安森美 (ON) 2024 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the onsemi second-quarter 2024 earnings conference call. (Operator Instructions) Please be advised, today's conference is being recorded.

美好的一天，感謝您的支持。歡迎參加 Onsemi 2024 年第二季財報電話會議。 （操作員指示）請注意，今天的會議正在錄製中。

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

現在我想將會議交給今天的發言人帕拉格·阿加瓦爾 (Parag Agarwal)。請繼續。

Thank you, Kevin. Good morning, and thank you for joining onsemi's second-quarter 2024 quarterly results conference call. I'm joined today by Hassane El-Khoury, our President and CEO; and Thad Trent, our CFO.

謝謝你，凱文。早安，感謝您參加 Onsemi 2024 年第二季業績電話會議。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.com. A replay of this webcast, along with our 2024 second-quarter earnings release, will be available on our website approximately one 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.com 的投資者關係部分進行網路直播。本次電話會議後約一小時，我們將在我們的網站上提供本次網路廣播的重播以及我們的 2024 年第二季財報發布。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 list and this presentation includes certain non-GAAP financial measures. The consolidation of these non-GAAP financial measures to 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.

我們的收益清單和本簡報包括某些非公認會計準則財務指標。將這些非公認會計原則財務指標與最直接可比較的公認會計原則財務指標進行合併，並討論使用非公認會計原則財務指標時的某些限制，這些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 future events or the future financial performance of the company. We wish to caution that such statements are subject to risk and uncertainties that could cause actual events or results to differ materially from projections.

在本次電話會議期間，我們將對未來事件或本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。

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-Q, and other filings with the Securities and Exchange Commission, and in our earnings release for the second quarter of 2024.

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存在重大差異的因素，以及我們2024 年第二季的收益發布。

Our estimates or the forward-looking statements might change. And the company assumes no obligation to update forward-looking statements to reflect the actual results, change assumptions, or other events that may occur, except as required by law.

我們的估計或前瞻性陳述可能會改變。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、變更假設或可能發生的其他事件的義務。

Now, let me turn it over to Hassane. Hassane?

現在，讓我把它交給哈桑。哈桑？

Thank you, Parag. Good morning, and thanks to everyone for joining us on the call. In the second quarter, we exceeded the midpoint of our guidance for revenue, non-GAAP gross margin, and non-GAAP earnings per share as our global teams continue to execute on all fronts.

謝謝你，帕拉格。早安，感謝大家加入我們的電話會議。隨著我們的全球團隊繼續在各個方面執行任務，第二季度我們的收入、非公認會計原則毛利率和非公認會計原則每股收益超過了指導中位數。

As we indicated in our Q1 call, we are seeing some stabilization in demand in our core markets. Inventory digestion persists, with some pockets improving as customers maintain a cautious stance in 2024. We don't see a change to the L-shaped curve I talked about in Q1, but we expect parts of industrial, such as energy infrastructure, to recover in the second half.

正如我們在第一季電話會議中指出的那樣，我們看到核心市場的需求穩定。庫存消化仍在持續，隨著客戶在2024 年保持謹慎立場，一些口袋會有所改善。將復甦在下半場。

Among the regions, Asia-Pacific, namely China, is recovering, driven by both automotive and industrial. During this time of market uncertainty, we have not taken our foot off the pedal and remained focused on what we can control, our execution.

其中，亞太地區，即中國，在汽車和工業的推動下正在復甦。在這個市場充滿不確定性的時期，我們並沒有停下腳步，仍然專注於我們可以控制的事情，也就是我們的執行力。

We have doubled down on our investments to build out our strategic portfolio of analog-mixed signal and power solutions. We have been gaining share by securing significant design wins in power. And we have continued to improve our cost structure through ongoing structural changes. All these efforts position us very well in a recovery with top-line growth and growth margin expansion.

我們加倍投資，建構模擬混合訊號和電源解決方案的策略組合。我們透過在設計方面贏得重大勝利來贏得市場份額。我們透過持續的結構性變革不斷改善我們的成本結構。所有這些努力都使我們在經濟復甦中處於有利位置，收入成長，成長率擴大。

Our advantage remains in our comprehensive and innovative product portfolio to capture market opportunities. onsemi's intelligent power and sensing solutions have become synonymous with high efficiency and performance, which are critical to solving customer problems and the high-growth megatrends in automotive, industrial, and AI data centers.

我們的優勢仍然在於我們全面和創新的產品組合，以抓住市場機會。安森美的智慧電源和感測解決方案已成為高效率和高性能的代名詞，這對於解決客戶問題以及汽車、工業和人工智慧資料中心的高成長大趨勢至關重要。

In intelligent sensing, we continue to invest to sustain our technology and market leadership. We announced the acquisition of SWIR Vision Systems to add disruptive, colloidal quantum-based, dot-based, short-wavelength infrared technology to our portfolio to further strengthen our industrial and defense product offering. We will leverage our manufacturing and R&D expertise to accelerate the commercialization of this technology, with cost-effective and differentiated products for industrial and defense applications.

在智慧感測領域，我們繼續投資以維持我們的技術和市場領先地位。我們宣布收購 SWIR Vision Systems，將顛覆性的、基於膠體量子、基於點的短波長紅外線技術添加到我們的產品組合中，進一步加強我們的工業和國防產品供應。我們將利用我們的製造和研發專業知識來加速這項技術的商業化，為工業和國防應用提供具有成本效益和差異化的產品。

On the analog-mixed signal product development, in addition to sampling our first products, we are now proliferating a broader range of product families, from high-performance analog with integrated power and automotive to a low-power sensing interface in medical.

在類比混合訊號產品開發方面，除了對我們的首批產品進行取樣之外，我們現在還在擴展更廣泛的產品系列，從具有整合電源和汽車功能的高性能模擬到醫療領域的低功耗傳感接口。

This broad range of applications and products we can already offer to our lead customers, highlight the competitiveness of this new technology platform. We are excited to share more detail about our analog-mixed signal product and technology road map later this year.

我們已經可以向主要客戶提供廣泛的應用和產品，凸顯了這個新技術平台的競爭力。我們很高興在今年稍後分享有關我們的模擬混合訊號產品和技術路線圖的更多詳細資訊。

We continue building on our design win momentum. And last week, we announced that Volkswagen Group has selected onsemi to be the primary supplier of a complete power box solution as part of its next-generation traction inverter for its Scalable Systems Platform, SSP.

我們繼續鞏固我們的設計獲勝勢頭。上週，我們宣佈大眾集團已選擇 onsemi 作為完整電源箱解決方案的主要供應商，作為其可擴展系統平台 SSP 的下一代牽引逆變器的一部分。

The first-of-a-kind solution features silicon carbide-based technologies in an integrated module that can scale across all power levels, from high-power to low-power traction inverters, to be compatible for all vehicle categories. VW Group is the second largest automotive OEM in the world. And we expect that all VW brands, including Volkswagen, Audi, Porsche, Å koda, will be powered by onsemi's silicon carbide in their next-generation platforms.

這款同類首創的解決方案在整合模組中採用了基於碳化矽的技術，可以擴展到從高功率到低功率牽引逆變器的所有功率級別，從而兼容所有車輛類別。大眾集團是全球第二大汽車製造商。我們預計所有大眾品牌，包括福斯、Audi、保時捷、Åkoda，都將在其下一代平台中採用 Onsemi 的碳化矽。

To best support VW Group and our global customer base, we have also announced a multiyear investment in the Czech Republic for a vertically integrated silicon carbide manufacturing facility. This strategic expansion, provided the European Commission approves the incentive measure, would enable us to meet the rising demand for our silicon carbide modules and other power semiconductors by bringing front-end manufacturing and advanced packaging capabilities to Europe.

為了最好地支持大眾集團和我們的全球客戶群，我們也宣布對捷克共和國進行多年投資，建造垂直一體化碳化矽製造工廠。如果歐盟委員會批准激勵措施，這項戰略擴張將使我們能夠透過將前端製造和先進封裝能力帶到歐洲來滿足對碳化矽模組和其他功率半導體不斷增長的需求。

As customers place an increasing importance on geopolitical risks to their supply chain, they value the resilience we have built into our manufacturing footprint through our Fab Right strategy. Our collaboration with the Czech government on this state-of-the-art facility aims not only to support our European customers, but also positions onsemi as a central piece of the European power ecosystem further enhancing our supply resilience strategy.

隨著客戶對其供應鏈的地緣政治風險越來越重視，他們也重視我們透過 Fab Right 策略在製造足跡中融入的彈性。我們與捷克政府在這座最先進設施上的合作不僅旨在支持我們的歐洲客戶，還將 Onsemi 定位為歐洲電力生態系統的核心部分，進一步增強我們的供應彈性策略。

Additionally, onsemi is a silicon carbide market share leader in China. And we are designed into nearly 60% of the BEV models from OEMs who are primarily introducing their 800-volt platforms at the Beijing International Auto Exhibition last quarter.

此外，安森美是中國碳化矽市場份額的領導者。近 60% 的 OEM 純電動車型均採用了我們的設計，這些 OEM 廠商在上季度的北京國際汽車展覽會上主要推出了 800 伏特平台。

China is the largest and fastest-growing BEV market in the world. And Chinese OEMs are adopting onsemi silicon carbide solutions based on the market-leading efficiency of our modules and devices, like the M3e we've just announced.

中國是全球最大、成長最快的純電動車市場。中國 OEM 廠商正在採用基於我們市場領先的模組和設備效率的 Onsemi 碳化矽解決方案，例如我們剛剛發布的 M3e。

And automotive silicon carbide will continue to outgrow the industry for many years as EVs are adopted, but also as the penetration rate in EVs increases. The latest research reports show that 22% of EVs in production are enabled with SiC. Excluding the market leader, only 6% of the EVs worldwide include SiC. But all OEMs are driving adoption to improve range and cost of the vehicles.

隨著電動車的採用以及電動車滲透率的提高，汽車用碳化矽的成長將在未來許多年繼續超過該行業。最新研究報告顯示，22% 的量產電動車採用 SiC。除市場領導者外，全球只有 6% 的電動車採用 SiC。但所有原始設備製造商都在推動採用，以提高車輛的續航里程和成本。

Our success with SiC in automotive extends to the industrial market, with demand expanding beyond energy infrastructure with emerging mass market applications such as commercial heating, ventilation, and air conditioning. The use of 1,200-volt silicon carbide in HVAC applications leads to more efficient, reliable, and compact systems, ultimately reducing energy consumption, improving electromagnetic interference and operational costs.

我們在汽車領域的 SiC 成功地延伸到了工業市場，其需求已超越能源基礎設施，擴展到商業供暖、通風和空調等新興大眾市場應用。在 HVAC 應用中使用 1,200 伏特碳化矽可以實現更有效率、更可靠、更緊湊的系統，最終降低能耗、改善電磁幹擾和營運成本。

We're already working with customers looking to integrate silicon carbide into their next-generation designs, with revenue over the next three to five years. We remain on track to outgrow the silicon carbide market growth by 2x in 2024 through share gain and our geographical and market diversification strategy.

我們已經與客戶合作，希望將碳化矽整合到他們的下一代設計中，並在未來三到五年內實現收入。透過份額成長以及我們的地理和市場多元化策略，我們仍有望在 2024 年實現碳化矽市場成長兩倍的目標。

Specifically on the share gains and supporting our revenue growth, our bottoms-up assessment has our growth in units, outgrowing the BEV unit growth by 2x, further supporting our outlook. We also have a significant opportunity in the data center and AI market, where our focus is on leveraging our silicon and silicon carbide portfolio to address the entire power tree.

特別是在份額收益和支持我們的收入成長方面，我們自下而上的評估顯示我們的銷量成長超過了純電動車銷量成長的兩倍，這進一步支持了我們的前景。我們在資料中心和人工智慧市場也擁有重大機會，我們的重點是利用我們的矽和碳化矽產品組合來解決整個電力樹的問題。

In Q2, we released our latest generation of T10 PowerTrench family and EliteSiC 650-volt MOSFET that are being designed into various subsystems of the AI data center, including power supply units, battery backup units, and intermediate bus converters. These solutions offer superior efficiency, high thermal performance, and reduced power losses, making them ideal for data centers and energy storage systems.

在第二季度，我們發布了最新一代的 T10 PowerTrench 系列和 EliteSiC 650 伏特 MOSFET，它們被設計到人工智慧資料中心的各種子系統中，包括電源供應器、電池備份單元和中間匯流排轉換器。這些解決方案提供卓越的效率、高熱性能並降低功率損耗，使其成為資料中心和能源儲存系統的理想選擇。

They can reduce energy consumption by 10 terawatt hour annually as compared to our previous generation, equivalent to powering nearly one million homes per year. We continue to invest in multi-phase controllers to pair with our industry-leading smart power stages, which enable highly efficient power delivery to the CPUs and GPUs.

與我們的上一代產品相比，它們每年可以減少 10 太瓦時的能源消耗，相當於每年為近 100 萬個家庭供電。我們繼續投資多相控制器，以與我們業界領先的智慧功率級配合，從而實現向 CPU 和 GPU 的高效電力傳輸。

As power consumed by AI data center racks increases from 40 kilowatts today to 120 kilowatts in 2025, our addressable content is expected to increase from $2,500 to $9,500. Our strategy to focus on the high-growth megatrends of automotive and industrial by partnering and innovating with the market leaders and disruptors has proven successful.

隨著人工智慧資料中心機架的功耗從現在的 40 千瓦增加到 2025 年的 120 千瓦，我們的可尋址內容預計將從 2,500 美元增加到 9,500 美元。我們透過與市場領導者和顛覆者合作和創新來專注於汽車和工業高成長大趨勢的策略已被證明是成功的。

We have been investing in power and sensing technologies to further our leadership position. And we will continue to leverage our portfolio to address adjacent market opportunities, such as AI and data centers.

我們一直在電力和感測技術方面進行投資，以進一步鞏固我們的領導地位。我們將繼續利用我們的產品組合來應對鄰近的市場機會，例如人工智慧和資料中心。

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

現在讓我將其轉交給泰德，向您提供有關我們結果的更多詳細資訊。

Thanks, Hassane. In the second quarter, our teams once again demonstrated remarkable resilience and adaptability in navigating a challenging market environment. Our Q2 results exceeded the midpoint of our guidance, with revenue of $1.74 billion, non-GAAP gross margin of 45.3%, non-GAAP operating margin of 27.5%, and 12% free cash flow margin.

謝謝，哈桑。第二季度，我們的團隊在充滿挑戰的市場環境中再次展現出卓越的韌性和適應能力。我們第二季的業績超出了我們指導的中位數，收入為 17.4 億美元，非 GAAP 毛利率為 45.3%，非 GAAP 營業利潤率為 27.5%，自由現金流利潤率為 12%。

We continued to deliver consistent gross margin performance against the challenging market and underutilization, once again demonstrating the structural improvements in our business model. Q2 revenue declined 7% sequentially and 17% from Q2 of 2023. This decline was driven by an ongoing inventory correction in the automotive and industrial end market, which together contributed 79% of our revenue.

在充滿挑戰的市場和利用率不足的情況下，我們繼續提供穩定的毛利率表現，再次證明了我們業務模式的結構性改進。第二季營收季減 7%，較 2023 年第二季下降 17%。

While we are facing short-term demand uncertainty, our long-term outlook remains unchanged. We're at the forefront of the fastest-growing segments of the automotive, industrial, and AI data center markets. And we expect to resume our growth trajectory as end-customer inventory levels normalize.

儘管我們面臨短期需求的不確定性，但我們的長期前景保持不變。我們處於汽車、工業和人工智慧資料中心市場成長最快的領域的前沿。隨著最終客戶庫存水準正常化，我們預計將恢復成長軌跡。

In line with our expectations, automotive revenue declined 11% quarter over quarter to $907 million, a decline of 15% over the same quarter last year. From the time we embarked on our transformation in Q4 2020, which included a strategic shift to focus on automotive, our automotive revenue has nearly doubled, largely driven by increasing content for vehicle electrification and ADAS.

與我們的預期一致，汽車營收季減 11% 至 9.07 億美元，比去年同期下降 15%。自 2020 年第四季我們開始轉型（包括將策略重點轉向汽車領域）以來，我們的汽車收入幾乎翻了一番，這主要是由於汽車電氣化和 ADAS 內容的增加所推動的。

Our industrial revenue was $468 million, down 2% sequentially and 23% versus the second quarter of 2023. As we noted in our Q1 call, we are seeing pockets of stabilization in this market.

我們的工業收入為4.68 億美元，比上一季下降2%，與2023 年第二季相比下降23%。的跡象。

Looking at the split between the business units, revenue for the power solutions group or PSG was $835 million, a decrease of 15% year over year. Revenue for the analog and mixed signal group or AMG was $648 million, a decrease of 18% year over year.

從業務部門之間的劃分來看，電源解決方案集團（PSG）的收入為 8.35 億美元，年減 15%。模擬和混合訊號部門（AMG）的收入為 6.48 億美元，年減 18%。

And revenue for the intelligent sensing group or ISG was $252 million, a 22% decrease year over year. The revenue drop for all business groups was driven by ongoing inventory burn in the automotive and industrial markets.

智慧感測集團（ISG）的收入為 2.52 億美元，年減 22%。所有業務部門的收入下降都是由汽車和工業市場持續的庫存消耗造成的。

GAAP gross margin was 45.2%, and non-GAAP gross margin was 45.3% compared to 45.9% in Q1 and 47.4% in the quarter a year ago. We continue to maintain gross margins above 45% through this downturn, even as our utilization has reached a historical trough of 65%, which positions us well for a market recovery. For reference, in previous downturns, our gross margin was approximately 30% at these utilization levels.

GAAP 毛利率為 45.2%，非 GAAP 毛利率為 45.3%，第一季為 45.9%，去年同期為 47.4%。儘管我們的利用率已達到 65% 的歷史低點，但在這次經濟低迷時期，我們仍將毛利率保持在 45% 以上，這使我們為市場復甦做好了準備。作為參考，在先前的經濟低迷時期，在這些利用率水準下，我們的毛利率約為 30%。

We continue to deliver on our Fab Right strategy of driving efficiency across our global operations. In Q2, we executed additional restructuring actions to improve the cost structure of our manufacturing network to support our gross margin expansion plans.

我們持續實施 Fab Right 策略，提高全球營運效率。在第二季度，我們執行了額外的重組行動，以改善製造網路的成本結構，以支持我們的毛利率擴張計劃。

We expect our gross margins to benefit once demand begins to recover and we increase utilization back to normalized levels. This, coupled with ramping of new products at accretive margins, will allow us to achieve our long-term target of 53%.

我們預計，一旦需求開始復甦並且我們將利用率提高到正常水平，我們的毛利率就會受益。再加上新產品的不斷增加，利潤率不斷增加，將使我們能夠實現 53% 的長期目標。

Now let me give you some additional numbers for your models. GAAP operating expenses for the second quarter were $396 million as compared to $319 million in the second quarter of 2023. Non-GAAP operating expenses were $308 million as compared to $306 million in the quarter a year ago.

現在讓我為您的模型提供一些額外的數字。第二季的 GAAP 營運支出為 3.96 億美元，而 2023 年第二季為 3.19 億美元。

Non-GAAP operating expenses were lower than our guidance due to active cost control and lower variable compensation. GAAP operating margin for the quarter was 22.4%, and non-GAAP operating margin was 27.5%. Our GAAP tax rate was 15.8%, and non-GAAP tax rate was 16%.

由於積極的成本控制和較低的可變薪酬，非公認會計準則營運費用低於我們的指導。本季 GAAP 營運利潤率為 22.4%，非 GAAP 營運利潤率為 27.5%。我們的 GAAP 稅率為 15.8%，非 GAAP 稅率為 16%。

Diluted GAAP earnings per share for the second quarter was $0.78, as compared to $1.29 in the quarter a year ago. Non-GAAP earnings per share was $0.96, as compared to $1.33 in Q2 of 2023. GAAP diluted share count was 433 million shares, and our non-GAAP diluted share count was 429.5 million shares. In Q2, we deployed $150 million or 72% of our free cash flow for share repurchases.

第二季稀釋後 GAAP 每股收益為 0.78 美元，去年同期為 1.29 美元。非 GAAP 每股盈餘為 0.96 美元，而 2023 年第二季為 1.33 美元。第二季度，我們部署了 1.5 億美元（即自由現金流的 72%）用於股票回購。

Turning to the balance sheet, cash and short-term investments was $2.7 billion, and we had $1.1 billion undrawn on our revolver. Cash from operations was $362 million, and free cash flow was $208 million, representing 12% of revenue.

看看資產負債表，現金和短期投資為 27 億美元，我們的左輪手槍上還有 11 億美元未動用。營運現金為 3.62 億美元，自由現金流為 2.08 億美元，佔營收的 12%。

Capital expenditures during Q2 was $154 million, which equates to a capital intensity of 9%. We achieved our long-term target ahead of schedule due to higher efficiency resulting from the structural changes in our manufacturing footprint. We expect to remain at or below our long-term target of 11%, including the investments needed for the silicon carbide expansion in the Czech Republic.

第二季的資本支出為 1.54 億美元，相當於資本密集度為 9%。由於製造足跡的結構性變化帶來了更高的效率，我們提前實現了長期目標。我們預計將保持在或低於 11% 的長期目標，包括捷克共和國碳化矽擴張所需的投資。

Inventory increased by $78 million sequentially and increased by 20 days to 214 days. This includes 97 days of bridge inventory to support fab transitions and the silicon carbide ramp. Excluding these strategic builds, our base inventory increased $6 million sequentially to 117 days, which is within our target range of 100 to 120 days. Distribution inventory increased as expected to 8.9 weeks versus 8 weeks in Q1 to support the mass market, which we have underserved for the last two years.

庫存較上月增加 7,800 萬美元，增加 20 天至 214 天。這包括 97 天的橋樑庫存，以支援晶圓廠轉型和碳化矽產能提升。不包括這些戰略構建，我們的基礎庫存環比增加了 600 萬美元，達到 117 天，這在我們 100 到 120 天的目標範圍內。分銷庫存如預期增加至 8.9 週，而第一季為 8 週，以支援過去兩年我們服務不足的大眾市場。

Let me now provide you the key elements of our non-GAAP guidance for the third quarter. Today's press release contains a table detailing our GAAP and non-GAAP guidance. Given the current macro environment and our demand visibility, we anticipate Q3 revenue will be in the range of $1.7 billion to $1.8 billion.

現在讓我向您提供我們第三季非公認會計原則指導的關鍵要素。今天的新聞稿包含一個表格，詳細說明了我們的 GAAP 和非 GAAP 指導。考慮到當前的宏觀環境和我們的需求可見性，我們預計第三季營收將在 17 億美元至 18 億美元之間。

We expect non-GAAP gross margin to be between 44.4% and 46.4%, with utilization in the mid-60% range. This includes estimated share-based compensation of $7 million. We expect non-GAAP operating expenses of $305 to $320 million, including estimated share-based compensation of $31 million.

我們預計非 GAAP 毛利率將在 44.4% 至 46.4% 之間，利用率將在 60% 左右。其中包括預計 700 萬美元的股權薪酬。我們預計非 GAAP 營運費用為 305 至 3.2 億美元，其中包括預計 3,100 萬美元的股權薪酬。

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 is expected to be approximately 429 million shares.

我們預計我們的非 GAAP 其他收入將為 1,200 萬美元的淨收益，其中我們的利息收入超過利息支出。我們預計我們的非 GAAP 稅率約為 16%，我們的非 GAAP 稀釋後股數預計約為 4.29 億股。

This results in non-GAAP earnings per share to be in the range of $0.91 to $1.03. We expect capital expenditures in the range of $130 million to $170 million. And as we've previously highlighted, the acquisition of SWIR Vision Systems is not expected to have any meaningful impact on our near- or mid-term financial outlook.

這導致非 GAAP 每股收益在 0.91 美元至 1.03 美元之間。我們預計資本支出在 1.3 億至 1.7 億美元之間。正如我們之前強調的那樣，收購 SWIR Vision Systems 預計不會對我們的近期或中期財務前景產生任何有意義的影響。

Through this downturn, we've remained committed to our long-term financial model. We're allocating resources for future growth while continuing to execute on our strategies to enhance operational effectiveness throughout the company.

在這次經濟低迷時期，我們仍然致力於我們的長期財務模式。我們正在為未來的成長分配資源，同時繼續執行我們的策略，以提高整個公司的營運效率。

During the second quarter, we announced the consolidation of many of our facilities to improve efficiencies and accelerate time to market by centralizing our efforts into fewer centers of excellence. We've continued to invest in R&D to drive long-term growth and capitalize on opportunities in intelligent power and sensing despite the market downturn.

在第二季度，我們宣布整合我們的許多設施，透過將我們的工作集中到更少的卓越中心來提高效率並加快上市時間。儘管市場低迷，我們仍繼續投資研發，以推動長期成長，並利用智慧電源和感測領域的機會。

We also remain committed to our capital allocation strategy. Over the last 12 months, we have deployed 78% of our free cash flow for share repurchases, significantly higher than our stated long-term target of returning 50%. Since initiating our $3 billion share repurchase program in February 2023, we have returned $814 million to our shareholders.

我們也持續致力於我們的資本配置策略。在過去 12 個月中，我們已將 78% 的自由現金流用於股票回購，顯著高於我們規定的 50% 回報的長期目標。自 2023 年 2 月啟動 30 億美元的股票回購計畫以來，我們已向股東返還 8.14 億美元。

Finally, at onsemi, we are driven to excellence. Guided by this principle, we hold ourselves accountable not only to our financial commitment, but also to our environmental initiatives. This past quarter, we published our 2023 sustainability report, marking another pivotal step in our ongoing commitment to sustainability and highlighting the progress we have made in the past year.

最後，在 onsemi，我們追求卓越。在這項原則的指導下，我們不僅對我們的財務承諾負責，而且對我們的環保舉措負責。上個季度，我們發布了 2023 年永續發展報告，標誌著我們持續致力於永續發展的另一個關鍵步驟，並強調了我們在過去一年的進展。

Wrapping up, I'd like to thank our employees for their dedication to excellence. Our strategy is working, and we remain committed to unlocking shareholder value. We are a more resilient company with steady growth drivers and innovation pipeline and trusted relationships with our customers and suppliers around the world.

最後，我要感謝我們的員工對卓越的奉獻。我們的策略正在發揮作用，我們仍然致力於釋放股東價值。我們是一家更具彈性的公司，擁有穩定的成長動力和創新管道，並與世界各地的客戶和供應商建立了值得信賴的關係。

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

這樣，我會將電話轉回給凱文，以便進行問答。

(Operator Instructions) Ross Seymore, Deutsche Bank

（操作員指令）Ross Seymore，德意志銀行

Hi, guys. Thanks for taking the question. I guess, for my first question -- kind of two sneaky parts to it -- but any pluses or minuses by your three segments for the third-quarter guide?

嗨，大家好。感謝您提出問題。我想，對於我的第一個問題——有兩個偷偷摸摸的部分——但是你的第三季指南的三個部分有什麼優點或缺點？

And then the bigger part is, Hassane, you talked about some stabilization on the industrial side and even energy infrastructure potentially rising in the back half. Any sort of similar color on your automotive business that dropped pretty significantly sequentially? You talked about some design wins in EVs, et cetera. How are you looking at that for the back half of the year?

更重要的是，哈桑，您談到了工業方面的一些穩定，甚至能源基礎設施可能會在下半年出現成長。您的汽車業務中是否有類似的顏色連續大幅下降？您談到了電動車等方面的一些設計勝利。您如何看待下半年的情況？

Yeah, Ross, it's Thad. To answer your first part of the question, you broke up a little bit there. I think I got it. The end markets played out pretty consistent with what we expected going into the quarter.

是的，羅斯，是泰德。為了回答你問題的第一部分，你在那裡有點分手了。我想我明白了。終端市場的表現與我們對本季的預期非常一致。

We were expecting both automotive and industrial to be down. It played out that way. If we saw any signs of improvement, it was really in that industrials. We continue to see some stabilization there. So really played out as we expected during our guide for the quarter.

我們預計汽車和工業都會下滑。結果就是這樣。如果我們看到任何改善的跡象，那確實是在工業領域。我們繼續看到那裡的一些穩定性。確實如我們在本季度指南中所預期的那樣發揮了作用。

And I guess, for my follow-up question, then, moving on to the gross margin side of things, Thad. You talked about some of the idiosyncratic drivers, the East Fishkill side of things, as well as the fab divestitures in the past.

我想，對於我的後續問題，那麼，轉向毛利率方面，泰德。您談到了一些特殊的驅動因素、東菲什基爾方面的情況，以及過去晶圓廠的剝離。

Can you just walk us through any evolution of those? We get the utilization rate, when that goes up, that's going to be beneficial. You laid that out clearly. But the 100 basis points from East Fishkill -- that's a headwind this year -- and then the fab divestitures, which I think is about a 2-point tailwind when those kick in, can you just walk us through how those unfold over the next kind of 6 to 12 months?

您能向我們介紹一下這些的演變嗎？我們得到利用率，當利用率上升時，這將是有益的。你把這一點說得很清楚了。但是東菲什基爾的100 個基點——這是今年的逆風——然後是晶圓廠的剝離，我認為當這些措施開始實施時，這大約是2 個點的順風，你能告訴我們這些接下來的時間會如何展開嗎？

Sure, sure. So starting with utilization, which is the key driver here in the short term, just to reiterate what we said in the past, every point of utilization is 15 to 20 basis points of gross margin improvement. So as you think about us coming off of a low of 65%, going back into normalized levels, you can do the math on the gross margin expansion on that.

一定一定。因此，從利用率開始，這是短期內的關鍵驅動因素，重申我們過去所說的，利用率每提高一點，毛利率就會提高 15 到 20 個基點。因此，當您考慮我們擺脫 65% 的低點，回到正常化水平時，您可以計算一下毛利率的擴張。

And you're right; East Fishkill, with the global foundry business that we're running in there, is about 100-basis-point dilutive. We'll continue that through the rest of this year. And then we'll start to see that start to moderate in 2025.

你是對的；東菲什基爾（East Fishkill），以及我們在那裡經營的全球鑄造業務，稀釋了大約 100 個基點。我們將在今年餘下時間繼續這樣做。然後我們將在 2025 年看到這種情況開始放緩。

And then the other piece is the fab divestitures. We divested four fabs a couple of years ago. And it's $160 million of fixed costs that we'll start to recognize as demand picks up and we start manufacturing those products within our existing network. So we've got to bleed through that inventory that we've been building for those fab transitions. And as we move that into our network, we start to see that benefit.

另一件事是晶圓廠的剝離。幾年前我們剝離了四家晶圓廠。隨著需求的回升，我們將開始認識到 1.6 億美元的固定成本，並且我們開始在現有網路中生產這些產品。因此，我們必須充分利用我們為晶圓廠轉型而建造的庫存。當我們將其轉移到我們的網路時，我們開始看到這種好處。

And then the last thing is -- and I noted it in my prepared remarks -- is the ramping of new products with accretive gross margins. And I think if you start to do that math, you can start to get pretty close into our gross margin target, the long-term target being 53%. So we feel good. We just need a market recovery here, and we have some nice tailwinds.

最後一件事是——我在準備好的演講中指出了這一點——是毛利率不斷增加的新產品的增加。我認為，如果你開始計算，你就可以開始非常接近我們的毛利率目標，也就是 53% 的長期目標。所以我們感覺很好。我們只需要市場復甦，而且我們有一些不錯的順風車。

Thank you.

謝謝。

Vivek Arya, Bank of America Securities.

Vivek Arya，美國銀行證券公司。

Thanks for taking my question. I wanted to revisit the Q3 outlook question. I think at the midpoint, your guiding is up a bit sequentially. And I was hoping you could, Hassane, maybe give us a sense of how you see your different end markets, especially automotive. Do you expect that to be up, down, flat sequentially? Thank you.

感謝您提出我的問題。我想重新討論第三季的前景問題。我認為在中間，你的指導會依次上升一點。哈桑，我希望您能讓我們了解您如何看待不同的終端市場，尤其是汽車市場。您預計會依序上升、下降、持平嗎？謝謝。

Yeah, I mean, Vivek, if you look at our biggest market, 79% of revenue this quarter to auto and industrial. We expect those in the third quarter to be flat to up slightly.

是的，我的意思是，Vivek，如果你看看我們最大的市場，本季 79% 的收入來自汽車和工業。我們預計第三季的業績將持平或略有上升。

Okay. And then maybe as a follow-up, over the last few months, we have seen deceleration in battery-powered EV demand. And I'm curious, if you look at your silicon carbide outlook for this year at absolute dollars versus the market, how do you think it has fared?

好的。也許作為後續行動，在過去的幾個月裡，我們看到電池驅動的電動車需求減速。我很好奇，如果您以絕對美元與市場的價格來看待今年的碳化矽前景，您認為它的表現如何？

Do you think what you thought in terms of absolute dollars for this year is it still on track for that, or has that view changed? And then kind of part B of that, I think you mentioned more optimism for the China EV market. Is your share in China EV above or below that 35% to 40% share that you think you will have globally for this year?

您認為您對今年的絕對美元的看法是否仍然符合預期，或者這種觀點是否已經改變？然後，我認為您提到了對中國電動車市場更加樂觀的 B 部分。您認為今年在中國電動車的全球份額是高於還是低於 35% 至 40%？

So let me break it down. So for the silicon carbide market, I think, like you said, regionally, from a BEV market, it's very different regionally. The comment and reports that you're seeing, more Western than China.

那麼就讓我來分解一下。因此，對於碳化矽市場，我認為，正如您所說，從區域來看，從 BEV 市場來看，區域差異很大。你看到的評論和報道，比中國更西方。

But overall, we do expect the BEV market to remain healthy, with the little lumpiness in the short term. But long term, we're still -- the penetration of BEV and the penetration of silicon carbide within BEV is still, call it, mid-single digit, without the market leader.

但總體而言，我們確實預期純電動車市場將保持健康，短期內不會出現波動。但從長遠來看，我們仍然——純電動車的滲透率和碳化矽在純電動車中的滲透率仍然是中個位數，沒有市場領導者。

So having said that, I will anchor back on 2024 growth of 2x market. I'm not going to get into the absolute dollars. We have the absolute dollars that we're driving to internally. But I will anchor on the 2x market, given all of the news and all the headlines that you referred to.

話雖如此，我仍將重點放在 2024 年 2 倍市場成長。我不會談論絕對美元。我們擁有內部驅動的絕對美元。但鑑於您提到的所有新聞和頭條新聞，我將錨定 2x 市場。

From the China perspective, I talked about our penetration in China being about 60%. So in China, we're ahead of where we are with the rest of the world or overall. But that's also a timing, meaning we started in China given it's the biggest market ahead of everybody else.

從中國的角度來看，我談到我們在中國的滲透率大約是60%。因此，在中國，我們領先於世界其他地區或整體而言。但這也是一個時機，這意味著我們從中國開始，因為它是領先其他所有人的最大市場。

If you recall, at the end of last year, I mentioned that in 2024, we do expect the ramps to start in Europe. So as the ramps start in Europe, the blend of geographical distribution of our revenue for silicon carbide will change in the second half. But overall, China is ahead of the rest of the world from our market share as well, just because it's the biggest market and we started there earlier.

如果您還記得的話，去年年底我曾提到，我們確實預計 2024 年將在歐洲啟動。因此，隨著歐洲的成長，我們的碳化矽收入的地理分佈將在下半年發生變化。但總體而言，中國的市場份額也領先世界其他地區，只是因為它是最大的市場，而且我們在那裡起步較早。

Thank you, Hassane.

謝謝你，哈桑。

Toshiya Hari, GS.

Toshiya Hari，GS。

Hi, good morning. Thank you so much for taking the question. I wanted to follow up on the SiC business as well. To the extent you're willing to share, Hassane, I'm curious how that business trended in Q2, whether it be on a sequential basis or a year-over-year basis, and what your expectations are for Q3.

早安.非常感謝您提出這個問題。我也想跟進 SiC 業務。哈桑，如果您願意分享的話，我很好奇該業務在第二季度的趨勢如何，無論是環比還是同比，以及您對第三季度的預期。

And then I guess, for the full year, I'm guessing that the mix of your business, whether it be by application or customer, has evolved over the past 90 days. What's your outlook there by geo and application today versus 90 days ago?

然後我想，對於全年而言，我猜測您的業務組合（無論是應用程式還是客戶）在過去 90 天內已經發生了變化。與 90 天前相比，您對今天的地理和應用前景有何看法？

So I'm not going to break out our silicon carbide on a quarterly basis, given what we've been talking about, the lumpiness of the revenue and, really, the timing of customer ramps when they start, when they peak, and when they stabilize. For that, we're only going to be covering silicon carbide revenue on an annual basis, and we'll talk about it at the end of the year of where it all landed.

因此，考慮到我們一直在談論的收入的波動性，以及客戶開始增加、達到高峰的時間以及客戶增加的時間，我不會按季度公佈我們的碳化矽。為此，我們只會以年度報告碳化矽收入，我們將在其全部落地的當年年底討論它。

What I will tell you is, externally, what I stated is the 2x market, that's where we look at. That's where we're trending. And I added in my prepared remarks, when I look at units growth, which is -- a lot of it is socket of design and share -- we're also trending at the 2x for supporting our growth in silicon carbide.

我要告訴你的是，從外部來看，我所說的是2x市場，這就是我們所關注的地方。這就是我們的趨勢。我在準備好的發言中補充道，當我考慮單位增長時，其中許多是設計和共享的插座，我們也有 2 倍的趨勢來支持我們在碳化矽方面的增長。

From our regional, we talked about China being strong for us. Europe in the second half, we'll start seeing some ramps in Europe. That's, again, in line with what we talked about at the end of last year. So all that is coming in exactly as we expected.

在我們的地區，我們談到中國對我們來說很強大。下半年的歐洲，我們將開始看到歐洲出現一些成長。這再次與我們去年年底討論的內容一致。所以這一切都完全符合我們的預期。

And we continue to diversify our design-in with the announcement with VW Group. That's, of course, out longer in time, but still adding to the geographical distribution of our revenue over time.

隨著大眾集團的宣布，我們繼續使我們的設計多樣化。當然，時間會更長，但隨著時間的推移，我們的收入的地理分佈仍然會增加。

Got it. Thank you. And then as a quick follow-up, just on distribution inventory, it went up a little bit sequentially at the end of June. Curious what's embedded or what's assumed in your Q3 guidance? And as you think about the next couple of quarters, several quarters, what's your plan in terms of managing that inventory?

知道了。謝謝。然後，作為快速跟進，僅在分銷庫存方面，六月底就連續上升了一點。好奇第三季指南中嵌入了什麼或假設了什麼？當您考慮接下來的幾季、幾季時，您在管理庫存方面有什麼計劃？

You sound relatively still muted as it pertains to the cycle. Should we expect weeks to stay generally flat? Or do you feel like that can go up, just given how much you had underserviced that business over the past couple of years? Thank you.

你聽起來相對仍然靜音，因為它與週期有關。我們是否應該預計幾週內將保持基本持平？或者考慮到過去幾年您對該業務的服務不足，您是否覺得這個數字還會上升？謝謝。

Yeah, Toshi, it's Thad. So we exited the quarter at 8.9 weeks just where we expected. We talked about that mass market you referred to, and we need to put inventory into the channel. So we're achieving that well. We're managing it tight still, given the market uncertainty.

是的，托西，我是泰德。因此，本季結束時為 8.9 週，正如我們預期的那樣。我們談到了你提到的大眾市場，我們需要將庫存投入通路。所以我們做得很好。考慮到市場的不確定性，我們仍在嚴格管理。

But for Q3, I think it's going to be right in this range; let's call it nine weeks. And I really think through the remainder of this year and probably into next year, you're kind of looking at that type of range, nine weeks, plus or minus. We'll see how the market recovers and the adoption of the mass market. But that's our plan for the short term here.

但對於第三季度，我認為它會在這個範圍內；我們稱之為九週吧。我真的認為在今年剩下的時間裡，可能到明年，你會看到這種類型的範圍，九週，加減。我們將看到市場如何復甦以及大眾市場的採用。但這是我們的短期計劃。

Very helpful. Thanks, guys.

很有幫助。多謝你們。

Vijay Rakesh, Mizuho.

維傑·拉克什，瑞穗。

Yeah, hi. Just a quick question on -- in the prior quarters, you've given your order backlog. If you could give us some thoughts on what the onsemi silicon carbide backlog looks like. Thanks.

是的，嗨。只是一個簡單的問題——在前幾個季度，您已經給出了積壓訂單。您能否給我們一些關於 Onsemi 碳化矽積壓訂單的想法？謝謝。

The silicon carbide backlog -- we announced a few things here over the last few quarters, right? I mean, that backlog is healthy, right? There's some short-term softness that's well known in the EV market, but I would say the backlog is still very healthy.

碳化矽積壓—過去幾季我們在這裡宣布了一些事情，對嗎？我的意思是，積壓是健康的，對吧？電動車市場存在一些短期疲軟現象，這是眾所周知的，但我想說，積壓訂單仍然非常健康。

Yeah. If you look at design and activity, whatever we feel in the market in the short term -- and I call it short term given the trend for silicon carbide, not just in BEV, by the way.

是的。如果你看看設計和活動，無論我們在短期內對市場有何感受——順便說一下，考慮到碳化矽的趨勢，我將其稱為短期，而不僅僅是在純電動車領域。

We talk about silicon carbide in industrial, proliferating further because of the benefit that it brings and even silicon carbide making its way into the power stages of the AI data center. So when we talk about silicon carbide, we're talking about a long-term multiyear megatrend. That's why we're participating in it.

我們談論工業中的碳化矽，由於它帶來的好處而進一步擴散，甚至碳化矽也進入了人工智慧資料中心的功率階段。因此，當我們談論碳化矽時，我們談論的是長期的多年大趨勢。這就是我們參與其中的原因。

So in the short term, of course, we all see what the market shows. But nevertheless, customers are still investing in silicon carbide for their platforms, whether it be a car, industrial, or AI data center, as I mentioned. This is what we can control, is our design and capability on our new products, which means that as the market starts to go uptick the other way and BEV starts to proliferate further, we are in a much better position than otherwise we would be if we weren't winning today.

當然，從短期來看，我們都會看到市場的表現。但儘管如此，正如我所提到的，客戶仍在為其平台投資碳化矽，無論是汽車、工業還是人工智慧資料中心。這是我們可以控制的，是我們新產品的設計和能力，這意味著隨著市場開始以相反的方式上升並且純電動車開始進一步擴散，我們處於比其他情況更好的位置今天我們沒有贏。

The VW Group announcement is an example of such a large deployment of silicon carbide in an electrification platform. So if you talk about backlog as that, that's exactly what we can control and we're working on.

大眾集團的公告就是在電氣化平台中大規模部署碳化矽的一個例子。因此，如果您談論的是積壓，這正是我們可以控制並且正在努力解決的問題。

That same story happens in industrial. That same story happens into AI. We're designed in. Now the ramps will support our growth.

同樣的故事也發生在工業領域。同樣的故事也發生在人工智慧領域。我們已經設計好了。

Got it. And one quick question on the 200-millimeter side, any thoughts on how you are looking at that ramp on silicon carbide?

知道了。關於 200 毫米一側的一個簡單問題，您對碳化矽坡道有何想法？

Yeah, still on track to what we said. We will qualify 8-inch this year. That's what I talk about qualifying; its substrates all the way through fabs. So that will be qualified this year, starting revenue next year in line with our expectations that I outlined last year. So no change to that.

是的，仍然按照我們所說的進行。今年我們將獲得 8 英寸的資格。這就是我所說的資格賽；它的基板一直通過晶圓廠。因此，今年將符合資格，明年開始收入符合我去年概述的預期。所以沒有改變。

Obviously, we look at the 8-inch as a -- what we've talked about earlier -- 8-inch for us is a capacity expansion. So once it's qualified, we sample and we start seeing revenue. We will start increasing the share of 8-inch internal versus 6-inch as we convert our furnaces and so on in order to support the ramp. But from a capability, 8-inch -- I'm very happy with where 8-inch is. And therefore, we're right on track.

顯然，我們將 8 英寸視為——我們之前談到的——8 英寸對我們來說是一種產能擴張。因此，一旦合格，我們就會進行採樣並開始看到收入。當我們改造熔爐等時，我們將開始增加 8 英寸內部爐相對於 6 英寸內部爐的份額，以支持斜坡。但從功能上來說，8 英寸——我對 8 英寸的位置非常滿意。因此，我們正步入正軌。

Got it. Thank you.

知道了。謝謝。

Blayne Curtis, Jefferies.

布萊恩·柯蒂斯，杰弗里斯。

Hey, good morning, guys. Thanks for letting me ask a question. I just want to ask -- you talked about only really the energy business inflecting in the second half. So just kind of curious -- I mean, obviously, the auto market has come in a little bit weaker.

嘿，早上好，夥計們。謝謝你讓我問一個問題。我只是想問——您實際上只談到了下半年能源業務的變化。所以只是有點好奇——我的意思是，顯然，汽車市場已經有點疲軟了。

Just kind of curious, you said you're sticking with that L-shaped recovery. Is it right to think, though, that as you look through the rest of the calendar year, that you're looking kind of flat? I just wanted to understand the comment of just highlighting that one part.

只是有點好奇，你說你會堅持 L 型復甦。不過，當你回顧這一年的剩餘時間時，你會發現自己看起來有些平淡，這樣的想法正確嗎？我只是想理解只強調這一部分的評論。

Yeah. I mean, L, I would say, flat. So Blayne, I have no reason to call a recovery. Now, look, is there going to be some green shoots here and there, some markets within our automotive and industrial, that will fare better than others? Probably, I don't have a crystal ball.

是的。我的意思是，L，我會說，平淡。所以布萊恩，我沒有理由宣布復甦。現在，看看，我們的汽車和工業領域的一些市場是否會到處出現一些萌芽，這些市場會比其他市場表現得更好？也許，我沒有水晶球。

That's why I can manage to what we can see, and I can guide to what we can see. But what I would put it in perspective is, we're not planning or seeing a, what I would call, a recovery, which is a big deviation from kind of flattish. So some recovery in certain areas that will change the course, we don't guide in the out quarters. But that's kind of my view of the market today.

這就是為什麼我能夠管理我們所看到的，並且我能夠引導我們所看到的。但我認為，我們並沒有計劃或看到我所說的復甦，這與扁平化有很大偏差。因此，某些領域的一些復甦將改變進程，我們不會在外部季度進行指導。但這就是我對當今市場的看法。

Thanks. And I just want to ask -- a lot of comments or questions on silicon carbide. I want to ask on intelligent sensing group. So that business is down quite a bit. I mean, you have a driver with 8 megapixel in terms of ASPs.

謝謝。我只想問很多關於碳化矽的評論或問題。我想問一下智能感測組。所以這項業務下降了不少。我的意思是，就 ASP 而言，您擁有 8 兆像素的驅動程式。

I'm sure, you're working through some inventory there as well. Just kind of outlook in terms of that content driver, where that is today and where you see that could go. And then kind of just -- should that follow the same trajectory of recovery?

我確信您也在處理一些庫存。只是對內容驅動因素的展望，即今天的情況以及您認為未來的發展方向。那麼，這是否應該遵循相同的復甦軌跡？

Yeah, yeah. I mean, we have -- the difference with image sensing, we do have a big market share in that market, in the ADAS automotive market. So that's more on the recovery of the market itself.

是啊是啊。我的意思是，我們與影像感測不同，我們在 ADAS 汽車市場確實擁有很大的市場份額。所以這更取決於市場本身的復甦。

But like you mentioned, there's an ASP uplift that will increase our revenue disproportional from just the unit growth and also a penetration rate that as ADAS gets to more Level 2-plus, you got more units within the base of the SAAR that we're targeting. So you can think about it as SAAR plus the content uplift, both ASPs and units.

但正如您所提到的，平均售價的提升將增加我們的收入，這與單位增長和滲透率不成比例，隨著ADAS 達到2 級以上，您將在SAAR 的基礎上獲得更多單位，而我們正在瞄準。因此，您可以將其視為 SAAR 加上內容提升，包括 ASP 和單位。

Now importantly, also, I do want to talk about the industrial side of that business, where we don't have the same market share as we do in automotive. So there's more expansion we can do. We've had a slew of new products that we've introduced in the industrial market.

現在重要的是，我確實想談談該業務的工業方面，我們沒有與汽車行業相同的市場份額。所以我們可以做更多的擴充。我們在工業市場上推出了大量新產品。

The SWIR acquisition, we've made adds yet another layer of that differentiation and the technology leadership for our image sensing group that goes, specifically, in the industrial and the defense market. So again, same strategy of regional and application proliferation that we're doing in the power, you're seeing that kind of parallel in the imaging or defensing business.

我們對 SWIR 的收購為我們的影像感測團隊（特別是工業和國防市場）增添了另一層差異化和技術領先地位。再說一遍，我們在電力領域正在採取相同的區域和應用程式擴散策略，您會在成像或防禦業務中看到這種相似之處。

Thanks, Hassane.

謝謝，哈桑。

Joshua Buchalter, TD Cowen.

約書亞‧布查爾特 (Joshua Buchalter)，TD 考恩 (TD Cowen)。

Hey, guys. Thank you for taking my question, and good morning. I know you mentioned that auto was kind of in line with your expectations. But I think 11% sequentially was a little worse than I was expecting and some of your peers have printed this quarter.

大家好。感謝您提出我的問題，早安。我知道您提到汽車有點符合您的期望。但我認為 11% 的連續成長比我的預期要差一些，而且你們的一些同行已經在本季度公佈了這一結果。

Was that a conscious decision on onsemi's part to ship more conservatively? Or did something -- did anything in your customers' behavior change over the last couple of months as some of the weaker auto production came out or maybe something idiosyncratic with SiC?

Onsemi 是否有意識地決定更保守地出貨？或者做了什麼——在過去的幾個月裡，隨著一些較弱的汽車生產的出現，或者可能是 SiC 的特殊情況，您的客戶行為是否發生了任何變化？

Most importantly, does the slight growth in the third quarter that you're guiding to assume you're roughly shipping to end demand? Or is there any more digestion going on there? Thank you.

最重要的是，您所指導的第三季的小幅成長是否假設您大致滿足最終需求？或者那裡有更多的消化過程嗎？謝謝。

Yeah, let me start with the last part. We believe it's below end demand as I talk about the inventory burn. But as far as quarter-on-quarter guidance, it's hard -- and I'll give you a piece of advice -- it's hard to compare to peers because it's all the timing.

是的，讓我從最後一部分開始。當我談論庫存消耗時，我們認為它低於最終需求。但就季度環比指導而言，這很難——我會給你一個建議——很難與同行進行比較，因為這都是時機。

In the short term, when I call it within a 90-day, plus 90 days, minus 90 days, it's really a timing discussion of how much inventory was there, how far ahead or below end demand. At the end of the day, you have to look at it from an end demand. End demand is exactly what I mentioned we don't see signs of recovery, but we do see signs of stabilization.

從短期來看，當我將其稱為 90 天、加 90 天、減 90 天時，這實際上是一個關於庫存量、提前或低於最終需求多遠的時間討論。歸根究底，還是要從最終需求來看。最終需求正是我提到的，我們沒有看到復甦的跡象，但我們確實看到了穩定的跡象。

Over a multi-quarter period, it's all going to stabilize. And everybody who ships into auto is going to convert to an auto number plus their content specifically to the company. So I don't look at it as a delta to peers or a delta to customers. It's, literally, a where do we believe the automotive market is?

經過幾季的時間，一切都會趨於穩定。每個進入汽車行業的人都會將其轉換為汽車號碼以及專門針對該公司的內容。因此，我並不將其視為對同業的增量或對客戶的增量。從字面上看，這是我們認為汽車市場在哪裡？

Some of our Tier 1s have more inventory than others, so it will take them longer. But inventory burn is directly related to demand. Demand accelerate, inventory burns accelerate. Demand doesn't, inventory burn takes longer to achieve.

我們的一些一級庫存比其他一級多，因此需要更長的時間。但庫存消耗與需求直接相關。需求加速，庫存燃燒加速。需求沒有，庫存消耗需要更長的時間才能實現。

So I would call it just a timing thing. There's nothing, I guess, intentional in managing to a number here.

所以我認為這只是一個時機問題。我想，這裡並沒有刻意去管理這個數字。

Thank you. I appreciate that color, Hassane. And then, yeah, thanks for the data point on the ex-market leader silicon carbide attach rate being in the 6% range.

謝謝。我很欣賞這種顏色，哈桑。然後，是的，感謝前市場領導者碳化矽附加率在 6% 範圍內的數據點。

I mean, you're speaking with customers and have a great insight into, obviously, ongoing design wins in their product ramps. Any intermediate milestones you could give us and where you expect the SiC attach rate to be maybe in 2025 or over the next few years? Thank you.

我的意思是，您正在與客戶交談，並且顯然對他們的產品坡道中正在進行的設計勝利有深入的了解。您可以提供我們任何中間里程碑嗎？謝謝。

Yeah, look, I mean, we still see a growth in silicon carbide as a market driven, of course, by the auto, industrial, and AI that I talked about. So it's a broad proliferation.

是的，我的意思是，我們仍然看到碳化矽作為市場驅動的成長，當然，這是由我談到的汽車、工業和人工智慧所驅動的。所以這是一個廣泛的擴散。

I think it's too early to talk about 2025. We'll have to see how 2024 exit rate is and, really, what the market does in 2025. If you look at a lot of the reports that are out there and talk to a lot of the customers that have reported already, it's a very broad range of what 2025 is going to look like.

我認為現在談論 2025 年還為時過早。中，2025 年的情況非常廣泛。

So it's too early to talk about 2025. What I can talk about is the rate of design wins that we have because that I can measure, that I can control, and that I can provide where we are. I'm very happy with that progress.

所以現在談論 2025 年還為時過早。我對這項進展感到非常高興。

We talked about China. We talked about the Beijing auto show, where, literally, we went through every car that got announced in the show. And I can tell you exactly that we are designed into it. As those cars ramp and as those cars become successful and the market recovers for BEV both in China beyond what it is and outside of China, those are the design wins that are going to ramp for us and dictate what 2025, '26, and beyond are going to be.

我們談論了中國。我們談到了北京車展，從字面上看，我們瀏覽了車展上發布的每一輛汽車。我可以確切地告訴你，我們就是被設計成這樣的。隨著這些汽車的普及、這些汽車的成功以及純電動車市場的復甦，無論是在中國還是在中國以外，這些設計勝利將為我們帶來好處，並決定 2025 年、26 年及以後的發展將會是。

So I will tell you, from a design win perspective and a market relation perspective, we are firing on all cylinders here. Or I guess, I shouldn't say cylinders. We're firing on all motors today.

所以我會告訴你，從設計獲勝的角度和市場關係的角度來看，我們正在全力以赴。或者我想，我不應該說氣缸。今天我們將啟動所有引擎。

(inaudible) thanks, Hassane.

（聽不清）謝謝，哈桑。

Quinn Bolton, Needham & Company.

奎因·博爾頓，李約瑟公司。

Hassane, just wondering if you might be able to give us any sense of sort of timing of the VW ramp. You mentioned you thought you'd be across pretty much all of the VW models over time. Are they staged, or do they sort of ramp in the same general time period? And then I've got a follow-up.

哈桑，只是想知道你是否能為我們提供大眾汽車坡道的時間安排。您提到您認為隨著時間的推移您會接觸到幾乎所有大眾車型。它們是上演的，還是在同一時間內發生的？然後我有一個後續行動。

Typically -- well, that's a question for them, really. I can't disclose their plan for a ramp. But it's not an on-off switch. I guess, I can say that.

通常——嗯，這確實是他們的問題。我不能透露他們的坡道計劃。但這不是一個開關。我想，我可以這麼說。

Got it. And then just looking at the second half, it's pretty clear. Your message is that end demand hasn't really started to recover yet. Maybe it's stabilizing.

知道了。然後看下半場，就很清楚了。您傳達的訊息是最終需求尚未真正開始復甦。或許正在趨於穩定。

So as you look at your L-shaped recovery comments -- I guess, I'm just trying to reconcile -- you guys are shipping below end consumption right now as inventory is being digested. Is your L-shaped commentary, really, more a reflection of end demand or your revenue?

因此，當您查看 L 型復甦評論時——我想，我只是想調和一下——您現在的出貨量低於最終消費，因為庫存正在消化。您的 L 形評論實際上更多地反映了最終需求還是您的收入？

Because I would think, at some point, as the inventory digestion process ends, you would snap back to consumption. And I would think that would put some growth into your numbers if you're currently shipping below consumption levels. So any thoughts on that reconciliation would be helpful. Thank you.

因為我認為，在某個時候，隨著庫存消化過程的結束，你會迅速恢復消費。我認為，如果您目前的發貨量低於消費水平，這將使您的數量有所增長。因此，任何關於和解的想法都會有所幫助。謝謝。

Yeah. This is Thad. You nailed it, right? When we talk about the L-shaped recovery, it's really our revenue, right? We believe, right now, we're still undershipping natural demand, as there's an inventory digestion going on.

是的。這是泰德。你成功了，對吧？當我們談論L型復甦時，這實際上是我們的收入，對吧？我們相信，目前我們的自然需求仍然不足，因為庫存消化正在進行。

As that inventory is bled off, we think our revenue over time will increase again. But yeah, the L-shaped is not demand. It's more of our revenue just given the inventory out in the channel.

隨著庫存的減少，我們認為隨著時間的推移，我們的收入將再次增加。但是，是的，L 形並不是需求。考慮到渠道中的庫存，這更多的是我們的收入。

So it sounds like we've got a couple more quarters of that inventory digestion from your vantage point?

聽起來，從您的角度來看，我們還有幾個季度的庫存消化時間？

Well, I think it depends on demand at its onset, right? I mean, if demand picks up, the inventory is bled faster. If demand slows, it takes a little bit longer.

嗯，我認為這取決於一開始的需求，對嗎？我的意思是，如果需求回升，庫存就會消耗得更快。如果需求放緩，則需要更長的時間。

But look, for what we can see for the remainder of this year, that's why we're saying L-shaped. If you look at Q3, we're up almost 1%. We'll see what Q4 does.

但是，從今年剩餘時間我們可以看到的情況來看，這就是我們說 L 形的原因。如果你看看第三季度，我們上漲了近 1%。我們將看看第四季會做什麼。

Thank you.

謝謝。

Chris Danely, Citi.

克里斯丹利，花旗銀行。

Hey, thanks, guys. Just a quick question on the disti inventory going back up. It sounds like there's still plenty of inventory out there amongst certain OEM customers. So given the L-shaped recovery, why would the distis want to take up their inventory and not keep it flat?

嘿，謝謝，夥計們。只是一個關於分銷庫存回升的簡單問題。聽起來某些 OEM 客戶仍然有大量庫存。那麼，鑑於 L 型復甦，為什麼分銷商想要佔用庫存而不是保持平穩？

Yeah. So if you recall in our last -- this is Hassane. If you recall on our last call, we talked about the mass market. So it's not really the top customers or the named customers that we have.

是的。所以，如果你還記得我們的上一篇——這是哈桑。如果您還記得我們上次通話時，我們談到了大眾市場。因此，我們擁有的並不是真正的頂級客戶或指定客戶。

It's more of the tail of customers that we really, ourselves, have starved -- and I've mentioned it multiple times -- during the, call it, the pandemic, where we didn't have a lot of -- we were supply constrained. We prioritized all of our lead customers at the expense of the broad market or mass market.

更多的是我們自己真正挨餓的客戶尾部——我已經多次提到——在大流行期間，我們沒有很多——我們的供應受到限制。我們優先考慮所有主要客戶，而犧牲了廣大的市場或大眾市場。

Right now, we talked about how we're starting to replenish and address the mass market. We started last quarter, so we expected that slight uptick. So it is driven strategically by us. Obviously, the metric for -- just to give you a little insight of how I look at it and why it's important for us, I look at it as new customer counts that we are adding.

現在，我們討論如何開始補充和滿足大眾市場的需求。我們從上個季度開始，因此我們預計會略有上升。所以它是由我們策略性所推動的。顯然，為了讓您了解我如何看待它以及為什麼它對我們很重要，我將其視為我們增加的新客戶數量。

And that's, again, mass market, thousands of customers. As that remains on an upward trajectory, even today, we will continue to replenish the mass market. So strategically, that's the closed loop approach that we -- that I look at operationally to manage this.

這又是大眾市場，成千上萬的客戶。由於這一數字仍保持上升趨勢，即使在今天，我們仍將繼續補充大眾市場。因此，從戰略上講，這就是我們在操作上考慮的閉環方法來管理這個問題。

Yeah. And Chris, if you look at that 8.9 weeks, there's actually a mix shift within that 8.9 weeks, right? So more going to the mass market and less going into specific customers as we continue to bleed through that inventory.

是的。克里斯，如果你看看這 8.9 週，你會發現這 8.9 週內實際上存在混合轉變，對嗎？因此，隨著我們繼續消耗庫存，更多的產品進入大眾市場，更少的產品進入特定客戶。

So we're managing that inventory extremely tight in the channel. And just keep in mind, historical levels of inventory in the channel was 11 to 13 weeks. So we're significantly below where the company has been historically.

因此，我們對通路中的庫存進行了極為緊張的管理。請記住，該通路的歷史庫存水準為 11 至 13 週。因此，我們的業績遠低於該公司的歷史水準。

Thanks, guys. That's really helpful. And then for my follow-up on silicon carbide, I know you're not giving any numbers or anything.

多謝你們。這真的很有幫助。然後，對於我對碳化矽的後續行動，我知道您沒有提供任何數字或任何內容。

But if we look at your backlog and pricing for the year, for next year, was there any volatility? Has that changed in the last three months? Any sort of changes in your own like '24, '25 backlog or pricing assumptions?

但如果我們看看你們今年和明年的積壓訂單和定價，是否有任何波動？過去三個月情況有改變嗎？您自己有什麼變化，例如 '24、'25 積壓或定價假設嗎？

No, no. Pricing is stable, if you recall. I mean, whether the units are coming in exactly what we had in the LTSAs or not, pricing is in the LTSA. So we've been very consistent about -- we discuss with customers on the LTSAs to reach a win-win. But we invested based on the ROI. And ROI is specific, not just on volume but also pricing.

不，不。如果你還記得的話，定價是穩定的。我的意思是，無論這些單位是否與我們在 LTSA 中所擁有的完全相同，定價都在 LTSA 中。因此，我們一直非常一致地與客戶就 LTSA 進行討論，以實現雙贏。但我們根據投資報酬率進行投資。投資回報率是特定的，不僅取決於數量，還取決於定價。

We can't control volume; neither can our customers. So our first order is market-dependent. So we're flexible there. But from an investment and pricing, I would say that's stable. And that's really stable across all of our businesses. I won't just say about silicon carbide. And it's seen in the margin holding where it is versus historical.

我們無法控制音量；我們的客戶也不能。所以我們的第一個訂單取決於市場。所以我們在那裡很靈活。但從投資和定價來看，我認為這是穩定的。我們所有業務的情況都非常穩定。我不會只談碳化矽。這可以從與歷史水準相比的利潤率看出。

So pricing is stable. And recall, when we started on this transformation journey, I said we're pricing for value. Value doesn't change based on market environment. If the product brings value, then the product brings value, and we'll price accordingly. And then the volume in units will follow up with the market.

所以價格穩定。回想一下，當我們開始這趟轉型之旅時，我說過我們正在按價值定價。價值不會因市場環境而改變。如果產品帶來價值，那麼產品就會帶來價值，我們就會相應地定價。然後單位數量將跟隨市場的變化。

Great. Thanks, Hassane.

偉大的。謝謝，哈桑。

Christopher Rolland, Susquehanna.

克里斯多福羅蘭，薩斯奎哈納。

Hey, guys. Thanks for the question. Just given some of your announcements mid-quarter on data center power using SiC, I was wondering if you guys could size that opportunity.

大家好。謝謝你的提問。剛剛看到你們在季度中期發布的一些關於使用 SiC 的資料中心電源的公告，我想知道你們是否可以抓住這個機會。

It sounded like AI in '25 was at least $0.5 billion opportunity, just running some rough numbers there. But if you could size the opportunity, talk about kind of your expected market share or any other details, that would be terrific.

聽起來，25 年的人工智慧至少有 5 億美元的機會，只是粗略地算了一下。但如果你能評估機會的大小，談論你的預期市場份額或任何其他細節，那就太棒了。

Yeah. We're -- I'm not breaking the AI market at that level. We will, as that market really, in my view, starts proliferating for us. If you recall, the same thing we did with energy infrastructure, where we started talking about it from a design win until it became a more meaningful part of revenue and more meaningful part of the market. So stay tuned.

是的。我們—我不會打破這個水準的人工智慧市場。在我看來，隨著這個市場確實開始為我們激增，我們將會這麼做。如果您還記得，我們​​對能源基礎設施也做了同樣的事情，我們從設計勝利開始討論它，直到它成為收入和市場中更有意義的部分。所以請繼續關注。

What I would like -- what I talked about today is the opportunity from a product perspective, design-in and, really, that, call it, the SAM per rack. And as we make progress through these and with our new product introduction on the mixed-signal analog, not just on the power, we'll give out a little bit more detail on that.

我想要的是——我今天談論的是從產品角度、設計以及實際上所謂的每機架 SAM 的機會。隨著我們在這些方面取得進展，以及我們在混合訊號模擬方面（而不僅僅是在功率方面）的新產品推出，我們將提供更多相關細節。

And Chris, if you go back to our Analyst Day last year, we talked about the data center growing at 22% over a multiyear period. I think with AI and data center ramping, you can think about that over a multiyear period, it's probably being higher than that.

Chris，如果你回顧去年的分析師日，我們談到了資料中心在多年期間以 22% 的速度成長。我認為隨著人工智慧和資料中心的發展，你可以考慮在多年的時間內，它可能會比這個更高。

Excellent. Thank you. And then my second question is around LTSAs. I don't know if you have any numbers or updates there. But just kind of how are they trending?

出色的。謝謝。我的第二個問題是關於長期安全協議的。我不知道你那裡是否有任何數字或更新。但他們的趨勢如何？

Have you noticed in terms of pushouts, renegotiations? Have those slowed? Have they become more favorable in those negotiations? Any changes over the past couple of quarters here?

您是否注意到退出、重新談判方面的情況？這些速度減慢了嗎？他們在這些談判中變得更有利了嗎？過去幾季這裡有什麼變化嗎？

Chris, I would say it's pretty stable. So the lifetime value of our LTSAs are $14.7 billion. If you look at what's shippable over the next 12 months, it's about $4.4 billion. So about 30% of that. Pretty consistent with what we've been seeing, as you ship LTSAs.

克里斯，我想說它非常穩定。因此，我們的 LTSA 的生命週期價值為 147 億美元。如果你看看未來 12 個月內可交付的產品，你會發現約 44 億美元。所以大約是 30%。與我們在交付 LTSA 時所看到的情況非常一致。

I think as we've said, the LTSAs -- pricing is stable. It gives us that call on demand changes and why we've seen many of the market shifts prior to many of our peers. So I think the LTSAs are strategic in the way that they're actually proving value in how we manage our business.

我認為正如我們所說，LTSA 的定價是穩定的。它讓我們了解需求的變化，以及為什麼我們先於許多同行看到了許多市場變化。因此，我認為 LTSA 具有戰略意義，因為它們實際上證明了我們管理業務的價值。

Yeah. I mean, even today, with the market environment that we've been talking about, we do have customers asking for LTSA because it's not -- you don't need the LTSA when the market is what it is today.

是的。我的意思是，即使在今天，在我們一直在談論的市場環境下，我們確實有客戶要求 LTSA，因為當市場處於當今的狀態時，您就不需要 LTSA。

They stage on needing the LTSA when the actual market recovers. And they don't want to be stuck in traffic in the allocation, if the snapback is across all markets and very quick. So it's a future-proofing -- it's strategic tool. And, of course, it drives that discussion with the customer about what is their need based on new products and existing product ramps.

當實際市場復甦時，他們就會提出需要 LTSA。如果快速恢復遍及所有市場且速度非常快，他們不想在分配中陷入流量困境。所以它是一個面向未來的策略工具。當然，它也推動了與客戶根據新產品和現有產品升級討論他們的需求。

Thank you, guys. Very helpful.

感謝你們。很有幫助。

Harlan Sur, JPMorgan.

哈蘭‧蘇爾，摩根大通。

Yeah, good morning. Thanks for taking my question. Your direct customer business was down about 18% sequentially in the June quarter versus your disti business, which was up 5%.

是的，早安。感謝您提出我的問題。在第二季度，您的直接客戶業務較上季下降了約 18%，而您的分銷業務則成長了 5%。

So it seems that most of the inventory-related issues are with your direct customers. And given that orders are probably the best indicator of inventory dynamics at your direct customers, since you don't monitor the sell-through, did the order trends in direct start to stabilize in Q2? And has that stabilization continued so far quarter to date?

因此，大多數與庫存相關的問題似乎都與您的直接客戶有關。鑑於訂單可能是直接客戶庫存動態的最佳指標，因為您不監控銷售狀況，那麼直接訂單趨勢是否在第二季開始穩定？到目前為止，這種穩定是否持續了？

Yeah. So first of all, on the mix shift between disti and direct, keep in mind, most of that industrial business goes through the distribution. So that's that long tail of customers. So that's why you're seeing a little bit more there. Where the big automotive guys, typically, are direct. So you're right.

是的。因此，首先，關於分銷和直接之間的混合轉變，請記住，大部分工業業務都經過分銷。這就是客戶的長尾。這就是為什麼你會在那裡看到更多的東西。大型汽車公司通常都是直接的。所以你是對的。

As we've seen some recovery in industrial, you're seeing a little bit more of a shift to disti and a little bit less on direct. So I think it's just kind of a short term as you go through this digestion period. Looking forward, I would say things are stabilizing here.

正如我們看到工業的一些復甦，你會看到更多地轉向分散式，而更少地轉向直接。所以我認為這只是一個短期的消化期。展望未來，我想說這裡的情況正在穩定下來。

Great. Thanks for that. And then other of your peers in the analog and power markets have seen a pickup in China? I know in the first quarter, you had not seen the seasonal pickup post Chinese New Year.

偉大的。感謝那。那麼模擬和電力市場的其他同業也看到了中國的回升嗎？我知道在第一季度，你還沒有看到春節後的季節性回升。

As you move through the second quarter, it looks like Asia, which includes China, you did see slight sequential revenue growth. So have the order trends also started to stabilize or improve in this region? And is it broad-based, or bias more towards industrial and/or automotive?

當你進入第二季時，看起來包括中國在內的亞洲收入確實出現了輕微的環比增長。那麼該地區的訂單趨勢是否也開始穩定或改善？它的基礎是否廣泛，還是更偏向工業和/或汽車？

Yeah. So we said it in our prepared remarks. We're seeing China stabilizing. We're seeing growth there. It's both automotive and industrial.

是的。所以我們在準備好的發言中說了這一點。我們看到中國正在穩定下來。我們看到那裡的成長。它既適用於汽車，也適用於工業。

We talked about energy infrastructure as well as the second-half recovery. So that would be -- a lot of that goes through China. But yeah, I would say it's the broader market of auto and industrial in China, and that's definitely leading the recovery right now.

我們討論了能源基礎設施以及下半年的復甦。所以，其中很多都經過中國。但是，是的，我會說這是中國更廣泛的汽車和工業市場，這肯定是目前引領復甦的因素。

Great color. Thank you.

顏色很棒。謝謝。

Tristan Gerra, Baird.

特里斯坦·杰拉，貝爾德。

Hi, good morning. Thanks for letting me in. Just a follow-up on China. How sustainable do you believe this is? How would you categorize inventories in China specifically? Are you seeing any type of government incentives, or is it just that there's a rebound after several quarters of weakness?

早安.謝謝你讓我進來。您認為這有多可持續？您對中國的庫存具體如何分類？您是否看到了任何類型的政府激勵措施，或者只是在幾個季度的疲軟之後出現反彈？

I guess, that's a tough question to posture. But the market pickup in China, I think the demand is coming back. We've had a pretty big trough, what we talked about in the prior question. There was no recovery after the Chinese New Year. We've been talking about potential recovery.

我想，這是一個很難提出的問題。但隨著中國市場的回暖，我認為需求正在回升。我們已經經歷了一個相當大的低谷，正如我們在上一個問題中討論的那樣。農曆新年後仍未恢復。我們一直在談論潛在的復甦。

So I look at it as driven by end market demand, not necessarily specific government incentives or any of that because I haven't really seen any major announcements in China to drive their economy. So therefore, I would call it as a broad-based demand stabilization towards a recovery.

因此，我認為這是由終端市場需求驅動的，不一定是特定的政府激勵措施或任何其他因素，因為我還沒有真正看到中國有任何重大公告來推動經濟發展。因此，我將其稱為面向復甦的廣泛需求穩定。

For us, with our penetration in China on silicon carbide and really on the silicon across the board, we will just benefit, and we will see it. And given that we are very tight on the inventory in the channel, we will see the sell-through much quicker than having to wait to drain through large channel inventory like potentially some of our peers.

對我們來說，隨著我們在中國碳化矽以及矽領域的全面滲透，我們將會受益，而且我們會看到它。鑑於我們通路中的庫存非常緊張，我們會看到銷售速度比一些同行一樣等待大量通路庫存耗盡要快得多。

So from our view, we've established ourselves in a very good position to see the uptick really quick. We started to see it in Asia, specifically in China, like we talked about. But I wouldn't call it any specific incentives that may or may not be sustainable. So therefore, as long as the market stays the way it is, I would call that sustainable.

因此，從我們的角度來看，我們已經處於非常有利的位置，可以很快看到成長。正如我們所說，我們開始在亞洲，特別是在中國看到這種情況。但我不會將其稱為任何可能可持續也可能不可持續的具體激勵措施。因此，只要市場維持現狀，我就稱之為永續的。

Okay. Great. Very useful. And then as my follow-up, maybe I missed it. What was the point of sales for distis in Q2 sequentially? And what was the percentage of disti of your total revenue in the quarter?

好的。偉大的。很有用。然後作為我的後續行動，也許我錯過了。第二季 distis 的連續銷售點是多少？該季度的分銷收入佔您總收入的百分比是多少？

Yeah, all that's on the website that we post. Distribution as a percentage of total increased, where direct actually decreased. But that's all posted on the revenue trends that we put on the website there.

是的，所有這些都在我們發布的網站上。分配佔總數的百分比有所增加，而直接分配實際上有所減少。但這全部都發佈在我們網站上的收入趨勢上。

Great. Thank you.

偉大的。謝謝。

Harsh Kumar, Piper Sandler.

嚴厲的庫馬爾，派珀桑德勒。

Yeah, hey. Thanks, guys. I guess, congratulations on weathering the storm reasonably well in this cycle, gentlemen.

是的，嘿。多謝你們。我想，先生們，恭喜你們在這個週期中很好地度過了這場風暴。

Hassane, one for you. Is it fair to say that your win at Volkswagen should put all the wafer quality rumors, scuzzle, conjecture, whatever you want to call it, that's been going on in the last year, that should be put to rest now that you've got a major win like Volkswagen?

哈桑，給你一個。公平地說，你在大眾汽車的勝利應該平息所有晶圓質量謠言、爭吵、猜想，無論你想怎麼稱呼它，去年一直在發生的事情，現在應該停止了像大眾汽車這樣的重大勝利？

And then the second part to that question is, is there still -- are your wins in silicon carbide still a function of wafer availability, the fact that you can make your own wafer? And did you say that you're the lead at Volkswagen for this particular set of wins?

然後這個問題的第二部分是，您在碳化矽方面的勝利是否仍然取決於晶圓可用性，即您可以製造自己的晶圓這一事實？您是否說過您是大眾汽車在這一系列勝利中的領先者？

Yeah. So by the way, by now, I thought the whole rumors about yields and quality and all that nonsense has been put to bed. But just for the record, if not, the answer is, of course. The answer has always been. So for the few nonbelievers out there, I think they're either not listening, not looking at the signs, not listening to the announcement, or the head is buried in the sand.

是的。順便說一句，到目前為止，我認為有關產量和品質的所有謠言以及所有這些廢話都已經被平息了。但僅供記錄，如果沒有，答案是當然。答案一直都是。因此，對於少數不信教的人來說，我認為他們要么不聽，不看標誌，不聽公告，要么把頭埋在沙子裡。

We've been very clear about our performance. Our wins have been speaking for themselves. So the answer is, of course, somebody like VW Group doesn't award on a whim. They award based on audits, based on reviews, and based on in-depth on-site and technical depth and reviews.

我們對自己的表現非常清楚。我們的勝利不言而喻。所以答案是，像大眾集團這樣的公司當然不會一時興起就授予獎項。他們根據審計、審查以及深入的現場和技術深度和審查進行獎勵。

So I'll just put it at that. As far as the VW win, we are the primary which is -- to answer your question, yes, we are the primary for that. And the breadth is for the VW brand overall or the VW Group overall.

所以我就這麼說吧。就大眾汽車的勝利而言，我們是主要的——回答你的問題，是的，我們是主要的。廣度是針對整個大眾品牌或整個大眾集團。

Appreciate it, Hassane. And for my follow-up, in the past cycles, Hassane, we've seen the channel recover fast, particularly when it's been stogged in this manner.

欣賞它，哈桑。對於我的後續行動，哈桑，在過去的周期中，我們看到通道快速恢復，特別是當它以這種方式陷入困境時。

I guess, I'm going to put you in a theoretical spot here. Why do you think the channel is not spiking up? Is it because there is still plenty of inventory out there and they don't feel like they need to load up just yet, and it's going to come? Or has something shifted in the way they are thinking about stocking product?

我想，我將把你置於一個理論上的位置。您認為該頻道為何沒有上漲？是因為那裡仍然有大量庫存，而且他們覺得還不需要裝載，而且它會來嗎？或者他們對庫存產品的思考方式改變了嗎？

Yeah. Look, I mean, I can't speak for the channel in general. I can speak for what we've done in the channel. If you recall, the last few years, we've been managing the channel way tighter than a lot of our peers and really way tighter than they would want us to manage. They would take more if we ship more.

是的。聽著，我的意思是，我不能代表整個頻道發言。我可以談談我們在頻道中所做的事情。如果您還記得，過去幾年，我們對通路的管理比許多同行都嚴格，而且比他們希望我們管理的嚴格得多。如果我們運送更多，他們會需要更多。

But we didn't want to have a balloon in the channel inventory like some of our peers have because that puts us quarters away from seeing a recovery. Because even if you get the POS recovered and you have a lot of weeks in the channel, that's that latency that we didn't want to have, and we want to be closely tied.

但我們不想像一些同業那樣讓通路庫存激增，因為這讓我們距離復甦還有幾個季度的時間。因為即使您恢復了 POS，並且您在渠道中呆了很多周，這也是我們不希望出現的延遲，我們希望緊密聯繫在一起。

That's why I mentioned, strategically, as we ship specifically to the mass market, the metric I use is customer count increasing that we ship to. So we are shipping and replenishing the mass market. And I do monitor -- again, it's not a quarterly metric. Think about it as inventory velocity.

這就是為什麼我從策略上提到，當我們專門向大眾市場發貨時，我使用的指標是我們發貨的客戶數量的增加。因此，我們正在向大眾市場發貨和補貨。我確實進行了監控——再次強調，這不是季度指標。將其視為庫存速度。

From the time we ship it to the mass market, how long before it ships out? That velocity is monitored -- the number of customers is monitored. That's why I feel very good about increasing our channel inventory for the mass market.

從我們將其運送到大眾市場開始，需要多長時間才能發貨？該速度受到監控－客戶數量受到監控。這就是為什麼我對增加大眾市場的通路庫存感到非常高興。

But if you talk about channel inventory for the top customers, the industrial customers, or what I would call the named customers, that just follows the trend. Because, look, half of our inventory in the channel is fulfillment. So it is demand related directly.

但如果你談論頂級客戶、工業客戶或我所說的指定客戶的通路庫存，那就是順應趨勢。因為，看，我們通路中的庫存有一半是履行的。所以它與需求直接相關。

Got it. Thank you, gentlemen.

知道了。謝謝你們，先生們。

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

女士們、先生們，今天會議的問答部分到此結束。我想將電話轉回給總裁兼執行長 Hassane El-Khoury，讓其發表結束語。

We continue to prioritize operational excellence through the market correction and demonstrate the resilience of our business. We're very proud of our global teams for executing through the current demand environment with prudent financial management. We are a better structured company because of the work we've put in during the downturn.

我們繼續透過市場調整優先考慮卓越運營，並展示我們業務的彈性。我們為我們的全球團隊在當前的需求環境下以審慎的財務管理執行任務感到非常自豪。由於我們在經濟低迷時期所做的工作，我們成為一家結構更好的公司。

Thank you, all, for joining us today.

謝謝大家今天加入我們。

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。您現在可以斷開連接，並度過美好的一天。