Wolfspeed Inc (WOLF) 2017 Q4 法說會逐字稿

完整原文

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  • Operator

    Operator

  • Good day, ladies and gentlemen, and welcome to the Cree Fiscal Year 2017 Fourth Quarter Earnings Conference Call and Webcast.

    女士們,先生們,美好的一天,歡迎來到 Cree 2017 財年第四季度收益電話會議和網絡直播。

  • (Operator Instructions) As a reminder, this conference is being recorded.

    (操作員說明)作為提醒,本次會議正在錄製中。

  • I would now like to hand the conference over to Raiford Garrabrant, Director of Investor Relations.

    我現在想將會議交給投資者關係總監 Raiford Garrabrant。

  • Please go ahead, sir.

    請繼續,先生。

  • Raiford Garrabrant - Director of IR

    Raiford Garrabrant - Director of IR

  • Thank you, Karen, and good afternoon.

    謝謝你,凱倫,下午好。

  • Welcome to Cree's Fourth Quarter Fiscal 2017 Conference Call.

    歡迎參加 Cree 2017 財年第四季度電話會議。

  • Today, Chuck Swoboda, our Chairman and CEO; Mike McDevitt, our CFO; and Danny Castillo, EVP and Head of our Lighting business, will report on our results for the fourth quarter of fiscal year 2017.

    今天,我們的董事長兼首席執行官 Chuck Swoboda;我們的首席財務官 Mike McDevitt;執行副總裁兼照明業務負責人 Danny Castillo 將報告我們 2017 財年第四季度的業績。

  • Please note that we'll be presenting non-GAAP financial results during today's call, and a reconciliation to the corresponding GAAP measures is in our press release and posted in the Investor Relations section of our website.

    請注意,我們將在今天的電話會議上展示非公認會計原則財務結果,我們的新聞稿中與相應的公認會計原則措施的對賬並發佈在我們網站的投資者關係部分。

  • Today's presentations include forward-looking statements about our business outlook, and we may make other forward-looking statements during the call.

    今天的演示文稿包括關於我們業務前景的前瞻性陳述,我們可能會在電話會議期間發表其他前瞻性陳述。

  • Such forward-looking statements are subject to numerous risks and uncertainties.

    此類前瞻性陳述受到眾多風險和不確定性的影響。

  • Our press release today and the SEC filings noted in the release mention important factors that could cause actual results to differ materially.

    我們今天的新聞稿和新聞稿中提到的 SEC 文件都提到了可能導致實際結果出現重大差異的重要因素。

  • Also, we'd like to note that we will be limiting our comments regarding Cree's fourth quarter of fiscal year 2017 to a discussion of the information included in our press release.

    此外,我們想指出,我們將對 Cree 2017 財年第四季度的評論僅限於對我們新聞稿中包含的信息的討論。

  • We will not be able to answer any questions that would involve providing additional financial information about the quarter beyond the comments made in the prepared remarks.

    除了準備好的評論中的評論之外,我們將無法回答任何涉及提供有關該季度的額外財務信息的問題。

  • Consistent with our previous conference calls, we are requesting that only sell-side analysts ask questions during the Q&A session.

    與我們之前的電話會議一致,我們要求只有賣方分析師才能在問答環節提問。

  • Also, since we plan to complete the call in the allotted time of 1 hour, we ask that analysts limit themselves to 1 question and 1 follow-up.

    此外,由於我們計劃在 1 小時的分配時間內完成電話會議,我們要求分析師將自己限制在 1 個問題和 1 個後續行動中。

  • If you have additional questions, please contact us after the call.

    如果您還有其他問題,請在來電後與我們聯繫。

  • Now I'd like to turn the call over to Chuck.

    現在我想把電話轉給查克。

  • Charles M. Swoboda - Chairman, President & CEO

    Charles M. Swoboda - Chairman, President & CEO

  • Thank you, Raiford.

    謝謝你,雷福德。

  • Fiscal 2017 revenue was $1.5 billion, with non-GAAP EPS of $0.50 per share.

    2017 財年收入為 15 億美元,非公認會計原則每股收益為 0.50 美元。

  • Wolfspeed revenue grew 25% year-over-year to $221 million due to strong growth in Power, RF and Materials.

    由於電源、射頻和材料的強勁增長,Wolfspeed 收入同比增長 25% 至 2.21 億美元。

  • LED revenue was similar to FY '16 at $550 million as higher product sales offset lower license revenue.

    LED 收入與 16 財年相似,為 5.5 億美元,因為較高的產品銷售額抵消了較低的許可收入。

  • Lighting revenue declined to $702 million due to lower sales caused primarily by disruptions related to Q2 commercial product holds and lower consumer bulb sales.

    照明收入下降至 7.02 億美元,主要是由於與第二季度商業產品持有相關的中斷和消費者燈泡銷售下降導致銷售額下降。

  • Q4 revenue increased 5% sequentially to $359 million with non-GAAP EPS of $0.04 per share, which was in the middle of our target range.

    第四季度收入環比增長 5% 至 3.59 億美元,非公認會計原則每股收益為 0.04 美元,處於我們目標範圍的中間。

  • We made good progress in Q4 as all 3 businesses were within their target range.

    我們在第四季度取得了良好的進展,因為所有 3 項業務都在他們的目標範圍內。

  • Wolfspeed grew 8%, and LEDs grew 9% sequentially from Q3, while commercial lighting sales increased to offset the seasonal decline in consumer sales.

    Wolfspeed 增長 8%,LED 較第三季度環比增長 9%,而商業照明銷售額增長抵消了消費者銷售額的季節性下降。

  • Our Wolfspeed business continues to perform very well despite being capacity constrained.

    儘管產能受限,我們的 Wolfspeed 業務仍然表現良好。

  • We're fully booked for Q1 and our capacity limited in Q2, with lead times now stretching into fiscal Q3 for materials, power and RF.

    我們第一季度的訂單已滿,第二季度的產能有限,材料、電源和射頻的交貨時間現在延伸到第三財季。

  • Our focus is on expanding capacity for all 3 product lines while closely managing execution to optimize output from our existing capacity through yield and process improvements.

    我們的重點是擴大所有 3 條產品線的產能,同時密切管理執行,通過良率和工藝改進優化現有產能的產出。

  • We started making significant capital investments last year and are working through the qualification process.

    我們去年開始進行大量資本投資,並正在通過資格認證程序。

  • We target additional materials capacity to start coming online in our fiscal Q2, with a plan to double wafer capacity for external materials customers by the end of calendar 2018.

    我們的目標是在第二財季開始增加材料產能,併計劃在 2018 年年底之前將外部材料客戶的晶圓產能翻一番。

  • We target additional power and RF device capacity to start coming online in fiscal Q4 due to time required to qualify our 150-millimeter line, both internally and at our customers.

    由於我們的 150 毫米生產線在內部和客戶處都需要時間來驗證,我們的目標是增加功率和射頻設備容量,以便在第四財季開始上線。

  • This plan should double our current power device capacity by the end of calendar 2018.

    該計劃應在 2018 年年底前將我們當前的電源設備容量翻一番。

  • The significant increase in demand for both materials and power devices is being driven by new design wins related to electric vehicle systems and battery storage applications.

    與電動汽車系統和電池存儲應用相關的新設計成功推動了對材料和功率器件需求的顯著增長。

  • Based on the projections we're getting from our customers, we see substantial growth in this market over the next several years, and we are planning for additional capacity expansion to support the targeted growth beyond calendar 2018.

    根據我們從客戶那裡得到的預測,我們看到未來幾年這個市場將出現大幅增長,我們正計劃進一步擴大產能,以支持 2018 年日曆之後的目標增長。

  • LED revenue was on the high end of our target range in Q4 due to strong demand and is currently tracking to a similar level in Q1.

    由於需求強勁,LED 收入在第四季度處於我們目標範圍的高端,目前在第一季度追踪到類似水平。

  • The market remains competitive but the supply and demand balance improved over the last quarter.

    市場仍然競爭激烈,但供需平衡在上個季度有所改善。

  • The growth in demand is coming from both lighting and video screen applications.

    需求的增長來自照明和視頻屏幕應用。

  • In addition, we recently started shipping our first automotive LED components to a Tier 1 Ford lighting supplier.

    此外,我們最近開始向一級福特照明供應商運送我們的第一個汽車 LED 組件。

  • The automotive business is just getting started, but we're working on several projects that are forecast to turn on over the next 18 months.

    汽車業務才剛剛起步,但我們正在開展幾個預計將在未來 18 個月內啟動的項目。

  • We have finalized the details of our mid-power JV with San'an, and we started sampling the initial products to select customers.

    我們已經敲定了與三安的中型功率合資企業的細節,並且我們開始對初始產品進行抽樣以選擇客戶。

  • While we'll take several months before we have a full mid-power LED product line qualified and available, we're optimistic about the growth potential from this new venture.

    雖然我們還需要幾個月的時間才能擁有完整的中功率 LED 產品線,但我們對這家新企業的增長潛力持樂觀態度。

  • Lighting sales grew slightly in Q4, led by solid growth in our U.S. C&I business.

    在我們的美國 C&I 業務穩健增長的帶動下,第四季度照明銷售額略有增長。

  • The growth in C&I offset lower sales in the contractor value segment of our business as well as seasonally lower consumer sales.

    C&I 的增長抵消了我們業務承包商價值部分的銷售額下降以及季節性較低的消費者銷售額。

  • We made progress improving margins in Q4 due to better factory execution and a favorable product mix.

    由於更好的工廠執行和有利的產品組合,我們在第四季度取得了進展,提高了利潤率。

  • We target additional progress on lighting margins in the year ahead.

    我們的目標是在來年進一步提高照明利潤率。

  • We're encouraged by the growth in C&I and believe that it's a good indication of the progress we're making to rebuild momentum with our channel partners.

    我們對 C&I 的增長感到鼓舞,並相信這很好地表明了我們在與渠道合作夥伴重建勢頭方面取得的進展。

  • We're addressing the softness in our contractor value segment with our new C-Lite product line.

    我們正在通過新的 C-Lite 產品線解決承包商價值領域的疲軟問題。

  • This product line was announced in May and is generating good initial interest but it has only recently started shipping to customers.

    該產品線於 5 月宣布,最初引起了很好的興趣,但最近才開始向客戶發貨。

  • As a result, we target growth in the value segment of our business during fiscal 2018.

    因此,我們的目標是在 2018 財年實現業務價值領域的增長。

  • The consumer business has performed as expected, and we're focused on preparing for lighting season, which should start to ramp up in early fiscal Q2.

    消費者業務的表現符合預期,我們專注於為照明季節做準備,照明季節應該會在第二財季初開始增加。

  • We built a solid foundation for growth at all 3 businesses over the last year, and I'm excited about the opportunity for Cree to grow revenue and profit in fiscal 2018.

    去年,我們為所有 3 項業務的增長奠定了堅實的基礎,我對 Cree 有機會在 2018 財年實現收入和利潤增長感到興奮。

  • I'll now turn the call over to Mike McDevitt to review our fourth quarter and year-end financial results in more detail as well as our targets for the first quarter of fiscal 2018.

    我現在將電話轉給 Mike McDevitt,以更詳細地審查我們的第四季度和年終財務業績以及我們 2018 財年第一季度的目標。

  • Michael E. McDevitt - CFO and EVP

    Michael E. McDevitt - CFO and EVP

  • Thank you, Chuck.

    謝謝你,查克。

  • I will be providing commentary on our financial statements on a non-GAAP basis, which is consistent with how management measures Cree's results internally.

    我將在非公認會計原則的基礎上對我們的財務報表進行評論,這與管理層如何在內部衡量 Cree 的業績是一致的。

  • However, non-GAAP results are not in accordance with GAAP and may not be comparable to non-GAAP information provided by other companies.

    但是,非公認會計原則的結果不符合公認會計原則,可能無法與其他公司提供的非公認會計原則信息相比較。

  • Non-GAAP information should be considered a supplement to and not a substitute for financial statements prepared in accordance with GAAP.

    非公認會計原則信息應被視為對根據公認會計原則編制的財務報表的補充而非替代。

  • A reconciliation of the non-GAAP information to the corresponding GAAP measures for all periods mentioned on this call is posted on our website or provided in our press release, along with a historical summary of other key metrics.

    本次電話會議中提到的所有時期的非 GAAP 信息與相應 GAAP 措施的對賬已發佈在我們的網站上或在我們的新聞稿中提供,以及其他關鍵指標的歷史摘要。

  • For fiscal 2017, revenue was $1.5 billion and non-GAAP earnings were $50 million or $0.50 per share, which were in line with our most recent targets.

    2017 財年,收入為 15 億美元,非公認會計原則收益為 5000 萬美元或每股 0.50 美元,這與我們最近的目標一致。

  • Non-GAAP earnings exclude $148 million of expense net of tax or $1.50 per share from our noncash stock-based compensation, acquired intangibles amortization, tax valuation allowances and other items.

    非美國通用會計準則收益不包括我們的非現金股票薪酬、收購的無形資產攤銷、稅收估值減免和其他項目中的 1.48 億美元稅後費用或每股 1.50 美元。

  • Fiscal 2017 revenue and non-GAAP gross profit for our reportable segments were as follows.

    我們報告分部的 2017 財年收入和非公認會計原則毛利如下。

  • Lighting Products revenue declined 21% to $702 million and gross profit was $196 million for a 28% gross margin, which is an 80 basis point increase year-over-year.

    照明產品收入下降 21% 至 7.02 億美元,毛利潤為 1.96 億美元,毛利率為 28%,同比增長 80 個基點。

  • As Chuck mentioned earlier, our lower lighting revenue was caused primarily by Q2 commercial product holds and lower consumer sales.

    正如查克之前提到的,我們較低的照明收入主要是由於第二季度商業產品持有和消費者銷售額下降。

  • Gross margin improved year-over-year due primarily to patent license revenue related to the Feit settlement, which was received during the second quarter of fiscal 2017.

    毛利率同比提高主要是由於與 Feit 和解相關的專利許可收入,該和解是在 2017 財年第二季度收到的。

  • LED Products revenue was similar year-over-year at $550 million, as higher product sales offset certain fiscal 2016 license issuance fees that did not reoccur in fiscal 2017.

    LED 產品收入與去年同期相似,為 5.5 億美元,因為較高的產品銷售額抵消了某些 2016 財年的許可證發放費用,這些費用在 2017 財年沒有再次發生。

  • Gross profit was $152 million for a 27.6% gross margin.

    毛利潤為 1.52 億美元,毛利率為 27.6%。

  • Gross profit and margin were lower year-over-year due to lower license revenue and cost associated with the new LED chip ramp.

    由於與新的 LED 芯片坡道相關的許可收入和成本降低,毛利潤和利潤率同比下降。

  • Wolfspeed revenue grew 25% year-over-year up to $221 million, and gross profit was $103 million for a 46.8% gross margin.

    Wolfspeed 收入同比增長 25%,達到 2.21 億美元,毛利潤為 1.03 億美元,毛利率為 46.8%。

  • We had robust growth in our material, power device and RF device product lines.

    我們的材料、功率器件和射頻器件產品線增長強勁。

  • Gross profit grew on all product lines due to the higher overall sales, while gross margins were lower due primarily to costs associated with new product ramp ups and changes in product mix.

    由於整體銷售額較高,所有產品線的毛利潤均有所增長,而毛利率較低主要是由於與新產品增加相關的成本和產品組合的變化。

  • Non-allocated costs totaled $6 million for fiscal 2017 and are included to reconcile to our $445 million non-GAAP gross profit for a 30.2% gross margin.

    2017 財年的非分配成本總計 600 萬美元,包括在內是為了與我們 4.45 億美元的非 GAAP 毛利潤相協調,毛利率為 30.2%。

  • For the fourth quarter of fiscal 2017, revenue increased 5% sequentially to $359 million, which was at the upper end of our targeted range.

    2017 財年第四季度,收入環比增長 5% 至 3.59 億美元,處於我們目標範圍的上限。

  • Non-GAAP earnings were $4 million or $0.04 per share, which was in the middle of our target range for the fourth quarter.

    非 GAAP 收益為 400 萬美元或每股 0.04 美元,處於我們第四季度目標範圍的中間。

  • Non-GAAP earnings exclude $10 million of expense net of tax or $0.10 per diluted share from noncash stock-based compensation, acquired intangibles amortization and other items, which were partially offset by a noncash gain in the fair value of our Lextar investment.

    非 GAAP 收益不包括 1000 萬美元的稅後費用或每股攤薄後每股 0.10 美元的非現金股票薪酬、收購的無形資產攤銷和其他項目,這部分被我們 Lextar 投資的公允價值的非現金收益所抵消。

  • Fiscal 2017 fourth quarter revenue and non-GAAP gross profit for our reportable segments were as follows: Lighting Products revenue was similar sequentially at $155 million, which was in line with our targets.

    我們可報告部門的 2017 財年第四季度收入和非公認會計原則毛利潤如下:照明產品收入環比相似,為 1.55 億美元,符合我們的目標。

  • Commercial lighting revenue improved from Q3 with solid domestic C&I growth that was offset by lower non-U.

    商業照明收入較第三季度有所改善,國內 C&I 增長強勁,但被非 U 下降所抵消。

  • S. sales and seasonally lower consumer sales.

    S. 銷售額和季節性較低的消費者銷售額。

  • Gross profit increased 4% sequentially to $37 million for a 23.8% gross margin and 80 basis points sequential increase.

    毛利潤環比增長 4% 至 3700 萬美元,毛利率為 23.8%,環比增長 80 個基點。

  • The gross profit and margin increase was primarily due to better factory utilization and lower warranty cost.

    毛利及毛利率增加主要是由於工廠利用率提高及保修成本降低。

  • LED Products revenue grew 9% sequentially to $143 million and was above our targeted range due to solid customer demand.

    由於客戶需求強勁,LED 產品收入環比增長 9% 至 1.43 億美元,高於我們的目標範圍。

  • Gross profit increased 15% sequentially to $37 million for a 25.9% gross margin, a 120 basis point sequential increase.

    毛利潤環比增長 15% 至 3700 萬美元,毛利率為 25.9%,環比增長 120 個基點。

  • The gross profit and margin increase was primarily due to product mix.

    毛利及毛利率上升主要是由於產品組合所致。

  • Wolfspeed revenue grew 8% sequentially to $61 million and was above our targeted range.

    Wolfspeed 收入環比增長 8% 至 6100 萬美元,高於我們的目標範圍。

  • While our current Wolfspeed capacity is constrained, we did achieve additional throughput in Q4 due to productivity improvements that enabled us to ship higher revenue.

    雖然我們目前的 Wolfspeed 產能受到限制,但由於生產力的提高,我們確實在第四季度實現了額外的吞吐量,這使我們能夠運送更高的收入。

  • Gross profit was up 5% sequentially at $27 million for a 45.5% gross margin, a 150 basis point sequential decrease.

    毛利潤環比增長 5%,達到 2700 萬美元,毛利率為 45.5%,環比下降 150 個基點。

  • The lower gross margin was primarily due to product mix.

    毛利率下降主要是由於產品組合。

  • Non-allocated cost totaled $1 million for the fourth quarter of fiscal 2017 and are included to reconcile to our $100 million non-GAAP gross profit for a 28% gross margin.

    2017 財年第四季度的非分配成本總計 100 萬美元,包括在內以與我們 1 億美元的非 GAAP 毛利潤相協調,毛利率為 28%。

  • Non-GAAP operating expenses for Q4 were $97 million and in line with our targets for the quarter.

    第四季度的非公認會計原則運營費用為 9700 萬美元,符合我們本季度的目標。

  • Our non-GAAP operating income was $3 million, which was in our targeted range.

    我們的非公認會計原則營業收入為 300 萬美元,在我們的目標範圍內。

  • We ended the year with $466 million in cash and investments, net of line of credit borrowings, a $27 million increase from Q3.

    到年底,我們的現金和投資為 4.66 億美元,扣除信貸額度借款後,比第三季度增加了 2700 萬美元。

  • At year-end, we had $145 million outstanding on our line of credit.

    到年底,我們的信用額度餘額為 1.45 億美元。

  • During the fourth quarter, cash from operations was $53 million and capital expenditures were $34 million, including patents, which resulted in free cash flow of $19 million.

    第四季度,來自運營的現金為 5300 萬美元,資本支出為 3400 萬美元,包括專利在內,產生了 1900 萬美元的自由現金流。

  • For the year, we generated $216 million of cash from operations and spent $99 million for capital expenditures, which yielded free cash flow of $117 million, which was in line with our targeted range.

    這一年,我們從運營中產生了 2.16 億美元的現金,並花費了 9900 萬美元用於資本支出,產生了 1.17 億美元的自由現金流,這符合我們的目標範圍。

  • During fiscal 2017, we spent $104 million to repurchase 4.4 million Cree shares with no repurchases in Q4.

    在 2017 財年,我們斥資 1.04 億美元回購了 440 萬股 Cree 股票,第四季度沒有回購。

  • Our current capital allocation priorities are focused on expanding capacity in our Wolfspeed business and possible lighting-related M&A to expand our product portfolio.

    我們目前的資本配置重點是擴大我們 Wolfspeed 業務的產能以及可能的與照明相關的併購,以擴大我們的產品組合。

  • For fiscal 2018, we're targeting capital spending of $220 million, plus or minus, primarily related to expanding Wolfspeed's production capacity to support forecasted customer demand.

    對於 2018 財年,我們的目標資本支出為 2.2 億美元,上下浮動,主要與擴大 Wolfspeed 的產能以支持預測的客戶需求有關。

  • Overall, we target 2018 free cash flow being a negative $20 million, plus or minus.

    總體而言,我們的目標是 2018 年的自由現金流為負 2000 萬美元,上下浮動。

  • The negative free cash flow was due to accelerating the Wolfspeed capacity investments to eliminate current capacity constraints and support the substantial growth opportunity forecasted over the next several years.

    負自由現金流是由於加速 Wolfspeed 產能投資以消除當前的產能限制並支持未來幾年預測的大量增長機會。

  • While stock repurchases are not a current capital allocation priority, our board did approve a fiscal 2018 stock repurchase program not to exceed $200 million, so that we have that program in place if needed.

    雖然股票回購不是當前的資本分配優先事項,但我們的董事會確實批准了一項不超過 2 億美元的 2018 財年股票回購計劃,以便我們在需要時實施該計劃。

  • Days sales outstanding declined to 2 days from March to 37 days at the end of June.

    未結銷售天數從 3 月的 2 天下降到 6 月底的 37 天。

  • Inventory days on hand declined 5 days from March to 98 days at the end of June.

    庫存天數從 3 月下降 5 天至 6 月底的 98 天。

  • The inventory decrease primarily relates to our targeted reductions in lighting finished goods.

    庫存減少主要與我們對照明成品的目標減少有關。

  • Our near-term inventory target is 90 to 100 days.

    我們的近期庫存目標是 90 到 100 天。

  • Q1 total company backlog is tracking slightly behind this point last quarter.

    第一季度公司總積壓訂單略低於上個季度的這一點。

  • We target Q1 company revenue in the range of $353 million to $367 million.

    我們的目標是第一季度公司收入在 3.53 億美元至 3.67 億美元之間。

  • We target lighting revenue to be down slightly sequentially as commercial is similar to Q4, and we expect seasonally lower consumer sales.

    我們的目標是照明收入環比略有下降,因為商業與第四季度相似,我們預計消費者銷售額會出現季節性下降。

  • We target revenue from our LED business to be similar sequentially, and our Wolfspeed business to grow 4%, plus or minus, as some productivity gains offset our near-term factory capacity constraints.

    我們的目標是我們的 LED 業務的收入環比相似,我們的 Wolfspeed 業務增長 4%,正負,因為一些生產力的提高抵消了我們近期的工廠產能限制。

  • We target Q1 non-GAAP gross margins increasing to 29%, plus or minus.

    我們的目標是第一季度非公認會計準則毛利率增加到 29%,正負。

  • This increase will be driven by incremental improvement in lighting and Wolfspeed, with LED margins slightly lower due to product mix.

    這一增長將由照明和 Wolfspeed 的增量改進推動,由於產品組合,LED 利潤率略低。

  • Lighting margins are targeted to improve due primarily to operating improvements and a higher mix of commercial sales.

    照明利潤率的目標是提高,主要是由於經營改善和更高的商業銷售組合。

  • We are targeting Q1 non-GAAP operating expenses to be $101 million, plus or minus, which is $4 million higher than Q4, primarily due to cost associated with our Wolfspeed factory expansion, incremental legal cost on defense of IP cases, and CEO search costs.

    我們的目標是第一季度非 GAAP 運營費用為 1.01 億美元(上下),比第四季度高出 400 萬美元,主要是由於與 Wolfspeed 工廠擴建相關的成本、知識產權案件辯護的增加法律成本以及 CEO 搜索成本.

  • The joint venture has a nominal impact to our Q1 targets as we are just beginning to ramp its operations, but is targeted to have a larger impact beginning in fiscal Q2.

    該合資企業對我們第一季度的目標有名義上的影響,因為我們剛剛開始擴大其業務,但目標是從第二季度開始產生更大的影響。

  • We target Q1 non-GAAP operating income to be between $2 million to $6 million.

    我們的目標是第一季度非公認會計準則營業收入在 200 萬美元到 600 萬美元之間。

  • We target a 22% Q1 non-GAAP effective tax rate, and we target Q1 non-GAAP net income to be between $2 million to $6 million, or $0.02 to $0.06 per diluted share.

    我們的目標是 22% 的第一季度非 GAAP 有效稅率,我們的目標是第一季度非 GAAP 淨收入在 200 萬美元至 600 萬美元之間,或每股攤薄收益 0.02 美元至 0.06 美元。

  • Our non-GAAP EPS target excludes acquired intangibles amortization, noncash stock-based compensation and other items.

    我們的非公認會計原則每股收益目標不包括收購的無形資產攤銷、基於非現金股票的薪酬和其他項目。

  • Our Q1 targets are based on several factors that could vary, including overall demand, product mix, factory execution and the competitive environment.

    我們的第一季度目標基於幾個可能不同的因素,包括整體需求、產品組合、工廠執行和競爭環境。

  • I'll now turn the discussion back to Chuck.

    我現在將討論轉回到查克身上。

  • Charles M. Swoboda - Chairman, President & CEO

    Charles M. Swoboda - Chairman, President & CEO

  • Thanks, Mike.

    謝謝,邁克。

  • We're uniquely positioned as a market-leading innovator in all 3 businesses and target growth in each of these segments over the next several years.

    我們在所有 3 項業務中都被定位為市場領先的創新者,並在未來幾年內實現每個細分市場的增長目標。

  • We're focused on the following priorities to support our strategy to deliver higher revenue and profits.

    我們專注於以下優先事項,以支持我們實現更高收入和利潤的戰略。

  • We're investing in the Wolfspeed business to increase capacity and further develop the technology to support longer-term growth opportunities in silicon carbide materials, silicon carbide power devices and modules, and gallium nitride RF devices.

    我們正在投資 Wolfspeed 業務,以提高產能並進一步開發技術,以支持碳化矽材料、碳化矽功率器件和模塊以及氮化鎵射頻器件的長期增長機會。

  • We're now starting to see significant growth due to our investment in these areas over the last 30 years.

    由於過去 30 年來我們在這些領域的投資,我們現在開始看到顯著增長。

  • The combination of growth in electric vehicles systems and battery storage, plus other industrial applications is quickly bringing silicon carbide power into the mainstream and putting pressure on the supply chain in the near term.

    電動汽車系統和電池存儲以及其他工業應用的增長相結合,正在迅速將碳化矽動力帶入主流,並在短期內給供應鏈帶來壓力。

  • With all 3 product lines on allocation, our challenge is to maximize our existing capacity to meet current customer needs.

    隨著所有 3 條產品線的分配,我們面臨的挑戰是最大限度地提高我們現有的產能以滿足當前客戶的需求。

  • This is a very exciting time for the Wolfspeed business as the increased demand validates the importance of this technology for current and future applications.

    這對 Wolfspeed 業務來說是一個非常激動人心的時刻,因為不斷增長的需求證明了這項技術對於當前和未來應用的重要性。

  • That being said, we're likely going to be capacity limited through fiscal 2018.

    話雖如此,到 2018 財年,我們的產能可能會受到限制。

  • We plan to grow the LED Products business by expanding our product offering with new high-power and mid-power products that leverage our market leadership to increase our share at existing LED customers, while also opening new applications for our technology.

    我們計劃通過使用新的大功率和中功率產品擴展我們的產品供應來發展 LED 產品業務,這些產品利用我們的市場領導地位來增加我們在現有 LED 客戶中的份額,同時也為我們的技術開闢新的應用。

  • As I mentioned earlier, we recently started shipping to our first Tier 1 automotive forward lighting customer.

    正如我之前提到的,我們最近開始向我們的第一個一級汽車前照燈客戶發貨。

  • Our JV has started sampling the first mid-power LED Products with target customers.

    我們的合資企業已開始向目標客戶提供首批中等功率 LED 產品樣品。

  • Both the automotive and JV activities should expand the market opportunity for our LED business.

    汽車和合資活動都應為我們的 LED 業務擴大市場機會。

  • In addition, we continue to innovate with the introduction of our new RGBW lighting class LEDs for architectural applications.

    此外,我們不斷創新,推出用於建築應用的新型 RGBW 照明級 LED。

  • The LED business continue to execute well in Q4 and is in a good position heading into fiscal 2018.

    LED 業務在第四季度繼續表現良好,並在進入 2018 財年時處於有利地位。

  • We target growing lighting products revenue and increasing margins in fiscal 2018.

    我們的目標是在 2018 財年增加照明產品收入和提高利潤率。

  • I'm now going to turn the call over to Danny Castillo to provide insight how we plan to do this in our lighting business.

    我現在將把電話轉給 Danny Castillo,以提供我們計劃如何在照明業務中做到這一點的見解。

  • Daniel Castillo - President of Lighting

    Daniel Castillo - President of Lighting

  • Thanks, Chuck.

    謝謝,查克。

  • We made progress in Q4 investing in channel relationships and improving execution, while continuing to bring innovative new products to the market.

    我們在第四季度在渠道關係投資和改進執行方面取得了進展,同時繼續將創新的新產品推向市場。

  • As we discussed last quarter, we continue to invest in talent, with industry relationships and experiences.

    正如我們上個季度所討論的那樣,我們繼續投資於人才,擁有行業關係和經驗。

  • With respect to channel relationships, we have strengthened our agent base in certain key markets, launched the C-Lite product family, which represents over 150 new products for the C&I distribution channel, and increased our partnership with key distributors in strategic markets.

    在渠道關係方面,我們加強了在部分重點市場的代理基礎,推出了 C-Lite 產品系列,為工商業分銷渠道提供了 150 多種新產品,並加強了與戰略市場重點經銷商的合作。

  • While the U.S. lighting market has been slower than forecast over the last 2 quarters, our internal fundamentals continue to improve in Q4, specifically in North American C&I business, driven by an improvement in service levels.

    儘管美國照明市場在過去兩個季度的增速低於預期,但由於服務水平的提高,我們的內部基本面在第四季度繼續改善,特別是北美 C&I 業務。

  • With respect to new products, we launched a high-output area lighting product family, OSQ, that is first to market and an industry leader in performance in its category.

    在新產品方面,我們推出了高輸出面積照明產品系列OSQ,該系列產品率先上市,在同類產品中處於行業領先地位。

  • Additionally, we expanded our indoor lighting product portfolio to further strengthen our commercial project-based offering.

    此外,我們擴大了室內照明產品組合,以進一步加強我們基於商業項目的產品。

  • Lastly, our smart lighting PoE platform won the EC&M Product of the Year Award in the Controls category, and we launched our IoT application, SmartCast Advisor, which provides smart building solutions.

    最後,我們的智能照明 PoE 平台獲得了控制類 EC&M 年度產品獎,我們推出了物聯網應用 SmartCast Advisor,提供智能樓宇解決方案。

  • Q1 commercial lighting revenues are targeted to be similar to Q4, with consumer lighting slightly lower prior to a targeted seasonal increase in Q2.

    第一季度商業照明收入目標與第四季度相似,消費照明在第二季度目標季節性增長之前略低。

  • We continue to target incremental improvement in lighting margins.

    我們繼續致力於逐步提高照明利潤率。

  • And I'm confident that our focus on service, execution and innovative new products can drive solid revenue growth and deliver improved profits during fiscal 2018.

    我相信,我們對服務、執行和創新新產品的關注能夠推動穩健的收入增長,並在 2018 財年實現更高的利潤。

  • I will now turn the call back to Chuck.

    我現在將電話轉回查克。

  • Charles M. Swoboda - Chairman, President & CEO

    Charles M. Swoboda - Chairman, President & CEO

  • Thanks, Danny.

    謝謝,丹尼。

  • This is an exciting time at Cree as we are making good progress in all 3 business areas.

    這是 Cree 的一個激動人心的時刻,因為我們在所有 3 個業務領域都取得了良好的進展。

  • The LED business is positioned to gain share with new customers as well as opening new markets for our products.

    LED 業務的定位是贏得新客戶的份額,並為我們的產品開闢新市場。

  • We're expanding capacity to support the growing demand for our Wolfspeed product lines.

    我們正在擴大產能,以支持對 Wolfspeed 產品線不斷增長的需求。

  • And the commercial Lighting business is regaining momentum as our service levels improve.

    隨著我們服務水平的提高,商業照明業務正在恢復勢頭。

  • The strength of our balance sheet gives us the ability to invest in capacity for Wolfspeed, while also pursuing potential acquisitions in lighting.

    我們資產負債表的實力使我們有能力投資 Wolfspeed 的產能,同時也追求潛在的照明收購。

  • I believe we are well positioned to grow revenue and earnings in the year ahead.

    我相信我們有能力在未來一年增加收入和收益。

  • On a personal note, I want to thank the many investors for their support over the last 16 years.

    就個人而言,我要感謝許多投資者在過去 16 年中的支持。

  • It's been very rewarding to lead Cree as we've grown from a small blue LED chip and silicon carbide wafer company to a global leader in LEDs, lighting and power and RF devices and built a global brand as a market innovator.

    領導 Cree 非常值得,因為我們已經從一家小型藍色 LED 芯片和碳化矽晶圓公司成長為 LED、照明、電源和射頻設備的全球領導者,並作為市場創新者建立了全球品牌。

  • During my time as CEO, we set out to build a great company for our shareholders, customers and employees by inventing new technology to make the world better.

    在我擔任 CEO 期間,我們著手通過發明新技術讓世界變得更美好,為我們的股東、客戶和員工打造一家偉大的公司。

  • I believe we've made excellent progress on all aspects.

    我相信我們在各個方面都取得了很好的進展。

  • But when you're in the innovation business, there is no finish line, there's only the future.

    但是,當您從事創新業務時,沒有終點線,只有未來。

  • While the CEO often gets most of the credit, I want to make it clear that our success is the result of great teamwork by many talented people across the company, and I'm confident that they are poised to continue to deliver exciting innovations and grow the company in the years ahead.

    雖然 CEO 經常獲得大部分功勞,但我想明確表示,我們的成功是公司內許多有才華的人出色團隊合作的結果,我相信他們已準備好繼續提供令人興奮的創新和成長公司在未來幾年。

  • I look forward to continuing to lead the company in the interim and supporting a new CEO as they lead the company to the next level of success.

    我期待在此期間繼續領導公司並支持新任首席執行官,因為他們將帶領公司邁向新的成功水平。

  • We'll now take analyst questions.

    我們現在將回答分析師的問題。

  • Operator

    Operator

  • (Operator Instructions) And our first question for today comes from the line of Brian Lee with Goldman Sachs.

    (操作員說明)我們今天的第一個問題來自高盛的 Brian Lee。

  • Brian Lee - VP and Senior Clean Energy Analyst

    Brian Lee - VP and Senior Clean Energy Analyst

  • A couple of questions.

    幾個問題。

  • Maybe first off, housekeeping one.

    也許首先,家政服務。

  • The free cash flow guidance, it implies cash flow from operations is going to be down a smidge year-on-year.

    自由現金流指引,它意味著來自運營的現金流量將同比略有下降。

  • So wondering why that would be the case, given that the view for better revenue and profits across all 3 segments, at least at a high level, that seems to be what you're inferring?

    所以想知道為什麼會這樣,考慮到所有三個細分市場的收入和利潤都更好,至少在高水平上,這似乎是你所推斷的?

  • Michael E. McDevitt - CFO and EVP

    Michael E. McDevitt - CFO and EVP

  • So Brian, let me take that.

    所以布萊恩,讓我接受。

  • So if you think about it, as we grow throughout the year, we'll be deploying a little bit more on working capital as we exit FY '18 would be our target versus this year where we generated some cash from working capital.

    因此,如果您考慮一下,隨著我們全年的增長,我們將在退出 FY '18 時更多地部署營運資金,這將是我們的目標,而今年我們從營運資金中產生了一些現金。

  • So just as the business grows, we have a little bit more on working capital.

    因此,隨著業務的增長,我們有更多的營運資金。

  • Brian Lee - VP and Senior Clean Energy Analyst

    Brian Lee - VP and Senior Clean Energy Analyst

  • Okay, fair enough.

    好吧,夠公平的。

  • That's helpful.

    這很有幫助。

  • And then I guess 2 quick things just around the model.

    然後我猜想在模型周圍有兩件快速的事情。

  • You alluded to some increasing impact from the San'an JV.

    您提到了三安合資企業的一些日益增長的影響。

  • Can you quantify a bit, Mike, as to, starting from fiscal Q2, what we should be thinking about in terms of that?

    邁克,您能否量化一下,從第二季度開始,我們應該考慮什麼?

  • And then on Wolfspeed specifically, you're capacity constrained but you're still annualizing to about $250 million in revenue and you're doubling capacity on both the substrates and devices side.

    然後特別是在 Wolfspeed 上,您的產能受到限制,但您的年收入仍然達到約 2.5 億美元,並且您在基板和設備方面的產能都翻了一番。

  • So by the end of calendar '18, fair to assume you're going to be running at the $500 million revenue capacity in that segment?

    因此,到 18 年日曆結束時,公平地假設您將在該細分市場以 5 億美元的收入運行嗎?

  • Just wondering if that's the right way to think about it.

    只是想知道這是否是正確的思考方式。

  • Charles M. Swoboda - Chairman, President & CEO

    Charles M. Swoboda - Chairman, President & CEO

  • Yes, Brian, let me take the Wolfspeed one first.

    是的,布賴恩,讓我先用 Wolfspeed 的。

  • So we are planning to double capacity in materials for external sales as well as in our power device fab.

    因此,我們計劃將用於外部銷售的材料以及我們的功率器件工廠的產能增加一倍。

  • That's wafer capacity, so there obviously could be some ASP erosion.

    那是晶圓產能,因此顯然可能會有一些平均售價下降。

  • So I think doubling might be a little aggressive.

    所以我認為加倍可能有點激進。

  • But we are planning to double the capacity.

    但我們計劃將容量增加一倍。

  • So if you put in some factor for whatever you want on ASP erosion over that time, you've got the right sense of the order of magnitude.

    因此,如果您在這段時間內為 ASP 侵蝕考慮任何您想要的因素,那麼您對數量級的理解是正確的。

  • There's significant growth opportunity in Wolfspeed in both power and materials, and the other thing I would tell you is we're also targeting, not at the same level, but RF should also grow over that period of time.

    Wolfspeed 在功率和材料方面都有顯著的增長機會,我要告訴你的另一件事是我們也在瞄準,但不在同一水平,但 RF 也應該在這段時間內增長。

  • As far as the impact of San'an, at a high level, what we're talking about now is we're really just starting to sample those products.

    至於三安的影響,在高層次上,我們現在談論的是我們真的才剛剛開始對這些產品進行抽樣。

  • So I think we should see some initial revenue in Q2, but really, it's going to be more of a second half of the year.

    所以我認為我們應該在第二季度看到一些初始收入,但實際上,這將是今年下半年。

  • And what we said originally on San'an is we would target generating some incremental revenue as well as accretive, both from a gross profit and an operating profit standpoint, but it will have lower gross margins than our current business today.

    我們最初在三安所說的是,從毛利和營業利潤的角度來看,我們的目標是產生一些增量收入和增值,但它的毛利率將低於我們目前的業務。

  • Now in terms of next quarter, I think what Mike was suggesting is we will start to see some of the revenue in the OpEx in next quarter for the first time.

    現在就下個季度而言,我認為邁克的建議是我們將在下個季度首次看到運營支出的一些收入。

  • But I don't know if we have a specific target or not at this time.

    但我不知道我們目前是否有特定的目標。

  • Mike?

    麥克風?

  • Michael E. McDevitt - CFO and EVP

    Michael E. McDevitt - CFO and EVP

  • Yes.

    是的。

  • We don't have a specific target but think of it as incremental.

    我們沒有具體的目標,但認為它是漸進的。

  • Operator

    Operator

  • And our next question comes from the line of Harsh Kumar with Stephens.

    我們的下一個問題來自斯蒂芬斯的 Harsh Kumar。

  • Harsh V. Kumar - MD

    Harsh V. Kumar - MD

  • Chuck, again, in case this is your last call, I've worked with you over a decade, we'll miss you.

    查克,如果這是你最後一次打電話,我已經和你一起工作了十多年,我們會想念你的。

  • Question for you.

    給你的問題。

  • So we've got kind of a, I'll call it a modest or a booming recovery, whatever you want to call it depending on who you are, but there's pretty good activity in commercial real estate that's going on.

    所以我們有一種,我會稱之為適度或蓬勃發展的複蘇,不管你想怎麼稱呼它,這取決於你是誰,但商業房地產的活動相當不錯。

  • And I'm curious why you're not able to see better than a flat pick up on a sequential basis, or perhaps even on a mid-term basis?

    而且我很好奇,為什麼你看不到比連續回升甚至中期回升更好的情況?

  • Why are you not more optimistic about everything coming back that you've lost in the last 6 or 7 quarters?

    為什麼你對過去 6 或 7 個季度失去的一切都不樂觀?

  • Charles M. Swoboda - Chairman, President & CEO

    Charles M. Swoboda - Chairman, President & CEO

  • Yes.

    是的。

  • So Harsh, a couple of things.

    如此苛刻,有幾件事。

  • First of all, if you look at overall market, actually the projections right now that we're seeing, that are -- so the lighting industry is generally talking a fairly conservative outlook over the next couple of quarters.

    首先,如果你看一下整體市場,實際上我們現在看到的預測是——所以照明行業通常在接下來的幾個季度裡談論一個相當保守的前景。

  • Mostly, we'd say flat or up slightly, and that's really being driven off a lowered outlook for non-resi construction.

    大多數情況下,我們會說持平或小幅上漲,這實際上是被非房地產建設前景下調所驅使。

  • So that's actually what's driving that.

    所以這實際上是驅動它的原因。

  • From a Cree standpoint, we've got a couple of things going on.

    從 Cree 的角度來看,我們正在做一些事情。

  • First of all, in Q4, we actually had a nice recovery in the C&I business.

    首先,在第四季度,我們實際上在 C&I 業務中實現了不錯的複蘇。

  • And I would say that's the best leading indicator.

    我會說這是最好的領先指標。

  • Obviously, there's some softness in the value segment and the consumer is seasonally down.

    顯然,價值領域有些疲軟,消費者季節性下降。

  • But I think if you take those 2 out, the core C&I, we started to see that recovery.

    但我認為,如果你把這兩個核心 C&I 剔除,我們就會開始看到這種複蘇。

  • Now this quarter, it's probably going to be on a similar range as last, that's more of a timing issue, but I think we're on the right track overall to seeing that grow.

    現在本季度,它可能會處於與上一個相似的範圍內,這更多的是時間問題,但我認為我們總體上處於正確的軌道上,可以看到這種增長。

  • And then as well as by the time we get into our Q2, we should see consumer start to come back a little bit seasonally as well.

    然後,當我們進入第二季度時,我們應該會看到消費者也開始季節性地回歸。

  • The third piece of that strategy, from a lighting standpoint is, although we were softer in the value segment, we really haven't had a significant product line for that.

    從照明的角度來看,該策略的第三部分是,儘管我們在價值領域較為溫和,但我們確實沒有為此建立重要的產品線。

  • So one of the things we announced in May was the C-Lite business and that's really our first time to have a real product offering for that distributor stock and flow business.

    因此,我們在 5 月宣布的其中一件事是 C-Lite 業務,這確實是我們第一次為分銷商庫存和流量業務提供真正的產品。

  • So I think that's an opportunity.

    所以我認為這是一個機會。

  • So if I look out over the next year, it is a little softer in the short term, and I think that's more of an industry dynamic.

    因此,如果我展望明年,短期內會稍微溫和一些,我認為這更像是一種行業動態。

  • But when we look at the lighting business, we would expect that the combination of a seasonal rebound in consumer, some benefit from C-Lite as we go over the next year, but most importantly, the C&I business and rebuilding momentum there like we saw in Q4, we think that would be the growth driver.

    但是,當我們審視照明業務時,我們預計消費者的季節性反彈結合了明年的 C-Lite,但最重要的是,像我們看到的那樣,C&I 業務和那裡的重建勢頭在第四季度,我們認為這將是增長動力。

  • And I do think we'll see some growth over the next year, maybe a little slower to start out with, but I still remain optimistic that the lighting business should definitely grow from this point forward over the next year.

    而且我確實認為明年我們會看到一些增長,開始時可能會慢一些,但我仍然樂觀地認為,照明業務肯定會在明年從這一點開始增長。

  • Harsh V. Kumar - MD

    Harsh V. Kumar - MD

  • Understood, Chuck.

    明白了,查克。

  • And then for my follow-up, I'm just curious on Wolfspeed.

    然後對於我的後續行動,我只是對 Wolfspeed 感到好奇。

  • Initially, you were going to IPO it and then you try to -- then there was almost a deal that didn't quite happen.

    最初,你打算 IPO,然後你嘗試——然後幾乎有一筆交易沒有發生。

  • Is it fair for us to assume that you intend -- with all the actions that you've outlined today, that you intend on keeping it at this point in time?

    我們是否可以假設您打算 - 通過您今天概述的所有行動,您打算在這個時間點保持它?

  • Charles M. Swoboda - Chairman, President & CEO

    Charles M. Swoboda - Chairman, President & CEO

  • Yes.

    是的。

  • Harsh, look, when we -- the Infineon deal was not approved, we made a decision then we were going to reintegrate it and run the business.

    苛刻,看,當我們 - 英飛凌的交易未獲批准時,我們做出了決定,然後我們將重新整合它並經營業務。

  • Obviously, I think, at some point here, we're going to have a new CEO in place and I'm sure that the board and that CEO will have discussions about what they want to do with the portfolio long term.

    顯然,我認為,在某個時候,我們將有一位新的 CEO,我相信董事會和這位 CEO 將討論他們希望長期對投資組合做什麼。

  • In the near term, we have the business that has incredible demand right now.

    在短期內,我們目前的業務需求令人難以置信。

  • I think something that's really changed -- that IPO was announced a little more than 2 years ago, what really changed is over the last year, a couple of major applications, really, the ones that are driving it that have changed the most is both electric vehicle and battery storage have really started to move and silicon carbide's been a key part of both of those applications.

    我認為確實發生了一些變化——首次公開募股是在兩年多前宣布的,真正發生變化的是去年,幾個主要的應用程序,真的,推動它變化最大的是兩者電動汽車和電池存儲已經真正開始發展,而碳化矽一直是這兩種應用的關鍵部分。

  • And I'd say that is the driver that's really changed the trajectory of that business, really, mostly over the last couple of quarters.

    我想說的是真正改變了該業務軌蹟的驅動因素,實際上,主要是在過去幾個季度。

  • So the great news is, is we have a growth business that has an exciting opportunity.

    所以好消息是,我們是否擁有一個擁有令人興奮的機會的增長業務。

  • We're going to invest in it to grow it.

    我們將投資於它以發展它。

  • But I think long term, as far as what the company may do from a portfolio standpoint, that will really be a question that will be best answered by the next CEO and the board at that time.

    但我認為,從長遠來看,就公司從投資組合的角度來看,這確實是一個問題,屆時下一任首席執行官和董事會將得到最好的回答。

  • Operator

    Operator

  • Our next question comes from the line of Tom Sepenzis with Northland Capital.

    我們的下一個問題來自 Northland Capital 的 Tom Sepenzis。

  • Thomas Andrew Sepenzis - MD & Senior Research Analyst

    Thomas Andrew Sepenzis - MD & Senior Research Analyst

  • I was wondering if you could talk a little bit about the margin weakness in Wolfspeed?

    我想知道你能不能談談 Wolfspeed 的邊緣弱點?

  • I think you said it was -- that had to do with the mix.

    我想你說的是——這與混合有關。

  • I'm just wondering what the mix was there that caused that weakness.

    我只是想知道是什麼導致了這種弱點。

  • Charles M. Swoboda - Chairman, President & CEO

    Charles M. Swoboda - Chairman, President & CEO

  • Yes.

    是的。

  • So what we have going on at Wolfspeed, there's really 4 major products lines.

    所以我們在 Wolfspeed 所做的,實際上有 4 條主要產品線。

  • There's obviously, our wafer business, our RF business.

    顯然,我們的晶圓業務,我們的射頻業務。

  • And then within power, we have both diodes and MOSFETs, and it's really -- as that mix -- there's different margins between those 4, we don't break them out.

    然後在功率範圍內,我們既有二極管也有 MOSFET,而且確實——作為這種組合——這 4 種之間存在不同的邊際,我們不會將它們分開。

  • But as that mix shifts from quarter-to-quarter, we're getting some different blending.

    但是隨著這種混合從一個季度到另一個季度的變化,我們得到了一些不同的混合。

  • I'd say each of those product lines remains relatively steady, but you saw just -- there was a little higher volumes on the stuff that is, on average, a little bit lower margin.

    我想說這些產品線中的每一個都保持相對穩定,但你看到的只是——這些產品的銷量略高,平均而言,利潤率略低。

  • So no real change in any of those 4 product lines, it was really the mix between them.

    因此,這 4 條產品線中的任何一條都沒有真正的變化,這實際上是它們之間的混合。

  • And I think you'll see some of that fluctuation going forward because being at capacity, we're really doing everything we can to maximize customer needs to keep them going as we go through this -- the allocation period right now.

    而且我認為你會看到一些波動,因為在產能充足的情況下,我們真的在盡我們所能來最大限度地滿足客戶的需求,讓他們在我們經歷這一切的過程中保持運轉——現在的分配期。

  • So I think that a little bit of variability probably in this range, plus or minus, for the next few quarters.

    因此,我認為在接下來的幾個季度中,這個範圍內可能會出現一些變化,無論是正數還是負數。

  • And then I think if you look out beyond fiscal '18 and you start looking at the beginning of fiscal '19, as we get the 150-millimeter product line online, it probably gives us some opportunity that will not only address the demand at a -- more fully but also have some flexibility from a margin standpoint.

    然後我認為,如果您展望 18 財年之後並開始關注 19 財年的開始,隨著我們在線獲得 150 毫米產品線,它可能會給我們一些機會,不僅可以滿足需求-- 更全面,但從利潤的角度來看也有一定的靈活性。

  • Thomas Andrew Sepenzis - MD & Senior Research Analyst

    Thomas Andrew Sepenzis - MD & Senior Research Analyst

  • Great.

    偉大的。

  • And then in terms of the excess capacity, I think you mentioned it would be Q4 of '18.

    然後就產能過剩而言,我想你提到這將是 18 年第四季度。

  • Is it ramping up into Q4?

    它會加速到第四季度嗎?

  • Or is it all online at once at the end of the year?

    還是年底全部上線?

  • Charles M. Swoboda - Chairman, President & CEO

    Charles M. Swoboda - Chairman, President & CEO

  • Yes.

    是的。

  • So you have to break out materials or the silicon carbide wafer business versus the power business.

    因此,您必須將材料或碳化矽晶圓業務與電力業務分開。

  • So the silicon carbide wafer business, that, actually, we are doing things right now, and we should start to see some additional capacity coming online by the end of our -- end of calendar Q4 or our fiscal Q2.

    所以碳化矽晶圓業務,實際上,我們現在正在做的事情,我們應該開始看到一些額外的產能在我們的第四季度末或第二財季結束時上線。

  • So I think in our fiscal Q3, we'll start to see some opportunity on materials, in that quarter, and that will ramp over the next 12 months through calendar '18 to get into that doubling of capacity for external materials sales.

    因此,我認為在我們的第三財季,我們將在該季度開始看到材料方面的一些機會,這將在接下來的 12 個月內到 18 年日曆,以實現外部材料銷售能力的翻番。

  • As far as the power business goes, that has a longer lead time so we're making -- we've been making the same investments, but there's a lag.

    就電力業務而言,交貨時間更長,所以我們正在做——我們一直在做同樣的投資,但有一個滯後。

  • So what's happening is most -- that capacity that's coming online, it's 150 millimeter, so we've qualified it on diodes.

    所以發生的最多的是——即將上線的容量是 150 毫米,所以我們已經在二極管上對其進行了鑑定。

  • But our customers have a period of time until they'll qualify it.

    但是我們的客戶有一段時間才能獲得資格。

  • So we'll see the diodes likely start to get qualified by the end of our fiscal Q2.

    因此,我們將看到二極管可能會在我們的第二財季結束時開始合格。

  • So we'll get a little bit of benefit in fiscal Q3.

    因此,我們將在第三財季獲得一點好處。

  • And then MOSFETs, which is the bigger part of that, they're likely be qualified by the customer by the end of our fiscal Q4.

    然後是 MOSFET,這是其中更大的一部分,它們很可能在我們第四財季結束時獲得客戶的認可。

  • So there's a lag to the power device and that's mostly just based on qualification times.

    因此,功率設備存在滯後,這主要取決於資格時間。

  • Operator

    Operator

  • And our next question comes from the line of Edwin Mok with Needham & Company.

    我們的下一個問題來自於 Edwin Mok 與 Needham & Company 的對話。

  • Yeuk-Fai Mok - Senior Analyst

    Yeuk-Fai Mok - Senior Analyst

  • Just quickly, just a follow-up on Wolfspeed.

    很快,只是對 Wolfspeed 的跟進。

  • You mentioned EDN batteries, storage being the end market, and the undermarket has seen growth.

    您提到 EDN 電池,存儲是終端市場,而底層市場已經出現增長。

  • And if I understand that correctly, then wouldn't power will be growing faster than RF and maybe faster in material?

    如果我理解正確,那麼功率不會比 RF 增長得更快,而且材料的增長速度可能更快嗎?

  • Charles M. Swoboda - Chairman, President & CEO

    Charles M. Swoboda - Chairman, President & CEO

  • So power is growing faster than RF, I think, from an overall industry standpoint.

    因此,從整個行業的角度來看,我認為功率的增長速度快於射頻。

  • We happen to be capacity constrained on both, Edwin, so there's a muting of the actual demand and that's just based on our ability to deliver.

    埃德溫(Edwin),我們碰巧在兩者上都受到了產能限制,因此實際需求有所減弱,而這僅基於我們的交付能力。

  • RF actually though is also growing.

    RF實際上雖然也在增長。

  • So I wouldn't underestimate it, but it's not to the level we're seeing in power.

    所以我不會低估它,但它還沒有達到我們在權力中看到的水平。

  • On the materials side, materials is primarily for power.

    在材料方面,材料主要用於動力。

  • Yes, we saw materials for RF, but RF devices consume silicon carbide wafers at a fraction of what power devices do.

    是的,我們看到了射頻材料,但射頻設備消耗的碳化矽晶圓只是功率設備的一小部分。

  • So really what you're seeing is both the materials and the power device, whether it'd be MOSFETs or diodes, are being driven by the same market dynamic overall.

    因此,您真正看到的是材料和功率器件,無論是 MOSFET 還是二極管,都受到整體市場動態的驅動。

  • Yeuk-Fai Mok - Senior Analyst

    Yeuk-Fai Mok - Senior Analyst

  • Okay, great.

    好,太棒了。

  • Thanks for clarifying that.

    感謝您澄清這一點。

  • And then just moving on to lighting, you talk about you're strong this quarter on your C&I business.

    然後只是轉向照明,您談到本季度您的 C&I 業務很強大。

  • I'm just curious, how much of that is driven by kind of new products and the launch of LIGHTFAIR or new product you launched in last 6 or 12 months versus just -- you guys had some issue with the channels and recovery from that.

    我只是好奇,其中有多少是由某種新產品和 LIGHTFAIR 的推出或你在過去 6 或 12 個月推出的新產品推動的,而不是——你們在渠道和恢復方面遇到了一些問題。

  • How much is there from recovery versus new kind of new product ramping?

    復甦與新型新產品的增加有多大關係?

  • Charles M. Swoboda - Chairman, President & CEO

    Charles M. Swoboda - Chairman, President & CEO

  • Edwin, I would say it's probably what we're seeing in the short term or what we saw in Q4 is probably more of a recovery in terms of getting the benefit of having service levels come back up, some of the things we've done on the channel investment side and some of the people investment that we're making.

    埃德溫,我想說這可能是我們在短期內看到的,或者我們在第四季度看到的可能更多的是恢復服務水平的好處,我們已經做的一些事情在渠道投資方面和我們正在進行的一些人員投資方面。

  • We really think all 3 of those things is really, I would call it rebuilding some of that base momentum.

    我們真的認為所有這三件事都是真的,我稱之為重建一些基本動力。

  • I think the new products, we have been announcing them, but typically, in lighting, a new product is probably 2, 3, maybe 4 quarters from when you see a real significant uptick, especially if it has to be specified.

    我認為新產品,我們一直在宣布它們,但通常,在照明方面,新產品可能是你看到真正顯著上升的 2、3 甚至 4 個季度,尤其是在必須指定的情況下。

  • If it's specified, it could be 6 quarters.

    如果指定,它可能是 6 個季度。

  • So I think C-Lite maybe has a better short term opportunity just because it's more of a stock and flow product, but a lot of those new products at LIGHTFAIR, you really won't see the benefit until probably early calendar '18.

    所以我認為 C-Lite 可能有更好的短期機會,因為它更像是一種庫存和流量產品,但在 LIGHTFAIR 上的許多新產品,你真的要到 18 年早期才能看到好處。

  • Operator

    Operator

  • And our next question comes from the line of Vishal Shah with Deutsche Bank.

    我們的下一個問題來自德意志銀行的 Vishal Shah。

  • Vishal B. Shah - MD and Senior Analyst

    Vishal B. Shah - MD and Senior Analyst

  • Chuck, just curious to hear your thoughts on what's going on with the stock and flow business?

    查克,只是想听聽您對股票和流量業務的看法嗎?

  • Are you assuming that business remains soft in the next couple of quarters, or do you see a recovery there?

    您是否認為未來幾個季度業務仍然疲軟,或者您認為那裡會出現復甦?

  • And then maybe you can talk a little bit about the auto win that you talked -- mentioned in your prepared remarks, around the traction you're seeing in the auto segment and the expectations for that part of the business over the next 12 to 18 months?

    然後也許你可以談談你所說的汽車勝利——在你準備好的評論中提到,圍繞你在汽車領域看到的牽引力以及對未來 12 到 18 年這部分業務的期望個月?

  • Charles M. Swoboda - Chairman, President & CEO

    Charles M. Swoboda - Chairman, President & CEO

  • Sure.

    當然。

  • So on the stock and flow side, what I would tell you is that what we saw is, really, I would clarify it as we have a set of more value-oriented products, that some of them are sold in stock and flow, some are sold in other channels, that's where we saw the weakness.

    所以在庫存和流量方面,我要告訴你的是,我們看到的是,真的,我要澄清一下,因為我們有一套更以價值為導向的產品,其中一些以庫存和流量出售,一些在其他渠道銷售,這就是我們看到弱點的地方。

  • For us, really, our challenge in stock and flow is that we haven't really had a product line dedicated to what I'll call the value segment for distribution.

    對我們來說,確實,我們在庫存和流量方面的挑戰是我們還沒有真正的產品線專門用於我稱之為分銷價值部分的產品線。

  • So we sell that grade of product, but we haven't had a big presence in distribution in the past.

    因此,我們銷售該等級的產品,但過去我們在分銷方面並沒有太大的影響力。

  • So for us, C-Lite's an opportunity to address the gap in the product line.

    所以對我們來說,C-Lite 是一個解決產品線差距的機會。

  • I think that in terms of demand there, I don't know that stock and flow was any softer than any other part of the business.

    我認為就那裡的需求而言,我不知道庫存和流量比業務的任何其他部分都軟。

  • I'm sure it's not growing a lot but, really, our strategy there is a little different, which is we're going to go try to use C-Lite to gain some share in that application.

    我確信它不會增長很多,但實際上,我們的策略有點不同,我們將嘗試使用 C-Lite 在該應用程序中獲得一些份額。

  • In the other parts of the channels where we sell the value stuff, we did some softness although I think that some of that is just a normal seasonal pattern.

    在我們銷售有價值的東西的渠道的其他部分,我們做了一些軟化,儘管我認為其中一些只是正常的季節性模式。

  • And some of that is, frankly, just product selection, which we'll be able to address.

    坦率地說,其中一些只是產品選擇,我們將能夠解決。

  • So I'm pretty optimistic if you take our overall value part of our business, that the combination of what we're doing in the core part of it, plus what we're going to do at C-Lite, that should be a segment that we should see some growth in over the next 12 months.

    所以我很樂觀,如果你把我們業務的整體價值部分,結合我們在核心部分所做的事情,加上我們將在 C-Lite 做的事情,這應該是一個我們應該在未來 12 個月看到一些增長的部分。

  • As far as shifting gears there to the LED business, it's great for us to -- we started a couple of years ago getting qualified for automotive and having our first LED shipping to a Tier 1 Ford lighting supplier is important.

    至於將齒輪轉移到 LED 業務,這對我們來說非常棒——我們幾年前開始獲得汽車行業的資格,並且將我們的第一個 LED 運送到一級福特照明供應商是很重要的。

  • But we're -- really, that's the first project and for that business to be significant, it's going to take a series of design wins.

    但我們 - 真的,這是第一個項目,要使該業務變得重要,它將需要一系列設計勝利。

  • We have those projects in the queue.

    我們有這些項目在排隊。

  • I'd say it's really an 18-month cycle before we see a significant impact.

    我想說,在我們看到顯著影響之前,這確實是一個 18 個月的周期。

  • We should see some incremental impact, probably in the second half of our fiscal year.

    我們應該會看到一些增量影響,可能在我們財政年度的下半年。

  • But really, this is more of a fiscal '19 because, as you know in automotive, you're a couple of years into the process of design wins before they start to ramp up.

    但實際上,這更像是 19 財年,因為正如你在汽車領域所知道的那樣,在設計勝利開始加速之前,你已經進入了幾年的設計勝利過程。

  • And so I'd say, given the queue of things we're working on, I'd say the bigger impact will be in fiscal '19.

    所以我想說,鑑於我們正在處理的事情的隊列,我想說更大的影響將在 19 財年。

  • But the encouraging thing there is it's a new segment we haven't significantly participated in the past and it really gives us another area to use our high-power technology to grow that business.

    但令人鼓舞的是,這是一個我們過去沒有顯著參與的新領域,它確實為我們提供了另一個使用我們的高功率技術來發展該業務的領域。

  • So the combination of that plus the San'an JV, we think, really puts LEDs in more of a growth scenario than it has been over the last few years.

    因此,我們認為,加上三安合資企業的結合,確實使 LED 比過去幾年更具增長前景。

  • Operator

    Operator

  • Our next question comes from the line of John Quealy from Canaccord Genuity.

    我們的下一個問題來自 Canaccord Genuity 的 John Quealy。

  • John Salvatore Quealy - MD and Analyst

    John Salvatore Quealy - MD and Analyst

  • First question just following up on the automotive win, congratulations on that.

    第一個問題只是跟進汽車的勝利,對此表示祝賀。

  • Was it a competitive win?

    這是一場競爭性的勝利嗎?

  • And then Chuck, when you talk about '19, is this headlamps, tail in cabin or could you give us a scope of that initial design win?

    然後查克,當你談到 19 年時,這是前照燈、機艙尾部還是你能給我們一個初步設計獲勝的範圍?

  • Charles M. Swoboda - Chairman, President & CEO

    Charles M. Swoboda - Chairman, President & CEO

  • The initial design win is forward lighting.

    最初的設計勝利是前向照明。

  • I can't get any more specific than that.

    我沒有比這更具體的了。

  • And I would say most of the activity we're focused on is exterior right now.

    我想說我們現在關注的大部分活動都是外部的。

  • So really, the idea is that our high-power technology fits better with the exterior, although I will say we will certainly -- and now that we're going through the process to get qualified for automotive, I think interior will be a natural extension but it's really secondary to the work we're doing right now on the exterior of the car.

    所以真的,我們的想法是我們的高功率技術更適合外部,雖然我會說我們肯定會 - 現在我們正在經歷獲得汽車資格的過程,我認為內部將是自然的擴展,但對於我們現在在汽車外部所做的工作來說,這確實是次要的。

  • John Salvatore Quealy - MD and Analyst

    John Salvatore Quealy - MD and Analyst

  • Okay.

    好的。

  • And then the follow-up, in terms of M&A, would you let the next CEO take the strategy there?

    然後後續,在併購方面,你會讓下一任CEO在那裡採取戰略嗎?

  • Or do you have a pipeline that you might be able to grab a couple of small ones before you head out?

    或者你有一個管道,你可以在出發前抓住幾個小的管道?

  • Charles M. Swoboda - Chairman, President & CEO

    Charles M. Swoboda - Chairman, President & CEO

  • Sure, John.

    當然,約翰。

  • I would say that M&A in lighting is something we've been working on.

    我想說的是,照明領域的併購是我們一直在努力的事情。

  • We have a pipeline.

    我們有一個管道。

  • We really have been hesitant to push that pipeline over the last few quarters because, really, we were focused on giving Danny a chance to get the team in place and really start to improve some of the basic service levels and build some momentum with the channel before we went down that path.

    在過去的幾個季度裡,我們真的一直在猶豫是否要推動這條管道,因為,真的,我們專注於讓 Danny 有機會讓團隊就位,並真正開始提高一些基本服務水平,並通過渠道建立一些勢頭在我們走這條路之前。

  • Given the progress we've made over the last couple of quarters, I think we're in a much better position to look at some M&A in the near term.

    鑑於我們在過去幾個季度取得的進展,我認為我們在短期內可以更好地看待一些併購。

  • So if a project is -- if a smaller project is able to be done here in the near term, we'll certainly consider that while I'm still the CEO, and then we'll let the next CEO take it from there.

    因此,如果一個項目——如果一個較小的項目能夠在短期內在這裡完成,我們肯定會考慮,而我仍然是首席執行官,然後我們會讓下一任首席執行官從那裡接手。

  • But I think strategy is sound enough that if there's an opportunity here over the next 1 or 2 quarters, we'll be prepared to act on it, if it presents itself.

    但我認為戰略足夠合理,如果在接下來的 1 或 2 個季度內有機會,我們將準備採取行動,如果它出現的話。

  • And I think that's where the board's head is as well.

    我認為這也是董事會的負責人。

  • Operator

    Operator

  • And our next question comes from the line of Jeff Osborne with Cowen and Company.

    我們的下一個問題來自 Cowen and Company 的 Jeff Osborne。

  • Jeffrey David Osborne - MD and Senior Research Analyst

    Jeffrey David Osborne - MD and Senior Research Analyst

  • Just 2 quick ones here.

    這裡只有 2 個快速的。

  • On the consumer side, Chuck, can you just talk about what the year-over-year change was?

    在消費者方面,查克,你能談談同比變化是什麼嗎?

  • I think the last 10-K, you mentioned that consumer was down about $50 million versus the prior fiscal year?

    我認為上一個 10-K,您提到消費者與上一財年相比減少了約 5000 萬美元?

  • Can you just discuss what that is, and the expectations for the next 4 quarters?

    你能談談那是什麼,以及對未來 4 個季度的預期嗎?

  • Do you think we've kind of reached a flat line there?

    你認為我們在那里達到了一條平坦的線嗎?

  • Or do you still expect that to erode?

    還是您仍然期望它會受到侵蝕?

  • Charles M. Swoboda - Chairman, President & CEO

    Charles M. Swoboda - Chairman, President & CEO

  • Yes, Jeff, look, I don't have the specific number in front of me right now but I will tell you that it was down year-over-year.

    是的,傑夫,看,我現在沒有具體的數字,但我會告訴你,它是逐年下降的。

  • But I think at the level we're at today, plus or minus, this is kind of the baseline for what I'll call a premium category with the current channel partners we have.

    但我認為,在我們今天的水平上,無論是正負,這都是我們目前擁有的渠道合作夥伴所謂的高端類別的基準。

  • It could fluctuate up a little bit from here in the high quarters and back to these levels, I would say, in a more seasonally slower quarters.

    它可能會在高季度從這裡稍微波動,然後在季節性更慢的季度回到這些水平。

  • But we're in the right range.

    但我們在正確的範圍內。

  • I don't see it growing a lot from here though.

    不過,我沒有看到它從這裡增長很多。

  • So if you think about the lighting portfolio a year from now and 2 years from now, consumer will remain a piece of it, but will likely -- because I don't expect it to grow in terms of total dollars, it will be a declining percentage but it'll still remain our key part of the overall strategy and complementary because I think that in addition to how we sell it in consumer, I think with Danny's been working on some things, there's an opportunity to bring those products into the commercial channel.

    因此,如果您考慮一年後和兩年後的照明產品組合,消費者將仍然是其中的一部分,但很可能——因為我預計它不會以總美元計增長,它將是百分比下降,但它仍然是我們整體戰略的關鍵部分和補充,因為我認為除了我們如何在消費者中銷售它,我認為丹尼一直在做一些事情,有機會將這些產品帶入商業頻道。

  • And I think that's an area we really haven't been able to take advantage of in the past.

    我認為這是我們過去確實無法利用的領域。

  • Jeffrey David Osborne - MD and Senior Research Analyst

    Jeffrey David Osborne - MD and Senior Research Analyst

  • Got it.

    知道了。

  • And that kind of leads into my follow-up question, just as we think about fiscal '18 for the lighting segment as a whole, certainly mix will play a -- so you mentioned gross margins would expand for that segment, so certainly mix will be a tailwind for you if consumers are less, I imagine warranty expense will be less.

    這導致我的後續問題,就像我們考慮整個照明部門的 18 財年一樣,混合肯定會發揮作用 - 所以你提到該部門的毛利率會擴大,所以混合肯定會如果消費者較少,對您來說是順風,我想保修費用會更少。

  • But can you just talk about what the other initiatives or other priorities are for yourself and Danny to expand gross margins and any quantification about how to think about that moving forward, especially as you try to march towards your mid-30s gross margin target?

    但是,您能否談談您和丹尼在擴大毛利率方面還有哪些其他舉措或其他優先事項,以及如何考慮如何向前發展的任何量化,尤其是當您試圖邁向 30 多歲的毛利率目標時?

  • Charles M. Swoboda - Chairman, President & CEO

    Charles M. Swoboda - Chairman, President & CEO

  • Yes, let me give a high-level view of that and then maybe if Danny wants to add something there.

    是的,讓我給出一個高層次的看法,然後也許 Danny 想在那裡添加一些東西。

  • What I would tell you is that, clearly, as commercial grows versus consumer, there's a mix benefit.

    我要告訴你的是,很明顯,隨著商業與消費者的增長,存在混合利益。

  • I think obviously, as we improve execution, we should see some benefits there, as you pointed out.

    正如您所指出的,我認為顯然,隨著我們改進執行,我們應該會看到一些好處。

  • And then I think, really, as we generate -- as we increase the volume, there's a scale benefit, both on the operations side and on the purchasing side that we have not really been able to take advantage of over the last year just because of the change in the business.

    然後我認為,真的,隨著我們的產量增加——無論是在運營方面還是在採購方面,我們都無法真正利用去年的規模效益,因為關於業務的變化。

  • So I would say those will be the 3 areas that are likely to give us the leverage.

    所以我想說,這三個領域可能會給我們帶來影響力。

  • Obviously, mix is straightforward.

    顯然,混合很簡單。

  • Obviously, as we improve the warranty side of it, that's an obvious one, but I think that the volume leverage is another important piece and the purchasing that goes along with it, that will take a little longer, but I think that's probably as big a lever.

    顯然,隨著我們改進保修方面,這是一個顯而易見的問題,但我認為數量槓桿是另一個重要部分,隨之而來的購買需要更長的時間,但我認為這可能同樣大一個槓桿。

  • Danny, any further thoughts on that?

    丹尼,對此還有什麼想法嗎?

  • Daniel Castillo - President of Lighting

    Daniel Castillo - President of Lighting

  • No, I think the only thing I would add is around the new products.

    不,我想我唯一要補充的是新產品。

  • It will be around the intelligent lighting and SmartCast.

    它將圍繞智能照明和SmartCast。

  • Charles M. Swoboda - Chairman, President & CEO

    Charles M. Swoboda - Chairman, President & CEO

  • Yes.

    是的。

  • So the new products are likely to have higher margins as well.

    因此,新產品也可能具有更高的利潤率。

  • So there's a secondary mix benefit -- while as the new products we're introducing, especially the higher-end ones are likely to have more margin than our average portfolio of today.

    所以有一個次要的混合優勢——而作為我們推出的新產品,尤其是高端產品,可能比我們今天的平均產品組合有更多的利潤。

  • Operator

    Operator

  • And our next question comes from the line of Krish Sankar with Bank of America Merrill Lynch.

    我們的下一個問題來自美銀美林的 Krish Sankar。

  • Sreekrishnan Sankar - Director

    Sreekrishnan Sankar - Director

  • Chuck, congrats on an illustrious career.

    查克,恭喜你事業有成。

  • I had 2 questions.

    我有 2 個問題。

  • I don't know if you can call -- say it's steady state but is there a way to think about what the long-term or steady state gross margin for the LED lighting in Wolfspeed business are going to be?

    我不知道你是否可以打電話——說它是穩定狀態,但有沒有辦法考慮 Wolfspeed 業務中 LED 照明的長期或穩定狀態毛利率將是多少?

  • Charles M. Swoboda - Chairman, President & CEO

    Charles M. Swoboda - Chairman, President & CEO

  • So how about I give you a -- I don't have a specific number but let me give you a way to think about it.

    那麼我給你一個——我沒有具體的數字,但讓我給你一個思考的方法。

  • I think LEDs right now are likely to be in a similar range, plus or minus.

    我認為現在的 LED 可能處於相似的範圍內,正負。

  • I think there's some leverage on the high end of LEDs.

    我認為 LED 的高端有一些影響力。

  • So as we push into some higher end applications, I think those are better margins and give us some upside.

    因此,當我們推進一些更高端的應用程序時,我認為這些是更好的利潤並給我們帶來了一些好處。

  • But the JV, as we said before, while it will be accretive from an operating margin -- an operating profit standpoint, it will have lower gross margins.

    但是,正如我們之前所說,合資企業雖然從營業利潤率(從營業利潤的角度來看)會增加,但毛利率會更低。

  • So I think net-net, I think about LEDs over the next couple of years in a similar range as we're running today, plus or minus, because we have the high-power stuff being offset by the JV.

    所以我認為net-net,我認為未來幾年的LED與我們今天運行的範圍相似,正負,因為我們有高功率的東西被合資企業所抵消。

  • But net-net, it's accretive overall.

    但是net-net,它總體上是增值的。

  • On lighting, I think we should be seeing -- we're targeting incremental improvement over this year and probably the year after that, based on the factors we just said.

    在照明方面,我認為我們應該看到——基於我們剛才所說的因素,我們的目標是在今年以及可能在之後的一年內逐步改進。

  • So I don't have a specific target for you, but I think we've said in the past, the industry has demonstrated that the lighting business, when it's up and running and has a good portfolio balance, should be able to operate in the mid-30s, plus or minus.

    所以我沒有給你一個具體的目標,但我想我們過去說過,行業已經證明,當照明業務啟動並運行並具有良好的投資組合平衡時,應該能夠在30年代中期,正負。

  • So I think that remains our target.

    所以我認為這仍然是我們的目標。

  • No time line for you but that is still what we're shooting for here.

    沒有時間線給你,但這仍然是我們在這裡拍攝的。

  • And then in terms of Wolfspeed, I think we have a lot of moving pieces right now.

    然後就 Wolfspeed 而言,我認為我們現在有很多動人的部分。

  • We're pushing very hard to ramp up new products, technology, bring capacity on.

    我們正在非常努力地增加新產品、技術和產能。

  • I think the current level may be slightly higher over the next year as an opportunity but I would model kind of where we're at today, but I think if you look out a little bit longer-term, as we get a little bit of scale in that business, we get fully onto 150, there's probably a couple of points of upside there.

    我認為明年的當前水平可能會略高一些,但我會模擬我們今天所處的位置,但我認為如果你從長遠來看,我們會得到一點該業務的規模,我們完全達到 150,那裡可能有幾個上升點。

  • But I wouldn't imagine that -- I think that's more of a fiscal '19 than a fiscal '18.

    但我無法想像——我認為這更像是 19 財年而不是 18 財年。

  • And again, that will depend a little bit on the market dynamics but if demand continues to be strong, that, obviously, as you know, plays in the favor of the semi guys, when demand exceeds capacity, that's a good pricing situation.

    再說一次,這將在一定程度上取決於市場動態,但如果需求繼續強勁,那麼顯然,正如你所知,當需求超過產能時,這對半成品廠商有利,這是一個很好的定價情況。

  • Sreekrishnan Sankar - Director

    Sreekrishnan Sankar - Director

  • Got it, got it.

    明白了,明白了。

  • That's very helpful, Chuck.

    這很有幫助,查克。

  • And then as a follow-up, you kind of argued the fact that based on demand in Wolfspeed, which kind of makes sense.

    然後作為後續行動,你有點爭論基於 Wolfspeed 中的需求這一事實,這是有道理的。

  • I mean, you get into it like autos and eventually, 5G down the road, and you have a pretty good unit growth on the lighting side.

    我的意思是,你像汽車一樣進入它,最終,5G 在路上,你在照明方面有一個相當不錯的單位增長。

  • Well, it looks like there's still more ASP erosion, much higher than the Wolfspeed side.

    好吧,看起來還有更多的 ASP 侵蝕,比 Wolfspeed 方面要高得多。

  • Is it fair to assume that, like, 2, 3 years down the road, Wolfspeed, from a revenue or maybe a profit dollar standpoint, could be much bigger than LED and lighting?

    假設 2、3 年後,Wolfspeed 從收入或利潤美元的角度來看,可能會比 LED 和照明大得多,這是否公平?

  • Charles M. Swoboda - Chairman, President & CEO

    Charles M. Swoboda - Chairman, President & CEO

  • Boy.

    男生。

  • So I think if you look at Wolfspeed versus LED, obviously, it's a significantly smaller business today.

    所以我認為,如果你看一下 Wolfspeed 與 LED 的對比,顯然,它今天的業務規模要小得多。

  • I think the profit -- the margins are obviously significantly higher.

    我認為利潤——利潤率顯然要高得多。

  • So depending on how fast Wolfspeed grows, it could over time generate more profits than the LED business.

    因此,根據 Wolfspeed 的增長速度,隨著時間的推移,它可能會產生比 LED 業務更多的利潤。

  • That being said, I think with the growth initiatives in LEDs, it's not -- it's a moving target, right?

    話雖如此,我認為隨著 LED 的增長計劃,它不是——它是一個移動的目標,對吧?

  • We are doing things whether it'd be the stuff on automotive, on the high end, or the JV on the other side to drive those profits up.

    我們正在做一些事情,無論是汽車、高端產品還是另一邊的合資企業,以提高這些利潤。

  • So I think the Wolfspeed team can grow fast but they have some work to do to catch the LED guys, and I think that's a great opportunity for us in both cases.

    所以我認為 Wolfspeed 團隊可以快速成長,但他們還有一些工作要做才能趕上 LED 隊,我認為這對我們來說都是一個很好的機會。

  • Lighting.

    燈光。

  • I think in lighting, we certainly have margin leverage there.

    我認為在照明方面,我們當然有保證金槓桿。

  • And I think the growth there will be both organic and a little bit of M&A.

    而且我認為那裡的增長將是有機的和一點點併購。

  • So it's a little hard to call that one because it's going to be a part of what we do -- what we control ourselves in terms of execution, but also part of what happens from an M&A strategy, in terms of bringing in new parts of that portfolio.

    所以說這個有點困難,因為它將成為我們所做工作的一部分——我們在執行方面控制自己,同時也是併購戰略中發生的事情的一部分,就引入新的部分而言那個投資組合。

  • So I think lighting, it's a little harder to just give you a linear projection there because there's some inorganic opportunities that could change the math.

    所以我認為照明,在那裡給你一個線性投影有點困難,因為有一些無機的機會可以改變數學。

  • I don't know if you want to add anything to that, Mike?

    我不知道你是否想對此添加任何內容,邁克?

  • Michael E. McDevitt - CFO and EVP

    Michael E. McDevitt - CFO and EVP

  • No, that's a good answer.

    不,這是一個很好的答案。

  • Operator

    Operator

  • And our next question comes from the line of Daniel Baksht with KeyBanc.

    我們的下一個問題來自 Daniel Baksht 與 KeyBanc 的對話。

  • Daniel Jacob Baksht - Associate

    Daniel Jacob Baksht - Associate

  • I just had a quick -- I just want to get a quick clarification on the lighting margins.

    我只是快速 - 我只是想快速澄清一下照明邊緣。

  • So your target is to increase -- just whether you're targeting gross margin to increase, including or excluding the impact from the Feit upfront licensing agreement in fiscal 2017?

    所以你的目標是增加——只是你的目標是增加毛利率,包括還是不包括 2017 財年 Feit 前期許可協議的影響?

  • Michael E. McDevitt - CFO and EVP

    Michael E. McDevitt - CFO and EVP

  • So overall margins for the segment in '18, we would expect it to be incrementally higher than '17's.

    因此,18 年該細分市場的整體利潤率,我們預計它會逐漸高於 17 年。

  • Daniel Castillo - President of Lighting

    Daniel Castillo - President of Lighting

  • Including Feit.

    包括費特。

  • Michael E. McDevitt - CFO and EVP

    Michael E. McDevitt - CFO and EVP

  • Including Feit, yes.

    包括費特,是的。

  • Daniel Jacob Baksht - Associate

    Daniel Jacob Baksht - Associate

  • Great.

    偉大的。

  • And then a question on your CapEx for fiscal 2018.

    然後是關於 2018 財年資本支出的問題。

  • So can you just provide just a little bit of additional color on where you plan to allocate that, like, whether it's brick and mortars?

    那麼,您能否僅提供一點額外的顏色來說明您計劃分配的位置,例如,是否是磚塊和砂漿?

  • Or any amount or certain percentage you're planning to allocate the Wolfspeed or just timing in general around that?

    或者您計劃分配 Wolfspeed 的任何數量或特定百分比,或者只是圍繞它分配時間?

  • Michael E. McDevitt - CFO and EVP

    Michael E. McDevitt - CFO and EVP

  • So the 220 is heavily weighted to Wolfspeed, there's some incremental stuff for lighting and LED for capabilities and all that, but the bulk of it is Wolfspeed and think if it as -- there's a chunk of it that's infrastructure to be able to put future capacity in as well as the existing to stuff that we have now and then there's the tool sets itself.

    所以 220 對 Wolfspeed 的權重很大,有一些增量的東西用於照明和 LED 的功能等等,但其中大部分是 Wolfspeed 並認為如果它 - 有很大一部分是能夠放置未來的基礎設施我們現在擁有的東西的容量以及現有的東西,然後是工具集本身。

  • So some of it is longer range that will fuel growth in '19 and beyond, from an infrastructure standpoint, and -- but I'd say you're talking about 150-plus is Wolfspeed.

    因此,從基礎設施的角度來看,其中一些將在 19 年及以後推動增長的更長距離,而且 - 但我會說你所說的 150+ 是 Wolfspeed。

  • Charles M. Swoboda - Chairman, President & CEO

    Charles M. Swoboda - Chairman, President & CEO

  • And Mike, what percentage of that is likely bricks and mortar versus CapEx?

    邁克,與資本支出相比,這其中有多少百分比可能是實體的?

  • By half, 50-50?

    減半,50-50?

  • Michael E. McDevitt - CFO and EVP

    Michael E. McDevitt - CFO and EVP

  • It's probably close to 50-50, 40-60.

    它可能接近 50-50、40-60。

  • Operator

    Operator

  • And our next question comes from the line of Colin Rusch with Oppenheimer.

    我們的下一個問題來自 Colin Rusch 和 Oppenheimer。

  • Colin William Rusch - MD and Senior Analyst

    Colin William Rusch - MD and Senior Analyst

  • Given the growth in the Wolfspeed side of things, are you seeing anything within the supply chain that you're worried about at this point or preparing for just to make sure that you run into a bottleneck as you go through this ramp?

    鑑於 Wolfspeed 方面的增長,您是否在供應鏈中看到了您此時擔心的任何事情,或者只是為了確保您在通過這個坡道時遇到瓶頸而做準備?

  • Charles M. Swoboda - Chairman, President & CEO

    Charles M. Swoboda - Chairman, President & CEO

  • Nothing specific.

    沒什麼具體的。

  • I'd say any time that a market, an industry, something ramps up, you're obviously going to put pressure on everything, from equipment suppliers to the raw material suppliers, but there's no one area specifically that I'd be concerned about.

    我會說,任何時候市場、行業、某件事的興起,你顯然會對從設備供應商到原材料供應商的一切施加壓力,但沒有一個領域是我特別關心的.

  • I'd say we're putting the pressure on the entire supply chain to ramp up.

    我想說,我們正在向整個供應鏈施加壓力,以提高產量。

  • But so far, I think it's just a matter of time to work through it.

    但到目前為止,我認為解決它只是時間問題。

  • I don't see any specific items I would call out that are an area of concern, just general ramping up the supply chain.

    我沒有看到任何值得關注的具體項目,只是總體上增加了供應鏈。

  • Colin William Rusch - MD and Senior Analyst

    Colin William Rusch - MD and Senior Analyst

  • Okay, great.

    好,太棒了。

  • And then just with the auto opportunity, I see those design wins are big and then they have a pretty long tail around them.

    然後只是有了汽車的機會,我看到那些設計上的勝利是巨大的,然後它們周圍有一條很長的尾巴。

  • With where you're at now, can you just talk a little bit about the activity around early-stage designs and which sorts of -- what percentage of some of the automotive demand is really moving into production over the next year?

    就您現在所處的情況,您能否談談圍繞早期設計的活動以及未來一年真正投入生產的汽車需求的百分比是多少?

  • And where you're expecting over the next year 2 or 3 years, understanding fully that you're not guiding to anything, I just want to get a sense of the production order that you're looking at versus the design wins that you're starting to see with the design cycle.

    在接下來的 2 年或 3 年中,您期望在哪裡,充分理解您沒有指導任何事情,我只是想了解您正在查看的生產訂單與您的設計勝利”重新開始看到設計週期。

  • Charles M. Swoboda - Chairman, President & CEO

    Charles M. Swoboda - Chairman, President & CEO

  • Yes.

    是的。

  • So look, this is really our first -- this is the first project that's using our LEDs.

    所以看,這真的是我們的第一個——這是第一個使用我們的 LED 的項目。

  • It's for a single project so I would say -- I want to make sure we keep it a -- it's relatively a small initial one.

    這是針對單個項目的,所以我會說——我想確保我們保持它——這是一個相對較小的初始項目。

  • It's really -- what this does though is by now being qualified and in the queue, we have a whole list of additional projects that we're working on that can come online.

    真的 - 雖然現在已經獲得資格並且在隊列中,但我們有一個完整的列表,我們正在處理的其他項目可以上線。

  • I would say that there's probably an incremental impact in FY '18, a more significant one in '19.

    我想說的是,在 18 財年可能會產生增量影響,在 19 財年影響更大。

  • And if I look at the queue, the ramp is really more in '19 and then into '20, if you look at the projects we're working on right now.

    如果我看一下隊列,如果你看看我們現在正在進行的項目,坡道在 19 年和 20 年真的更多。

  • And again, obviously, there's -- that is a lot of different activity right now.

    再一次,顯然,現在有很多不同的活動。

  • It's primarily focused with one major lighting supplier.

    它主要專注於一家主要的照明供應商。

  • Obviously, there's work being done to expand that to other ones, but the way I think about automotive is this is an investment that -- we've been working on it for a few years.

    顯然,正在開展工作以將其擴展到其他領域,但我對汽車的看法是,這是一項投資——我們已經為此工作了幾年。

  • It's a good first tangible initial sign but it's really a multiyear benefit that it's going to take to see this.

    這是一個很好的第一個有形的初始跡象,但它確實需要多年的利益才能看到這一點。

  • I think it's just -- it's a really good complement though to the overall portfolio going forward.

    我認為這只是 - 儘管它是對未來整體投資組合的一個非常好的補充。

  • But I would want to temper that it's not a -- the significant benefit is not an FY '18 one.

    但我想緩和一下,這不是——顯著的好處不是 18 財年的好處。

  • You'll start to see it more significant in FY '19, based on the projects we have in queue today.

    根據我們今天排隊的項目,您將在 19 財年開始看到它更加重要。

  • Operator

    Operator

  • (Operator Instructions) Our next question is a follow-up from the line of Harsh Kumar with Stephens.

    (操作員說明)我們的下一個問題是來自斯蒂芬斯的 Harsh Kumar 的後續問題。

  • Harsh V. Kumar - MD

    Harsh V. Kumar - MD

  • Hey, Chuck, on Wolfspeed side, I was curious are you guys -- you guys are obviously doing these silicon carbide wafer, but are you actually putting, again, epi or some kind of other epi material on top before you sell it?

    嘿,Chuck,在 Wolfspeed 方面,我很好奇你們——你們顯然是在做這些碳化矽晶片,但在你賣掉之前,你們真的把外延或其他某種外延材料放在上面嗎?

  • Could you just help me understand that piece?

    你能幫我理解那篇文章嗎?

  • Charles M. Swoboda - Chairman, President & CEO

    Charles M. Swoboda - Chairman, President & CEO

  • Yes.

    是的。

  • So in the materials or the silicon carbide wafer business, we sell bare wafers, so silicon carbide wafers, both 100-millimeter and 150, and then we also sell wafers with epi.

    因此,在材料或碳化矽晶圓業務中,我們銷售裸晶圓,即碳化矽晶圓,包括 100 毫米和 150 毫米,然後我們還銷售外延晶圓。

  • And we sell both power epi, which is silicon carbide epi on a silicon carbide wafer.

    我們出售兩種功率外延,即碳化矽晶片上的碳化矽外延。

  • We're growing that epi ourselves and selling those.

    我們正在自己種植 Epi 並出售它們。

  • And then on the RF side, RF customers are buying gallium nitride epi on a silicon carbide wafer.

    然後在射頻方面,射頻客戶正在購買碳化矽晶圓上的氮化鎵外延。

  • So actually, we're offering that as well.

    所以實際上,我們也在提供。

  • I would say the growth is in more on the bare wafers than on the epi but there's also an increase in epi demand.

    我會說裸晶圓的增長比外延晶圓上的增長更多,但外延需求也在增加。

  • So typically, what happens is some customers, they buy all their epi, and some, in-source some of their epi and buy some of their epi.

    所以通常情況下,會發生一些客戶,他們購買了他們所有的外延,而另一些則內購他們的一些外延併購買他們的一些外延。

  • So we're servicing customers in both situations today, both for power and RF.

    所以我們今天在兩種情況下為客戶提供服務,包括電源和射頻。

  • So when we're making capital investments, it's not just to grow the wafers but we're also having to expand capacity to grow epi for those 2 applications.

    因此,當我們進行資本投資時,不僅要種植晶圓,而且我們還必須擴大產能,為這兩種應用增加外延。

  • Harsh V. Kumar - MD

    Harsh V. Kumar - MD

  • Got it.

    知道了。

  • And then competitively, who do you guys see in the -- it's such a niche, kind of like such a small marketplace, with you guys being a pretty big player, but who else is out there?

    然後在競爭中,你們在這個小眾市場中看到了誰,有點像一個很小的市場,你們是一個相當大的玩家,但還有誰呢?

  • Charles M. Swoboda - Chairman, President & CEO

    Charles M. Swoboda - Chairman, President & CEO

  • Yes.

    是的。

  • Harsh, it just depends, right?

    苛刻,這取決於,對吧?

  • The epi business is very niche.

    Epi 業務非常小眾。

  • I don't know that there's anyone I would call out there.

    我不知道那裡有我會打電話的人。

  • On the substrate side, today, we believe we have the largest market share in substrates.

    在基板方面,今天,我們相信我們在基板方面擁有最大的市場份額。

  • I know there are other players out there, but there is no data that tell you what size they are.

    我知道還有其他球員,但沒有數據告訴你他們的規模。

  • So there's at least one other major supplier in the U.S. and there's some smaller ones around the world.

    因此,美國至少還有一家其他主要供應商,而世界各地還有一些較小的供應商。

  • But I would say today, it's probably Cree plus another larger one in the U.S. that make-up the -- they're probably the largest noncaptive supplier of the silicon carbide and even the captive ones are relatively small scale today.

    但我今天要說,它可能是 Cree 加上美國另一個更大的供應商——他們可能是最大的碳化矽非專屬供應商,即使是專屬供應商,今天的規模也相對較小。

  • So there are some other players of a different scale around the world, but I would say that the 2 of us probably make-up the majority of the demand that's being consumed out there today.

    因此,世界各地還有其他一些規模不同的參與者,但我想說的是,我們兩個人可能構成了今天消耗的大部分需求。

  • Operator

    Operator

  • And that concludes our question and answer session for today.

    今天的問答環節到此結束。

  • I'd like to turn the floor back over to Mike McDevitt for any closing comments.

    我想把發言權轉回給 Mike McDevitt 以徵求任何結束意見。

  • Michael E. McDevitt - CFO and EVP

    Michael E. McDevitt - CFO and EVP

  • Thank you for your time today.

    謝謝你今天的時間。

  • We appreciate your interest and support and look forward to reporting our first quarter results on October 17.

    我們感謝您的關注和支持,並期待在 10 月 17 日報告我們的第一季度業績。

  • Good night.

    晚安。

  • Charles M. Swoboda - Chairman, President & CEO

    Charles M. Swoboda - Chairman, President & CEO

  • Good night.

    晚安。

  • Operator

    Operator

  • Ladies and gentlemen, thank you for your participation in today's conference.

    女士們,先生們,感謝你們參加今天的會議。

  • This does conclude the program, and you may now disconnect.

    這確實結束了程序,您現在可以斷開連接。

  • Everyone, have a great day.

    大家,有一個美好的一天。