安森美 (ON) 2024 Q3 法說會逐字稿

Good day, and thank you for standing by.

美好的一天，感謝您的支持。

Welcome to the onsemi third quarter 2024 earnings conference call.

歡迎參加 Onsemi 2024 年第三季財報電話會議。

(Operator Instructions) Please be advised that today's conference is being recorded.

（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 call over to Parag Agarwal, Vice President of Investor Relations and Corporate Development.

我現在想將電話轉交給投資者關係和企業發展副總裁帕拉格·阿加瓦爾 (Parag Agarwal)。

Please go ahead.

請繼續。

Thank you, Tanya.

謝謝你，塔妮亞。

Good morning and thank you for joining onsemi's third quarter 2024 quarterly results conference call.

早安，感謝您參加 Onsemi 2024 年第三季業績電話會議。

I am joined today by Hassane El-Khoury, our President and CEO; and Thad Trent, our CFO.

今天，我們的總裁兼執行長 Hassane El-Khoury 也加入了我的行列。還有我們的財務長薩德‧特倫特 (Thad Trent)。

This call is being webcast on the Investor Relations section of our website at www.onsemi.com. A replay of this webcast, along with our 2024 third quarter earnings release, will be available on our website approximately 1 hour following this conference call, and the recorded webcast will be available for approximately 30 days following this conference call.

本次電話會議正在我們網站 www.onsemi.com 的投資者關係部分進行網路直播。本次網路廣播的重播以及我們的 2024 年第三季收益發布將在本次電話會議後約 1 小時在我們的網站上發布，錄製的網路廣播將在本次電話會議後約 30 天內提供。

Additional information is posted on the Investor Relations section of our website.

更多資訊發佈在我們網站的投資者關係部分。

Our earnings release and this presentation include certain non-GAAP financial measures.

我們的收益發布和本簡報包括某些非公認會計準則財務指標。

Reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures and a discussion of certain limitations when using non-GAAP financial measures are included in our earnings release, which is posted separately on our website in the Investor Relations section.

這些非GAAP 財務指標與最直接可比較的GAAP 財務指標的對賬，以及對使用非GAAP 財務指標時的某些限制的討論，均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.

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。

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.

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-Qs, and other filings with the Securities and Exchange Commission and in our earnings release for the third 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有重大差異的因素以及我們2024 年第三季的收益發布。

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

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

Now let me turn it over to Hassane.

現在讓我把它交給哈桑。

Hassane?

哈桑？

Thank you, Parag.

謝謝你，帕拉格。

Good morning, and thanks to everyone for joining us on the call.

早安，感謝大家加入我們的電話會議。

Our third-quarter results once again demonstrated the structural changes we have made to the business, with revenue, gross margin and earnings per share all above the midpoint of our guidance.

我們的第三季業績再次證明了我們對業務所做的結構性改變，收入、毛利率和每股盈餘都高於我們指引的中點。

With a sharp focus on execution and operational excellence, we have delivered on our commitments amid continued softness in the market.

我們高度重視執行力和卓越運營，在市場持續疲軟的情況下兌現了我們的承諾。

Over the last several quarters, we've talked about an L-shaped recovery, and as expected, the demand environment remains muted with ongoing inventory digestion and slow end demand.

在過去的幾個季度中，我們一直在談論 L 型復甦，正如預期的那樣，由於庫存持續消化和終端需求緩慢，需求環境仍然低迷。

Our outlook for all markets remains unchanged as uncertainty persists among our customers.

由於我們的客戶仍然存在不確定性，我們對所有市場的前景保持不變。

Automotive continues to be soft with slowing EV sell-through.

隨著電動車銷量放緩，汽車產業持續疲軟。

Industrial, which slowed first, has not broadly recovered except for pockets in utility-scale solar in aerospace and defense.

工業首先放緩，除了航空航天和國防領域的公用事業規模太陽能之外，工業尚未普遍復甦。

Regionally, China and Japan are recovering with strength in xEVs, but North America and Europe remained soft in both automotive and industrial.

從地區來看，中國和日本正在憑藉 xEV 的強勁勢頭復甦，但北美和歐洲在汽車和工業領域仍然疲軟。

Despite the current slowdown, we are confident in our strategy.

儘管目前經濟放緩，但我們對我們的策略充滿信心。

We are in the markets that matter, the fastest-growing segments of the automotive, industrial and AI data center that will continue to outpace the growth of the semiconductor market overall, and we are committed to delivering value to our customers through product and system-level innovation.

我們身處重要的市場，即汽車、工業和人工智慧資料中心成長最快的領域，這些領域的成長將持續超過半導體市場的整體成長，我們致力於透過產品和系統為客戶提供價值——層面的創新。

The breadth and performance of our portfolio continues to be a differentiator, enabling us to optimize energy efficiency for our customers' applications as a one-stop source for intelligent power and sensing solutions.

我們產品組合的廣度和性能仍然是一個優勢，使我們能夠作為智慧電源和感測解決方案的一站式來源，優化客戶應用的能源效率。

In Q3, our silicon carbide revenue increased sequentially, driven by utility scale solar and share gains in China BEVs.

第三季度，在公用事業規模太陽能和中國純電動車份額成長的推動下，我們的碳化矽收入較上季成長。

Outside of China, although programs went into production, the sell-through is expected to be below our forecast for the second half of this year.

在中國以外，儘管節目已投入製作，但預計今年下半年的銷售將低於我們的預測。

We will continue to cautiously monitor and demand to avoid building inventory on our customers' shelves that would impact 2025.

我們將繼續謹慎監控和需求，以避免客戶貨架上庫存增加，進而影響 2025 年。

For the full year 2024, we don't expect meaningful market growth, as third-party reports would suggest.

正如第三方報告所暗示的那樣，我們預計 2024 年全年市場不會有有意義的成長。

We expect our silicon carbide revenue to be in the low- to mid-single-digit growth over 2023.

我們預計 2023 年我們的碳化矽收入將實現中低個位數成長。

On the technology development front, we have qualified our 200-millimeter M3 silicon carbide ahead of schedule.

在技​​術開發方面，我們提前完成了200毫米M3碳化矽的鑑定。

Our 8-inch wafers are running in the fab at 350-micron thickness, and yields are equivalent to those on our 6-inch wafers.

我們的 8 吋晶圓廠正在以 350 微米的厚度運行，良率與我們的 6 吋晶圓相當。

We are sampling from both internal and external sources for substrates.

我們從內部和外部來源取樣以獲取基質。

We remain very deliberate with our silicon carbide strategy.

我們對碳化矽策略仍然非常謹慎。

We are focused on vertically integrating up, where our advanced packaging solutions delivers system optimization for our customers.

我們專注於垂直整合，我們先進的包裝解決方案為客戶提供系統最佳化。

We will participate where we are differentiated and where our margin levels match the value we provide to our customers.

我們將參與我們具有差異化以及我們的利潤水平與我們為客戶提供的價值相匹配的領域。

In automotive, China is driving the pace of innovation and leading the transition to 800-volt architectures, where silicon carbide is critical to enabling faster charging, extended range, and better energy efficiency in vehicles.

在汽車領域，中國正在推動創新步伐並引領向 800 伏特架構的過渡，其中碳化矽對於實現車輛更快充電、延長續航里程和提高能源效率至關重要。

Our 1,200-volt M3e silicon carbide is well positioned to be used in China's extended range electric vehicles as they transition to 800-volt architectures, where a small internal combustion engine can recharge the battery.

我們的 1,200 伏特 M3e 碳化矽非常適合用於中國增程式電動車，因為它們正在向 800 伏特架構過渡，其中小型內燃機可以為電池充電。

We expect to exit the year with approximately 50% of China's BEV silicon carbide market share based on our design win activity as we continue to broaden our penetration with the top OEMs.

根據我們的設計獲勝活動，隨著我們繼續擴大與頂級原始設備製造商的滲透，我們預計今年將佔據中國 BEV 碳化矽市場約 50% 的份額。

In industrial, we lead the market with our silicon carbide portfolio.

在工業領域，我們憑藉碳化矽產品組合引領市場。

Our industrial SiC customer count over the last four quarters increased 17% as compared to the previous four quarters.

過去四個季度我們的工業 SiC 客戶數量比前四個季度增加了 17%。

Beyond silicon carbide, we have been investing in the performance of our power portfolio to address emerging trends in renewable energy.

除了碳化矽之外，我們也一直投資於電力產品組合的性能，以應對再生能源的新興趨勢。

Global solar installations are expected to reach 552 gigawatts in 2024 versus 433 gigawatts in 2023 at a 27% year-on-year increase, and global energy storage system installation are expected to reach 178 gigawatt with a year-over-year increase of 69%.

預計2024年全球太陽能裝置容量將達到552吉瓦，而2023年將達到433吉瓦，年增27%；全球儲能係統裝置容量預計將達到178吉瓦，年增69% 。

We continue to gain momentum in these markets based on the leading performance and power density realized using our high-density F5BP IGBT and hybrid SiC and IGBT modules we announced in the quarter.

基於使用我們在本季度推出的高密度 F5BP IGBT 以及混合 SiC 和 IGBT 模組實現的領先性能和功率密度，我們繼續在這些市場中獲得動力。

We are designed in with the four of the top five utility scale manufacturers with our latest generation of Field Stop 7 modules, delivering application optimized solutions that increase power density and efficiency, with voltages ranging from 650 to 1,200 volts.

我們與排名前五的公用事業規模製造商中的四家合作設計了最新一代 Field Stop 7 模組，提供應用優化的解決方案，提高功率密度和效率，電壓範圍為 650 至 1,200 伏特。

Our Intelligent Sensing business grew 11% quarter over quarter with strength in ADAS and industrial imaging across a range of applications such as machine vision, robotics, and scanning.

我們的智慧感測業務環比成長 11%，憑藉在 ADAS 和工業成像領域的優勢，涵蓋機器視覺、機器人和掃描等一系列應用。

We are proliferating our portfolio to access new industrial applications, enabling our customers to select and optimize the feature set for their needs.

我們正在豐富我們的產品組合，以獲取新的工業應用，使我們的客戶能夠根據他們的需求選擇和優化功能集。

Over the last year, we have released 10 new image sensors across 4 product families, and we are getting traction in applications that include medical imaging, biometrics, autonomous mobile robots, and automated guided vehicles to name a few.

去年，我們在 4 個產品系列中發布了 10 款新影像感測器，並且在醫學影像、生物辨識、自主移動機器人和自動導引車等應用領域受到關注。

Our 5- and 8-megapixel Hyperlux LP image sensors, for example, are an excellent choice for entry-level 4K video surveillance camera with industry-leading low power, low light sensitivity. and wake on motion.

例如，我們的 500 萬像素和 800 萬像素 Hyperlux LP 影像感測器具有業界領先的低功耗、低光靈敏度，是入門級 4K 視訊監控相機的絕佳選擇。並在運動中醒來。

In 2025, we plan to introduce a new family of image sensors to further broaden our offering.

2025 年，我們計劃推出新的影像感測器系列，以進一步擴大我們的產品範圍。

We've also received positive feedback from our customers and channel partners on the SWIR technology we acquired last quarter.

我們也收到了客戶和通路合作夥伴對我們上季收購的 SWIR 技術的正面回饋。

This differentiated technology enables us to expand our industrial offering into agriculture, medical imaging, inspection, and aerospace and defense applications.

這種差異化技術使我們能夠將我們的工業產品擴展到農業、醫學成像、檢查以及航空航天和國防應用領域。

In data centers, we have a tremendous opportunity as we expect the power delivery market for enterprise cloud and AI servers to double from $2.2 billion in 2024 to $4.4 billion by 2028.

在資料中心，我們擁有巨大的機會，因為我們預計企業雲端和人工智慧伺服器的電力傳輸市場將從 2024 年的 22 億美元翻倍至 2028 年的 44 億美元。

As power requirements in racks continue to scale from 40 kilowatts to 120 kilowatts, we expect our addressable content per rack to continue to increase.

隨著機架的功率需求不斷從 40 千瓦擴大到 120 千瓦，我們預計每個機架的可尋址內容將繼續增加。

We have invested in this space through the downturn, delivering a silicon and silicon carbide portfolio capable of meeting the ever-increasing demands of AI data centers across the entire power trees.

在經濟低迷時期，我們在這一領域進行了投資，提供了矽和碳化矽產品組合，能夠滿足整個電力樹中人工智慧資料中心不斷增長的需求。

We have released multiphase controllers, which combined with our industry-leading smart power stages, to deliver full Vcore solutions to power NVIDIA and ARM-based CPUs.

我們發布了多相控制器，與業界領先的智慧功率等級相結合，提供完整的 Vcor​​e 解決方案來為 NVIDIA 和基於 ARM 的 CPU 提供動力。

We continue to gain traction with our T10 PowerTrench MOSFETs, easy-to-use point of load, and Vcore products, securing design wins with three of the top four hyperscalers in North America which are expected to contribute to revenue in 2025.

我們繼續憑藉 T10 PowerTrench MOSFET、易於使用的負載點和 Vcor​​e 產品獲得吸引力，贏得了北美四大超大規模企業中三家的設計勝利，預計將在 2025 年為收入做出貢獻。

We have also been investing to broaden our portfolio of analog mixed signal products, and we look forward to Electronica next month, when we plan to share more detail about our new portfolio.

我們也一直在投資擴大我們的模擬混合訊號產品組合，我們期待下個月的電子展，屆時我們計劃分享有關我們新產品組合的更多細節。

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.

謝謝，哈桑。

Our team's focus on execution and operational excellence in the face of ongoing market challenges delivered another quarter for revenue, gross margin, and earnings per share were above the midpoint of our guidance.

面對持續的市場挑戰，我們的團隊專注於執行和卓越運營，在另一個季度的收入、毛利率和每股收益均高於我們指導的中點。

Q3 free cash flow increased 41% sequentially as we achieved our CapEx target ahead of schedule, with our capacity expansion largely behind us.

第三季自由現金流較上季成長 41%，因為我們提前實現了資本支出目標，產能擴張基本上落後。

The consistency of our results demonstrate the resilience we have built in our business model.

我們結果的一致性證明了我們在業務模式中建立的彈性。

We remain focused on high-growth megatrends, optimizing our manufacturing footprint, and we're investing to lead the market where we can add value for our customers.

我們仍然專注於高成長的大趨勢，優化我們的製造足跡，並且我們正在投資以引領市場，為客戶增加價值。

These structural improvements continue to deliver better results than the company was able to achieve in prior downturns.

這些結構性改進繼續為公司帶來比之前經濟低迷時期更好的績效。

If we dive into revenue for the third quarter, we saw broad-based softness offset by silicon carbide growth, which resulted in a 2% sequential increase to $1.76 billion.

如果我們深入研究第三季的收入，我們會發現碳化矽的成長抵消了廣泛的疲軟，導致環比成長 2%，達到 17.6 億美元。

As Hassane mentioned, inventory digestion persists across our business groups in automotive and industrial, which accounted for 79% of our revenue.

正如 Hassane 所提到的，我們汽車和工業業務部門持續進行庫存消化，這兩個部門占我們收入的 79%。

Automotive revenue was $951 million, which increased 5% sequentially, driven by silicon carbide and ADAS image sensors.

在碳化矽和 ADAS 影像感測器的推動下，汽車業務收入達到 9.51 億美元，較上季成長 5%。

We continue to see softness in demand, but content gains driven by silicon carbide in China are driving our growth in this market.

我們仍然看到需求疲軟，但中國碳化矽推動的含量成長正在推動我們在該市場的成長。

As compared to the third quarter of 2023, automotive revenue was down 18%.

與2023年第三季相比，汽車收入下降了18%。

Revenue for Industrial was $440 million, down 6% sequentially and 29% year over year.

工業收入為 4.4 億美元，季減 6%，年減 29%。

We saw pockets of growth in utility scale solar and our aerospace and defense business, while the traditional industrial remained relatively stable in the third quarter.

我們看到公用事業規模太陽能以及航空航太和國防業務出現了小幅成長，而傳統工業在第三季保持相對穩定。

We have recently received trusted foundry accreditation at our East Fishkill fab, which will allow us to expand our aerospace and defense business.

我們的東菲什基爾工廠最近獲得了值得信賴的鑄造廠認證，這將使我們能夠擴大我們的航空航太和國防業務。

Looking at the split between the business units.

看看業務部門之間的劃分。

Revenue for the Power Solutions Group, or PSG, was $829 million, a decrease of 1% quarter over quarter and 23% year over year.

Power Solutions Group (PSG) 的營收為 8.29 億美元，季減 1%，年減 23%。

Revenue for the Analog and Mixed Signal Group, or AMG, was $654 million, an increase of 1% quarter over quarter and a decrease of 16% year over year.

類比和混合訊號集團 (AMG) 的營收為 6.54 億美元，季增 1%，年減 16%。

Revenue for the Intelligent Sensing Group, or ISG, was $279 million, an 11% increase quarter over quarter, driven by ADAS.

在 ADAS 的推動下，智慧感測集團 (ISG) 的營收為 2.79 億美元，季增 11%。

ISG revenue decreased 15% over the same quarter last year.

ISG 營收比去年同期下降 15%。

GAAP gross margin was 45.4% and non-GAAP gross margin was 45.5% compared to 45.3% in Q2 and 47.3% in the quarter a year ago.

GAAP 毛利率為 45.4%，非 GAAP 毛利率為 45.5%，第二季為 45.3%，去年同期為 47.3%。

We have maintained our gross margin above the mid-40% and improved it by 20 basis points over Q2, with utilization remaining flat at 65%.

我們的毛利率維持在 40% 以上，比第二季提高了 20 個基點，利用率維持在 65% 不變。

As a reminder, in prior downturns, our gross margin had been around 30% at these utilization levels.

提醒一下，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%。

As we continue to drive efficiencies across the company through our Fab Right strategies, we are well positioned to benefit from gross margin expansion once the market begins to recover.

隨著我們繼續透過 Fab Right 策略提高整個公司的效率，一旦市場開始復甦，我們就可以從毛利率的擴張中受益。

As I mentioned earlier, our investments in capacity expansion are largely behind us.

正如我之前提到的，我們在產能擴張方面的投資基本上已經落後了。

We now expect our capital intensity target to be in the mid-single-digit percentage range for 2025 and beyond, as compared to our previous target of 11%.

我們現在預計 2025 年及以後的資本密集度目標將處於中個位數百分比範圍內，而先前的目標為 11%。

This is the result of the excellent work our manufacturing teams have done to improve our efficiencies across our network.

這是我們的製造團隊為提高整個網路的效率所做的出色工作的結果。

This new CapEx target includes the brownfield investments in the Czech Republic we anticipate making over a multiyear period.

這項新的資本支出目標包括我們預計在多年時間內對捷克共和國進行的棕地投資。

Lowering our capital intensity will increase free cash flow margin towards our targeted 25% to 30%.

降低我們的資本密集度將使自由現金流利潤率提高到我們目標 25% 至 30%。

We also remain committed to our long-term target of returning 50% of free cash flow to shareholders.

我們也持續致力於實現將 50% 的自由現金流返還給股東的長期目標。

Over the last 12 months, we have returned 75% of free cash flow with $200 million in share buybacks in the third quarter.

在過去 12 個月中，我們在第三季透過 2 億美元的股票回購返還了 75% 的自由現金流。

Since initiating our $3 billion share repurchase program in February of 2023, we have returned just over $1 billion to our shareholders.

自 2023 年 2 月啟動 30 億美元的股票回購計畫以來，我們已向股東返還略多於 10 億美元的資金。

Now let me give you some numbers for your models.

現在讓我給你一些模型的數字。

GAAP operating expenses for the third quarter were $354 million as compared to $344 million in the third quarter of 2023.

第三季 GAAP 營運費用為 3.54 億美元，而 2023 年第三季為 3.44 億美元。

Non-GAAP operating expenses were $304 million compared to $322 million in the quarter a year ago.

非 GAAP 營運支出為 3.04 億美元，去年同期為 3.22 億美元。

Non-GAAP operating expenses were lower than the midpoint of our guidance due to active cost control and lower variable compensation.

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指導的中點。

GAAP operating margin for the quarter was 25.3%, and non-GAAP operating margin was 28.2%.

本季 GAAP 營運利潤率為 25.3%，非 GAAP 營運利潤率為 28.2%。

Our GAAP tax rate was 11.5%, and non-GAAP tax rate was 16%.

我們的 GAAP 稅率為 11.5%，非 GAAP 稅率為 16%。

Diluted GAAP earnings per share for the second quarter was $0.93 as compared to $1.29 in the quarter a year ago.

第二季稀釋後 GAAP 每股收益為 0.93 美元，去年同期為 1.29 美元。

Non-GAAP earnings per share was $0.99 as compared to $1.39 in Q3 of 2023.

非 GAAP 每股收益為 0.99 美元，而 2023 年第三季為 1.39 美元。

And GAAP diluted share count was 432 million shares, and our non-GAAP diluted share count was 428 million of shares.

GAAP 稀釋後股票數量為 4.32 億股，非 GAAP 稀釋後股票數為 4.28 億股。

Turning to the balance sheet.

轉向資產負債表。

Cash and short-term investments was $2.8 billion with total liquidity of $3.9 billion, including $1.1 billion undrawn on our revolver.

現金和短期投資為 28 億美元，流動性總額為 39 億美元，其中左輪手槍未動用 11 億美元。

Cash from operations was $466 million, and free cash flow increased 41% sequentially to $294 million, representing 17% of revenue.

營運現金為 4.66 億美元，自由現金流環比成長 41% 至 2.94 億美元，佔營收的 17%。

Capital expenditures during Q3 were $172 million, which equates to a capital intensity of 10%.

第三季的資本支出為 1.72 億美元，相當於資本密集度為 10%。

Inventory increased by $18 million sequentially and decreased by 1 day to 213 days.

庫存較上月增加 1,800 萬美元，減少 1 天至 213 天。

This includes 100 days of bridge inventory to support fab transitions in the silicon carbide ramp.

這包括 100 天的橋樑庫存，以支援碳化矽坡道上的晶圓廠轉型。

Excluding these strategic bills, our base inventory decreased sequentially by $32 million or 4 days to 113 days, which continues to be within our target range of 100 to 120 days.

不包括這些策略費用，我們的基本庫存環比減少了 3,200 萬美元或 4 天，至 113 天，仍在我們 100 至 120 天的目標範圍內。

Our mass market customer count grew 15% year over year in the third quarter, as we have been increasing inventory in the distribution channel to support this growth.

第三季度，我們的大眾市場客戶數量年增了 15%，因為我們一直在增加分銷管道的庫存以支持這一增長。

Distribution weeks of inventory were 9.7 versus 8.9 weeks in Q2, and we expect distribution inventory to increase to 10 weeks plus or minus in Q4 as we continue to see this long tail of high-margin customers.

庫存的分銷週數為 9.7 週，而第二季度為 8.9 週，我們預計第四季度的分銷庫存將增加到 10 週上下，因為我們繼續看到高利潤客戶的長尾。

Looking forward, let me give you some key elements of our non-GAAP guidance for the fourth quarter.

展望未來，讓我向您介紹我們第四季非公認會計準則指引的一些關鍵要素。

Given the current macro environment and our demand visibility, we anticipate Q4 revenue will be in the range of $1.71 billion to $1.81 billion.

考慮到當前的宏觀環境和我們的需求可見性，我們預計第四季營收將在 17.1 億美元至 18.1 億美元之間。

We expect non-GAAP gross margin to be between 44% and 46% with flat to slightly down utilization.

我們預計非 GAAP 毛利率將在 44% 至 46% 之間，利用率持平或略有下降。

This includes share-based compensation of $7 million.

其中包括 700 萬美元的股權激勵。

We expect non-GAAP operating expenses of $300 million to $315 million, including share-based compensation of $31 million.

我們預計非 GAAP 營運費用為 3 億至 3.15 億美元，其中包括 3,100 萬美元的股權激勵。

We anticipate our non-GAAP other income to be a net benefit of $12 million, with our interest income exceeding interest expense.

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。

We expect our non-GAAP tax rate to be approximately 16%, and our non-GAAP diluted share count is expected to be approximately 427 million shares.

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 4.27 億股。

This results in non-GAAP earnings per share to be in the range of $0.92 to $1.04.

這導致非 GAAP 每股收益在 0.92 美元至 1.04 美元之間。

We expect capital expenditures in the range of $130 million to $170 million.

我們預計資本支出在 1.3 億至 1.7 億美元之間。

And as a reminder, today's press release contains a table detailing our GAAP and non-GAAP guidance.

提醒一下，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。

While we are cautious about the near-term macro, we remain committed to our long-term strategy.

儘管我們對近期宏觀經濟持謹慎態度，但我們仍致力於長期戰略。

We've remained disciplined and continue to invest for the future, both in new generations of intelligent power and sensing products and to position the company to scale efficiently for a market recovery.

我們一直保持紀律，並繼續為未來投資新一代智慧電源和感測產品，並使公司能夠有效擴大規模以實現市場復甦。

To wrap up, we are investing in the fastest-growing segments of the industry as the world shifts towards renewable energy, electrification, automation and AI.

總而言之，隨著世界轉向再生能源、電氣化、自動化和人工智慧，我們正在投資該行業成長最快的領域。

The breadth and performance of our portfolio address the growing need for energy efficiency and the proliferation of sensor-driven ecosystems.

我們產品組合的廣度和性能滿足了對能源效率日益增長的需求以及感測器驅動的生態系統的擴散。

Our employees continue to be the foundation of the resiliency of onsemi, and I want to acknowledge the hard work of our teams across the globe as we remain committed to unlocking shareholder value.

我們的員工仍然是 Onsemi 彈性的基礎，我要感謝我們全球團隊的辛勤工作，因為我們仍然致力於釋放股東價值。

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

這樣，我想將電話轉回給 Tanya 以開始問答電話。

(Operator Instructions) Ross Seymore, Deutsche Bank.

（操作員指令）Ross Seymore，德意志銀行。

I guess the first one is on the silicon carbide business.

我想第一個是碳化矽業務。

I know it's not the hugest part of your total revenues, but strategically, it's incredibly important.

我知道這不是您總收入中最大的一部分，但從戰略上講，它非常重要。

When Hassane you talked about that being up low to mid-single digits, do you believe that is just evidence of a cyclical weakness?

當哈桑（Hassane）談到這一數字上升到低至中個位數時，您是否認為這只是周期性疲軟的證據？

Or has something started to secularly change as people have gotten a little more concerned on not only the pace of EV growth, but competition coming in and commoditization and those sorts of dynamics?

或者，隨著人們不僅更加關注電動車的成長速度，而且更加關注競爭的到來、商品化以及諸如此類的動態，某些事情是否開始發生長期變化？

Yeah, Ross.

是的，羅斯。

We do still believe it's cyclical.

我們仍然相信它是周期性的。

Therefore, that's why I made the comment that the long-term trend for electrification and EV in general, has not changed.

因此，這就是為什麼我說電氣化和電動車的長期趨勢總體上沒有改變。

And very important to note, the designs or the models that we expected to ramp did go into production, they just didn't ramp to the level that we expected, which says that it's a short-term demand, back to the lumpiness of EV adoption and not a change in strategy or a megatrend type.

需要注意的是，我們預期的設計或模型確實投入了生產，只是沒有達到我們預期的水平，這表明這是短期需求，又回到了電動車的塊狀狀態採用而不是戰略或大趨勢類型的改變。

Otherwise, those models will have been canceled or not even launched.

否則，這些車型將被取消，甚至不會推出。

So customers did launch the sell-through, as we expected, and you saw during the quarter is not coming as expected from the OEMs, and therefore, we're cautiously monitoring Q4 for that.

因此，正如我們預期的那樣，客戶確實啟動了銷售，並且您在本季度看到原始設備製造商的銷售情況並未達到預期，因此，我們正在謹慎監控第四季度的情況。

But nothing changes in our long term, nothing changing the strategic importance of SiC and the importance of plays in EVs, as EVs in China, followed by US and Europe, will continue to be adopted.

但從長遠來看，這一切都不會改變，碳化矽的戰略重要性和電動車的重要性也不會改變，因為中國、美國和歐洲將繼續採用電動車。

Thanks for that.

謝謝你。

And I guess for my follow-up one for Thad on the gross margin side of things.

我想我對泰德的後續行動是關於毛利率方面的。

Has anything changed in your ability to hold the 45%?

您持有 45% 股份的能力有什麼改變嗎？

Obviously, in your quarter and guide, it didn't.

顯然，在您的季度和指南中，情況並非如此。

But as you look forward, you said utilization is going to be flat to down on one hand.

但展望未來，您表示，一方面利用率將持平甚至下降。

You also talked about demand continuing to be weak.

您也談到需求持續疲軟。

But the CapEx is also coming down.

但資本支出也在下降。

So lots of moving parts, it seems.

看起來有很多活動部件。

Is the net conclusion anything different than what you've said before on both the 45% floor and the 53% peak?

45% 下限和 53% 峰值的最終結論與您之前所說的有什麼不同嗎？

No.

不。

I think if you look at where our utilization is today, at 65%, plus or minus, that's where historically, we've been at a low point.

我認為，如果你看看我們今天的利用率，無論是上下還是 65%，這都是歷史上我們一直處於的低點。

And holding that mid-40% margin has been kind of a major initiative for us.

維持 40% 左右的利潤率對我們來說是一項重大舉措。

As we look forward, you obviously get some mix in Q4, which -- why our guidance is slightly lower.

正如我們展望的那樣，您顯然會在第四季度得到一些混合，這就是為什麼我們的指導略低。

But no, as we look forward, we're optimizing that manufacturing footprint.

但不，正如我們所期望的那樣，我們正在優化製造足跡。

We're focused on Fab Right.

我們專注於 Fab Right。

We're continuing to take cost out.

我們正在繼續削減成本。

So at these levels, we can hold.

因此，在這些水平上，我們可以持有。

Vivek Arya, Bank of America Securities.

Vivek Arya，美國銀行證券公司。

My question is, if we look forward, Q1 is when you tend to have some of these pricing discussions with your customers.

我的問題是，如果我們展望未來，第一季是您傾向於與客戶進行一些定價討論的時候。

And I imagine at some point, right, some of the benefits of long-term supply agreements tail off.

我想在某個時候，長期供應協議的一些好處會逐漸消失。

So Hassane, I'm curious, what's kind of your early preview on how these pricing discussions will take place?

哈桑，我很好奇，您對這些定價討論將如何進行的早期預覽是什麼？

Just how we should think about Q1 seasonality given all the comments you made about the macro environment?

鑑於您對宏觀環境的所有評論，我們應該如何看待第一季的季節性？

Yeah.

是的。

Look, we don't guide two quarters out, but let me give you kind of our strategy and how we approach this because, first off, the industry is not going back to, in my view, a Q1 kind of cliff.

聽著，我們不會指導兩個季度，但讓我給你介紹一下我們的策略以及我們如何解決這個問題，因為首先，在我看來，該行業不會回到第一季度的懸崖。

Negotiations happens throughout -- ramps happen any quarter.

談判自始至終都在進行——任何季度都會有進展。

And new design wins, which is where you set pricing, happened during any quarter.

新的設計獲勝，也就是你設定定價的地方，在任何季度都會發生。

So I don't believe a Q1, as you have always seen, it historically is kind of a pricing click.

所以我不相信第一季度，正如你一直看到的那樣，它在歷史上是一種定價點擊。

Having said that, our approach -- and we've been very consistent with that since we -- since I started four years ago -- is we're going to price on value.

話雖如此，我們的方法——自從四年前我開始工作以來，我們一直堅持這一點——我們將根據價值定價。

We're not going to chase after the market.

我們不會去追逐市場。

We actually walked away from a lot of that business.

我們實際上放棄了很多這樣的業務。

We will continue to price on value, and we will continue to pursue opportunities where we provide value, which means that as soon as an opportunity is a pricing discussion, meaning the lowest price wins, that is not strategically a business we want to win in, which means our focus on getting to that 53% margin model that Thad reiterated in the prior comment is a strategic focus for us.

我們將繼續按價值定價，我們將繼續尋求提供價值的機會，這意味著一旦有機會進行定價討論，即以最低價格獲勝，這在戰略上不是我們想要贏得的業務，這意味著我們的戰略重點是實現薩德在先前評論中重申的53% 利潤率模型。

And we will continue to create products that differentiate, add value to the customer, and therefore, hold the margin and not get into this quarterly or even annual price negotiations levels.

我們將繼續創造差異化的產品，為客戶增加價值，從而保持利潤，而不是進入這個季度甚至年度的價格談判水平。

Thank you.

謝謝。

And for my follow-up, if the macro environment is softer, why is ON deciding to expand distribution inventory?

就我的後續而言，如果宏觀環境更加疲軟，為什麼安恩決定擴大分銷庫存？

I thought the prior thinking was that you would keep inventory, I think, around nine weeks or below nine weeks, but it is going up in Q3 and the assumption is that it goes up in Q4.

我認為之前的想法是，你會保留庫存大約九週或九週以下，但它在第三季度會增加，並假設它會在第四季度增加。

So what's the thinking and the trend behind that?

那麼這背後的思考和趨勢是什麼呢？

And can that create an overhang as we go into the first half of next year?

當我們進入明年上半年時，這會造成懸而未決嗎？

Yes.

是的。

So that's a very good question.

這是一個非常好的問題。

So a few quarters ago, we mentioned that we're going to start feeding the disti inventory, which we really have started over the last few years, servicing the high-volume customers or a lot of the key customers for us.

因此，在幾個季度前，我們提到我們將開始供應分銷庫存，這是我們在過去幾年中真正開始的，為我們的大批量客戶或許多關鍵客戶提供服務。

And the strategy behind that is to expand the mass market customers and expand the mass market in general that we have started, and that's typically a high-margin business.

背後的策略是擴大大眾市場客戶並擴大我們已經啟動的大眾市場，這通常是一項高利潤業務。

So what we've done two quarters ago is we started putting very strategic products into the channel.

因此，我們兩個季度前所做的就是開始將非常具有戰略意義的產品放入通路中。

And the customer count, the mass market customer count has been very favorable.

從客戶數量來看，大眾市場的客戶數量非常有利。

Therefore, our strategy has really been executed properly and yielded the results we wanted, which is mass market, higher customer count, and higher margin mix into that channel.

因此，我們的策略確實得到了正確的執行，並產生了我們想要的結果，即大眾市場、更高的客戶數量以及該管道更高的利潤率。

So we will continue to do that.

所以我們將繼續這樣做。

What we monitor is, of course, the FIFO level, meaning products that we put in, are they POS-ing out?

當然，我們監控的是 FIFO 級別，這意味著我們放入的產品是否已 POS 出去？

And over how many quarters are they POS-ing out?

他們在多少個季度進行 POS 銷售？

Which means we're not building inventory in the disti that just stays there and creates that overhang.

這意味著我們不會在該地區建立庫存，而庫存只會留在那裡並造成過剩。

So we have a very tight process.

所以我們有一個非常嚴格的流程。

We started that strategy with the intent of growing that mass market customers.

我們啟動該策略的目的是擴大大眾市場客戶。

We have done that.

我們已經做到了。

And therefore, we have a pretty good recipe to be able to do that while not building the overhang that typically you would see in distribution inventory in a slow market environment.

因此，我們有一個很好的方法可以做到這一點，同時又不會造成在市場低迷環境下分銷庫存中通常會出現的過剩情況。

Yeah.

是的。

And Vivek, the mass market customer count has been up 15% year over year.

Vivek 的大眾市場客戶數量年增了 15%。

So you can see that the strategy of moving that inventory in there is working.

所以你可以看到，將庫存轉移到那裡的策略正在發揮作用。

For that customer base, you just need inventory on the disti shelf.

對於該客戶群，您只需要分銷貨架上的庫存即可。

Our distis would still take more inventory than we're willing to ship them, but we are controlling it tightly.

我們的經銷商仍然需要比我們願意運送的更多的庫存，但我們正在嚴格控制它。

Toshiya Hari, Goldman Sachs.

Toshiya Hari，高盛。

Hassane, I guess my first question is on the silicon carbide business.

哈桑，我想我的第一個問題是關於碳化矽業務的。

I'm curious what your application mix or customer mix looks like today and going into 2025 versus what it looked like a year ago?

我很好奇您現在和 2025 年的應用程式組合或客戶組合與一年前相比是什麼樣子？

I think a year ago, it was something like 80% auto, 20% industrial.

我想一年前，大概 80% 是汽車，20% 是工業。

And then within auto, you were very over-indexed to one North American customer.

然後在汽車領域，你對一位北美客戶的索引非常高。

I think on prior calls, you had talked about that mix broadening out to companies in Europe and customers in China, particularly on the automotive side.

我想在之前的電話中，您曾談到將這種組合擴大到歐洲的公司和中國的客戶，特別是在汽車領域。

So I'm curious what that looks like today, and more importantly, how it broadens out into 2025?

所以我很好奇今天會是什麼樣子，更重要的是，它會如何擴展到 2025 年？

Sure.

當然。

So the mix overall between auto and industrial is about the same.

因此，汽車和工業之間的整體組合大致相同。

You can think about 80-20, give or take, on -- depending on the quarter and the ramps that we talked about.

你可以考慮 80-20，給予或接受，取決於我們討論的季度和坡道。

And that -- we don't expect that to change.

我們預計這一點不會改變。

Because look, the industrial softness and the automotive softness both kind of happened, which means there's not a over strength in one market or over softness in the other to change that mix in -- on quarter on quarter or even year on year.

因為看起來，工業疲軟和汽車疲軟都發生了，這意味著一個市場不會過度強勁，另一個市場不會過度疲軟來改變這種組合——逐季度甚至逐年變化。

So we expect that to be the same, about 80-20, which matches the total -- the TAM of that market.

因此，我們預計會是相同的，大約 80-20，這與該市場的 TAM 總數相符。

So we're indexed to the market mix as it stands.

因此，我們根據當前的市場組合進行了索引。

As far as diversification, yes, I talked about ramps in China EV, which is really the strength that we've seen in silicon carbide.

就多元化而言，是的，我談到了中國電動車的成長，這確實是我們在碳化矽中看到的優勢。

We've seen share gains in key customers already.

我們已經看到主要客戶的份額有所增長。

We always talked about penetration and gaining share within those accounts.

我們總是談論在這些帳戶中的滲透和份額增長。

That's been happening.

這已經發生了。

I talked about Europe ramping in the second half.

我談到了歐洲下半年的崛起。

That also did happen.

這也確實發生了。

The difference is, the end volume is not what we expected.

不同的是，最終的成交量並不是我們所期望的。

So from share gains from design wins that are actually going to production, everything is happening on schedule and we're in these sockets.

因此，從實際投入生產的設計勝利中獲得的份額收益來看，一切都在按計劃進行，我們就在這些插座上。

But the end units is not where we expect it to be, which goes back to Ross' question earlier.

但最終單位並不是我們所期望的那樣，這又回到了羅斯之前的問題。

When the market does recover and that volume goes up again, we're going to see that benefit on the upside because we're already all in these sockets and it's qualified.

當市場確實復甦並且交易量再次上升時，我們將看到這種好處，因為我們已經全部進入這些插槽並且它是合格的。

So that's what we have to look forward to, and that's what we're staging for.

所以這就是我們必須期待的，這就是我們所期待的。

Got it.

知道了。

Thank you.

謝謝。

And then as my follow-up on capital intensity -- and maybe this one is for Thad.

然後，作為我對資本密集度的後續行動——也許這個是針對薩德的。

So medium to long term, your target is now mid-single digits percentage of revenue versus 11%, which I think is a pretty big change.

因此，從中長期來看，您的目標現在是佔收入的中個位數百分比，而不是 11%，我認為這是一個相當大的變化。

You talked about some of the reasons and capacity expansion being behind you and you guys being able to identify some productivity gains.

您談到了一些原因和產能擴張背後的原因，你們能夠確定一些生產力的提升。

But has there been any changes in how you think about, for example, in SiC, internal substrates versus external silicon broadly, foundry versus internal, whether it be wafer processing or packaging and test?

但是，您的想法是否有任何變化，例如，在 SiC 中，內部基板與廣泛的外部矽，代工與內部，無論是晶圓加工還是封裝和測試？

Any structural changes to how you think about your footprint?

您對足跡的看法是否發生了結構性變化？

Yeah.

是的。

And Toshi, just to be clear, the 5% is now our new long-term target, right?

Toshi，需要明確的是，5% 現在是我們新的長期目標，對嗎？

So we've achieved our target.

所以我們已經實現了我們的目標。

Our original target was 11%.

我們最初的目標是 11%。

We achieved that, and we talked about that last quarter coming down below the fact is our manufacturing footprint is just getting optimized here, right?

我們實現了這一目標，我們談到上個季度的情況低於我們的製造足跡剛剛在這裡得到優化的事實，對嗎？

So now we've moved into a phase where we're still going to invest in the Czech Republic.

因此，現在我們已經進入了仍將在捷克共和國投資的階段。

But a lot of this now starts to become maintenance capital on the footprint that we have as we continue to focus on the Fab Right strategy.

但隨著我們繼續專注於 Fab Right 策略，其中許多現在開始成為我們現有足跡的維護資本。

So I wouldn't say there's a structural change here as much as the performance has exceeded our expectations.

因此，我不會說這裡存在結構性變化，儘管表現超出了我們的預期。

Yeah.

是的。

On the silicon carbide, we -- obviously, we're going to keep expecting the growth on silicon carbide as the market kind of recovers and goes on the uptick, as I mentioned in my prior comments.

在碳化矽方面，顯然，正如我在先前的評論中提到的那樣，隨著市場的復甦和持續上漲，我們將繼續預期碳化矽的成長。

A large shift of capacity is going to be going from that 6- to 8-inch, where you're going to get more output with an already installed CapEx on the 6-inch as we convert it with a very CapEx light.

容量將從 6 英寸轉向 8 英寸，當我們用非常資本支出的燈對其進行轉換時，您將通過 6 英寸上已安裝的資本支出獲得更多輸出。

It's purely a conversion.

這純粹是一種轉換。

We're not building new furnaces or new sites.

我們不會建造新的熔爐或新的場地。

As we convert from 6 to 8, you're going to get a boost in capacity just from the number of die.

當我們從 6 個轉換為 8 個時，您將僅通過晶片數量即可獲得容量提升。

That's going to keep supporting our growth, and then follow that up with the Czech Republic investments.But we also do procure externally.

這將繼續支持我們的成長，然後是捷克共和國的投資。

We never said it was going to be 100% internal.

我們從未說過它將 100% 內部化。

We have an internal and external mix.

我們有內部和外部組合。

The mix will change as we go over time based on our CapEx and our internal expansion.

隨著時間的推移，根據我們的資本支出和內部擴張，這種組合將會改變。

And our 8-inch internally has been performing very well, already at 350-micron going into fab, which is basically best-in-class today.

我們的 8 英寸內部表現非常好，進入晶圓廠時已經達到 350 微米，這基本上是當今同類中最好的。

So we expect that to continue with the CapEx level that Thad mentioned.

因此，我們預計這種情況將繼續保持泰德提到的資本支出水準。

So very efficient, forward-looking expansion to support a revenue growth.

非常有效率、前瞻性的擴張可以支持收入成長。

So you're going to see a lot of it going to the bottom line.

所以你會看到很多都進入了底線。

Chris Danely, Citi.

克里斯丹利，花旗銀行。

Hey, guys.

嘿，夥計們。

I think that's me, Chris Danely.

我想那就是我，克里斯丹利。

Maybe I should put on my Sopranos accent again.

也許我應該再帶上黑道口音。

A couple of longer-term questions.

幾個長期問題。

So Thad, you mentioned that CapEx is peaking and going down.

泰德，您提到資本支出正在見頂然後下降。

Can you just talk about like depreciation for '25 versus '24?

您能談談 '25 與 '24 的折舊嗎？

And then what you expect depreciation to do for the next several years as it tails off?

那麼，當未來幾年貶值逐漸減少時，您預計會發生什麼？

Yeah, it's really consistent with where we are today.

是的，這與我們今天的處境非常一致。

If you think about what we're bringing on and what we brought on in the last few years, it's already hitting the P&L, right?

如果您考慮一下我們正在帶來的以及我們在過去幾年中所做的事情，它已經達到了損益表，對吧？

And then you've got some roll off as we continue to bring on that capacity in the Czech Republic.

然後，隨著我們繼續在捷克共和國提供這種能力，您會得到一些滾動。

So it's roughly in line to where it's going to be.

所以它與它的未來位置大致一致。

As we look into '25, I don't see it as a headwind.

當我們展望 25 年時，我並不認為這是一個逆風。

It's roughly kind of in that 7% revenue range.

大約在 7% 的收入範圍內。

And I don't expect that changing for '25 or '26.

我預計這種情況不會在 25 年或 26 年發生改變。

Wouldn't depreciation go down with the lower CapEx?

資本支出降低，折舊率不會下降嗎？

Yeah, yeah, eventually, it will, right?

是的，是的，最終會的，對吧？

But you still got some capacity that's coming on this year, right?

但今年你仍然有一些產能，對嗎？

So I don't think that has it.

所以我認為沒有。

But when you look out into '26, yeah, it should start coming down.

但當你展望 26 年時，是的，它應該開始下降。

Okay.

好的。

Great.

偉大的。

And then for my follow-up, another longer-term question on just silicon carbide.

然後是我的後續行動，另一個關於碳化矽的長期問題。

So if the market is -- if growth is slowing and the market is flattening out a little bit, what about all this bridge inventory you guys have?

因此，如果市場成長正在放緩並且市場有點趨於平緩，那麼你們擁有的所有橋樑庫存怎麼辦？

Is there any risk of like pricing or anything like that?

是否有類似定價或類似情況的風險？

Or how do we get rid of that bridge inventory?

或者我們如何擺脫橋樑庫存？

And then where do we expect that to go over the next four quarters?

那我們預計未來四個季度的情況會是如何？

Yeah.

是的。

So there's no concern in pricing.

所以價格方面不用擔心。

When we talk about the bridge and the strategic inventory build on silicon carbide, we're talking about substrates only.

當我們談論基於碳化矽的橋樑和戰略庫存時，我們只談論基材。

So we can basically build it to whatever customer demand comes in.

所以我們基本上可以根據客戶的任何需求來建立它。

So we hold it purely in substrates.

因此我們將其純粹保留在基材中。

Most of it doesn't even have [epi] in it, so voltage is not even defined yet.

其中大部分甚至沒有[epi]，因此電壓甚至還沒有定義。

So it is at the most common denominator of our whole customer, whether it's auto or industrial, and launching from that is where we create finished goods.

因此，它是我們整個客戶（無論是汽車客戶還是工業客戶）最共同的標準，而我們正是從這個出發點來創造成品。

So there's no risk to obsolescence, nor risk to pricing.

因此，不存在過時風險，也不存在定價風險。

We will build to demand based on when we get it and based on the outlook.

我們將根據需求的時間和前景來滿足需求。

And that's why we don't add value to that inventory and hold it anywhere closer to finished good just to keep that optionality.

這就是為什麼我們不會為庫存增加價值，並將其保留在接近成品的地方，只是為了保持這種選擇性。

Blayne Curtis, Jefferies.

布萊恩·柯蒂斯，杰弗里斯。

I just want to drill into the auto segment.

我只是想深入了解汽車領域。

I thought I heard you say that the growth sequentially in auto was driven by silicon carbide.

我想我聽到你說汽車產業的連續成長是由碳化矽推動的。

I just wanted to kind of double click on the -- what you're seeing by geography?

我只是想雙擊——你在地理上看到了什麼？

I mean there's been this expectation that China is going to gain share in EVs.

我的意思是，人們一直期望中國將增加電動車的份額。

Can you just talk about what drove -- what geography drove that strength?

您能否談談是什麼驅動了這種力量？

And to the extent that China EVs do take share globally, your positioning there.

如果中國電動車確實在全球佔據份額，那麼你在那裡的定位。

I saw you talked about 50% share, but those are in design.

我看到你談到了 50% 的份額，但那是在設計中。

If it happens now, I'm just kind of curious if that's good or bad for you?

如果現在發生這種情況，我只是好奇這對你來說是好事還是壞事？

Yeah.

是的。

So the strength, obviously, for us, in auto and in silicon carbide was driven by China and the share gains we've had in China specifically.

因此，顯然，對我們來說，汽車和碳化矽領域的實力是由中國以及我們在中國的份額成長所推動的。

When I talk about design wins or the share based on design wins, I refer also to my comment, I think, last quarter about the Beijing Auto Show and 800-volt kind of platforms that we're in, where I would say it's further from design win.

當我談論設計勝利或基於設計勝利的份額時，我想，我也指的是我上個季度關於北京車展和我們所處的 800 伏特類型平台的評論，我想說的是，這更進一步來自設計的勝利。

It's actually in vehicles today.

如今它實際上已經出現在車輛中。

So as these vehicles ramp, which they started now and they will ramp into '25, that should start seeing extended strength.

因此，隨著這些車輛的爬坡（他們現在開始並將爬坡到 25 年），應該會開始看到更大的強度。

But we did see the strength in China, both from a total market and our penetration in that market with the designs that we already have.

但我們確實看到了中國的實力，無論是從整個市場還是我們已經擁有的設計在該市場的滲透率。

We expect that to continue in '25.

我們預計這種情況將在 25 年繼續下去。

And I was just curious, you mentioned the data center.

我只是好奇，你提到了資料中心。

Can you just wrap some maybe timing around that in terms of when you could see kind of first revenue?

您能否簡單地概括一下何時可以看到第一筆收入的時間安排？

And in terms of -- you said you've been working on it for a long time here.

就您所說的而言，您已經在這裡工作了很長時間。

What's the right time frame to think about getting design wins for that?

考慮為此獲得設計勝利的合適時間範圍是什麼？

Yeah.

是的。

So look, we already have design wins.

所以看，我們已經取得了設計勝利。

We already have revenue in that segment.

我們已經在該領域獲得了收入。

Obviously, it's early time revenue, but there is revenue.

顯然，這是早期收入，但確實有收入。

The products that we have launched now, you expect revenue in 2025 as products get qualified and the customers ramp.

我們現在推出的產品，隨著產品合格和客戶數量增加，預計 2025 年將產生收入。

For example, we did -- we announced the T10 [Trench Pad] last quarter.

例如，我們上季度發布了 T10 [Trench Pad]。

We already have design wins on that being qualified at the hyperscalers.

我們已經在超大規模廠商的設計上取得了勝利。

So we expect revenue from these products that I talked about in 2025, but we already have product or revenue on existing products already this year.

因此，我們預期 2025 年我談到的這些產品會產生收入，但今年我們已經有了現有產品的產品或收入。

So we're in the market.

所以我們在市場上。

We're working on new platforms.

我們正在開發新平台。

We're working on new designs.

我們正在研究新的設計。

And with our new product introduction, that's really going to boost the portfolio that we are able to offer customers.

隨著我們新產品的推出，這確實會豐富我們能夠為客戶提供的產品組合。

Quinn Bolton, Needham & Company.

奎因·博爾頓，李約瑟公司。

Hassane, I just wanted to follow up on the AI data center wins that you just mentioned.

Hassane，我只是想跟進您剛才提到的人工智慧資料中心的勝利。

I think you said you had wins at three of the four hyperscalers for multi-phase controllers and individual voltage

我想您說過您在多相控制器和單獨電壓的四個超大規模器中的三個上取得了勝利

[rigs].

[鑽孔機]。

I just wondered, one, clarify?

我只是想知道，一，澄清一下？

And two, if that's the case, is that more for CPU power?

第二，如果是這樣的話，CPU 效能是否會更高？

Or does it also include GPU or AI accelerator?

還是還包括 GPU 或 AI 加速器？

And then I've got a follow-up.

然後我有後續行動。

Yeah.

是的。

We didn't -- we're not specifying exactly which product specifically.

我們沒有－我們沒有具體說明具體是哪種產品。

I rattled off the portfolio because when you go into an account and we target the power tree, you need to be able to show coherent or cohesive power distribution from the beginning to the end.

我滔滔不絕地介紹了這個投資組合，因為當你進入一個帳戶並且我們以權力樹為目標時，你需要能夠從頭到尾展示連貫或有凝聚力的權力分佈。

That's why we started with SiC, with the PSU, all the way to the course.

這就是為什麼我們從 SiC 開始，從 PSU 開始，一直到整個過程。

That really is the general approach that we have, both for the NVIDIA and the ARM.

這確實是我們針對 NVIDIA 和 ARM 所採用的通用方法。

Got it.

知道了。

And then for Thad, I think East Fishkill was expected to be about a 100-basis point headwind to margins Q3, Q4, and then sort of taper off into next year?

然後對於薩德來說，我認為東菲什基爾預計第三季、第四季的利潤率將出現大約 100 個基點的逆風，然後到明年逐漸減少？

Just want to make sure that's still the right way to think about the East Fishkill overhang?

只是想確保這仍然是思考東菲什基爾懸挑的正確方法嗎？

Yeah, that's correct.

是的，這是正確的。

It's still about 100 basis points dilutive to the corporate gross margin, will continue to be that way in Q4.

它仍然會稀釋企業毛利率約100個基點，並且在第四季將繼續如此。

When we look into '25, it will be -- you think about it as being fairly linear in terms of improvement.

當我們回顧 25 年時，你會認為它在改進方面是相當線性的。

And by the end of the year, most of that 100 basis points will be off the company at that point as we exited that business for GlobalFoundries.

到今年年底，隨著我們退出 GlobalFoundries 的這項業務，這 100 個基點中的大部分都將脫離公司。

(Operator Instructions) Josh Buchalter, TD Cowen.

（操作員說明）Josh Buchalter，TD Cowen。

Sorry for belaboring silicon carbide, but you're probably used to it by now.

很抱歉對碳化矽進行了過多的闡述，但您現在可能已經習慣了。

I wanted to sort of ask about the guidance for low single-digit growth again?

我想再次詢問關於低個位數成長的指導？

Can you -- it was helpful walking through some of the auto versus non-auto and then commentary on your lead customer.

你能嗎——了解一些汽車與非汽車的情況，然後對你的主要客戶進行評論，這很有幫助。

Can you give us any details on what each of those buckets are growing?

能給我們詳細介紹一下每個桶子的成長情況嗎？

Because I'm trying to reconcile the ongoing share gains in China with what looks like a stabilized outlook at your lead customer with the low single-digit growth.

因為我試圖將中國市場持續的份額成長與您的主要客戶看似穩定的前景（低個位數成長）協調起來。

Sure.

當然。

So look, we're not breaking our growth by industrial and auto.

所以看，我們並沒有破壞工業和汽車的成長。

In general, we talked about the diversification as we get more and more of designs, both regional diversification and within a customer diversification as we get into more platforms within the customer to offset the lumpiness that you see model to model.

總的來說，我們討論了多元化，因為我們獲得了越來越多的設計，包括區域多元化和客戶多元化，因為我們進入了客戶內部的更多平台，以抵消模型之間的笨重性。

North America is up for us.

北美已經為我們做好準備了。

And that's based on commentary I made before, both on ramp and share gain.

這是基於我之前對成長和份額收益所做的評論。

I will leave the guide and outlook to our customers' earnings and our customers' commentary.

我將把指導和展望留給我們客戶的收益和客戶的評論。

But North America for us was up.

但北美對我們來說已經上升了。

China was up.

中國崛起了。

So you can see everything was up as expected, just not at the level that we expected for the second half of the year due to end demand, which is very well publicized by the OEMs themselves.

因此，您可以看到一切都按預期增長，只是由於最終需求而沒有達到我們對下半年的預期水平，而原始設備製造商自己對此進行了很好的宣傳。

But being up regionally gives you a little indication of where the shares are as far as design wins and ramp and the penetration within these accounts.

但區域性的上升可以讓你稍微了解設計獲勝、提升以及這些帳戶中的滲透率的份額。

Got it.

知道了。

And then following up kind on that, one of your large peers talked about their China auto business up 20% sequentially this quarter.

隨後，一位大型同業表示，他們的中國汽車業務本季環比成長了 20%。

I'm guessing you won't give us a metric there, but maybe you could talk about what you're seeing in that vertical specifically?

我猜您不會給我們一個衡量標準，但也許您可以具體談談您在該垂直領域看到的情況？

Because since the earnings, we've gotten a little bit of concern that there might be some pull-in or idiosyncrasies going on with that market.

因為自從發布財報以來，我們有點擔心市場可能會出現一些拉力或特殊現象。

So I'd be curious to hear you expand on what you're seeing in the China auto market a bit.

因此，我很想聽聽您詳細介紹一下您在中國汽車市場所看到的情況。

Thank you.

謝謝。

Yes.

是的。

I think I know who you're referring to.

我想我知道你指的是誰。

I think there's only one that did earnings already.

我認為只有一家公司已經獲利了。

So we're not in the same buckets.

所以我們不在同一個桶子裡。

For us, electrification, when I refer to electrification is really the drivetrain, which is where silicon carbide plays, not necessarily in general.

對我們來說，電氣化，當我提到電氣化時，實際上是動力傳動系統，這是碳化矽發揮作用的地方，但不一定是一般情況。

So it may be a mix thing only, which is a discrepancy, but our China business did grow as well.

所以這可能只是一個混合因素，這是一個差異，但我們的中國業務也確實成長了。

We're not breaking out regionally -- regional growth from the overall growth.

我們並沒有從區域性的整體成長中突破區域性的成長。

But China did grow in automotive, and it growed specifically with the strength in EVs driven by silicon carbide.

但中國在汽車領域確實有所成長，而且特別是隨著碳化矽驅動的電動車領域的實力而成長。

(Operator Instructions) Christopher Rolland, Susquehanna.

（操作員說明）克里斯多福羅蘭，薩斯奎哈納。

I guess my first is can you break down automotive geographically for us just into some larger buckets between Europe, Japan and China for us?

我想我的第一個問題是，您能否為我們將汽車從地理上分解為歐洲、日本和中國之間的一些更大的桶子？

So I'm trying to think.

所以我正在努力思考。

Well, China is strong.

嗯，中國很強大。

I think it's

我認為是

--

--

China is strong, yes.

中國強大，是的。

I mean, just as a percent of revenue, sorry.

我的意思是，抱歉，只是佔收入的百分比。

No, we're not breaking down markets by regional percentages.

不，我們不會按地區百分比來細分市場。

We're -- because there's a lot of it -- does it shift through or -- and leave the country?

我們——因為有很多——它會轉移還是——然後離開這個國家？

It gets too lumpy and too confusing.

它變得過於混亂和混亂。

So we look at it as a market by region indication, whether was it up or how it behaved, just to give you a strength of where the strength is coming from as we get through this L-shape.

因此，我們將其視為按地區劃分的市場指標，無論是上漲還是表現如何，只是為了讓您了解當我們經歷這個 L 形時，力量來自何處。

Okay.

好的。

I was just talking kind of larger percentages roughly, but if you can't provide that, that's okay.

我只是粗略地談論了更大的百分比，但如果您不能提供這一點，那也沒關係。

I guess for my second question, guys like TI are going back to consumer customers, broader markets.

我想對於我的第二個問題，像 TI 這樣的公司正在回歸消費者客戶，更廣大的市場。

It sounds like with your distribution comments, you might be a little more warm to these markets.

聽起來，根據您的發行評論，您可能對這些市場更加熱情一些。

I'm not sure.

我不知道。

But could you talk about how you're approaching that other bucket?

但你能談談你是如何接近另一個桶的嗎？

Yeah.

是的。

Price, but are you a little more open?

價格，但是你能開放一點嗎？

Yes.

是的。

Yeah.

是的。

I wouldn't talk about open consumer market or not.

我不會談論是否開放消費市場。

Our focus is value.

我們的重點是價值。

When we put -- when I talk about the mass market -- and like Thad said, seeding that market with distribution inventory because it has to be on the shelf for us to ship.

當我們投入時——當我談論大眾市場時——就像薩德說的那樣，用分銷庫存為該市場播種，因為它必須放在貨架上供我們運輸。

We're not looking at -- it's for this market or that market.

我們關注的不是這個市場或那個市場。

We look at it as a mass market.

我們將其視為大眾市場。

Any customer can buy those products as long as the margin is provided on the value that those products provide.

任何客戶都可以購買這些產品，只要根據這些產品提供的價值提供保證金。

But I will be very, very clear on the call.

但我會在電話會議上非常非常明確地表達。

Our strategy of chasing other markets at the expense of margin, just to get top line or utilization is not -- no longer part of our strategy.

我們以犧牲利潤為代價追逐其他市場、只是為了獲得收入或利用率的策略不再是我們策略的一部分。

So we're not going to get into this trap, let's go, maybe squint a little bit on pricing to get what we need on utilization and revenue.

因此，我們不會陷入這個陷阱，讓我們走吧，也許稍微關註一下定價，以獲得我們需要的利用率和收入。

We're actually focusing on value.

我們實際上關注的是價值。

We are not going to dilute our value, and we will maintain the product value, whether it's going through mass market or not.

我們不會稀釋我們的價值，我們將保持產品價值，無論它是否進入大眾市場。

(Operator Instructions) Vijay Rakesh, Mizuho.

（操作員指令）Vijay Rakesh，Mizuho。

Let me ask a question.

讓我問一個問題。

Hassane and Thad, just a quick question on the inventory side.

哈桑和薩德，只是關於庫存的一個簡單問題。

When you look at disti and OEM inventory, can you talk to where those levels would be exhibiting the December versus what normal levels are?

當您查看分銷商和 OEM 庫存時，您能否談談 12 月份這些水平與正常水平相比的表現？

And then a follow-up.

然後是後續行動。

Yes.

是的。

Look, on the disti side, I said it in my prepared remarks, we expect the weeks of inventory in disti to increase slightly, 10 weeks, plus or minus, as we focus on that mass market.

看，在 disti 方面，我在準備好的演講中說過，我們預計 disti 的庫存週數將略有增加，增加或減少 10 週，因為我們專注於大眾市場。

When you talk about end customers, look, that's really hard for us to monitor, right?

當你談論最終客戶時，你看，這對我們來說真的很難監控，對吧？

There's definitely inventory out there.

那裡肯定有庫存。

We think the inventory digestion is ongoing.

我們認為庫存消化正在進行中。

But a lot of that is going to depend on end demand.

但很大程度取決於最終需求。

If end demand picks up, that inventory burns through quicker.

如果最終需求回升，庫存消耗得更快。

Yeah.

是的。

One thing, just to be -- it's not an industry commentary either.

有一件事，只是——這也不是行業評論。

You have some customers that have low -- very low inventory.

有些客戶的庫存很低——非常低。

We're talking about a couple of weeks.

我們談論的是幾週的時間。

And then you have others that have much longer and much larger inventory that they're trying to bring down.

然後還有其他人擁有更長、更大的庫存，他們正試圖減少這些庫存。

So it's not an industry commentary where we can say it's inventory is everywhere.

因此，這並不是一個行業評論，我們可以說它的庫存無處不在。

And that's more related to -- if you look at the Tier 1 and you listen to their earnings, they're stating their inventory position and what they're trying to get it to.

這更重要的是——如果你看看一級企業，聽聽他們的收入，他們會說明他們的庫存狀況以及他們試圖達到的目標。

The OEMs have finished good inventory, that's also very well publicized.

原始設備製造商已經完成了良好的庫存，這也得到了很好的宣傳。

From our side, we're able to triangulate a lot of that.

從我們的角度來看，我們能夠對其中的許多內容進行三角測量。

And obviously, we're into the accounts with the OEMs directly, trying to get the end demand.

顯然，我們直接與原始設備製造商打交道，試圖了解最終需求。

So that's why it's -- I wouldn't say it's an industry-wide.

這就是為什麼——我不會說這是全行業的。

It's a customer by customer.

這是一個又一個客戶。

So it's hard to say how many weeks do we believe or how long does it take to drain.

所以很難說我們相信多少週或需要多長時間才能耗盡。

Got it.

知道了。

And then last question.

然後是最後一個問題。

When you look at -- and good to hear your 200 millimeters is ramping well.

當你看到——並且很高興聽到你的 200 毫米進展順利時。

But as you -- let's say, looking out, exiting 2025, let's say, what would be a mix of internal 200-millimeter silicon carbide?

但當你展望 2025 年時，內部 200 毫米碳化矽的混合物會是什麼？

Well, we are actually driving to about 80-20 or 70-30.

嗯，我們實際上正在駕駛到大約 80-20 或 70-30。

Even if we are able to do more internally, we are managing the mix because we would like to always have an external feed into our factory just to keep the lines and really the quality baseline fresh across all sources.

即使我們能夠在內部做更多的事情，我們也會管理組合，因為我們希望始終有外部資源進入我們的工廠，以保持所有來源的生產線和真正的品質基線新鮮。

So we don't expect that outlook to change.

因此，我們預計這種前景不會改變。

But it's a 17 internal or

但它是 17 內部或

--?

——？

Internal.

內部的。

Tore Svanberg, Stifel.

托雷‧思文凱 (Tore Svanberg)、史蒂菲爾 (Stifel)。

Yes.

是的。

I had a question on the share gain in China EV for 800 volt.

我對中國 800 伏特電動車的份額成長有疑問。

I think last quarter, I think you said approaching 60%, I think now you said 50%.

我想上個季度，你說接近 60%，我想現在你說 50%。

Is that just a technicality?

這只是技術問題嗎？

Or did something change quarter-over-quarter?

或者季度與季度之間有變化嗎？

No, nothing changed.

不，什麼都沒有改變。

Nothing changed.

一切都沒有改變。

It's -- it's the same design wins, same everything.

這是——同樣的設計獲勝，一切都一樣。

As you ramp, you're going to start -- well, as you ramp actual design, you're going to start getting that -- the uptick from it.

當你升級時，你將開始 - 嗯，當你升級實際設計時，你將開始得到 - 從中得到的提升。

Perfect.

完美的。

I just wanted to clarify that.

我只是想澄清這一點。

Second question is on the mass market and the staging of inventory.

第二個問題是關於大眾市場和庫存的分階段。

So how far will you go?

那你會走多遠？

Is 10 weeks sort of the highest we should expect over the next few quarters?

10 週是我們對未來幾季預期的最高期限嗎？

Or would it go beyond that as you continue that staging?

或者當你繼續這個舞台時，它會超越這個範圍嗎？

Yeah.

是的。

Look, I think our new target range as we think about kind of a normalized market is 9 to 11 weeks, right?

看，我認為我們考慮正常化市場時的新目標範圍是 9 到 11 週，對吧？

So that 10 weeks, plus or minus, is right in the sweet spot.

因此，10 週（加上或減去）正好是最佳時間。

But I don't think you're going to see us go north of 11.

但我認為你不會看到我們超越 11 點。

Chris Caso, Wolfe Research.

克里斯‧卡索，沃爾夫研究中心。

The first question is on the capital intensity that you mentioned moving lower.

第一個問題是關於你提到的資本密集度下降的問題。

I guess, is there anything structural in that we should be contemplating?

我想，有什麼結構性的東西值得我們思考嗎？

Or is this just a function of where utilization is right now and the fact that you can grow revenue into the existing capacity?

或者這只是當前利用率的函數以及您可以將收入增加到現有容量的事實？

And perhaps with that, given where the utilization levels are right now, is there a particular sort of revenue capacity that you could grow into without increasing the CapEx very much?

也許考慮到目前的使用率水平，是否有一種特定類型的收入能力可以在不增加太多資本支出的情況下增長？

Yes.

是的。

Chris, it's Thad.

克里斯，是泰德。

So look, we've made big investments over the last several years.

所以看，我們在過去幾年裡進行了大量投資。

Those investments went primarily to silicon carbide and EFK, right?

這些投資主要投向了碳化矽和 EFK，對嗎？

So both of those investments are now behind us.

所以這兩項投資現在都已經過去了。

We do have more in silicon carbide as we go forward.

隨著我們的前進，我們確實擁有更多的碳化矽。

Thinking about that Czech Republic investment, but that's over a multiyear period.

考慮捷克共和國的投資，但這已經是多年的時間了。

So I wouldn't look at the structural, I would look at this as achieving that target early, and it's based on the performance of our manufacturing footprint.

因此，我不會考慮結構性問題，我會將其視為儘早實現該目標，並且它基於我們製造足跡的績效。

I've said this many times, we continue to optimize that footprint and drive cost out and drive efficiency up, which gets more units out.

我已經說過很多次了，我們將繼續優化佔地面積，降低成本，提高效率，從而獲得更多的單位。

And obviously, at 65% utilized, we have a lot of capacity.

顯然，利用率為 65%，我們擁有大量產能。

So there isn't a need to bring capacity on, other than for the strategic nature of silicon carbide.

因此，除了碳化矽的戰略性質之外，沒有必要增加產能。

The rest of this will be primarily maintenance.

其餘的主要是維護。

And I wouldn't -- yes.

我不會——是的。

And I wouldn't think about our CapEx level as hindering any growth -- future growth at all.

我不認為我們的資本支出水準會阻礙任何成長——未來的成長。

As I mentioned in my prior answer, silicon carbide volume or capacity is going to grow just by very low CapEx conversion from six to eight.

正如我在先前的回答中提到的，碳化矽的體積或容量將透過從六到八的非常低的資本支出轉換而成長。

We'll give you a boost in capacity, our analog mixed signal new products will be landing in East Fishkill, which is again a new fab that's going to support the growth.

我們將為您提供產能提升，我們的類比混合訊號新產品將登陸東菲什基爾，這又是一個支援成長的新晶圓廠。

So we're very comfortable with where our footprint is, and we'll continue to look at optimizing our brownfield investment.

因此，我們對我們的足跡非常滿意，我們將繼續考慮優化我們的棕地投資。

Got it.

知道了。

Thank you.

謝謝。

I guess as a follow-up, I'll ask you another question on silicon carbide.

我想作為後續行動，我會問你另一個關於碳化矽的問題。

And interested in your view on where this market goes into next year.

並且對您對明年這個市場走向的看法感興趣。

And I recognize that where volume goes is a tough question at this point.

我體認到，目前成交量的去向是一個棘手的問題。

But the other part of silicon carbide is penetration because silicon carbide, the penetration rate is still relatively low.

但碳化矽的另一部分是滲透性，因為碳化矽的滲透率還比較低。

I think you've got some visibility there on design wins.

我認為您對設計勝利有一定的了解。

So I guess the first part of the question is, where do you think you can grow this business next year?

所以我想問題的第一部分是，你認為明年你可以在哪裡發展這項業務？

And then secondly, how much of that growth potential growth comes from penetration versus just EV units?

其次，與純電動車相比，成長潛力的成長有多少來自滲透率？

Yeah.

是的。

Look, in general, I agree with the statement that our view or long-term view of silicon carbide or electrification market remains unchanged.

看，總的來說，我同意這樣的說法，即我們對碳化矽或電氣化市場的看法或長期看法保持不變。

That was why we started the call with Ross's question of does that cause us to change any of our outlook?

這就是為什麼我們在電話會議開始時就提出羅斯的問題：這是否會導致我們改變我們的觀點？

The answer is no.

答案是否定的。

Because of exactly the two points you brought up.

正是因為你提到的這兩點。

EVs are going to continue to grow.

電動車將繼續成長。

The rate of growth year-on-year will be lumpy, but it is still growth.

同比增速會起伏不定，但仍是成長。

And then you have on top of that, you got silicon carbide penetration within the EVs.

除此之外，碳化矽也滲透到電動車中。

As you mentioned, today, we're only -- if I take out the market -- a North American market leader, we're about 6% as an industry, silicon carbide penetrated into EVs.

正如您所提到的，今天，如果我剔除市場，我們只是北美市場的領導者，我們在碳化矽滲透到電動車領域的行業佔有率約為 6%。

If you refer to my comments last quarter about the Beijing Auto Show, most, if not all of the new model that were introduced specifically in China were 800-volt driven with silicon carbide.

如果你參考我上季度關於北京車展的評論，大多數（如果不是全部）專門在中國推出的新車型都是由碳化矽驅動的 800 伏特電壓。

So that penetration of silicon carbide into EV will continue to grow into 2025. and then the market will define how much of the unit volume of EVs will grow into '25.

因此，碳化矽在電動車中的滲透率將繼續增長到 2025 年。 然後市場將決定電動車的單位數量將增長到 25 年。

For us, we expect silicon carbide to also grow in 2025 given those 2 trends that I mentioned.

對我們來說，鑑於我提到的這兩個趨勢，我們預計碳化矽在 2025 年也會成長。

Jed Dorsheimer, William Blair.

傑德·多斯海默，威廉·布萊爾。

I guess first question, Hassane, I was wondering if you might be able to elaborate on the value proposition that your customers are asking you about in the power tree data center specifically?

我想第一個問題，哈桑，我想知道您是否能夠詳細說明您的客戶在電力樹資料中心中具體詢問您的價值主張？

Do you see it -- how does that relate to the efficiency and the shift to modules in EVs?

您看到了嗎？

And what gives you confidence that silicon carbide versus gallium nitride is going to be the solution there?

是什麼讓您相信碳化矽與氮化鎵將成為解決方案？

And then I have a follow-up.

然後我有一個後續行動。

Okay.

好的。

There's just a couple of things, and I will try to reiterate just to make sure I get the question and I give you the right answer.

只有幾件事，我會盡力重申，以確保我明白問題並給你正確的答案。

So from the AI in general, the power tree is efficiency.

所以從一般的人工智慧來看，權力樹就是效率。

You can have the most efficient conversion at the GPU.

您可以在 GPU 上進行最高效的轉換。

And then you can lose most of it from, call it, the PSU all the way in.

然後你可能會從電源中失去大部分電量。

So efficiency of the power tree is important.

因此，電源樹的效率非常重要。

That's becoming more and more important not to the module or the server maker, but more for the hyperscaler. 1% efficiency loss on a power tree.

這對於模組或伺服器製造商來說變得越來越重要，而對於超大規模廠商來說則更為重要。電源樹效率損失 1%。

Think about that loss on a rack.

想想架子上的損失。

Think about that utility bill that they would otherwise not be getting by getting the 1% efficiency.

想想他們透過獲得 1% 的效率就無法獲得的公用事業帳單。

That's the benefit that we are seeing.

這就是我們看到的好處。

Your next question is about silicon carbide versus GaN.

您的下一個問題是關於碳化矽與 GaN。

Those are TWP different things.

這些都是 TWP 不同的東西。

Silicon carbide, when we talk about silicon carbide and the product that we announced last quarter at 650-volt, that's more closer to the grid in the power tree.

碳化矽，當我們談論碳化矽和我們上季度宣布的 650 伏特產品時，它在電源樹中更接近電網。

If I think the power tree grid all the way to GPU, that's more in the PSU, high-voltage PSU conversion.

如果我認為電源樹網格一直到 GPU，那麼更多的是在 PSU、高壓 PSU 轉換中。

As you get closer, you get silicon and GaN.

當你靠近時，你會看到矽和氮化鎵。

As you get closer, higher frequency, lower voltage where you want the efficiency.

當你越來越接近你想要的效率時，頻率會更高，電壓會更低。

That's where, for example, you have silicon products that are as efficient, which are T10 Trench Pad and that's what's gaining wins.

例如，這就是您擁有同樣高效的矽產品的地方，即 T10 Trench Pad，這就是贏得勝利的原因。

So it's not about silicon carbide versus GaN versus silicon.

所以這不是碳化矽與氮化鎵與矽的比較。

It's really a different branches in that power tree is where the most optimal technology needs to fit.

這確實是電力樹中不同的分支，需要適合最優化的技術。

And our ability to provide all of these give us that portfolio and that competitive advantage at the customer.

我們提供所有這些的能力為我們提供了產品組合和對客戶的競爭優勢。

So that's how we look at it.

這就是我們的看法。

And by the way, to your comment on electrification or EVs, same concept in EVs.

順便說一句，對於您對電氣化或電動車的評論，電動車也有相同的概念。

There's -- we still have IGBT.

我們仍然有 IGBT。

We have silicon carbide, and we have hybrid, where you don't need 100% SiC or 100% IGBT.

我們有碳化矽，也有混合材料，您不需要 100% SiC 或 100% IGBT。

We look at the power tree and automotive the same way, where we focus on providing the best efficiency with the most optimized performance to cost benefit for the customer.

我們以同樣的方式看待電源樹和汽車，專注於為客戶提供最佳效率和最優化的性能，從而實現成本效益。

The same formula is getting us into the power tree for AI.

同樣的公式也讓我們進入人工智慧的權力樹。

Harsh Kumar, Piper Sandler.

嚴厲的庫馬爾，派珀桑德勒。

Saw a good job controlling what you can control in this tough environment.

在這個艱難的環境中，我發現控制自己能控制的事情做得很好。

Thad, I had 1 for you.

泰德，我有 1 個給你。

Your guiding revenue as sort of flattish.

您的指導收入有點持平。

Should I assume the mix between the 2 key end markets, automotive and industrial, to be kind of the same flattish, just basically what it was last quarter?

我是否應該假設汽車和工業這兩個關鍵終端市場之間的組合同樣平坦，基本上與上季相同？

Or is there some puts and takes that I can think about?

或者有一些我可以考慮的放法和取法嗎？

No.

不。

We think automotive is going to be up low to mid-single digits just with the silicon carbide continuing to ramp.

我們認為，隨著碳化矽的持續成長，汽車產業的成長率將上升至個位數。

Industrial is kind of flattish, maybe slightly down.

工業有點平淡，甚至可能略有下降。

The other bucket will likely be down.

另一個桶子可能會下降。

But we think auto will outgrow the overall total.

但我們認為汽車的成長將超過整體成長。

Great.

偉大的。

Thank you for that colour.

謝謝你的那個顏色。

And then maybe one for Hassane.

然後也許是哈桑的一個。

Hassane, when you talk to -- I'm curious, I want to get some visibility on what kind of conversations you have with your customers.

哈桑，當你與－我很好奇，我想了解你與客戶進行什麼樣的對話。

It seems like there is excess inventory.

看來庫存過剩了。

It seems like there's lackluster end demand, seems like it's both.

看起來終端需求低迷，似乎兩者兼具。

So when you talk to your customers, when do they envision a turn to happen or they simply don't know?

因此，當您與客戶交談時，他們預計什麼時候會發生轉變，或者他們根本不知道？

And is interest rate a factor here at all as it starts to kick in into the economy?

當利率開始影響經濟時，它到底是因素嗎？

And then my last part of the question, separate, was one of your competitors got basically a lot of CHIP Act money, much more than I would have thought.

然後我的問題的最後一部分是，你的一個競爭對手基本上得到了很多《晶片法案》的資金，比我想像的要多得多。

I was curious where you guys stand in that spectrum?

我很好奇你們在這個範圍內處於什麼位置？

Sure.

當然。

So first, on the dialogue with the customers.

首先是與客戶的對話。

Look, the conversation with the customer, nobody has got a better crystal ball than the other.

你看，在與客戶的交談中，沒有人比對方擁有更好的水晶球。

So the conversation with customers is really around how are we both going to get ready for a recovery in demand.

因此，與客戶的對話實際上是圍繞著我們如何為需求復甦做好準備。

And if the recovery happens quickly, how are we going to be ready versus 2021, for example, where the shortages happened?

如果復甦迅速發生，那麼與 2021 年（例如發生短缺的地方）相比，我們將如何做好準備？

That's the strategic dialogue of visibility of communication, really the tightness of the relationship that really is important here.

這就是溝通可見度的策略對話，關係的緊密程度在這裡非常重要。

I was in Europe, for example, last week, where the dialogue was, I would say 50% about that.

例如，上週我在歐洲，在那裡進行了對話，我想說 50%。

The other 50% is new designs.

另外50%是新設計。

So the design in activity at the OEMs, driven by the OEMs into the Tier 1 also has not slowed down, which tells you that nobody is taking this as a change in a long-term strategy, electrification and so on.

因此，由原始設備製造商推動進入一級的設計活動也沒有放緩，這告訴你沒有人將此視為長期策略、電氣化等方面的變化。

So everybody remains committed to their plans.

所以每個人都仍然致力於他們的計劃。

Everybody acknowledges that there's lumpiness in demand.

每個人都承認需求不穩定。

It could be helped by interest rates, absolutely, because it's consumer confidence and consumer spend.

利率絕對可以起到幫助作用，因為它關係到消費者信心和消費者支出。

But when is it going to play its way through the economy, that's the knee in the curve that we're waiting.

但它什麼時候才能在經濟中發揮作用，那就是我們正在等待的曲線轉折點。

But what we can do now is making sure we're ready.

但我們現在能做的是確保我們做好準備。

We talked about strategic inventory builds on the silicon carbides for us to react quicker, et cetera.

我們討論了基於碳化矽的戰略庫存，以便我們更快地做出反應，等等。

These are things we can do along with our customers to be ready.

這些是我們可以與客戶一起準備好的事情。

As far as CHIPS money, I won't comment on where we are specifically.

至於 CHIPS 的資金，我不會評論我們的具體情況。

We've always said we're going to do what we need to do for us as a company.

我們總是說我們會做公司需要做的事情。

And the support from the CHIPS Act is very welcome to offset some of the investments we have to make in North America.

非常歡迎 CHIPS 法案的支持，以抵消我們必須在北美進行的一些投資。

We're not going after it just to build new fabs and build new capacity that we otherwise will not need.

我們追求它不僅僅是為了建造新的晶圓廠和建造我們不需要的新產能。

Because you may get funding, but you'll pay for it on the back end once you have the building running.

因為你可能會獲得資金，但一旦大樓投入運行，你就需要在後端支付費用。

We're not going to be going down that path.

我們不會走那條路。

You heard that about our investments in our CapEx and our new model, we're going to work within these parameters.

您聽說過我們對資本支出和新模型的投資，我們將在這些參數範圍內進行工作。

As far as what I would call the preliminary terms that one of our competitors got, I wish him luck.

至於我們的一位競爭對手獲得的初步條款，我祝他好運。

I think the struggles were not related to funding.

我認為這些困難與資金無關。

The struggles were related to operational, but I wish him luck.

這些困難與營運有關，但我祝他好運。

And this concludes our Q&A session.

我們的問答環節到此結束。

I would now like to turn the call back over to Hassane El-Khoury, President and CEO, for closing remarks.

現在我想將電話轉回給總裁兼執行長 Hassane El-Khoury，讓其致閉幕詞。

Thank you for joining us on the call this morning.

感謝您今天早上參加我們的電話會議。

And I want to thank all our employees for pushing through this prolonged period of uncertainty.

我要感謝我們所有的員工度過了這段漫長的不確定時期。

We'll continue to navigate the market environment and deliver value to our stakeholders by focusing on our execution and operational excellence.

我們將繼續引導市場環境，並透過專注於我們的執行力和卓越運營，為我們的利害關係人創造價值。

Thank you.

謝謝。

And this concludes today's conference call.

今天的電話會議到此結束。

Thank you for participating.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。