(TGAN) 2023 Q1 法說會逐字稿

Good day, everyone. Welcome to today's Transphorm Inc. Fiscal First Quarter 2023 Financial Results and Business Update Call. Today's program is being recorded. (Operator Instructions)

今天是個好日子。歡迎參加今天的 Transphorm Inc. 2023 財年第一季度財務業績和業務更新電話會議。今天的節目正在錄製中。 （操作員說明）

At this time for opening remarks, I'd like to turn things over to Mr. Jack Perkins. Please go ahead, sir.

在這個時候開始致辭，我想把事情交給傑克帕金斯先生。請繼續，先生。

Thank you, operator. Good afternoon. My name is Jack Perkins, and I will be your conference operator. I would like to welcome everyone to today's Transphorm's business update conference call. Please be advised that today's conference call is being recorded. Joining today's call from Transphorm are Primit Parikh, Co-Founder, President and Chief Operating Officer; and Cameron McAulay, Chief Financial Officer.

謝謝你，接線員。下午好。我的名字是 Jack Perkins，我將成為您的會議接線員。我想歡迎大家參加今天 Transphorm 的業務更新電話會議。請注意，今天的電話會議正在錄音中。加入 Transphorm 今天電話會議的有聯合創始人、總裁兼首席運營官 Primit Parikh；和首席財務官卡梅倫麥考利。

Before we begin, I would like to point out that there is a slide for notations associated with today's call in which management will be referencing during the conference call. These slides can be assessed through -- accessed through the live webcast link in the Investor Relations section of Transphorm's website, and they will also be posted on the linked PDF subsequent to today's conference call.

在我們開始之前，我想指出，有一張與今天的電話會議相關的符號幻燈片，管理層將在電話會議期間參考該幻燈片。這些幻燈片可以通過 Transphorm 網站投資者關係部分的實時網絡直播鏈接進行評估，並且它們也將在今天的電話會議之後發佈在鏈接的 PDF 中。

Additionally, during the course of this call, the company may make forward-looking statements regarding the company's financial position, strategies, plans and future operations with specific end market and other areas of discussion. It is not possible for the company or management to predict all the risks, nor for the company to assess the total potential impact of all factors on its business or to the extent which any factor or combination of factors may cause actual results to differ materially from those contained in any forward-looking statements.

此外，在本次電話會議期間，公司可能會就公司的財務狀況、戰略、計劃和未來運營以及特定終端市場和其他討論領域做出前瞻性陳述。公司或管理層不可能預測所有風險，也不可能評估所有因素對其業務的總體潛在影響，或任何因素或因素組合可能導致實際結果與任何前瞻性陳述中包含的內容。

In light of all these risks, uncertainties and assumptions, the forward-looking statements discussed during this call may or may not occur, and the actual results could differ materially and adversely from those anticipated or implied. Any projections as to the company's future performance represent management's views as of today, August 15, 2022. Neither the company nor any person assumes responsibility for the accuracy or completeness of the forward-looking statements.

鑑於所有這些風險、不確定性和假設，本次電話會議期間討論的前瞻性陳述可能會或可能不會發生，實際結果可能與預期或暗示的結果存在重大和不利的差異。對公司未來業績的任何預測均代表管理層截至今天（2022 年 8 月 15 日）的觀點。公司或任何人均不對前瞻性陳述的準確性或完整性承擔責任。

The company undertakes no obligation to publicly update the forward-looking statements for any reason after the date of this call, should conform such statements to actual results or to change in the company's expectations. For a detailed information on risks associated with the company's business, we refer you to the risk factors described on Transphorm's S-1, 10-KT and other subsequent filings with the SEC.

公司不承擔在本次電話會議後以任何理由公開更新前瞻性陳述的義務，應使此類陳述符合實際結果或公司預期的變化。有關與公司業務相關的風險的詳細信息，請參閱 Transphorm 向 SEC 提交的 S-1、10-KT 和其他後續文件中描述的風險因素。

With that, I will turn the call over to Transphorm's President and Chief Operating Officer Primit Parikh. Primit, please go ahead.

有了這個，我將把電話轉給 Transphorm 的總裁兼首席運營官 Primit Parikh。普里米特，請繼續。

Thank you, Jack, and thank you to our listeners and good afternoon, everyone. We are pleased to report TGAN's 10th successive quarter of product revenue increase with product revenues well over $1.4 million, a 100% plus year-to-year increase and a total revenue of $5.2 million in the quarter, a 60% year-to-year increase, and in line with consensus analyst estimates, amidst what is continuing to be a challenging supply chain environment and COVID-related shutdown -- slowdown in Asia still lingering on.

謝謝你，傑克，謝謝我們的聽眾，大家下午好。我們很高興地報告 TGAN 的產品收入連續第 10 個季度增長，產品收入遠超 140 萬美元，同比增長 100%，本季度總收入為 520 萬美元，同比增長 60%在持續充滿挑戰的供應鏈環境和與 COVID 相關的停工中，亞洲的放緩仍在持續，這與分析師的普遍預期一致。

This growth was made possible by our execution and leadership in high-power GaN, which was more than 60% of our revenue mix, executing towards the 500k-plus units purchase order we announced last quarter as well as continued traction in low-power GaN. This was further enabled by the easy-to-use higher-efficiency TGAN FET versus competing e-mode GaN solutions and is exemplified by wins such as the Phihong 65 watt adapter and the release of 7 reference designs for the 65 watt to the 140 watt adapter range.

這一增長得益於我們在高功率 GaN 領域的執行力和領先地位（占我們收入組合的 60% 以上），執行我們上季度宣布的 50 萬多件採購訂單，以及低功率 GaN 領域的持續牽引力.與競爭 e-mode GaN 解決方案相比，易於使用的高效 TGAN FET 進一步實現了這一點，並以 Phihong 65 瓦適配器和發布 7 個 65 瓦至 140 瓦參考設計等勝利為例適配器範圍。

These results have been a direct impact of our targeted investments in these areas, and we plan to continue investing in these areas in the future. An additional example of our high-power leadership includes the release of our surface mount high-power D2PAK industry standard package and continued adoption in higher-end applications like the Japanese Nayuta medical power supply, where TGAN enabled 73% loss reduction in a fanless design. Another example, in a recent third-party teardown that revealed TGAN inside ASUS' leading 1.6 watt gaming power supply, the first gaming PSU within ASUS to the best of our knowledge to implement gallium nitride.

這些結果直接影響了我們在這些領域的目標投資，我們計劃在未來繼續投資這些領域。我們高功率領先地位的另一個例子包括發布我們的表面貼裝大功率 D2PAK 行業標準封裝，並繼續在日本 Nayuta 醫療電源等高端應用中採用，TGAN 在無風扇設計中實現了 73% 的損耗降低.另一個例子是，在最近的第三方拆解中，顯示了華碩領先的 1.6 瓦遊戲電源內部的 TGAN，據我們所知，這是華碩內部第一個實施氮化鎵的遊戲 PSU。

TGAN, we believe, is still the only GaN company to be shipping in high volume in multiple programs in the kilowatt range today, making us a one-stop shop for GaN from low power to high power. We continue to see robust demand and our current backlog is at record levels. While we do see intermediate softness in certain market segments like blockchain computing, this is presently being absorbed by other demand, but we will be watchful in the coming quarters. There is also a clear Asia, China mobile handset softness. However, it has not been a significant factor for us since we are gaining design-ins and market share from a relatively modest pace even in gallium nitride, which itself is a smaller portion of the total adopter -- total adapter power device market.

我們相信，TGAN 仍然是當今唯一一家在多個千瓦級項目中大批量出貨的 GaN 公司，使我們成為從低功率到高功率 GaN 的一站式商店。我們繼續看到強勁的需求，我們目前的積壓達到創紀錄水平。雖然我們確實看到區塊鏈計算等某些細分市場出現中間疲軟，但目前正在被其他需求所吸收，但我們將在未來幾個季度保持警惕。也有明顯的亞洲、中國手機市場疲軟。然而，這對我們來說並不是一個重要因素，因為即使在氮化鎵中，我們也以相對適中的速度獲得了設計和市場份額，氮化鎵本身在整個採用者 - 總適配器功率器件市場中所佔的比例較小。

For example, although still in early growth mode, we secured follow-on orders for Fortune 100 65-watt laptop adapter design wins that we talked last time and the worldwide e-retailer 140 watt win as well as a new pilot win for a leading brand TV manufacturer's 100-inch TV power supply. The key challenge in front of us in the next 2 quarters is continuing to expand our capacity. In the May to July time frame, we've had some delays in bringing more of our existing reactor capability in Japan online due to COVID-related travel restrictions and a downstream supply chain issues in securing hardware and associated equipment.

例如，儘管仍處於早期增長模式，但我們獲得了我們上次談到的財富 100 強 65 瓦筆記本電腦適配器設計勝出的後續訂單，以及全球電子零售商 140 瓦勝出的後續訂單，以及領先的新試點勝出。品牌電視機廠家的100寸電視機電源。未來兩個季度擺在我們面前的主要挑戰是繼續擴大我們的產能。在 5 月至 7 月的時間範圍內，由於與 COVID 相關的旅行限制以及確保硬件和相關設備安全的下游供應鏈問題，我們在將更多現有反應堆能力上線日本方面出現了一些延遲。

As a result, despite the record backlog, we do anticipate up to 30% lower product revenues in FQ2 '23 versus FQ1 '23, but recovering to resume growth back in FQ3 and FQ4 at about 30% sequential quarterly product revenue growth. For our government programs, we are finishing up our existing Navy manufacturing program for GaN epi materials, which is an important second vertical for Transphorm. A new program has just been announced that we will target to win using the same platform which has enabled us to win the previous contract. The timing of this follow-on program is likely the beginning of calendar year 2023 now.

因此，儘管有創紀錄的積壓，我們確實預計 23 年第二季度的產品收入將比 23 年第一季度下降 30%，但在第三季度和第四季度恢復增長，季度產品收入連續增長約 30%。對於我們的政府計劃，我們正在完成我們現有的海軍 GaN Epi 材料製造計劃，這是 Transphorm 重要的第二個垂直領域。剛剛宣布了一項新計劃，我們的目標是使用使我們能夠贏得之前合同的同一平台獲勝。這個後續計劃的時間可能是現在 2023 日曆年的開始。

On a separate domestic front, TGAN has much of its core GaN epi wafer manufacturing in the United States, and we will be thinking funding under the CHIPS Act to further support and scale this core U.S. manufacturing competence. Even with these challenges, we are still targeting a 40% to 45% increase in product revenues from FY '22 to FY '23. As I will walk through in the short presentation, we are aggressively taking steps to increase installed reactor capacity by acquiring additional reactors and having them in production around mid- to second half of calendar 2023.

在另一個國內方面，TGAN 的大部分核心 GaN 外延晶片製造在美國，我們將考慮根據 CHIPS 法案提供資金，以進一步支持和擴大美國的核心製造能力。即使面臨這些挑戰，我們的目標仍然是從 22 財年到 23 財年的產品收入增長 40% 到 45%。正如我將在簡短的介紹中介紹的那樣，我們正在積極採取措施，通過購買更多的反應堆並在 2023 年中下半年左右投入生產來增加反應堆裝機容量。

With our high-power strength and strong intellectual property, we are also targeting additional new market segments. An example of this is the electric 2-wheeler and 3-wheeler segment, especially in Asia. We expect this market to grow rapidly to a multimillion dollar base for us in FY 2024. This provides us with an early entry point into the key electric vehicle market with the 4-wheeler segment expected to follow in '24, '25.

憑藉我們強大的實力和強大的知識產權，我們也瞄準了更多的新細分市場。這方面的一個例子是電動 2 輪車和 3 輪車細分市場，尤其是在亞洲。我們預計這個市場將在 2024 財年迅速增長到數百萬美元的基礎。這為我們提供了進入關鍵電動汽車市場的早期切入點，預計 24 年和 25 年將推出 4 輪車細分市場。

Overall, with the proven performance in design benefits of TGAN over competing solutions and the leadership in high power GaN with strong application-based patent portfolio, we remain very strongly positioned to address the $3 billion GaN TAM in diverse areas like servers and communications, blockchain computing, gaming, energy, inverters and electric vehicles, 2-wheelers, 3-wheelers, 4-wheelers, while growing our share in the lower powered fast-charger adapter segment.

總體而言，憑藉 TGAN 在設計優勢方面的成熟性能優於競爭解決方案，以及在高功率 GaN 領域的領先地位以及強大的基於應用的專利組合，我們仍然非常有能力在服務器和通信、區塊鍊等不同領域解決價值 30 億美元的 GaN TAM計算、遊戲、能源、逆變器和電動汽車、兩輪車、三輪車、四輪車，同時增加我們在低功率快速充電器適配器領域的份額。

With that outline, I will next review some of the salient point of TGAN's value proposition as a recap and then outline our strong execution in the April to June ending quarter and our key challenges over the next 2 quarters, including the focus on our expansion strategy for FY 2023 and beyond. So first off, as a recap for new listeners, gallium nitride is a wide bandgap semiconductor material for power conversion that reduces electrical energy waste, enables compact power conversion footprint and lower power system costs across a variety of electrical power conversion applications, laptop or mobile chargers, computing power or automotive inverters.

有了這個大綱，接下來我將回顧 TGAN 價值主張的一些要點作為回顧，然後概述我們在 4 月至 6 月結束季度的強勁執行以及未來兩個季度的主要挑戰，包括對我們擴張戰略的關注2023 財年及以後。因此，首先，作為對新聽眾的回顧，氮化鎵是一種用於電源轉換的寬帶隙半導體材料，可減少電能浪費，實現緊湊的電源轉換足跡並降低各種電源轉換應用、筆記本電腦或移動設備的電源系統成本充電器、計算能力或汽車逆變器。

And does this much better than traditional silicon and also better than other new semiconductors like silicon carbide. TGAN is an established innovator and design pioneer, leading manufacturer, supplier of high-voltage GaN power semiconductor products over the widest range of application from 30 watts low power to over 4 kilowatts high power and in applications ranging from adapters and fast chargers to high-power data centers, mining, communication infrastructure, broad industrial renewables and design-ins for automotive, a result of our solid core investment strategy and focus.

這比傳統的矽要好得多，也比碳化矽等其他新型半導體要好。 TGAN 是成熟的創新者和設計先驅，是高壓 GaN 功率半導體產品的領先製造商和供應商，其應用範圍從 30 瓦低功率到超過 4 千瓦的高功率，應用範圍從適配器和快速充電器到高壓電力數據中心、採礦、通信基礎設施、廣泛的工業可再生能源和汽車設計，這是我們堅實的核心投資戰略和重點的結果。

Our fundamental intellectual property with over 1,000 patent strong portfolio as well as our high-performance, high-quality products have been validated by blue chip customers and partners, financial partners, IC design partners, manufacturing partners and automotive industrial market leaders as well as the U.S. Department of Defense. Our comprehensive and differentiated product offering, backed by high-quality manufacturing base that we essentially own has ramped in the market with over 60 billion field hours now in our customers' product, including both high-power and low power GaN again and resulted in over $24 million in revenues in FY 2022 in spite of a challenging supply chain environment.

我們擁有超過 1,000 項強大專利組合的基礎知識產權以及我們的高性能、高質量產品已得到藍籌客戶和合作夥伴、金融合作夥伴、IC 設計合作夥伴、製造合作夥伴和汽車工業市場領導者以及美國國防部。我們全面和差異化的產品供應，以我們本質上擁有的高質量製造基地為後盾，已經在市場上大放異彩，現在我們客戶的產品（包括高功率和低功率 GaN）中的現場時間超過 600 億小時，並導致超過儘管供應鏈環境充滿挑戰，但 2022 財年的收入仍為 2400 萬美元。

Above all, GaN is addressing large multibillion-dollar growing market segment, including electric vehicles, 5G and smart charging, amongst other things. Our focus is building a strong product-driven business, fast ramping, profitable growth, and we are already off to the races doing that. In FY 2024, we target more than 90% of our revenue base to be product revenues. And as you see today, we are already more than 80% in that regard.

最重要的是，GaN 正在解決價值數十億美元的龐大市場領域，包括電動汽車、5G 和智能充電等。我們的重點是建立一個強大的產品驅動型業務，快速增長，盈利增長，我們已經開始這樣做了。在 2024 財年，我們將 90% 以上的收入基礎定為產品收入。正如你今天所看到的，我們在這方面已經超過了 80%。

We are committed to making the required operating and capital investments for increased scale to meet higher demand, higher performance products and solutions for our customers and fostering GaN adoption across multiple end markets that I talked about to achieve our targets -- long-term targets of well over 50% CAGR, gross margins of over 40% and operating margins exceeding 20%.

我們致力於進行必要的運營和資本投資以擴大規模，以滿足客戶更高的需求、更高性能的產品和解決方案，並促進在多個終端市場採用 GaN，以實現我們的目標——長期目標複合年增長率超過 50%，毛利率超過 40%，營業利潤率超過 20%。

TGAN is in a unique and differentiated position among the GaN suppliers today to have products in the market that address a multibillion-dollar market opportunity for GaN, the GaN TAM for power conversion from low power to high power, adapters and chargers, power server, data servers, blockchain datacom that we are already ramping to industrial energy and PV inverters, renewables, now also in production with TGAN parts with our customers and in the mid- to long-term, large growth opportunities with automotive electric vehicles, both EV 2- and 3-wheelers in the midterm and 4-wheelers in the long-term, further bolstering our long-term growth beyond 2024, 2025.

TGAN 在當今的 GaN 供應商中處於獨特和差異化的地位，其產品能夠解決數十億美元的 GaN 市場機遇，用於從低功率到高功率的功率轉換的 GaN TAM、適配器和充電器、電源服務器、數據服務器、區塊鏈數據通信，我們已經開始涉足工業能源和光伏逆變器、可再生能源，現在也與我們的客戶一起生產 TGAN 部件，以及電動汽車的中長期巨大增長機會，包括 EV 2 - 以及中期的三輪車和長期的四輪車，進一步支持我們在 2024 年和 2025 年之後的長期增長。

Transphorm provides GaN solutions across this platform, delivering higher efficiency compact systems with easy-to-use and easy-to-interface products with proven performance benefits against silicon, silicon carbide and other GaN solutions. One of our key attributes from early on, and one of the key reasons of our success as well is the ownership of our GaN wafer production supply chain. This is an advantage that is becoming even more important in today's geopolitical climate. This starts with the design of our safe, robust and easy to interface normally of GaN FET. We directly own and control our GaN epi wafer manufacturing with multiple MOCVD reactors. These are the tools used for baking or growing GaN material on silicon, wafer, say for example, in 2 geographical locations, our California headquarters and Japan.

Transphorm 提供跨該平台的 GaN 解決方案，提供效率更高的緊湊型系統，以及易於使用和易於接口的產品，與硅、碳化矽和其他 GaN 解決方案相比，具有經證實的性能優勢。我們早期的關鍵屬性之一，也是我們成功的關鍵原因之一是我們對 GaN 晶圓生產供應鏈的所有權。在當今的地緣政治氣候下，這一優勢變得越來越重要。這從我們安全、堅固且易於正常連接的 GaN FET 的設計開始。我們通過多個 MOCVD 反應器直接擁有和控制我們的 GaN Epi 晶圓製造。這些是用於在矽、晶圓上烘烤或生長 GaN 材料的工具，例如，在我們的加利福尼亞總部和日本這兩個地理位置。

Our wafer factory, the fab -- Wafer-Fab is a joint venture with our financial strategic partner. And to remind, it is a high-quality manufacturing site with the only formally reported yields for GaN matching that of silicon CMOS running in the same factory, a feature that has contributed to our high-power GaN products, yield and quality. While packaging is done with some of our valued OSAT partners, we bring TPH, a Transphorm IP in this design. For example, allowing GaN to be efficiently used in robust TO packages desired by high power customers, something that is not easy for other gallium nitride providers to do.

我們的晶圓廠，晶圓廠——晶圓廠是與我們的財務戰略合作夥伴的合資企業。提醒一下，這是一個高質量的製造基地，唯一正式報告的 GaN 產量與在同一工廠運行的矽 CMOS 相匹配，這一特性為我們的高功率 GaN 產品、產量和質量做出了貢獻。雖然封裝是由我們一些重要的 OSAT 合作夥伴完成的，但我們在此設計中帶來了 TPH，一個 Transphorm IP。例如，讓 GaN 能夠有效地用於高功率客戶所需的穩健 TO 封裝，這是其他氮化鎵供應商不容易做到的。

Last but not the least is our application and design efforts, both with customers and solution partners who work preferentially with our GaN for their controller and driver products because Transphorm GaN is easy to interface and use like silicon. Next, I will discuss why TGAN wins in various verticals from lower power to higher power. So as the GaN adoption is happening fast, many good companies are in the market with gallium nitride, notably at lower power adapters and chargers. While TGAN is addressing today both low-power and high-power together, silicon obviously has been working great in the past, but now falls short in efficiency, speed and the small size required for new products. GaN takes off from here.

最後但並非最不重要的是我們的應用和設計工作，客戶和解決方案合作夥伴都優先使用我們的 GaN 來開發他們的控制器和驅動器產品，因為 Transphorm GaN 像矽一樣易於連接和使用。接下來，我將討論為什麼 TGAN 在從低功率到高功率的各個垂直領域都獲勝。因此，隨著 GaN 的迅速普及，許多優秀的公司都在使用氮化鎵進入市場，尤其是在低功率適配器和充電器方面。雖然 TGAN 今天同時解決了低功率和高功率問題，但矽顯然在過去一直表現出色，但現在在效率、速度和新產品所需的小尺寸方面存在不足。 GaN 從這裡起飛。

A few factors that outline TGAN's differentiated benefits from competing GaN. First, we excel in ease-of-use and flexibility, compatibility with standard drivers and controllers. No extra BoM components or shrubbery is needed to interface our GaN, which is designed for the performance of GaN and look and feel of silicon to the users. This makes it very cost-effective, especially in lower power chargers and adapters for smartphone and laptop where the total BoM cost is very important. The intrinsic gallium nitride performance is fully exploited by Transphorm to achieve the highest efficiency or lower losses among many other gallium nitride devices, and above all, bringing reliability and robustness across the whole power range.

幾個因素概述了 TGAN 與競爭 GaN 的差異化優勢。首先，我們在易用性和靈活性以及與標準驅動程序和控制器的兼容性方面表現出色。連接我們的 GaN 不需要額外的 BoM 組件或灌木，它專為 GaN 的性能和用戶對矽的外觀和感覺而設計。這使得它非常具有成本效益，特別是在總 BoM 成本非常重要的智能手機和筆記本電腦的低功率充電器和適配器中。 Transphorm 充分利用固有的氮化鎵性能，在許多其他氮化鎵器件中實現最高的效率或更低的損耗，最重要的是，在整個功率範圍內帶來可靠性和穩健性。

This is clearly evidenced by our proven wins with customer systems in production as TGAN is adopted in many more market verticals today with higher range reliability and performance. As you can see, applications like server power, gaming, blockchain, a variety of industrial and also high reliability aerospace, TGAN products addressing more than 10 kinds of power levels that some of the other GaN offerings enable today. Along with the benefits of ease-of-use, it reduced the BoM, an intrinsic GaN performance, underlying the results for our high-power dominance is that -- one other reason is that the typical e-mode gallium nitride interface is weaker and hard to operate in many common package types.

我們在生產中贏得客戶系統的認可清楚地證明了這一點，因為 TGAN 在當今更多的垂直市場中被採用，具有更高的範圍可靠性和性能。如您所見，服務器電源、遊戲、區塊鏈、各種工業和高可靠性航空航天等應用，TGAN 產品可滿足當今其他一些 GaN 產品支持的 10 多種功率水平。除了易於使用的好處外，它還降低了 BoM（一種固有的 GaN 性能），我們在高功率主導地位的結果的基礎是 - 另一個原因是典型的 e 模式氮化鎵界面較弱，並且在許多常見的封裝類型中難以操作。

The fundamental design innovations and directly controlled manufacturing also enable us superior dynamic performance from our GaN FET, allowing smaller GaN die to be used for the same power level doing more with less or sometimes even 2 packages versus 1 from competing GaN. And this -- and against industry-standard robust TO packages, which customers are very used to and compact surface mount packages for applications such as adapters and chargers.

基本的設計創新和直接控制的製造還使我們能夠從我們的 GaN FET 中獲得卓越的動態性能，允許使用更小的 GaN 芯片以實現相同的功率水平，而使用更少甚至有時甚至 2 個封裝而不是競爭 GaN 的 1 個封裝。這與客戶非常習慣的行業標準穩健 TO 封裝以及適配器和充電器等應用的緊湊型表面貼裝封裝相反。

And finally, higher the power, higher the energy and carbon footprint impact that gallium nitride can deliver. For example, in blockchain computing, one of the most power-hungry applications, our GaN has enabled 1% efficiency improvement and can save hundreds of kilowatts per year in one system and well over 100 pounds of carbon footprint depending on your source of energy, with more than 50,000 metric ton reduction possible just from our 2022 outlook in these areas. The overall energy impact with more than one -- more than 120 terawatt energy consumed by blockchain worldwide with a 1% efficiency gain is staggering.

最後，功率越高，氮化鎵可以提供的能量和碳足跡影響越大。例如，在區塊鏈計算（最耗電的應用之一）中，我們的 GaN 實現了 1% 的效率提升，並且在一個系統中每年可以節省數百千瓦的電量，並根據您的能源來源減少超過 100 磅的碳足跡，僅根據我們在這些領域的 2022 年展望，就可能減少 50,000 多公噸。全球區塊鏈消耗超過 120 太瓦的能源，效率提高 1%，對整體能源的影響是驚人的。

With these type of benefits, a variety of customers have selected Transphorm GaN in adapters and chargers with around 60 design-ins that we have secured. A latest one we released recently among others is a design win with Phihong, a large and very reputable ODM supplying to a number of top-tier mobile and laptop brands, along with wins -- other wins across a range of power levels and adapters. The higher power space is a large market for gallium nitride and very important, again, higher the power, higher the impact in energy savings, electricity savings and carbon footprint at the holistic level.

憑藉這些優勢，許多客戶選擇了 Transphorm GaN 用於適配器和充電器，我們已經獲得了大約 60 個設計插件。我們最近發布的一項最新產品是與 Phihong 的設計勝利，這是一個大型且非常有名的 ODM，為許多頂級移動和筆記本電腦品牌提供產品，以及其他勝利 - 在一系列功率級別和適配器上的其他勝利。更高的功率空間是氮化鎵的一個大市場，而且非常重要，同樣，功率越高，在整體層面上對節能、節電和碳足蹟的影響就越大。

Here, our Generation IV and Generation V SuperGaN offerings are compared to leading silicon carbide offerings as other type of GaN are not quite ready today for this type of high power, especially in thermally robust packages like the TO247 due to their inherent device weakness. So we have showed this previously with our highest power 15 million ohm product to the best we can tell, this is still the lowest R on qualified and ramp in production in gallium nitride in a discrete TO247 package, outperforming nicely silicon carbide MOSFETs and JFETs, both good products by strong companies in a standard package in a standard bridge circuit with 25% to 38% lower loss and able to deliver 10-kilowatt class power from a single part.

在這裡，我們將我們的第四代和第五代 SuperGaN 產品與領先的碳化矽產品進行了比較，因為目前其他類型的 GaN 還沒有為這種類型的高功率做好準備，尤其是在像 TO247 這樣的耐熱封裝中，因為它們固有的器件弱點。因此，我們之前已經用我們的最高功率 1500 萬歐姆產品展示了這一點，這是我們所能知道的最好的，這仍然是在合格和斜坡上採用分立 TO247 封裝的氮化鎵生產中的最低 R，優於碳化矽 MOSFET 和 JFET，這兩種優秀公司的優秀產品採用標準封裝，採用標準橋式電路，損耗降低 25% 至 38%，並且能夠從單個部件提供 10 千瓦級的功率。

Now there are also third-party validations confirming the same thing. For example, recent technical paper at the PCIM Europe conference where superiority of TGAN high-power GaN over silicon carbide in a 5-kilowatt application was published. Customers have selected our higher-power products across the spectrum and some of our wins were built on the foundation of efficiency, performance, ease of use, reliability and strong support. We've shared some of this in the past and some interesting recent wins include high-power gallium nitride now entering the medical space and another win that I talked about with ASUS, a leading brand name in gaming power supplies.

現在也有第三方驗證證實了同樣的事情。例如，最近在 PCIM 歐洲會議上發表的技術論文發表了 TGAN 高功率 GaN 在 5 千瓦應用中優於碳化矽的優勢。客戶選擇了我們的高功率產品，我們的一些成功是建立在效率、性能、易用性、可靠性和強大支持的基礎之上的。我們過去分享了其中的一些內容，最近一些有趣的勝利包括現在進入醫療領域的高功率氮化鎵，以及我與遊戲電源領域的領先品牌華碩談論的另一項勝利。

While there is a very significant high power growth for TGAN in the various segments I outlined and we are already ramped in some of them, electric vehicle applications continue to present a massive long-term opportunity as the performance of GaN enables continued performance of electric vehicles addressing fundamental issues of power loss, heat generation and range anxiety with high-power density enabled fast-charging, reduced size and lower losses possible with GaN that ultimately results in faster charging and higher range. TGAN has AEC-Q101, which is the automotive qualification standard parts qualified today with our Gen IV higher power solutions that have already ramped in various commercial and industrial market with true on-field reliability.

雖然 TGAN 在我概述的各個領域都有非常顯著的高功率增長，並且我們已經在其中一些領域有所增長，但電動汽車應用繼續呈現出巨大的長期機會，因為 GaN 的性能使電動汽車的持續性能成為可能通過高功率密度解決功率損耗、發熱和里程焦慮等基本問題，使用 GaN 可以實現快速充電、減小尺寸和降低損耗，最終實現更快的充電速度和更大的續航里程。 TGAN 擁有 AEC-Q101，這是今天通過我們的 Gen IV 更高功率解決方案獲得認證的汽車認證標準部件，該解決方案已經在各種商業和工業市場上以真正的現場可靠性大放異彩。

We also announced our preliminary 1,200 volt gallium nitride R&D results at a premier IEEE conference in May, including 800 volt operation for which a 1,200-volt device is needed and with higher efficiency over silicon carbide products. To accelerate in the electric vehicle segment, we have added a new vertical, namely the 2-wheeler and the 3-wheeler electric vehicle charging that fall right into the sweet spot of our today's high-power solutions. The specific GaN opportunities in EV today are in the areas of OBCs, onboard chargers, DC/DC converter and off-grid DC to AC auxiliary inverters in cars with the main drivetrain, powertrain opportunity after '25, '26.

我們還在 5 月的一次重要 IEEE 會議上公佈了我們的 1,200 伏氮化鎵初步研發結果，其中包括需要 1,200 伏器件的 800 伏操作，其效率高於碳化矽產品。為了加速在電動汽車領域的發展，我們增加了一個新的垂直領域，即 2 輪和 3 輪電動汽車充電，它們正好是我們當今大功率解決方案的最佳選擇。當今電動汽車中的特定 GaN 機會在 OBC、車載充電器、DC/DC 轉換器和具有主傳動系統的汽車中的離網直流到交流輔助逆變器領域，以及 25 和 26 年後的動力系統機會。

That drivetrain, powertrain opportunity can, in fact, triple the accessible GaN content to [$200] conservatively. We aim to be in the full market with 650 volt today and higher voltage, including addressing the 800-volt battery vehicle slot with 1,200-volt GaN in the future, all key to electric vehicles. For the 2- and 3-wheeler, we are directly addressing a variety of charging opportunities, including the onboard charger. This is an attractive market with a TAM that approaches $1 billion and more importantly, near-term revenue opportunities for TGAN.

事實上，這種傳動系統、動力系統的機會可以保守地使可獲得的 GaN 含量增加三倍至 [200 美元]。我們的目標是在今天以 650 伏特和更高電壓進入完整市場，包括在未來使用 1,200 伏特 GaN 解決 800 伏特電池汽車插槽，這些都是電動汽車的關鍵。對於 2 輪和 3 輪車，我們正在直接解決各種充電機會，包括車載充電器。這是一個有吸引力的市場，TAM 接近 10 億美元，更重要的是，TGAN 有近期的收入機會。

Next, we move to our fiscal Q1 '23 quarter performance and key vectors driving our growth. With our continued leadership in high power, more than 60% revenue this quarter in this segment and increasing share in low power, we have successfully grown product revenue for a 10th quarter in a row, even with supply challenges facing us as well as some other softness emerging in some of the specific end markets like China handset market. We did this by satisfying existing demand and creating new wins like a fray of high-voltage GaN products in the medical field with the [Diuta] fanless power supply and revenue from the gaming power market, evidenced in one way by the third-party teardown ASUS 1.6 kilowatt GaN gaming power supply.

接下來，我們轉向我們的 23 財年第一季度業績和推動我們增長的關鍵向量。憑藉我們在高功率領域的持續領先地位、本季度該領域超過 60% 的收入以及在低功率領域的份額不斷增加，我們已經連續第 10 個季度成功地增加了產品收入，即使我們以及其他一些公司面臨供應挑戰中國手機市場等特定終端市場出現疲軟。我們通過滿足現有需求並通過 [Diuta] 無風扇電源和來自遊戲電源市場的收入在醫療領域創造新的勝利，例如高壓 GaN 產品，第三方拆解以一種方式證明了這一點華碩 1.6 千瓦 GaN 遊戲電源。

And of course, continuing to ship in design wins that we have already secured and ramped in past. We gained solid designs in the adapter-charger area, in this case, notably the Phihong win as well. Our business vectors focus remains squarely on supply chain management and capacity expansion with continued emphasis on demand generation and diversification. We exited the quarter with a record product revenue of $4.4 million, a record backlog with continued leadership in high power and new wins in adapters-chargers. We added wins in this market, bringing our total design-ins to 60 driven by our GaN FET ease-of-use, higher performance and again, facilitating a lower total BoM cost for the customer.

當然，繼續交付我們過去已經獲得併逐漸增加的設計勝利。我們在適配器充電器領域獲得了可靠的設計，在這種情況下，尤其是 Phihong 獲勝。我們的業務載體仍然直接關注供應鏈管理和產能擴張，並繼續強調需求的產生和多樣化。我們在本季度結束時以創紀錄的 440 萬美元的產品收入退出了創紀錄的積壓訂單，並在高功率領域繼續處於領先地位，並在適配器充電器方面取得了新的勝利。我們在這個市場上贏得了勝利，在我們的 GaN FET 易用性、更高性能的推動下，我們的總設計量達到了 60 個，並且再次為客戶降低了總 BoM 成本。

The Phihong win provides a strong proof point for this advantage of TGAN. The high-power market continues to be a strength of TGAN as we added various diverse applications this quarter, along with satisfying existing demand. We plan to continue to leverage this and expand into more segments, notably accelerating the EV adoption by addressing the electric 2-wheeler market with the revenue potential in calendar year 2023, as I discussed earlier. On the product side, we released a new high-power surface mount package in an industry standard widely used D2PAK product consistent with the benefit of TGAN FETs provide high power in industry standard packages.

Phihong 的勝利為 TGAN 的這一優勢提供了有力的證明。大功率市場繼續成為 TGAN 的優勢，因為我們在本季度增加了各種不同的應用程序，同時滿足了現有需求。正如我之前所討論的，我們計劃繼續利用這一點並擴展到更多細分市場，特別是通過在 2023 日曆年解決具有收入潛力的電動兩輪車市場來加速電動汽車的採用。在產品方面，我們發布了一種新的高功率表面貼裝封裝，採用行業標準廣泛使用的 D2PAK 產品，符合 TGAN FET 在行業標準封裝中提供高功率的優勢。

Our 1,200-volt GaN demo with R&D results showing better performance in silicon carbide MOSFETs has started to generate attention from many customers. A key emphasis we are now addressing is on the supply side, both getting internal existing capacity fully online as well as acquiring new capacity. To this end, we acquired more reactors that we plan to bring online by mid to the second half of CY 2023 with the goal of doubling capacity by end of CY 2023, including further additional epi reactors. We need to make some of these investments ahead of time, especially due to long lead times for equipment.

我們的 1,200 伏 GaN 演示以及研發結果顯示碳化矽 MOSFET 具有更好的性能，已開始引起許多客戶的關注。我們現在要解決的一個關鍵重點是供應方面，既要使內部現有產能完全上線，又要獲得新產能。為此，我們購買了更多反應堆，我們計劃在 2023 年下半年至下半年投產，目標是在 2023 年年底之前將產能翻番，包括更多的外延反應堆。我們需要提前進行其中一些投資，尤其是由於設備的交貨時間很長。

Secondly, while our wafer fab is well set for our FY 2023 requirements and going into FY 2024, we are still targeting incremental investments in our JV factory for FY '24 growth and beyond. For packaging, like previously, we mentioned, we have sufficient capacity in place for adapters and chargers PQFN products as well as our higher power products and emphasis there will be adding SKUs like we did with D2PAK recently. The medium-term scenario towards end of FY '23 and start of FY '24 remains strong as our current capacity initiatives for both existing tools and new tools acquired are expected to start becoming additive quarter-by-quarter.

其次，雖然我們的晶圓廠已經為我們 2023 財年的要求做好了準備，並進入 2024 財年，但我們仍將增加對合資工廠的投資，以實現 24 財年及以後的增長。對於包裝，就像我們之前提到的那樣，我們有足夠的容量用於適配器和充電器 PQFN 產品以及我們更高功率的產品，並且強調將像我們最近對 D2PAK 所做的那樣添加 SKU。 23 財年末和 24 財年年初的中期情景仍然強勁，因為我們目前對現有工具和收購的新工具的產能計劃預計將開始逐季度增加。

Essentially, supply chain management as well as capacity expansion are our top focus areas over the next several quarters. We expect that with our strong balance sheet, leadership in high-power products and increased share in lower power products, we will allow TGAN to continue our strong momentum forward. Strategic partnerships and our government initiatives are key for our business, the foremost being manufacturing and capacity increase now. First off, we have already successfully acquired 2 additional epi reactors that we aim to be fully online in the second half of calendar year 2023.

從本質上講，供應鏈管理和產能擴張是我們未來幾個季度最關注的領域。我們預計，憑藉我們強大的資產負債表、高功率產品的領先地位以及低功率產品的份額增加，我們將使 TGAN 繼續保持強勁的發展勢頭。戰略合作夥伴關係和我們的政府舉措是我們業務的關鍵，目前最重要的是製造和產能增加。首先，我們已經成功收購了 2 個額外的外延反應堆，我們的目標是在 2023 日曆年下半年完全上線。

The GlobalWafer Corporation partnership and the epi expansion there is on track. We completed our formal agreement with GWC this quarter. This will add capacity above and beyond our 2 additional reactors that I just mentioned as our goal is to be aggressive on the capacity side with long-term demand scenario and our growth model remaining intact. On the wafer fab side, we continue to align plans with our JV partner and are investing in incremental capacity for next year. With respect to our customer partners, we completed the agreement for centering our development program with Yaskawa on more targeted solution for servo motor drives and robotics.

GlobalWafer Corporation 的合作夥伴關係和那裡的外延擴張正在走上正軌。我們在本季度完成了與 GWC 的正式協議。這將增加我剛才提到的兩個額外反應堆的容量，因為我們的目標是在長期需求情景和我們的增長模式保持不變的情況下在容量方面積極進取。在晶圓廠方面，我們繼續與我們的合資夥伴保持一致的計劃，並在明年投資增加產能。對於我們的客戶合作夥伴，我們完成了與安川電機開發計劃的協議，重點是針對伺服電機驅動器和機器人技術的更有針對性的解決方案。

With this, we also secured now the pending $0.75 million development funding in July 2022. The Nexperia partnership remains strong with continued focus on epi and wafer supply and also completing our Generation V automotive qualification. Generation IV, as a reminder, has already been automotive qualified. We are continuing design-in activities with Japan automotive customers in the OBC and DC/DC areas. While this may take a bit longer, we are positioning for worldwide automotive EV opportunities now. Another clear EV acceleration initiative we are now executing on is the EV 2-wheeler and 3-wheeler market segment with real potential of calendar year 2023 revenue.

有了這個，我們現在還在 2022 年 7 月獲得了 75 萬美元的未決開發資金。Nexperia 的合作夥伴關係仍然牢固，繼續專注於外延和晶圓供應，並完成了我們的第五代汽車認證。提醒一下，第四代已經通過汽車認證。我們將繼續與日本汽車客戶在 OBC 和 DC/DC 領域開展設計活動。雖然這可能需要更長的時間，但我們現在正在為全球汽車電動汽車機會進行定位。我們現在正在執行的另一個明確的電動汽車加速計劃是電動汽車 2 輪車和 3 輪車細分市場，具有 2023 日曆年收入的真正潛力。

Again, this is nearly a $1 billion market segment that we are targeting meaningful early ramps. On the government's revenue side, our fiscal Q1 billing on the Navy program was around $0.7 million. We are now targeting a follow-on in fiscal Q4 as the current program wraps up in fiscal Q3. We will also complete the 1,200-volt GaN effort with our ARPA-E program, which has given us an excellent proof point for our 1,200-volt initiative. Lastly, as many of you are aware, TGAN is a manufacturing company with significant core epi wafer manufacturing in the United States. We are aiming to position for the CHIPS Act funding with the objective to maintain and expand critical GaN epi manufacturing in the United States.

同樣，這是一個近 10 億美元的細分市場，我們的目標是有意義的早期斜坡。在政府的收入方面，我們在海軍項目上的第一財季賬單約為 70 萬美元。隨著當前計劃在第三財季結束，我們現在的目標是在第四財季進行後續活動。我們還將通過我們的 ARPA-E 計劃完成 1,200 伏 GaN 工作，這為我們的 1,200 伏計劃提供了極好的證明點。最後，正如你們許多人所知，TGAN 是一家在美國擁有重要核心外延晶圓製造的製造公司。我們的目標是為 CHIPS 法案提供資金，以維持和擴大在美國的關鍵 GaN Epi 製造。

All in all, whilst we and the broader semiconductor industry are in a challenging spot these few quarters, we are very excited to be in a strong secular GaN adoption growth phase. Our long-term model remains attractive. And to that end, we are aggressively investing in capacity expansion. TGAN's focus remains in 3 key areas: one, capacity expansion and supply chain management, keeping up with and then next year staying ahead of demand; two, expanding our leadership in high-power GaN, including opportunities to diversify our high-power base to better address market cycles as well as accelerate EV revenues time to market; and three, with our fundamental better products value proposition, continue to gain share in the adapter and charger market.

總而言之，雖然我們和更廣泛的半導體行業在這幾個季度都處於充滿挑戰的境地，但我們很高興能夠進入強勁的長期 GaN 採用增長階段。我們的長期模式仍然具有吸引力。為此，我們正在積極投資擴大產能。 TGAN 的重點仍然在 3 個關鍵領域：一是產能擴張和供應鏈管理，緊跟需求，然後在明年保持領先；第二，擴大我們在大功率 GaN 領域的領導地位，包括使我們的大功率基礎多樣化的機會，以更好地應對市場週期並加快 EV 收入的上市時間；第三，憑藉我們基本更好的產品價值主張，繼續在適配器和充電器市場獲得份額。

Notwithstanding the short-term headwinds, we expect that our market position in gallium nitride, as well as the strategy and initiatives we have outlined will allow us to build our overall momentum and emerge even stronger at the end of FY 2023 going forward into FY '24, addressing the long-term growth model I outlined at the onset.

儘管存在短期不利因素，但我們預計我們在氮化鎵領域的市場地位以及我們概述的戰略和舉措將使我們能夠建立整體勢頭，並在 2023 財年末進入財年時變得更加強勁。 24，解決我在開始時概述的長期增長模式。

With that, over to Cameron to walk you through our financials in detail.

有了這個，到卡梅倫來詳細介紹我們的財務狀況。

Thank you, Primit, and hello to everyone joining us today. Let me start with a brief recap of our financial results for our most recently completed quarter. For my remarks, I will refer both to GAAP and non-GAAP results, which are reconciled to GAAP in our press release table. Non-GAAP results exclude stock-based compensation, depreciation, amortization and adjustments to fair value of our previously held convertible note.

謝謝你，Primit，向今天加入我們的每個人問好。讓我先簡要回顧一下我們最近完成的季度的財務業績。對於我的評論，我將參考 GAAP 和非 GAAP 結果，它們在我們的新聞稿表中與 GAAP 一致。非公認會計原則結果不包括基於股票的補償、折舊、攤銷和我們之前持有的可轉換票據的公允價值調整。

Starting with the income statement. Total GAAP and non-GAAP revenue comprising product and government was $5.2 million in the quarter. This represents a 5% quarterly growth when compared to $4.9 million product and revenues for the prior quarter and a 60% improvement from the $3.2 million for the June 2021. This quarterly and year-over-year increase was driven by record product sales from ramping shipments. Product revenue now forms the majority of our total revenue number, over 85% in the quarter just completed as compared to just over 50% for the prior fiscal year.

從損益表開始。本季度包括產品和政府在內的 GAAP 和非 GAAP 總收入為 520 萬美元。與上一季度 490 萬美元的產品和收入相比，這意味著季度增長 5%，比 2021 年 6 月的 320 萬美元增長 60%。這一季度和同比增長是由創紀錄的產品銷售額增長推動的出貨量。產品收入現在占我們總收入的大部分，在剛剛完成的季度中超過 85%，而上一財年僅超過 50%。

Focusing on product sales, our last quarter saw our 10th successive quarter of product revenue growth and record product revenue of over $4.4 million. This represents a 10% increase from the prior quarter and an increase of over 90% over the same quarter in the prior year. This growth has been driven across a broad range of power conversion applications, including fast chargers and adapters, gaming, data center, industrial and blockchain applications. The gross margin in the quarter was 21.5%, a 1% decrease from the prior quarter, driven primarily due to some cost increases, slightly reduced government income and continued investment in our production team.

專注於產品銷售，我們上個季度的產品收入連續第 10 個季度增長，產品收入創紀錄地超過 440 萬美元。這比上一季度增長了 10%，比上年同期增長了 90% 以上。這種增長是由廣泛的電源轉換應用推動的，包括快速充電器和適配器、遊戲、數據中心、工業和區塊鏈應用。本季度毛利率為 21.5%，比上一季度下降 1%，主要是由於一些成本增加、政府收入略有減少以及對我們生產團隊的持續投資。

As mentioned in our prior earnings call, the company is progressing towards its long-term model of gross margins in excess of 40%. A number of actions, including new product introductions, discrete ongoing cost-efficiency activities and benefits that we will receive as we continue to grow and scale will contribute to this. Operating expenses on a non-GAAP basis were $5.4 million in the quarter compared to $4.7 million in the prior quarter. This growth being driven by G&A costs associated with our year-end procedures and personnel costs as we continue to increase our team to support our operations across all aspects of the company, including G&A, sales, applications and R&D.

正如我們之前的財報電話會議所述，該公司正在朝著毛利率超過 40% 的長期模式邁進。一系列行動，包括新產品推出、離散的持續成本效益活動以及隨著我們不斷發展和擴大規模而獲得的收益，都將為此做出貢獻。本季度按非公認會計原則計算的運營費用為 540 萬美元，而上一季度為 470 萬美元。這種增長是由與我們年終程序相關的 G&A 成本和人員成本推動的，因為我們繼續增加我們的團隊以支持我們在公司各個方面的運營，包括 G&A、銷售、應用程序和研發。

When comparing non-GAAP OpEx to the same quarter in the prior year, we saw a 17% increase, again, due to personnel increases across the company and ongoing compliance costs.

將非 GAAP 運營支出與去年同期相比，我們再次看到了 17% 的增長，原因是整個公司的人員增加和持續的合規成本。

Turning to EPS. I will focus my remarks here on non-GAAP results. The revenue growth, together with continued OpEx management resulting in a non-GAAP EPS loss of $0.08 in the quarter, flat to the prior quarter and a $0.05 improvement on the same quarter in the prior year. From an operational perspective, we continue to see strong traction in our targeted markets. Q1 saw record product bookings, contributing to a strong backlog position, including the over 500 key unit production order the company took for a kilowatt-class power supply in the quarter.

轉向EPS。我將把我的評論集中在非公認會計原則的結果上。收入增長，加上持續的運營支出管理導致本季度非公認會計準則每股收益虧損 0.08 美元，與上一季度持平，比去年同期增加 0.05 美元。從運營角度來看，我們繼續在目標市場看到強大的吸引力。第一季度的產品預訂量創歷史新高，導致積壓狀況強勁，包括該公司在該季度為千瓦級電源獲得的 500 多個關鍵單元生產訂單。

We are fully booked for the current quarter, our short-term focus being on product execution and enabling capacity expansion to support medium to long-term growth. We also continue to invest in the long-term growth engine of the company. As Primit mentioned, we purchased 2 additional reactors and we anticipate bringing these reactors online in the second half of calendar 2023. Turning now to the balance sheet, Q1 saw the company continue to strengthen. Our cash position improved by over $9.5 million due to our greenshoe raise in the quarter, offset by operational burn. We exited the quarter with over $43 million in cash and cash equivalents, providing a stable runway for the company to grow.

我們本季度的訂單已滿，我們的短期重點是產品執行和產能擴張以支持中長期增長。我們還繼續投資於公司的長期增長引擎。正如 Primit 所提到的，我們購買了 2 個額外的反應堆，我們預計這些反應堆將在 2023 年下半年上線。現在轉向資產負債表，第一季度看到公司繼續加強。由於我們在本季度的綠鞋融資，我們的現金狀況增加了超過 950 萬美元，但被運營成本所抵消。我們在本季度結束時擁有超過 4300 萬美元的現金和現金等價物，為公司的發展提供了穩定的跑道。

Inventory also grew as we look to support our backlog position. Other assets and liabilities remain stable. Our activities have improved the shareholders' equity position by $11 million in the current quarter and $73 million when compared to the same quarter in the prior fiscal year. These activities provide the company a strong platform for this fiscal year. Looking ahead, we will remain open to opportunities to further strengthen our balance sheet to ensure that we are able to continue to invest in our growth. We also successfully completed our first quarter as a Nasdaq-listed company and have seen our average trading volume increase significantly since the uplist was completed in February. We were also added to the Russell 2000 and 3000 Indexes.

隨著我們尋求支持我們的積壓職位，庫存也增加了。其他資產和負債保持穩定。我們的活動在本季度將股東權益狀況改善了 1100 萬美元，與上一財年同期相比增加了 7300 萬美元。這些活動為公司本財年提供了一個強大的平台。展望未來，我們將繼續把握機會，進一步加強我們的資產負債表，以確保我們能夠繼續投資於我們的增長。我們還成功完成了作為納斯達克上市公司的第一季度，自 2 月完成上市以來，我們的平均交易量顯著增加。我們還被納入羅素 2000 和 3000 指數。

Transitioning now from our financial performance, I wanted to touch briefly on positioning. The company is well-positioned to grow across multiple segments, including consumer, data centers, blockchain, industrial and in the longer term, the EV market. We are now at a stage where we have seen and continue to see strong adoption in the higher power space by an over 500k unit production order estimate for the 3-kilowatt class supply. In consumer, we secured a laptop adapter design win from a Tier 1 Fortune 100 company, including an additional purchase order and follow-on orders.

現在從我們的財務表現過渡，我想簡要談談定位。該公司處於有利地位，可以在多個領域實現增長，包括消費者、數據中心、區塊鏈、工業以及長期的電動汽車市場。我們現在處於一個階段，我們已經看到並將繼續看到在更高功率領域的強勁採用，估計 3 千瓦級供應的生產訂單超過 50 萬個。在消費者方面，我們贏得了一家財富 100 強公司的筆記本電腦適配器設計，包括額外的採購訂單和後續訂單。

Most recently, we announced that our technology will pair Phihong's 2-port 65-watt adapter. Revenue traction exists today in several segments. We have seen strong traction and have grown production revenues 10 quarters in succession. Looking ahead, our strengthened balance sheet will allow us to continue to invest in our growth engine across all aspects of the company, both from a staffing and a capacity perspective. With a strong foundation in place, our focus comes to execution, ensuring that we can support the growing demand in what we believe will be a broad market inflection point in the medium term. In addition to our existing revenue streams, we expect to see initial wins in the automotive segment, including 2-, 3- and 4-wheelers in this segment. From there, the company will drive towards our long-term target model enabled by continued momentum across multiple segments.

最近，我們宣布我們的技術將與 Phihong 的 2 端口 65 瓦適配器配對。如今，收入牽引力存在於幾個領域。我們已經看到了強大的牽引力，並且連續 10 個季度增加了生產收入。展望未來，我們強化的資產負債表將使我們能夠從人員配置和產能的角度繼續投資於公司各個方面的增長引擎。有了堅實的基礎，我們將重點放在執行上，確保我們能夠支持不斷增長的需求，我們認為這將是中期廣泛的市場拐點。除了我們現有的收入來源外，我們預計汽車領域將取得初步勝利，包括該領域的 2 輪、3 輪和 4 輪車。從那裡開始，公司將朝著我們的長期目標模型邁進，這得益於跨多個細分市場的持續發展勢頭。

Concluding now with a few key highlights. Transphorm publicly listed on the Nasdaq Exchange under the symbol TGAN is a pioneer and leading provider of GaN power conversion devices. We have disruptive technology that provides solutions to date across a number of significant growing markets. We have established a strong network of blue-chip partners, including KKR, SAS, Yaskawa and others. We are commercially ramping with strong production revenue growth, now growing for 10 successive quarters.

現在以幾個關鍵亮點結束。 Transphorm 在納斯達克交易所上市，交易代碼為 TGAN，是 GaN 功率轉換器件的先驅和領先供應商。我們擁有顛覆性技術，可為許多重要的增長市場提供迄今為止的解決方案。我們建立了強大的藍籌合作夥伴網絡，包括 KKR、SAS、Yaskawa 等。我們正在以強勁的生產收入增長進行商業擴張，目前已連續 10 個季度增長。

We have a comprehensive product offering today that meets our customers' needs across a wide range of power levels and segments, all of this underpinned by a strong balance sheet, the industry's strongest IP position and a deep and talented team.

今天，我們擁有全面的產品組合，可以滿足我們客戶在各種功率級別和細分市場的需求，所有這一切都以強大的資產負債表、業界最強大的知識產權地位和深厚而才華橫溢的團隊為基礎。

This completes our prepared materials and remarks, and we'd like to open the call to any questions. Operator, please proceed with the Q&A portion of the call.

這完成了我們準備好的材料和評論，我們想打開電話詢問任何問題。接線員，請繼續電話的問答部分。

(Operator Instructions) We'll go first today from Ananda Baruah with Loop Capital.

（操作員說明）我們今天首先從 Ananda Baruah 和 Loop Capital 出發。

Yes, listen, congratulations on all sort of the progress across the board. A few, if I could. It sounds like -- and I just wanted to, this is more of a clarification. Is it accurate to say that the demand is -- actually has been accelerating? That's kind of what I got from you, from collecting with your remarks but I want to actually just make -- clarify that, make sure that's accurate.

是的，聽著，祝賀所有方面的進展。幾個，如果可以的話。聽起來——我只是想，這更像是一個澄清。是否準確地說需求是 - 實際上一直在加速？這就是我從你那裡得到的，從你的評論中收集到的，但我實際上只是想澄清一下，確保那是準確的。

Yes, Ananda, the -- like we said we have a record backlog and we are getting new demand and like I said, some -- the good part, good news with Transphorm is we are diversified into low power and high power and various high power segments. So sometimes the segmental softness, like I said, blockchain is temporary segmental softness, but that gets offset by other areas we are into. So yes, overall, right now we ended the quarter with record backlog.

是的，阿南達，就像我們說的那樣，我們有創紀錄的積壓，我們正在獲得新的需求，就像我說的那樣，好消息是，Transphorm 的好消息是我們多元化到低功率和高功率以及各種高功率電源段。所以有時分段柔軟，就像我說的，區塊鍊是暫時的分段柔軟，但這會被我們進入的其他領域所抵消。所以是的，總的來說，現在我們以創紀錄的積壓結束了本季度。

Okay, great. Great, great, Primit. And is it also accurate that really what the constraint is really the capacity constraints and the Japan situation? It didn't sound to me like incremental component constraints was really what's holding you back, sounded to me like it was really the capacity situation. Is that accurate?

好，太棒了。太好了，太好了，普里米特。真正的製約因素是能力製約因素和日本的情況是否也準確？在我看來，增量組件限制並不是真正阻礙您前進的原因，在我看來，這確實是容量情況。那準確嗎？

Yes, primarily, that is exactly correct. Capacity related to our Japan capacity, especially Japan reactor capability that we have.

是的，首先，這是完全正確的。產能與我們日本的產能有關，尤其是我們擁有的日本反應堆能力。

Awesome, awesome. And then just the last one for me is, Cameron, just in your prepared remarks, you made mention of an inflection point in the medium term. And I think you said that was an industry situation. But could you just give more context around that for us? That would be awesome.

真棒真棒。然後對我來說最後一個是，卡梅倫，就在你準備好的發言中，你提到了中期的拐點。我認為你說這是一個行業情況。但是，您能否為我們提供更多有關這方面的背景信息？那將是真棒。

Sure. No, I think, Ananda, it is something that we've continued to believe and we see in our interactions with customers across a number of markets that the progress that gallium nitride is making. And I think that you can bear those factors. And it looks as if that we should reach that inflection point in the medium term. You never know exactly when it will be, but we -- all of the things that we are seeing with the demand that we're experiencing and the technology that is out there for gallium nitride point towards that in our minds.

當然。不，我認為，阿南達，這是我們一直相信的事情，我們在與多個市場的客戶的互動中看到了氮化鎵正在取得的進展。我認為你可以承受這些因素。看起來我們應該在中期達到那個拐點。你永遠不知道它什麼時候會發生，但我們 - 我們所看到的所有事情以及我們正在經歷的需求以及氮化鎵的現有技術都在我們的腦海中指向了這一點。

Okay, that's awesome. Let me ask you this, any context on sort of what medium-term means, like what kind of time range is useful for us to think about?

好的，這太棒了。讓我問你這個，關於中期意味著什麼的任何背景，比如什麼樣的時間範圍對我們有用？

Yes. I think when we think about that, the slide talks about that kind of 2023, early '24 type of things.

是的。我認為當我們考慮到這一點時，幻燈片談到了 2023 年，即 24 年早期的那種事情。

We'll hear next from Craig Ellis with B. Riley Securities.

接下來我們將聽到來自 B. Riley Securities 的 Craig Ellis 的發言。

Yes. I just wanted to make sure I understood the second quarter issue with the 30% decline. So are you saying this is all a capacity issue in China? And there's not anything either from the supply chain or related to end demand? It's purely a capacity situation?

是的。我只是想確保我了解第二季度下降 30% 的問題。所以你是說這都是中國的產能問題嗎？供應鍊或與最終需求無關？純粹是容量情況？

Yes. This is primarily a capacity situation that we have not China, but in Japan. Primarily, like we said, due to again online -- restrictions of COVID-related travel and there were downstream supply chain issues in securing hardware, but again associated with this equipment. So it is due to that, not due to the slowdown in demand at this time.

是的。這主要是我們沒有中國，而是在日本的產能情況。就像我們說的那樣，主要是由於再次在線 - 與 COVID 相關的旅行受到限制，並且在保護硬件方面存在下游供應鏈問題，但又與該設備相關。所以這是由於這一點，而不是由於此時需求放緩。

Okay. And then given that I think we've had some challenges with capacity and Transphorm is not the only one, but I know we've had multiple quarters of capacity challenges. Cameron, what gives you confidence to suggest that we could see a 30% increase in revenue beyond fiscal 2Q and fiscal 3Q and what are some of the gives and takes quarter-on-quarter as you look at the order book and backlog from 2 to 3Q?

好的。然後考慮到我認為我們在容量方面遇到了一些挑戰，Transphorm 並不是唯一的挑戰，但我知道我們已經面臨多個季度的容量挑戰。卡梅倫，是什麼讓您有信心表明我們可以看到在第二財季和第三財季之後的收入增長 30%，當您查看從 2 到3Q？

Sure. I think certainly, this is not as Primit mentioned, a demand issue. Craig, demand is solid and bookings are solid. It really a confidence as a function of our ability to bring our existing capacity up and running. And we've made some good progress on that. So that's where we feel that whilst you would see 30% down in the next quarter, as Primit mentioned, you know we feel confident that we can reverse that trend in FQ3 and FQ4 with sequential 30% increases there.

當然。我認為當然，這不是 Primit 提到的需求問題。克雷格，需求穩定，預訂穩定。這確實是一種信心，是我們將現有能力啟動並運行的能力的函數。我們在這方面取得了一些不錯的進展。所以這就是我們認為，雖然你會看到下一季度下降 30%，正如 Primit 所提到的，你知道我們有信心在第三季度和第四季度扭轉這一趨勢，在那裡連續增長 30%。

And what are the 3 or 4 things that investors should be looking at operationally that will drive that improvement, Cameron? Can you just help us with some of the specifics that are on the company's dashboard that are giving you confidence so we can have an idea and a sense for what levers you're pulling to get the 30% increase?

卡梅倫，投資者應該在運營上關注哪些 3 或 4 件事來推動這種改進？您能否幫助我們了解公司儀表板上的一些細節，這些細節讓您充滿信心，這樣我們就可以對您正在拉動哪些槓桿來獲得 30% 的增長有一個想法和感覺？

Primit, can you talk to that from an operational standpoint?

Primit，你能從運營的角度談談嗎？

Yes, sure, of course. So that we outlined when we say I talked about scaling our product revenue, right? And how do we do that, right, including shares in high power, shares in low power on that, on the demand side, qualifying our new products that's on the product portfolio side along with reference designs and solution partners. And then importantly, the current challenge on the capacity, we are bringing our existing reactors online. And also like we said, we acquired new reactor capacity already and also we have initiated longer-term initiatives, for example, with GlobalWafers for further capacity, right? So overall, all of these initiatives together will allow us to double the installed capacity base that we have today as we look at in several quarters out.

是的，當然，當然。所以當我們說我談到擴大我們的產品收入時，我們概述了，對吧？以及我們如何做到這一點，對，包括高功率份額，低功率份額，在需求方面，與參考設計和解決方案合作夥伴一起在產品組合方面驗證我們的新產品。然後重要的是，當前的容量挑戰，我們正在使我們現有的反應堆上線。而且就像我們說的那樣，我們已經獲得了新的反應堆產能，並且我們已經啟動了長期計劃，例如，與 GlobalWafers 合作以獲得更多產能，對嗎？因此，總體而言，所有這些舉措將使我們能夠將我們今天擁有的裝機容量基礎增加一倍，正如我們在幾個季度內所看到的那樣。

Got it. And then just 2 more and I'll hop back in the queue. The first one, Cameron, what are the implications for operating expense in the near-term with the decrease in fiscal 2Q revenues flattish or you expect incremental investment for the longer-term opportunity you see or will the belt tighten that?

知道了。然後再多 2 個，我會跳回隊列中。第一個，卡梅倫，隨著第二財季收入的下降持平，短期內對運營費用有什麼影響，或者您期望為您看到的長期機會增加投資，或者腰帶會收緊嗎？

Yes, that's a great question. I mean, I think we have to react when you see -- when you have these revenue results. And we run our OpEx pretty tightly. And we will continue to do that. We'll continue to look at ways to save money. And we'll continue to look at ways to obviously support the company, but do it in a responsible manner. OpEx did increase this quarter, but it increased less than production revenue. And that's a good model for us as we continue to look to manage spend and manage the business.

是的，這是一個很好的問題。我的意思是，我認為當您看到這些收入結果時，我們必須做出反應。我們非常嚴格地運行我們的運營支出。我們將繼續這樣做。我們將繼續尋找省錢的方法。我們將繼續尋找明顯支持公司的方法，但要以負責任的方式進行。本季度運營支出確實有所增加，但增幅低於生產收入。這對我們來說是一個很好的模式，因為我們將繼續尋求管理支出和管理業務。

Got it. And then lastly, you mentioned the greenshoe a couple of times. And when I looked at the balance sheet, I saw a term loan on there at $12 million. Can you just provide a little color on that?

知道了。最後，您多次提到綠鞋。當我查看資產負債表時，我看到有一筆 1200 萬美元的定期貸款。你能提供一點顏色嗎？

Sure. That is a $12 million revolver that we have with our partner, Nexperia. And it matures in the early part of FY '24.

當然。那是我們與合作夥伴 Nexperia 共同擁有的價值 1200 萬美元的左輪手槍。它在 24 財年的早期成熟。

We'll hear next from David Williams with The Benchmark Company.

接下來我們將聽到來自 Benchmark Company 的 David Williams 的講話。

Congrats on the continued progress. I know you've got some of the constraints there on the supply side of the capacity. But just kind of curious if you look at your backlog and think about how much was left on the table this quarter of what was requested to be shipped, how much do you think -- can you quantify that in any way?

祝賀繼續取得進展。我知道你在產能供應方面存在一些限制。但是，如果您查看您的積壓訂單並考慮本季度要求運送的物品中剩下多少，您認為有多少 - 您能以任何方式量化它嗎？

I think I mean, we've got strong backlog, David, but I think it's backlog that wasn't all for this particular quarter. There's backlog in place for the longer-term. So I don't think that there was a lot left on the table in that regard. I mean, I think what makes us feel comfortable is the fact that the backlogs stretches over the next 2 to 3 quarters. So not -- I wouldn't say the number would have been much different as we had all the capacity in the (inaudible).

我想我的意思是，我們有大量的積壓，大衛，但我認為這個特定季度的積壓並不是全部。長期存在積壓。所以我不認為在這方面還有很多事情要做。我的意思是，我認為讓我們感到舒服的是積壓訂單會在接下來的 2 到 3 個季度持續延伸。所以不是——我不會說這個數字會有很大的不同，因為我們擁有（聽不清）中的所有容量。

Okay. So it's still like you're...

好的。所以還是像你...

So that limitation, Dave, comes from leaving on and working with our customers carefully. That comes from the basically the next quarter on quarter end onwards, right? The FQ1, like Cameron reiterated, we did -- actually we increased product revenue significantly to $4.4 million, right, which even with the prior FQ4 of '22, FQ1 of '23 we increased product revenue significantly. The limited supply constraints now come from FQ2. And then we go back to improving that in FQ3 and FQ4.

因此，戴夫，這種限制來自於離開並與我們的客戶仔細合作。那基本上是從下個季度開始，對吧？就像 Cameron 重申的那樣，第一季度我們確實做到了——實際上我們將產品收入顯著增加至 440 萬美元，對，即使在 22 年的第四季度和 23 年的第一季度，我們也顯著增加了產品收入。有限的供應限制現在來自 FQ2。然後我們回到在 FQ3 和 FQ4 中改進它。

Okay. Okay. So it feels like you're at least shipping the in-consumption or what your customers are looking for had been. Okay, that makes sense. And I guess from -- you talked a little bit about the silicon carbide and the performance advantage that you have, but just curious if you're seeing anyone changing -- are customers coming to you looking to design out maybe a silicon carbide design yet just kind of thinking about the 1,200-volt and opportunities there?

好的。好的。所以感覺你至少在運送消費中的東西或者你的客戶正在尋找的東西。好吧，這是有道理的。我猜從——你談到了碳化矽和你所擁有的性能優勢，但只是好奇你是否看到有人在改變——客戶是否會來找你設計碳化矽設計呢？只是想一想那裡的 1,200 伏電壓和機會？

On the 1,200-volt just to be -- we have announced initial R&D results that look extremely promising (inaudible).

在即將推出的 1,200 伏電壓上——我們已經公佈了看起來非常有希望（聽不清）的初步研發結果。

Okay. And you were cutting out just a bit there, so I'm not sure if you can still hear me.

好的。而且你在那兒切了一點，所以我不確定你是否還能聽到我的聲音。

(inaudible) we will aim to do now in the future. So the initial announcement has piqued a lot of interest and caught people by surprise that GaN can now play in the 1,200-volt space, right, and bodes very well for -- overall for GaN and Transphorm that we can play in this space in the future. But it's not to a point yet where people will start designing out silicon carbide with our 1,200-volt GaN because it's not yet a qualified release product. Does that make sense?

（聽不清）我們現在的目標是將來做。因此，最初的公告引起了很多人的興趣，並讓人們感到驚訝的是，GaN 現在可以在 1,200 伏的空間中發揮作用，對，這預示著很好——總體而言，我們可以在這個空間中發揮 GaN 和 Transphorm 的作用。未來。但目前還沒有到人們開始使用我們的 1,200 伏 GaN 設計碳化矽的地步，因為它還不是合格的發布產品。那有意義嗎？

No, it absolutely does. And just maybe one last one for me if I can, on the automotive and you might have -- you talked a little bit about this on the call, but you talked that 2-wheelers and 3-wheeler applications and just kind of curious, can you remind us of the exclusivity agreement when that expires for the 4-wheeler, or regular automotive type vehicles and kind of when you think that or maybe talk about any traction you've had there over the last 2 to 3 quarters?

不，絕對可以。如果可以的話，也許只是最後一個，關於汽車，你可能已經 - 你在電話會議上談到了這個，但你談到了 2 輪車和 3 輪車的應用，有點好奇，您能否提醒我們有關 4 輪車或普通汽車類型車輛的排他性協議到期時的情況，以及您認為或談論您在過去 2 到 3 個季度內所獲得的任何牽引力的時間？

Yes. So again, the primary reason we are looking at in either 2-wheeler, 3-wheeler is because it's just an earlier insertion point and is right aligned with the solutions and products that we have, right? The power range is very well-aligned. So it's an earlier insertion point. That's how we are looking at it. Separately on a different note, the exclusivity that you referred to on the 4-wheeler side that expires in April of 2023. But notwithstanding the exclusivity, we have Nexperia as our valued partner and that collaboration we will continue obviously in the future.

是的。再說一次，我們在 2 輪車或 3 輪車中查看的主要原因是因為它只是一個較早的插入點，並且與我們擁有的解決方案和產品正確對齊，對嗎？功率範圍非常一致。所以這是一個較早的插入點。這就是我們的看法。另外，您提到的 4 輪車方面的排他性將於 2023 年 4 月到期。但儘管具有排他性，我們仍將 Nexperia 作為我們重要的合作夥伴，並且我們將在未來繼續合作。

(Operator Instructions) We'll move next to Richard Shannon with Craig-Hallum Capital Group.

（操作員說明）我們將與 Craig-Hallum Capital Group 一起搬到 Richard Shannon 旁邊。

Maybe just a quick one here. I jumped on the call a little late. So I may have missed the complete detail here. But did I hear correctly that your guiding revenues down 30% in the September quarter, and then 30% growth each of the next 2 quarters? Is that correct?

也許這裡只是一個快速的。我接電話有點晚了。所以我可能在這裡錯過了完整的細節。但我是否聽錯了，您的指導性收入在 9 月季度下降了 30%，然後接下來的兩個季度每個季度都增長了 30%？那是對的嗎？

Yes, that's right. That's right, yes.

是的，這是正確的。沒錯，是的。

Okay, perfect. And then I think there was a question I want to follow on and maybe ask a little bit more detail here again about the confidence and be able to bring the capacity online here in Japan. So you can get those 2 quarters narrow sequential growth. Is it a matter of getting the equipment in place? Is that already in place? And if that is and what are the other hindrances and obstacles that you have confidence you'll be able to get over?

好的，完美。然後我想有一個問題我想繼續，也許在這裡再次詢問更多關於信心的細節，並能夠將能力帶到日本這裡。因此，您可以獲得這兩個季度的窄幅連續增長。是設備到位的問題嗎？那已經到位了嗎？如果是這樣，您有信心能夠克服的其他障礙和障礙是什麼？

(inaudible) that has improved now. And then last, but not the least, it was travel restrictions due to COVID which have prevented our core team from the U.S. getting over there and getting all of that activity going there and jumpstarted. And now that is also beyond us. Now we are able to address the travel-related equipment. So we are already seeing some positive vector of the supply from the Japan reactors. And that is what gives us the confidence that after the FQ2 situation is handled, the FQ3 and FQ4 we can address that 30% Q-over-Q growth.

（聽不清）現在有所改善。最後但並非最不重要的一點是，由於 COVID 造成的旅行限制阻止了我們的核心團隊從美國到達那裡並將所有這些活動都帶到那裡并快速啟動。現在這也超出了我們的範圍。現在我們可以處理與旅行相關的設備了。因此，我們已經看到日本反應堆供應的一些積極因素。這就是讓我們相信，在處理完 FQ2 的情況後，FQ3 和 FQ4 我們可以解決 30% 的 Q-over-Q 增長。

Okay. Primit, I'll have to ask you to get that question offline because your line was badly garbled there. I think David also was experiencing that too. So just FYI, Your line is fairly bad there. One last question for me and I'll jump out of line here. It's interesting that I know you talked about it's in the last quarter as well, that there's 2- and 3-wheeler market where you get a faster time to market. And you characterize this as a $1 billion TAM. Maybe I don't have a good first person understanding of those markets, how big they are worldwide. But that seems like a fairly substantial TAM. Can you kind of compare this from a unit and content basis to the broader automotive market? And are you seeing any different reliability and competitive dynamics in that market?

好的。普里米特，我不得不讓你把這個問題離線，因為你的線路在那裡嚴重亂碼。我認為大衛也正在經歷這一點。所以僅供參考，你的線路在那里相當糟糕。我的最後一個問題，我會在這裡跳出線。有趣的是，我知道你在上個季度也談到了它，有 2 輪和 3 輪市場，你可以更快地進入市場。您將其描述為 10 億美元的 TAM。也許我對這些市場沒有很好的第一人稱了解，它們在全球範圍內有多大。但這似乎是一個相當可觀的 TAM。你能從單位和內容的基礎上將其與更廣泛的汽車市場進行比較嗎？您是否看到該市場有任何不同的可靠性和競爭動態？

Sure. And hopefully, the line is not garbled this time. But so overall if you think about it...

當然。希望這次線路沒有亂碼。但是，如果您考慮一下，總體而言...

It's good right now, Primit.

現在很好，普里米特。

Perfect. It's you -- we see as just in Asia kind of thing, right, Asia were 75 million 2-wheelers and 3-wheelers additional, so think about it as 75 million to 100 million vehicles and probably more worldwide. And think about charging content of, say, $8 to $10 per vehicle, right, or associated with 1 vehicle, because sometimes its charging is off-board as well. So that's what kind of the 100 million vehicles times $10 roughly gives a $1 billion total TAM. And the second part of the question, obviously you have -- one has to be reliable there is no doubt, but the primary entry point we are targeting in the 2-wheeler, 3-wheelers is the onboard charger. So (inaudible).

完美的。是你——我們在亞洲看到了類似的東西，對，亞洲有 7500 萬輛兩輪車和三輪車，所以想想它是 7500 萬到 1 億輛汽車，全世界可能更多。想想每輛車 8 到 10 美元的收費內容，對或與 1 輛車相關，因為有時它的充電也是車外的。所以這就是 1 億輛汽車乘以 10 美元大致得出的總 TAM 為 10 億美元。問題的第二部分，顯然你有——毫無疑問，一個必須是可靠的，但我們在兩輪車、三輪車中瞄準的主要切入點是車載充電器。所以（聽不清）。

Okay. Primit, I don't know if you just finished talking, but it just got garbled again. I appreciate the thoughts. I'm going to jump out of line, but thanks for your time.

好的。普里米特，我不知道你是不是剛說完，但它又出現了亂碼。我很欣賞這些想法。我要跳出線，但謝謝你的時間。

And that will conclude today's question-and-answer session for this afternoon. At this time, I'd like to turn things back to Primit for any closing remarks.

今天下午的問答環節到此結束。在這個時候，我想把事情轉回 Primit 的任何結束語。

(inaudible) execute on our long-term growth model, which is a 50% CAGR with 40% gross margins and 20% operating margins and we look forward to gaining market share and meeting our customer needs in gallium nitride. Thank you so much.

（聽不清）執行我們的長期增長模式，即 50% 的複合年增長率、40% 的毛利率和 20% 的營業利潤率，我們期待在氮化鎵領域獲得市場份額並滿足客戶需求。太感謝了。

That will conclude today's conference call. We do appreciate your participation and you may now disconnect.

這將結束今天的電話會議。我們非常感謝您的參與，您現在可以斷開連接。