, where it will be ramping in the second half of this year, specifically with a lot of the China OEMs that you can argue are at a low-cost or low-price point for a low-cost EV. Those have also silicon carbide because the dynamic that you see, the benefit they get from using onsemi's silicon carbide with onsemi's packaging from a module perspective, given the efficiency that they will save way more dollars on the battery than they were just going from silicon carbide to IGBT.

我還想強調的是，我們一直在提高碳化矽的效率，包括裝置和封裝，我們已經向客戶宣布並設計了新一代產品，並將在今年下半年實現量產，特別是針對許多中國原始設備製造商，你可以說這些製造商正處於低成本或低價位的低成本電動車。這些也具有碳化矽，因為您所看到的動態，從模組角度來看，使用安森美的碳化矽和安森美的封裝所獲得的好處，考慮到效率，他們將在電池上節省比從碳化矽到IGBT更多的錢。

So from a system-level solution, the battery is the biggest bond and they can save battery by using any of the technology, they win on the low cost, and we've seen customers do that. But regardless of what technology and what system level of cost they want to optimize, we will benefit, whether it's silicon carbide or IGBT.

因此，從系統級解決方案來看，電池是最大的紐帶，他們可以透過使用任何一種技術來節省電池，以低成本取勝，我們已經看到客戶這樣做了。但不管他們想要優化什麼技術、什麼系統等級的成本，我們都會受益，無論是碳化矽還是IGBT。

Our next question comes from Chris Danely with Citi.

下一個問題來自花旗的 Chris Danely。

Just another question on silicon carbide. So if you're not going to give us the quarterly revenue, what are gross margins doing? Are they stabilizing? Or are they going down? And then how about your pricing expectations for the rest of the year? Have your pricing expectations changed? And what revenue level do you need to get -- to that 50% gross margin target?

關於碳化矽的另一個問題。那麼，如果您不打算向我們提供季度收入，毛利率如何？現在情況正在穩定嗎？或者他們正在走下坡？那麼，您對今年剩餘時間的定價預期如何？您的定價預期有改變嗎？那麼您需要達到什麼樣的收入水準才能達到 50% 的毛利率目標？

Yes. The -- I think the gross margin is -- for silicon carbide is stable. As we talked about last year, it will remain stable as we increase revenue, but we've also added capacity. So kind of the utilization and the growth will offset each other to give us that stability in the gross margin.

是的。我認為碳化矽的毛利率是穩定的。正如我們去年所說的那樣，隨著收入的增加，它將保持穩定，但我們也增加了產能。因此，利用率和成長將相互抵消，從而為我們提供穩定的毛利率。

Longer term, of course, you got the utilization as we grow into our installed footprint. So that will give us a nice upside on the gross margin. As we ramp internal substrates, that will give us -- the incremental gross margin that gets us to -- be above the 50% that we talked about. And as we march closer to the model -- for the corporate level model at 53% long term.

當然，從長期來看，隨著我們安裝面積的擴大，您將獲得利用率。這將為我們的毛利率帶來很大的提升。隨著我們增加內部基板的產量，這將為我們提供增量毛利率，使我們達到高於我們所說的50％的水平。隨著我們越來越接近該模型——對於公司層面的模型來說，長期來看這一比例為 53%。

Now one thing I do want to highlight is we also are making incremental improvements on our efficiency side, which means that we are able to service the same level of power that the customer require with a smaller die. So from a system-level cost, we are also making technology improvements in order to improve our cost.

現在我想強調的一件事是，我們也在逐步提高效率，這意味著我們能夠用更小的晶片滿足客戶所需的相同功率等級。所以從系統級成本來看，我們也在進行技術改進，以改善我們的成本。

So between the cost, the new products that we talked about earlier, and growing into the capacity, that's where that's going to give us the incremental margin. We see it in the standard margin if you take out underutilization. And that's what we're going to grow into. So we're pretty comfortable with our trajectory on silicon carbide margin, and we'll continue to execute.

因此，在成本、我們之前談到的新產品以及產能成長之間，這將為我們提供增量利潤。如果消除未充分利用的部分，我們就能在標準利潤率中看到這一點。這就是我們將要成長的目標。因此，我們對碳化矽利潤的軌跡非常滿意，並且我們會繼續執行。

Great. And then for my follow-up, between your 2 big markets, auto and industrial, would it be fair to say that the industrial market appears to be stabilizing, but the automotive market is getting a little bit weaker? And is all of that weakness in silicon carbide? Or is there weakness in auto outside of silicon carbide?

偉大的。然後我的後續問題，在你們的兩個大市場，汽車和工業之間，是否可以說工業市場似乎正在穩定，但汽車市場變得有點疲軟？那麼所有這些弱點都是碳化矽造成的嗎？或者說汽車除了碳化矽以外還有什麼弱點？

Sorry, you blanked out the last (inaudible) -- I didn't catch it.

抱歉，你忽略了最後一句（聽不清楚）──我沒聽清楚。

Oh, okay. Yes. Can you guys hear me okay now?

哦好的。是的。你們現在聽得到我說話嗎？

Yes, we can hear you Chris.

是的，我們能聽到你的聲音，克里斯。

Okay. Great. So just between the 2 big end markets, auto and industrial, is it fair to say that broadly speaking, the industrial market for you guys is stabilizing? And then on the automotive market, is it fair to say it's getting a little bit incrementally weaker? And is that incremental weakness all silicon carbide? Or is there weakness in the non-silicon carbide automotive business?

好的。偉大的。那麼僅在兩個大型終端市場（汽車和工業）之間，是否可以從總體上來說，你們的工業市場正在趨於穩定？那麼就汽車市場而言，是否可以說它正在逐漸減弱？那麼，這種逐漸增加的弱點全都是碳化矽嗎？還是非碳化矽汽車業務有弱點？

Yes. I think at a high level, between the market, your comment is true. I don't think from an overall -- from the automotive side, the second part of your question, I don't think it's only on the silicon carbide.

是的。我認為，從市場高層來看，您的評論是正確的。我認為從整體來看——從汽車方面來看，你問題的第二部分，我不認為它只是存在於碳化矽上。

Silicon carbide, I think it's well understood in general as far as the TAM. But our growth on silicon carbide is really more on share gains rather than just specific to total market. And we've been very consistent about that. 2024 is still on track for that. But we did see incremental softness in automotive on the silicon side as well, which is more on the broader aspect of automotive.

碳化矽，我認為就 TAM 而言，它總體上是很好理解的。但我們在碳化矽方面的成長實際上更多的是份額的成長，而不僅僅是整個市場的成長。我們對此始終如一。 2024年仍有望實現此目標。但我們確實看到汽車矽片方面的疲軟趨勢減弱，這更多地涉及汽車的更廣泛方面。

Our next question comes from Toshiya Hari with Goldman Sachs.

我們的下一個問題來自高盛的Toshiya Hari。

I had a question on the silicon carbide business as well. For this year, Hassane, what's the rough split between automotive and industrial? And more importantly, I was hoping you could speak to your diversification efforts. I think customer concentration has been a bit of an issue from an investor perspective. Your largest customer was significant last year. I think they'll continue to be significant this year, but how should we think about your customer base and your customer mix broadening, an SiC specifically, going forward?

我對碳化矽業務也有疑問。哈桑，今年汽車和工業之間的大致劃分是怎麼樣的？更重要的是，我希望您能談談您的多元化努力。我認為從投資者的角度來看客戶集中度是一個問題。去年你們最大的客戶很重要。我認為它們今年仍將發揮重要作用，但我們應該如何看待您的客戶群和客戶組合拓展，特別是 SiC 的未來？

Yes. So the first part of the question. It's been pretty consistent. You can think about it as 80-20, 80% auto, 20% industrial, give or take. Depending on the quarter and when the ramp happens, they're a little bit asynchronous ramps based on the end market.

是的。這是問題的第一部分。它一直非常一致。你可以把它想像成 80-20，即 80％ 為汽車，20％ 為工業，大致如此。根據季度和成長發生的時間，它們會根據終端市場出現稍微非同步的成長。

As far as diversification, we've been very consistent on 2024 will be more diversified than what 2023 was. That remains the case. Last quarter, we called out ramps in automotive OEMs in Europe starting to ramp EV with onsemi silicon carbide. The comment I made today is further proliferation in the Chinese EV, which today is the biggest penetration of electrification in light vehicle production.

就多樣化而言，我們一直堅信 2024 年將比 2023 年更加多樣化。情況依然如此。上個季度，我們呼籲歐洲汽車原始設備製造商開始採用安森美碳化矽來推動電動車的發展。我今天發表的評論是關於中國電動車的進一步普及，這是當今輕型汽車生產中電氣化的最大滲透。

Between those 2 efforts as these ramp in the second half getting us to that 2x market that I talked about, that's going to come with further diversification across all geographies. Very consistent with where our LTSAs originally were, and where the ramps have started to occur. So predictable, consistent and we're executing to that.

隨著這兩項努力在下半年逐漸加強，我們將進入我之前談到的 2 倍市場，這將帶來所有地區的進一步多樣化。與我們的 LTSA 最初所在的位置以及坡道開始出現的位置非常一致。因此是可預測的、一致的，而我們正在執行這一點。

Great. And as a follow-up, I feel like you talked about data center a little bit more than on prior calls. To level set us, can you speak to the exposure you have to AI or data center more broadly today? And how are you thinking about the growth profile there over the coming years given the focus on AI infrastructure spend across your end customers?

偉大的。作為後續問題，我覺得您談論資料中心的次數比之前的電話會議要多一些。為了讓我們知道，您能否更廣泛地談談您目前對人工智慧或資料中心的了解？考慮到您專注於最終客戶的人工智慧基礎設施支出，您如何看待未來幾年的成長前景？

Yes. If you go back to our last Analyst Day where Sudhir, in his prepared comments, he talked about the power tree being very similar in automotive, industrial and cloud and data center. We've talked a lot about our penetration and our success in auto and industrial, and we've shifted our focus over the last 3 years to the cloud and data center.

是的。如果您回顧我們上一次的分析師日，Sudhir 在他準備好的評論中談到，汽車、工業、雲端運算和資料中心領域的電源樹非常相似。我們已經討論了很多我們在汽車和工業領域的滲透和成功，過去 3 年，我們將重點轉移到雲端運算和資料中心。

And at Analyst Day, we talked about that outlook being about 22% CAGR over the next 5 years. That's what our investment thesis has been. We've been introducing products both on the power discrete side, and furthermore on, call it, controllers and point of load and so on, which is more on the intelligent power coming from our Analog and Mixed-Signal Group that we've organized around that effort. So all of these put together are where our investment has been.

在分析師日上，我們談到了未來 5 年複合年增長率約 22% 的前景。這就是我們的投資論點。我們一直在推出功率分立元件產品，此外還有控制器和負載點等產品，這些產品更多的是來自我們圍繞這項努力而組織的類比和混合訊號部門的智慧電源。所以，所有這些加在一起就是我們的投資所在。

I talked more about it this quarter than I did last quarter even just because of our progress on it. Last quarter, I talked about our success in sampling, a lot of these products coming from that group. We're further sampling and engaging with customers. I'm very bullish about it. You'll hear more about it as we get through the year. But the target markets are auto, industrial, but on top of that is the cloud and data centers.

本季我比上個季度談論這個問題更多，因為我們在這方面取得了進展。上個季度，我談到了我們在抽樣方面的成功，其中許多產品都來自該集團。我們正在進一步提供樣品並與客戶接觸。我對此非常樂觀。隨著時間的流逝，您會聽到更多有關它的消息。但目標市場是汽車、工業，最重要的是雲端運算和資料中心。

Are you able to size it for us today? Is it low singles, mid-singles? Any hints there?

今天可以幫我們測量一下尺寸嗎？是低單打還是中單打？有什麼提示嗎？

Not yet.

還沒有。

Our next question comes from Gary Mobley with Wells Fargo Securities.

下一個問題來自富國證券的 Gary Mobley。

Hassane, you probably realized this already, but most investors are worried about the ability for non-China silicon carbide suppliers to compete in the China market against local competition.

Hassane，您可能已經意識到了這一點，但大多數投資者擔心非中國碳化矽供應商是否有能力在中國市場上與本地競爭對手競爭。

And your messaging on that front was clear that you're gaining share at the top 10 China automotive OEMs. But longer term, what's your hook to remain successful in that marketplace? Is it a focus on higher-voltage battery systems? Is it hybrid silicon, silicon carbide solution? Is it local investment into the China market? Any color there would be helpful.

您在這方面傳達的訊息很明確，那就是您在中國十大汽車原始設備製造商中的份額正在不斷擴大。但從長遠來看，你在該市場保持成功的秘訣是什麼？它是對更高電壓電池系統的關注嗎？是混合矽、碳化矽溶液嗎？這是對中國市場的本地投資嗎？任何顏色都有幫助。

Yes. Look, I've always been very consistent on -- we compete on the value of our products. Because at the end of the day, if you don't have value in the product, somebody somewhere is willing to take a lower margin for just good enough. That's not the business we're in. Therefore, maintaining our investments and maintaining an aggressive road map that provides value for the customer.

是的。你看，我一直非常堅持——我們憑藉產品的價值進行競爭。因為歸根究底，如果你的產品沒有價值，那麼總是會有人願意以較低的利潤換取足夠的品質。這不是我們所從事的業務。因此，我們要保持投資，並制定積極的路線圖，為客戶提供價值。

From a customer perspective, they need to be looking at it by -- if I use onsemi, I can save hundreds of dollars on battery versus if I use somebody maybe cheaper locally, and I will have to add that cost on the battery. If that is the case, which is what we do and why we win in any geography, then it's irrelevant what the competition is doing as long as we maintain our leadership on the technology.

從客戶的角度來看，他們需要考慮這一點——如果我使用安森美半導體，我可以​​在電池上節省數百美元，如果我使用當地更便宜的產品，我將不得不在電池上增加這筆成本。如果情況確實如此，而這正是我們所做的事情，也是我們在任何地區取得成功的原因，那麼只要我們保持技術領先地位，競爭對手做什麼就無關緊要了。

We've proven this year after year. The competition in China has been no less or more, whether it's European vendors or local Chinese vendor. And we've proven our ability with our internal and vertically integrated strategy to compete to have the best financial structured business for silicon carbide, and to grow above market by gaining share. All of these are the leading indicators of how we were going to continue to tackle that business both in the short term and the long term.

我們已經年復一年地證明了這一點。在中國，無論是歐洲供應商或中國本土供應商，競爭一直不減反增。而且，我們已經證明了我們有能力透過內部垂直整合策略在碳化矽領域競爭獲得最佳財務結構業務，並透過擴大市場份額來實現超越市場的成長。所有這些都是我們如何在短期和長期內繼續處理該業務的領先指標。

As a follow-up, I wanted to ask about your design win metrics. You called out a 30% quarter-over-quarter increase in design wins. I presume that's lifetime value. But looking at it as a more long-term basis, what -- the trends you're seeing there, lifetime value on maybe a trailing 12-month basis, is that supportive of the 10% to 12% long-term revenue growth targets you guys have outlined?

作為後續問題，我想詢問您的設計成功指標。您指出設計勝利量較上季成長了 30%。我認為這就是終身價值。但從更長期的角度來看，您所看到的趨勢，可能是過去 12 個月的終身價值，是否支持您所概述的 10% 到 12% 的長期收入成長目標？

That's right. We do see that. That's kind of based on the model. You're right, it is a lifetime revenue. But the way I look at it, to support the 10% to 12%, it is the, I guess, the overlaid annual revenue on top of the base, on top of the new products that continue to grow. If I put all of these together, our next outlook is supporting the 10% to 12%. So you take the base, you add the new products, and you add new design wins on top of it, and that layering effect gives us that 10% to 12% growth.

這是正確的。我們確實看到了這一點。這有點基於模型。你說得對，這是一輩子的收入。但在我看來，要支持 10% 到 12% 的成長，我想，需要在基礎收入之上，在不斷增長的新產品之上，增加年收入。如果我把所有這些放在一起，我們的下一個前景是支持 10% 到 12%。因此，你以這個為基礎，添加新產品，並在其基礎上添加新的設計成果，這種分層效應會為我們帶來 10% 到 12% 的成長。

Our next question comes from Harsh Kumar with Piper Sandler.

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

Hassane, I had a quick question for you on distribution and OEM partner inventory. I guess the question is, which one for you is bigger? And then are you comfortable at this point with the inventory you're holding? Clearly, you mentioned that you're raising inventory at the disti, but would you give us some color on the inventory of the OEM partners? And also, this environment is a very good test of pricing. Are you seeing pricing generally hold up pretty well for your products?

Hassane，我想問您一個關於分銷和 OEM 合作夥伴庫存的問題。我想問題是，對你來說哪一個比較大？那麼，您現在對所持有的庫存感到滿意嗎？顯然，您提到您正在分銷商處增加庫存，但您能否向我們提供有關 OEM 合作夥伴庫存的一些資訊？而且，這種環境對於定價來說是一個很好的考驗。您是否發現您們的產品定價大致上保持得很好？

Yes. Let me start with the pricing. Pricing is -- we've been saying pricing is stable. That's the power of the LTSA. A lot of the conversations we've had with customers on -- given the demand environment has been more on what do we do on the volumes rather than the pricing. That goes back to win-win. We invested in capacity. We will support customers in a softer market. But it has not been a pricing discussion, and we don't expect it to be a pricing discussion.

是的。讓我先從定價開始。定價－我們一直說定價是穩定的。這就是 LTSA 的力量。我們與客戶進行的許多對話——考慮到需求環境，更多的是關於我們在產量方面所做的努力，而不是定價。這又回到雙贏的局面。我們對產能進行了投資。我們將在疲軟的市場中為客戶提供支援。但這並非是一場關於定價的討論，我們也不指望這會是一場關於定價的討論。

As far as the inventory, look, we've been -- it changes based on the market. We believe the industrial side of it. If you recall, we start taking utilization down and reducing our shipments in industrial back at the end of 2022. So we've had longer than most of our peers, kind of a period in 2023, where we've helped customer drain in the industrial market drain their inventory. That's why we're seeing that stabilization that Thad talked about, and even better outlook for the standard part of our industrial business. So that's on the industrial.

就庫存而言，我們一直在根據市場變化而變化。我們相信它的工業方面。如果你還記得的話，我們從 2022 年底就開始降低利用率並減少工業出貨量。因此，我們比大多數同行擁有更長的時間，即 2023 年的一段時間，我們幫助工業市場的客戶消耗了庫存。這就是為什麼我們看到了薩德所說的穩定，甚至看到了我們工業業務標準部分的更好前景。這就是工業方面的事。

On the automotive, I don't think we're done. We saw that softness in Q1. As I mentioned earlier, you see it in the outlook for Q2. But I do think that there is further stabilization in the second half of the year. So that tells you kind of where we feel the inventory of the customers.

在汽車領域，我認為我們還沒有完成。我們在第一季看到了這種疲軟。正如我之前提到的，您可以在第二季的展望中看到這一點。但我確實認為今年下半年將進一步穩定下來。這可以告訴您我們了解客戶庫存的情況。

But I will remind everybody, inventory at the customer is related to also demand. If demand picks up, inventory drain accelerates. If demand stays stable, it will take longer. But we feel like customers have a healthy level of inventory, and we feel good about it for the second half to call the stabilization.

但我要提醒大家，客戶的庫存也與需求有關。如果需求回升，庫存消耗就會加速。如果需求保持穩定，則需要更長時間。但我們感覺客戶的庫存水準很健康，我們對下半年將實現穩定感到樂觀。

As far as the disti, we've always run very disciplined distribution inventory. We do have a second half ramp for new products that we talked about. You're going to see us click that up. Remember, this quarter -- or the prior quarter, we drained $19 million on the inventory in the channel.

就分銷而言，我們始終嚴格控制分銷庫存。我們確實為我們談到的下半年新產品做好了準備。您將會看到我們點擊它。請記住，本季（或上一季），我們在該頻道的庫存上消耗了 1900 萬美元。

Although weeks of inventory went up, dollars came down, although we beat slightly the guide. So with that, that gives you the disciplined approach that we've been pushing for, and we'll continue to do that. But we do expect inventory at the disti to go up, just readying for the ramps, both silicon carbide and some other new products that we have in the second half.

儘管庫存週數增加，但美元下降，儘管我們略微超過了預期。因此，這為您提供了我們一直在推動的嚴謹方法，並且我們將繼續這樣做。但我們確實預期分銷庫存會增加，為下半年碳化矽和一些其他新產品的產量增加做好準備。

Internal inventory has been very disciplined. We drained the base aggressively based on the utilization. We've taken a declining utilization to maintain inventory. The only inventory that went up is the strategic for a good reason. It's all a cap transfers.

內部庫存非常有紀律。我們根據利用率積極排乾基底。我們採取了降低利用率來維持庫存。唯一上漲的庫存是戰略庫存，這是有原因的。這全都是上限轉移。

Got it. I had a sort of a multipart question on silicon carbide. You talked about 2x growth relative to the market based on design wins, bottoms-up approach. I guess, when you talk to your customers, what kind of growth are they implying?

知道了。我有一個關於碳化矽的多部分問題。您談到了基於設計勝利和自下而上的方法相對於市場的 2 倍增長。我想，當您與客戶交談時，他們暗示了什麼樣的成長？

And then secondly, you talked about wins in China. Are these based on your own internal wafers? Are they based on your outsourced wafers or external wafers? And then is there any situation you see where silicon carbide is flat in 2024 and just kind of wild possibility?

其次，您談到了在中國的勝利。這些是基於您自己的內部晶圓嗎？它們是基於你們的外包晶圓還是外部晶圓？那麼，您是否認為 2024 年碳化矽價格將持平，這是非常有可能的情況？

I don't want to talk about wild possibility. Look, I can only comment on what we see and where the customers and the market is. Silicon carbide is going to grow in 2024. And it's -- and we are going to grow 2x. What I can say about the market is specifically what I commented on earlier, we know the platforms that are ramping this year. We know the platforms we are in. We know what products we are putting in those platforms because think about it by now, all the stuff is qualified and just shipping and ramping. So based on that, that's where the 2x comes in.

我不想談論那些瘋狂的可能性。你看，我只能根據我們看到的情況以及客戶和市場的情況進行評論。碳化矽將在 2024 年成長。而且，我們將成長 2 倍。關於市場我能說的就是我之前評論過的內容，我們知道今年正在蓬勃發展的平台。我們了解我們身處的平台。我們知道我們在這些平台上投放什麼產品，因為現在想想，所有的東西都是合格的，只是在運輸和投放。因此基於此，2x 就派上用場了。

What I'm not commenting on as far as the TAM is, well, until those cars ship in the market, you don't really have a TAM to call out. So that's the reason for that.

就 TAM 而言，我沒有發表評論，因為在這些汽車投放市場之前，你實際上無法獲得 TAM。這就是為什麼這個原因。

As far as mix, I said 50% of our substrates -- over 50% of our substrates are internal. But we don't ship, I guess, a different mix, whether it's going to China or it's going to the U.S. or going to Europe. We ship out of our inventory based on what we need to run manufacturing. And right now, it is a mix of over 50% is -- remains internal. But no customer has a requirement where the substrates need to come from because the substrates are not what gets qualified at a customer level. It is the device that gets qualified at a customer level.

就混合而言，我說 50% 的基質——超過 50% 的基質是內部的。但我想，我們不會運送不同的混合物，無論是運往中國、美國或歐洲。我們根據生產需求從庫存中發貨。目前，超過 50% 的混合體仍為內部的。但沒有客戶要求基板來自哪裡，因為基板不是在客戶層面上獲得認證的。它是在客戶層面獲得認證的設備。

Our next question comes from Harlan Sur with JPMorgan.

下一個問題來自摩根大通的 Harlan Sur。

With the view that dynamics in the second half are going to start to normalize or stabilize, are LTSA, customer calls to revised volumes, push out cancellations on the non-LTSA business, are these activity levels here starting to stabilize or decline ahead of the second half shipment stabilization? Or do these activity levels continue to remain at pretty high levels?

鑑於下半年情況將開始正常化或穩定，LTSA、客戶對修訂數量的要求、非 LTSA 業務的取消，這些活動水平在下半年出貨量穩定之前是否開始穩定或下降？或者這些活動水平是否繼續保持在相當高的水平？

Yes. No, you're right in that comment. So they are -- they have slowed down, requests for pushouts, requests for changing volumes, and so on, which gives us that comfort to call out the second half stabilization that we talked about. But yes, it's basically just like the LTSAs have been a tool in the market softness, and seeing it earlier, that same tool for the slowdown in that discussion and the amendments that we're doing with customers gives us that other side of it.

是的。不，你的評論是對的。所以他們 - 他們已經放慢了速度，要求推出，要求改變數量等等，這讓我們可以放心地宣布我們談到的下半年穩定。但是的，它基本上就像 LTSA 一直是市場疲軟的一種工具，並且之前看到的那樣，同樣的工具對於討論的放緩以及我們與客戶進行的修改也給了我們另一面。

And Harlan, I would add, if you look at the non-LTSA orders, the order pattern is getting stronger. So that's the stabilization we're seeing. We're seeing less cancellations, less pushouts than what we saw over the last couple of quarters.

哈蘭，我想補充一點，如果你看看非 LTSA 訂單，你會發現訂單模式變得更加強勁。這就是我們所看到的穩定。與過去幾個季度相比，我們看到的取消和推遲的情況有所減少。

Perfect. Then from a geographical perspective, Asia ex Japan, which is primarily China, has declined about 24%-dollar terms over the past 2 years versus the total company, which is down 4%. How much of the decline in China is just broad-based China weakness? How much of it is your lean distribution strategy? Or how much of it is just related to low-margin, commodity-focused China business, which you've been moving away from over the past several years?

完美的。從地理角度來看，過去兩年來，日本以外的亞洲地區（主要是中國）以美元計算下降了約 24%，而整個公司的利潤則下降了 4%。中國經濟的下滑在多大程度上只是因為中國經濟普遍疲軟？其中有多少是你們的精實分銷策略？或者其中有多少僅與低利潤、以大宗商品為中心的中國業務有關（而過去幾年你們已經遠離這類業務了）？

Yes. I think -- yes, I don't have the breakdown. But a majority of it is the exits that we talked about because if you recall, a lot of those exits were in the non-auto and industrial. So if you, add it all up and you do it year-on-year, then those exits are targeting that market, which is where the demand has been. So that's expected on the industrial and automotive.

是的。我想——是的，我沒有細分。但其中大多數是我們談論的退出，因為如果你還記得的話，很多退出都發生在非汽車和工業領域。因此，如果你把所有這些加起來，並進行逐年計算，那麼這些退出就瞄準了那個市場，也就是需求所在的地方。這對工業和汽車產業來說是意料之中的事。

Actually, we've seen the share gains, obviously, on silicon carbide, I talked about in automotive. But in industrial -- in prior quarters, I've talked about LTSAs with 8 of the top 10 energy storage or renewable energy vendors. Most of them are in China. We've had tremendous growth in those markets over the last few years that we called out '22 to '23 even.

實際上，我們已經看到了碳化矽份額的成長，顯然，我在汽車領域談到了這一點。但在工業領域——在前幾個季度，我已經與十大能源儲存或再生能源供應商中的 8 家討論了 LTSA。其中大部分在中國。在過去幾年裡，我們在這些市場取得了巨大的成長，我們甚至預測到22至23年。

So all of these are share gains. But yes, they are offset. And one is the general weakness that everybody sees with how big the market is for semi's in China. But specifically for onsemi, it is the exits, which are today helping hold the margin where we are structurally.

所以這一切都是股份收益。但是，是的，它們是偏移了。其中一個就是大家看到的普遍弱點，即中國的半導體市場規模有多大。但具體到安森美半導體而言，正是這些退出，才幫助我們在結構上維持了利潤率。

Our next question comes from Christopher Rolland with Susquehanna.

下一個問題來自 Susquehanna 的 Christopher Rolland。

I guess my first one is on the image sensor business, primarily. If you could talk about kind of demand and sell-through there but also inventories and your plans on internalizing some of those wafers from foundry into GLOBFO as well.

我想我的第一個想法主要與影像感測器業務有關。如果您可以談談那裡的需求和銷售情況，還有庫存，以及將部分晶圓從代工廠內部化到 GLOBFO 的計劃。

Yes. So I think -- look, demand for -- we have a high market share in image sensors. So demand for image sensor overall demand follows the automotive. We do believe that inventory situation is getting better. I put that under the commentary I made about general automotive.

是的。所以我認為——看，需求——我們在影像感測器領域佔有很高的市場份額。因此，影像感測器的整體需求遵循汽車需求。我們確實相信庫存情況正在好轉。我把它放在我對通用汽車的評論之下。

But the growth that we've seen specifically on the 8 megapixel is specific to a migration to higher-resolution cameras that we really talked about. Over the last 2 to 3 quarters, we've been calling it out. So that continues. That's a trend we can -- clearly see based on the growth of that business even in light of the light vehicle production numbers that are starting to come up. So from that perspective, it's clear.

但我們在 800 萬像素上看到的成長，具體體現在我們真正談論的向更高解析度相機的遷移。在過去的兩到三個季度裡，我們一直在呼籲這一點。事情就這樣繼續下去。即使輕型汽車產量開始上升，我們也可以從該業務的成長中清楚地看到這一趨勢。從這個角度來看，這很清楚。

We do have an effort to introduce new products coming out of the fab. It is not 100% internal. We do have foundry partners that we value in this business, and we will continue to work together internally and externally. But as you can think about it as a supply assurance rather than a shift in strategy to just go internal.

我們確實在努力推出工廠生產的新產品。它不是 100% 內部的。在這個業務中，我們確實有我們重視的代工合作夥伴，我們將繼續在內部和外部合作。但你可以把它看作是一種供應保證，而不是一種轉向內部的策略轉變。

Great. And also just a couple of housekeeping. Did you guys give lead times, utilizations and then cumulative LTSAs and/or next 12-month LTSAs?

偉大的。還有一些家務事。你們是否給出了交貨時間、利用率以及累積 LTSA 和/或未來 12 個月的 LTSA？

Yes. Chris, it's Thad. Let me get through that. So just starting in reverse order, the lifetime LTSA value is $15.7 billion over the next 12 months, the value of that is $4.7 billion. I think that's consistent with what you heard last quarter if you think about what rolled off in Q1.

是的。克里斯，我是泰德。讓我度過這個難關。因此，從相反的順序開始，未來 12 個月的終身 LTSA 價值為 157 億美元，價值為 47 億美元。如果您想想第一季的情況，我認為這與您上個季度聽到的情況一致。

Lead times are down just slightly, roughly around 40 to 41 weeks. So not a big change on that side of things. And I did mention in the prepared remarks, utilization decreased slightly from 66% to 65%. We expect to be running in this range, plus or minus, for the remainder of the year until we start to see more of a market recovery. As we see the stabilization, we believe we can keep this utilization for the remainder of the year.

交貨時間略有縮短，約 40 至 41 週。因此從這方面來看，事情並沒有太大的變化。我在準備好的發言中確實提到過，利用率從 66% 略微下降到 65%。我們預計，今年剩餘時間內，市場將一直處於這個上下波動範圍內，直到市場開始復甦。隨著我們看到穩定，我們相信我們可以在今年剩餘時間內保持這種利用率。

And Thad, since I have you, do you have SiC LTSAs as well?

而且 Thad，既然我聯絡到了你，那你也有 SiC LTSA 嗎？

I don't have that.

我沒有那個。

Our next question comes from Joseph Moore with Morgan Stanley.

我們的下一個問題來自摩根士丹利的約瑟夫·摩爾。

I wonder if you could talk to the opportunity in hybrid cars. As you sort of see some of the demand shifting from battery power to hybrid, what's the opportunity for ON? Is it silicon carbide? Is it IGBT opportunity? Can you just talk to that?

我想知道您是否可以談談混合動力汽車領域的機會。您看到部分需求從電池供電轉向混合動力，ON 面臨什麼樣的機會？是碳化矽嗎？這是IGBT的機會嗎？你能就此談談嗎？

Yes. So the -- both the opportunity in, I would say, plug-in hybrid, parallel hybrid, or the non-BEV part of the electrification effort in mobility is both on IGBT. And some customers still are putting silicon carbide in there depending on the drivetrain. But the opportunity for us that I called out in prior quarters is about $350 worth of content for non-BEV. That's only in the powertrain. And then about $750 in a full BEV vehicle compared to $50 powertrain content in internal combustion. So those are kind of the ballpark numbers that we've talked about.

是的。所以，我想說，插電式混合動力車、並聯式混合動力車，以及行動電氣化努力中的非純電動車部分的機會都在於 IGBT。有些客戶仍會根據傳動系統的不同將碳化矽放入其中。但我在前幾個季度指出，我們的機會是為非 BEV 提供價值約 350 美元的內容。這僅存在於動力傳動系統中。一輛完整的 BEV 汽車的價格約為 750 美元，而內燃機汽車的動力系統成本僅為 50 美元。這些就是我們談論的大概數字。

Great. And then in terms of the pricing conversation, LTSA pricing, you said, is holding up. When you have new agreements, new customers, new designs, do you see -- is the pricing for that any different than what you've seen in the past, the way -- what pricing is embedded in your current model?

偉大的。然後就定價討論而言，您說 LTSA 定價正在維持不變。當您有新的協議、新的客戶、新的設計時，您認為其定價與您過去所見的有什麼不同嗎？您目前的模型中嵌入了什麼樣的定價？

No. I mean we don't see -- on a product-by-product basis, there -- if we say the value of the product is what we price on, value doesn't change, whether it's design to design. Where you do see pricing movement is new technologies that we want to introduce, where the customer gets a benefit but also, we get a benefit, whether it's moving to a much smaller die given the efficiency of our new model. Those are a normal course of the business, where it is incremental margin for us, but you may see an ASP delta. But it's a different product. But that's the way the industry runs.

不。我的意思是，就單一產品而言，如果我們說產品的價值就是我們的定價依據，那麼無論是何種設計，價值都不會改變。您確實會看到價格變動是我們想要推出的新技術，客戶從中受益，而且我們自己也能受益，無論是考慮到新模型的效率而轉向更小的晶片。這些都是正常的業務流程，對我們來說是增量利潤，但您可能會看到 ASP 增量。但它是不同的產品。但這就是這個行業的運作方式。

And Joe, it's Thad. Just remember, we walked away from that $475 million of highly volatile price-sensitive market. So I think in this situation, you probably see some pricing pressure on that. Obviously, we're not seeing a [beach]. We don't have that business today.

喬，他是泰德。請記住，我們已經放棄了那個價值 4.75 億美元、波動性極大、價格敏感的市場。所以我認為在這種情況下，你可能會看到一些定價壓力。顯然，我們沒有看到[海灘]。我們今天沒有那項業務。

Our next question comes from Joshua Buchalter with TD Cowen.

我們的下一個問題來自 TD Cowen 的 Joshua Buchalter。

I apologize for beating the silicon carbide horse. But I understand there's a lot of volatility in that market, and you're reluctant to give a granular market forecast right now. But maybe we compare it to a few quarters ago, has the increased volatility been, would you say, because of a meaningful change in the adoption curve across the EV industry at a broad base of customers? Or is it because of pushouts or unit dynamics because of the early adopters that's driving the lower and more volatile forecast?

我為打了碳化矽馬感到抱歉。但我知道該市場存在很大的波動，而且您現在不願意給出詳細的市場預測。但也許我們將其與幾個季度前進行比較，您是否認為波動性的增加是因為整個電動汽車行業廣大客戶的採用曲線發生了重大變化？還是因為早期採用者的延遲或單位動態導致預測更低且更加不穩定？

So I can't call out a specific customer. I think everybody can read what specific customers talk about and what their specific outlooks are. But what I would tell you is it's not a pushout, meaning every design that we thought would go to production when we were sitting here in 2023 is still going to production. So it's not a pushout of models. OEMs are not sacrificing the long-term view that they have on BEVs just because of the short-term volatility.

所以我無法點出具體一位顧客。我認為每個人都可以讀到具體客戶談論的內容以及他們的具體觀點。但我想告訴你的是，這不是延期，這意味著我們在 2023 年認為會投入生產的每個設計仍將投入生產。所以這不是模型的推出。原始設備製造商不會因為短期波動而犧牲對 BEV 的長期看法。

So we are seeing the designs, qualified design ramp with a plan to ramp in -- starting in the second half of this year. What I called out Europe already. I talked about China as well. So it's not a pushout.

因此，我們看到了設計、合格的設計正在逐步完成，並計劃從今年下半年開始逐步投入使用。我已經呼籲過歐洲了。我也談到了中國。所以這不是一種推遲。

What I would say the TAM is -- my comment about the TAM is what those volumes are. So the volumes that were planned last year are different than they are planned this year given the environment, but the same models planned are still going to market. So it's a very important distinction because one is the longevity and the strategy of the OEMs, and the other one is just reacting to a macro environment that we're in today.

我想說的是 TAM 是 — — 我對 TAM 的評論是這些卷是多少。因此，考慮到環境因素，去年計劃的銷量與今年的計劃有所不同，但計劃的相同型號仍將進入市場。因此，這是一個非常重要的區別，因為一個是 OEM 的壽命和策略，另一個只是對我們今天所處的宏觀環境做出反應。

That's helpful, Hassane. And maybe for Thad. You called out that over the last 12 months, you've returned over 100% of free cash flow to investors, which is more than your formal policy of 50%. And was this because of some dislocation in the market you saw, and we should expect it to trend back towards 50%? Or should we expect it to sort of remain elevated here in particular as you go through the period of peak capital spending?

這很有幫助，哈桑。或許對泰德來說也是如此。您指出，在過去 12 個月中，您已向投資者返還了超過 100% 的自由現金流，這高於您之前 50% 的政策。這是因為您看到市場出現了一些混亂嗎？我們是否應該預期它會回升至 50% 左右？或者我們應該預期它會保持高位，特別是在經歷資本支出高峰期？

Yes. If you look back over the last 12 months, in Q4, we bought back $300 million. That was above our target there. And that was the dislocation, right? We've said our policy longer term is 50% over the long term, but we will take advantage and be opportunistic where it makes sense.

是的。如果回顧過去 12 個月，在第四季度，我們回購了 3 億美元。這高於我們的目標。這就是錯位，對吧？我們已經說過，我們的長期政策是 50%，但我們也會在合理的情況下利用並抓住機會。

Our next question comes from Quinn Bolton with Needham.

我們的下一個問題來自 Needham 的 Quinn Bolton。

I know you're not calling for a recovery yet in the second half of the market. But Hassane, your comments on the battery electric vehicle ramps in the second half of the year certainly imply that perhaps silicon carbide sees a better second half. So I'm wondering what's the offset that would keep revenue sort of more stable in the second half if I'm reading your comments about the battery electric vehicle ramps in the second half correctly.

我知道您還沒有預測到下半年市場將會出現復甦。但哈桑，你對下半年電池電動車成長的評論無疑意味著碳化矽下半年可能會表現得更好。因此，如果我正確理解了您關於下半年電動車成長的評論，我想知道什麼樣的補償措施可以讓下半年的收入更加穩定。

Yes. If you look at the -- and again, we don't guide -- we guide only 1 quarter at a time. But the second half, silicon carbide is higher than the first half of silicon carbide. That's absolutely correct, and that's because of the ramps that I called out.

是的。如果你看一下——再說一次，我們不提供指導——我們每次只提供 1 個季度的指導。但後半段碳化矽要高於前半段碳化矽。這是絕對正確的，這是因為我喊出了坡道。

When I talk about stabilization, we go back to normalization. And you can think about it as normal supply and demand. Where demand is, that's what's going to be the offset or not for the second half. So it's too early to call is demand going to recover or not. But there's definitely demand increase on silicon carbide specifically that we can pinpoint to.

當我談到穩定時，我們回到正常化。您可以將其視為正常的供給與需求。需求在哪裡，就決定了下半年是否會被抵銷。因此，現在判斷需求是否會恢復還為時過早。但我們可以明確指出，碳化矽的需求確實在增加。

Got it. Makes sense. And then just -- I think you touched on it quickly in the prepared comments, but can you just give us the progress update on the 200-millimeter substrates and manufacturing needs to look into next year?

知道了。有道理。然後——我想您在準備好的評論中很快就提到了這一點，但是您能否向我們提供關於 200 毫米基板的進展更新以及明年需要研究的製造需求？

Yes. Still on track. What we talked about is qualifying '24 ramp in '25, and we're still on track to exactly that timeline. So no changes there, which is obviously a positive development of our silicon carbide efforts.

是的。仍在軌道上。我們討論的是 25 年達到 24 年的合格標準，我們仍在按照這個時間表前進。所以沒有變化，這顯然是我們碳化矽努力的一個積極發展。

Ladies and gentlemen, this does conclude the Q&A portion of today's presentation. I'd now like to turn the call back over to Hassane El-Khoury, President and CEO, for any closing remarks.

女士們、先生們，今天演講的問答部分到此結束。現在，我想將電話轉回給總裁兼執行長 Hassane El-Khoury，請他做最後發言。

Thanks to the tremendous effort of our global teams. We've transformed the company, improved our resiliency, and adapted to changing market conditions to deliver sustainable financial results. We remain dedicated to our customers, our financial commitments, and our strategy of enabling the sustainable ecosystem. Thanks to everyone on the call for joining and supporting onsemi.

感謝我們全球團隊的巨大努力。我們改變了公司，提高了我們的彈性，並適應不斷變化的市場條件，以實現可持續的財務表現。我們始終致力於服務客戶、履行財務承諾、實施永續生態系統策略。感謝電話會議上所有人的加入與支持 onsemi。

Ladies and gentlemen, this does conclude today's presentation. You may now disconnect and have a wonderful day.

女士們、先生們，今天的演講到此結束。現在您可以斷開連接並享受美好的一天。