Wolfspeed Inc (WOLF) 2019 Q4 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Cree Fourth Quarter Fiscal Year 2019 Earnings Conference Call and Webcast.

女士們先生們，美好的一天，歡迎收看 Cree 2019 財年第四季度收益電話會議和網絡直播。

(Operator Instructions) As a reminder, this conference call may be recorded.

（操作員說明）提醒一下，這個電話會議可能會被錄音。

I would now look to introduce your host for today's conference, Mr. Tyler Gronbach, Vice President of Investor Relations.

現在我想介紹一下今天會議的主持人，投資者關係副總裁 Tyler Gronbach 先生。

Sir, you may begin.

先生，您可以開始了。

Thank you, Daniel, and good afternoon, everyone.

謝謝丹尼爾，大家下午好。

Welcome to Cree's Fourth Quarter Fiscal 2019 Conference Call.

歡迎參加 Cree 2019 財年第四季度電話會議。

Today Cree's CEO, Gregg Lowe; and Cree's CFO, Neill Reynolds, will report on the results for the fourth quarter of fiscal year 2019.

今天 Cree 的首席執行官 Gregg Lowe； Cree 的首席財務官 Neill Reynolds 將報告 2019 財年第四季度的業績。

Please note that we will be presenting non-GAAP financial results during today's call, which is consistent with how management measures Cree's results internally.

請注意，我們將在今天的電話會議上公佈非 GAAP 財務業績，這與管理層在內部衡量 Cree 業績的方式一致。

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

非 GAAP 結果不符合 GAAP，可能無法與其他公司提供的非 GAAP 信息進行比較。

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

非 GAAP 信息應被視為對根據 GAAP 編制的財務報表的補充而非替代。

A reconciliation to the most directly comparable GAAP measures is in our press release and posted in the Investor Relations Section of our website, along with a historical summary of other key metrics.

我們的新聞稿和我們網站的投資者關係部分發布了與最直接可比的 GAAP 指標的對賬，以及其他關鍵指標的歷史摘要。

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

今天的討論包括有關我們業務前景的前瞻性陳述，我們可能會在電話會議期間做出其他前瞻性陳述。

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

此類前瞻性陳述受眾多風險和不確定因素的影響。

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 文件提到了可能導致實際結果出現重大差異的重要因素。

(Operator Instructions)

（操作員說明）

If you have any additional questions, please feel free to contact us after the call.

如果您有任何其他問題，請隨時在通話後與我們聯繫。

Now I'd like to turn the call over to Gregg.

現在我想把電話轉給格雷格。

Thanks, Tyler, and good afternoon, everyone.

謝謝，泰勒，大家下午好。

We delivered a solid performance in Q4 with non-GAAP earnings per share at the top end of our updated target range.

我們在第四季度取得了穩健的業績，非 GAAP 每股收益處於我們更新後的目標範圍的頂端。

Our Wolfspeed business posted quarterly revenue at the top end of the range while our LED business continued to confront a very tough environment partially due to the continued trade and tariff concerns.

我們的 Wolfspeed 業務季度收入處於該範圍的頂端，而我們的 LED 業務繼續面臨非常艱難的環境，部分原因是持續的貿易和關稅問題。

And while I'm pleased with our execution, the current operating environment is very challenging.

雖然我對我們的執行感到滿意，但當前的運營環境非常具有挑戰性。

Geopolitical and macroeconomic issues impacted our financial results in the fourth quarter, and we expect them to present some additional headwinds in Q1 of 2020 and perhaps beyond.

地緣政治和宏觀經濟問題影響了我們第四季度的財務業績，我們預計它們將在 2020 年第一季度乃至以後帶來一些額外的不利因素。

And while there may be some near-term bumpiness, we are more bullish today on the mid- and long-term potential of our silicon carbide and GaN technologies, as customer interests and engagement is as strong as I've ever seen it.

雖然近期可能會出現一些顛簸，但我們今天更加看好我們的碳化矽和 GaN 技術的中長期潛力，因為客戶的興趣和參與度與我所見過的一樣強烈。

I'll now turn it over to Neill to provide some more color on the financial results and the outlook for next quarter.

我現在將其轉交給尼爾，以提供有關下一季度財務業績和前景的更多信息。

Thank you, Gregg.

謝謝你，格雷格。

For the fourth quarter of fiscal 2019, revenue decreased 5% year-over-year to $251 million with non-GAAP net income from continuing operations of $11.5 million or $0.11 per diluted share.

2019 財年第四季度，收入同比下降 5% 至 2.51 億美元，非 GAAP 持續經營淨收入為 1150 萬美元或攤薄後每股收益 0.11 美元。

The non-GAAP earnings per share from continuing operations exceeded the midpoint of our updated target range due to better-than-expected gross margin in our Wolfspeed business.

由於 Wolfspeed 業務的毛利率好於預期，來自持續經營業務的非 GAAP 每股收益超過了我們更新後的目標範圍的中點。

Our fourth quarter non-GAAP earnings from continuing operations excludes $46.1 million of expense net of tax or $0.44 per diluted share from noncash stock-based compensation, acquired intangibles amortization, accretion on convertible notes, transaction-related costs, factory optimization restructuring costs and other items outlined in today's earnings release.

我們第四季度的非 GAAP 持續經營收益不包括 4610 萬美元的稅後費用或非現金股票補償每股攤薄 0.44 美元、收購的無形資產攤銷、可轉換票據的增加、交易相關成本、工廠優化重組成本和其他今天的收益發布中概述的項目。

2019 fourth quarter revenue and non-GAAP gross profit for our reportable segments were as follows: Wolfspeed quarterly revenue grew 22% year-over-year to $134 million, which was at the high end of our range, but was down 5% sequentially due to the Huawei impact and softness in Power products for industrial and automotive applications.

我們可報告分部的 2019 年第四季度收入和非美國通用會計準則毛利潤如下： Wolfspeed 季度收入同比增長 22% 至 1.34 億美元，處於我們範圍的高端，但由於原因連續下降 5%華為對工業和汽車應用電源產品的影響和軟性。

Wolfspeed gross margin was better than our targets at 50.2%, an increase of 150 basis points sequentially.

Wolfspeed 毛利率好於我們的目標 50.2%，環比增長 150 個基點。

LED Products revenue was in line with our target at $117 million but declined during the quarter, due to continued global trade uncertainties.

LED 產品收入符合我們 1.17 億美元的目標，但由於全球貿易的持續不確定性，該季度收入有所下降。

LED gross margin was 24.1%, down 370 basis points sequentially primarily due to lower factory utilization.

LED 毛利率為 24.1%，環比下降 370 個基點，主要原因是工廠利用率較低。

Unallocated costs totaled $7 million for the quarter of fiscal 2019 and are included in our overall cost to reconcile to our $91.9 million non-GAAP gross profit from continuing operations, for a 36.6% total gross margin for the company.

2019 財年季度未分配成本總計 700 萬美元，並包含在我們的總成本中，以與持續經營業務產生的 9190 萬美元非 GAAP 毛利潤相協調，公司的總毛利率為 36.6%。

Non-GAAP operating expenses from continuing operations for Q4 were $82 million slightly above our target of $81 million.

第四季度來自持續經營的非 GAAP 運營費用為 8200 萬美元，略高於我們 8100 萬美元的目標。

Our non-GAAP operating income from continuing operations was at the midpoint of our target at $9.9 million.

我們來自持續經營的非 GAAP 營業收入處於我們目標的中點 990 萬美元。

Our non-GAAP tax rate was in line with our targets at 18%.

我們的非 GAAP 稅率符合我們 18% 的目標。

During the fourth quarter, cash from operations was $3 million and capital expenditures were $37 million resulting in negative free cash flow of $34 million as we continued to invest for growth to expand capacity in our Wolfspeed business.

第四季度，運營現金為 300 萬美元，資本支出為 3700 萬美元，導致自由現金流為負 3400 萬美元，因為我們繼續投資以實現增長以擴大 Wolfspeed 業務的產能。

We ended the quarter with $1.05 billion in cash and short-term investments, which includes the proceeds from the sale of our Lighting business, 0 balance on our line of credit and convertible debt with a face value of $575 million.

本季度結束時，我們擁有 10.5 億美元的現金和短期投資，其中包括出售照明業務的收益、0 信用額度餘額和麵值為 5.75 億美元的可轉換債券。

Our capital allocation priorities remain focused on expanding capacity in our Wolfspeed business to fuel future growth.

我們的資本分配優先事項仍然集中在擴大 Wolfspeed 業務的產能以推動未來增長。

For fiscal 2019, we reported capital investments of $153 million.

2019 財年，我們報告的資本投資為 1.53 億美元。

For fiscal 2020, we are targeting capital investments of approximately $200 million.

2020 財年，我們的目標資本投資約為 2 億美元。

For the quarter, day sales outstanding from continuing operations came in at 34 days and inventory days on hand from continuing operations was 104 days.

本季度，來自持續經營業務的日銷售額為 34 天，來自持續經營業務的庫存天數為 104 天。

For fiscal 2019, revenue was $1.1 billion, representing a 17% increase when compared to fiscal 2018.

2019 財年收入為 11 億美元，與 2018 財年相比增長 17%。

Non-GAAP net income from continuing operations was $76.9 million or $0.74 per diluted share, which was in line with our targets.

來自持續經營業務的非 GAAP 淨收入為 7690 萬美元或每股攤薄收益 0.74 美元，符合我們的目標。

Non-GAAP earnings exclude $134.8 million of adjustments net of tax or $1.30 per diluted share.

非 GAAP 收益不包括 1.348 億美元的稅後調整淨額或每股攤薄收益 1.30 美元。

Fiscal 2019 revenue and non-GAAP gross profit for our reportable segments were as follows: Wolfspeed revenue grew 64% year-over-year to $538 million and gross profit was $259 million for a 48% gross margin, which was flat year-over-year due to cost reduction efforts, which were offset by product mix shifts within the business.

我們可報告分部的 2019 財年收入和非美國通用會計準則毛利潤如下：Wolfspeed 收入同比增長 64% 至 5.38 億美元，毛利潤為 2.59 億美元，毛利率為 48%，與去年同期持平年由於成本削減的努力，這被業務內的產品組合轉變所抵消。

LED Products revenue declined 9% year-over-year to $542 million and gross profit was $150 million for a 27.7% gross margin, which is 120 basis points improvement year-over-year.

LED 產品收入同比下降 9% 至 5.42 億美元，毛利潤為 1.5 億美元，毛利率為 27.7%，同比提高 120 個基點。

The decrease in revenue was due to softer LED market conditions and trade and tariff concerns with China.

收入減少是由於 LED 市場環境疲軟以及與中國的貿易和關稅問題。

The overall margin improvement in fiscal year 2019 was a direct result of higher factory utilization in the first half of the year, cost reductions and continued focus on target markets where we believe our customers value our technology.

2019 財年整體利潤率的提高是上半年工廠利用率提高、成本降低以及繼續關注我們認為客戶重視我們技術的目標市場的直接結果。

Unallocated costs totaled $18 million for fiscal 2019 and are included to reconcile to our $403 million non-GAAP gross profit for a company gross margin of 37.3%, representing a 340 basis point improvement from fiscal 2018.

2019 財年的未分配成本總計 1,800 萬美元，包括在我們 4.03 億美元的非 GAAP 毛利潤中，公司毛利率為 37.3%，比 2018 財年提高了 340 個基點。

Turning to the outlook for the first quarter of 2020.

轉向 2020 年第一季度的展望。

We are targeting revenue in a range of $237 million to $243 million based on the following segment trends.

根據以下細分趨勢，我們的目標收入範圍為 2.37 億美元至 2.43 億美元。

Wolfspeed revenue is expected to be down slightly, approximately 5% to 7% due to the full quarter impact of the Huawei ban and softer selling conditions in China as it appears the Chinese governments reduction in incentives is impacting electric vehicle sales.

由於華為禁令對整個季度的影響以及中國銷售環境疲軟，Wolfspeed 收入預計將略有下降，大約 5% 至 7%，因為中國政府減少激勵措施似乎正在影響電動汽車銷售。

Regarding Huawei.

關於華為。

We are not shipping product at this time, and we will continue to comply with U.S. federal law.

我們目前不運送產品，我們將繼續遵守美國聯邦法律。

We've applied for licenses from the government to potentially resume certain shipments to our customer but have not yet received a response.

我們已向政府申請許可，可能會恢復向我們的客戶發貨，但尚未收到回复。

LED revenue is expected to be down approximately 2% to 4% sequentially due to continued market softness and tariff concerns that Gregg discussed earlier.

由於市場持續疲軟和 Gregg 早些時候討論的關稅問題，預計 LED 收入將環比下降約 2% 至 4%。

We target Cree's Q1 non-GAAP gross margins from continuing operations at approximately 30.8% based on the following segment trends.

根據以下細分趨勢，我們將 Cree 第一季度非 GAAP 持續經營毛利率定為約 30.8%。

Wolfspeed gross margin is targeted at approximately 46.3%, down from 50.2% as a result of product mix shifts resulting from the Huawei ban.

由於華為禁令導致產品組合發生變化，Wolfspeed 的毛利率目標約為 46.3%，低於 50.2%。

LED margin is targeted at approximately 17.5%, down from Q4 primarily driven by lower factory utilization and lower sales volume.

LED 利潤率目標約為 17.5%，低於第四季度，主要受工廠利用率下降和銷量下降的推動。

We are proactively managing the situation and taking a more conservative approach by lowering our factory utilization as well as lowering our inventory levels both internally and in the channel.

我們正在通過降低工廠利用率以及降低內部和渠道庫存水平來積極應對這種情況並採取更保守的方法。

We believe this will better align us with current market conditions.

我們相信這將使我們更好地適應當前的市場狀況。

We are targeting Q1 non-GAAP operating expenses from continuing operations to be slightly up sequentially at approximately $83 million to support continued growth in our Wolfspeed business.

我們的目標是持續運營的第一季度非 GAAP 運營費用略微上升至約 8300 萬美元，以支持我們 Wolfspeed 業務的持續增長。

As we have discussed previously, changes in operating expenses can vary from quarter-to-quarter for a variety of reasons including the timing of R&D projects, marketing spend around trade shows and when IP cases go to trial.

正如我們之前所討論的那樣，由於各種原因，包括研發項目的時間安排、圍繞貿易展覽會的營銷支出以及知識產權案件何時開始審理，運營費用的變化可能因季度而異。

We target Q1 non-GAAP operating loss from continuing operations to be between $12 million to $7 million and we target non-GAAP non-operating income to be approximately $3 million.

我們的目標是持續經營的第一季度非 GAAP 營業虧損在 1200 萬美元至 700 萬美元之間，我們的目標是非 GAAP 非營業收入約為 300 萬美元。

We are targeting a non-GAAP effective tax rate of 14% for Q1 and Q1 non-GAAP net loss from continuing operations to be between $7 million to $3 million or a loss between $0.07 to $0.03 per diluted share.

我們的目標是第一季度非 GAAP 有效稅率為 14%，第一季度非 GAAP 持續經營淨虧損在 700 萬美元至 300 萬美元之間，或攤薄後每股虧損在 0.07 美元至 0.03 美元之間。

Our non-GAAP EPS from continuing operations target is lowered by approximately $0.03 due to the ongoing impact of the tariffs.

由於關稅的持續影響，我們將來自持續經營目標的非 GAAP 每股收益降低了約 0.03 美元。

Our non-GAAP EPS from continuing operations target excludes acquired intangibles amortization, noncash stock-based compensation, accretion on the convertible notes, transaction-related costs, factory optimization restructuring costs and other items.

我們來自持續經營目標的非 GAAP 每股收益不包括收購的無形資產攤銷、非現金股票補償、可轉換票據的增值、交易相關成本、工廠優化重組成本和其他項目。

Our GAAP and non-GAAP targets do not include the impact of any changes to the fair value of our Lextar investment.

我們的 GAAP 和非 GAAP 目標不包括對我們 Lextar 投資的公允價值的任何變化的影響。

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可能會有所不同的幾個因素，包括總體需求、產品組合、工廠執行和競爭環境。

I will now turn the discussion back to Gregg.

我現在將討論轉回 Gregg。

Thanks, Neill.

謝謝，尼爾。

I'm pleased to share that we continue making progress on the strategic transformation of Cree as evidenced by the key milestones we achieved during the quarter.

我很高興與大家分享，我們在 Cree 的戰略轉型方面繼續取得進展，我們在本季度取得的關鍵里程碑證明了這一點。

We announced plans to expand our silicon carbide and GaN capacity significantly.

我們宣布了大幅擴大碳化矽和 GaN 產能的計劃。

With the development of a state-of-the-art automated silicon carbide and GaN wafer fabrication facility and a mega factory for materials.

隨著最先進的自動化碳化矽和 GaN 晶圓製造設施和大型材料工廠的發展。

We believe this represents the largest capital investment in the history of silicon carbide and GaN technologies and will support the growing demand we expect from automotive, communications infrastructure and industrial segments.

我們相信這是碳化矽和 GaN 技術歷史上最大的資本投資，並將支持我們對汽車、通信基礎設施和工業領域不斷增長的需求。

Second, we were selected as the exclusive silicon carbide partner for the Volkswagen Group's Future Automotive Supply tracks initiative or FAST initiative.

其次，我們被選為大眾汽車集團未來汽車供應軌道計劃或 FAST 計劃的獨家碳化矽合作夥伴。

The goal of the FAST program is to foster even greater collaboration among VW's key partners and accelerate the delivery of new electric vehicles to the marketplace.

FAST 計劃的目標是促進大眾主要合作夥伴之間更大程度的合作，並加速向市場交付新型電動汽車。

Volkswagen has committed to launch almost 70 new electric vehicles in the next decade, which by itself presents a great opportunity for Cree.

大眾汽車承諾在未來十年內推出近 70 款新電動汽車，這本身就為 Cree 提供了一個巨大的機會。

We announced a multiyear $85 million supply agreement with ON Semiconductor, making this the fourth long-term agreement we have announced in the past 1.5 years.

我們宣布與安森美半導體達成一項價值 8500 萬美元的多年供應協議，這是我們在過去 1.5 年內宣布的第四份長期協議。

These 4 wafer supply agreements, which now total close to $600 million, demonstrate how our technology is helping to drive the transition in the power semiconductor industry from silicon to silicon carbide.

這 4 份晶圓供應協議目前總額接近 6 億美元，展示了我們的技術如何幫助推動功率半導體行業從矽向碳化矽的轉變。

Lastly, we closed the sale of Cree Lighting to IDEAL Industries, which will allow us to channel more of our energy and expertise into growing our Wolfspeed business.

最後，我們完成了將 Cree Lighting 出售給 IDEAL Industries 的交易，這將使我們能夠將更多的精力和專業知識用於發展我們的 Wolfspeed 業務。

These developments are just a few of the many important steps we've taken in the last several quarters to position the company for long-term growth and to create a semiconductor powerhouse.

這些發展只是我們在過去幾個季度為公司的長期增長定位和創建半導體強國而採取的許多重要步驟中的一小部分。

Recent estimates from Canaccord Genuity are calling for the demand for silicon carbide to grow to more than $20 billion by 2030 mainly driven by a major expansion in electric vehicles and the need for charging stations.

Canaccord Genuity 最近的估計稱，到 2030 年，碳化矽的需求將增長到超過 200 億美元，這主要是由於電動汽車的大規模擴張和對充電站的需求。

These vehicles, along with a host of wireless broadband dependent devices, will be connected to ultrafast 5G networks that can transfer massive amounts of data and support levels of interconnectivity that have never been possible before.

這些車輛以及大量依賴無線寬帶的設備將連接到超高速 5G 網絡，該網絡可以傳輸大量數據並支持前所未有的互連水平。

At the core, helping to power these solutions will be silicon carbide and GaN, technologies that we have pioneered over the last 30 years and we continue to refine each and every day.

碳化矽和 GaN 是我們在過去 30 年中率先開發的技術，並且我們每天都在不斷改進，這些解決方案的核心是為這些解決方案提供動力。

Our robust pipeline of opportunities reinforces our confidence in Cree's long-term growth prospects.

我們強大的機會渠道增強了我們對 Cree 長期增長前景的信心。

Over the last few months, I've met with some of our top customers and prospects, and they continue to tell me how our silicon carbide and GaN solutions are key to their future growth plans.

在過去的幾個月裡，我會見了一些我們的頂級客戶和潛在客戶，他們繼續告訴我我們的碳化矽和 GaN 解決方案如何成為他們未來增長計劃的關鍵。

Our leadership position in the space is helping to build the opportunity pipeline, which now stands at more than $9 billion.

我們在該領域的領導地位正在幫助建立機會管道，目前價值超過 90 億美元。

This covers automotive, solar, telecommunications, industrial and mil-aero sectors.

這涵蓋汽車、太陽能、電信、工業和軍用航空領域。

In closing, there's a significant opportunity to help customers make the shift from silicon to silicon carbide and GaN solutions for their next-generation applications.

最後，這是一個重要的機會，可以幫助客戶為他們的下一代應用實現從矽到碳化矽和 GaN 解決方案的轉變。

With that, I'll turn it back to the operator to start the Q&A session.

有了這個，我會把它轉回接線員開始問答環節。

(Operator Instructions) And our first question comes from Craig Irwin with Roth Capital Partners.

（操作員說明）我們的第一個問題來自 Roth Capital Partners 的 Craig Irwin。

Gregg, the first thing I wanted to ask about is the outlook for repeat orders on the wafer side.

Gregg，我想問的第一件事是晶圓方面重複訂單的前景。

When we do some of the back-of-the-envelope math, the STMicro order several months back, $250 million.

當我們做一些粗略的計算時，STMicro 幾個月前的訂單是 2.5 億美元。

That looks like it could be close to half of what their needs are over the next 4, 5 years.

這看起來可能接近他們未來 4、5 年需求的一半。

And if we look at your more recent order from ON Semi, it looks like it could be somewhere closer to 1/4 to 1/5 of their total needs over the next give or take 5 years.

如果我們查看您最近從 ON Semi 獲得的訂單，看起來它可能會在接下來的 5 年內接近他們總需求的 1/4 到 1/5。

What do you think we need to see to have these customers come back and place additional orders?

您認為我們需要看到什麼才能讓這些客戶回來並下更多訂單？

Or how would you describe the potential for additional wafer orders from existing large power semiconductor companies that are well known to the investment community?

或者您如何描述來自投資界眾所周知的現有大型功率半導體公司的額外晶圓訂單的潛力？

Well, thanks a lot, Craig, for the question.

好吧，非常感謝克雷格提出的問題。

And I would say a couple of different things.

我會說一些不同的事情。

One is we've announced 4 of these long-term supply agreements.

一是我們已經宣布了其中 4 項長期供應協議。

We have a number of other supply agreements that we've inked as well that don't have the same kind of length of time, so we've chosen not to announce them.

我們還簽署了許多其他供應協議，但它們的期限不同，因此我們選擇不公佈它們。

What I would say is we're in discussions with a number of other companies as well around these long-term agreements.

我要說的是，我們正在與許多其他公司討論這些長期協議。

And recall the long-term agreements give our customers in this regard a couple of really key advantages.

回想一下長期協議在這方面為我們的客戶提供了幾個非常關鍵的優勢。

One is access to capacity and a guarantee of capacity, and the second is access to a pretty decent cost reduction curve that we are driving internally.

一是獲得容量和保證容量，二是獲得我們在內部推動的相當不錯的成本降低曲線。

And on the flip side of it, we get a couple of really key things as well.

另一方面，我們也得到了一些非常關鍵的東西。

One is a guaranteed demand that has pretty significant teeth in it and then a relatively sizable upfront payment that is associated with us helping to build out that capacity.

一個是有保證的需求，它有相當大的優勢，然後是與我們幫助建立這種能力相關的相對可觀的預付款。

I would say the interest in continuing those dialogues remains very, very strong.

我想說繼續這些對話的興趣仍然非常非常強烈。

I think our customers are beginning to see more and more of their customers express interest and excitement around silicon carbide.

我認為我們的客戶開始看到越來越多的客戶對碳化矽表現出興趣和興奮。

I think especially in the electric vehicle, I think we passed the tipping point of the value -- the incremental cost of using silicon carbide being way surpassed by the value that you get.

我認為，尤其是在電動汽車方面，我認為我們已經過了價值的臨界點——使用碳化矽的增量成本被你獲得的價值遠遠超過了。

So I think you'll see continued work with us in this regard, and I think we'll continue seeing these types of deals being worked and announced.

所以我認為你會看到在這方面與我們繼續合作，我認為我們會繼續看到這些類型的交易正在製定和宣布。

Great.

偉大的。

My second question is about the device updates.

我的第二個問題是關於設備更新。

Can you maybe share with us where you stand on the update cycle for both silicon carbide and GaN?

您能否與我們分享您對碳化矽和 GaN 更新周期的看法？

What we can look for as far as potential product portfolio adjustments over the next handful of quarters?

就未來幾個季度的潛在產品組合調整而言，我們可以尋找什麼？

Sure, Craig.

當然，克雷格。

What I will tell you, I mentioned in the prepared remarks that we've got $9 billion pipeline, and just to be very clear about that, that's a $9 billion device pipeline.

我要告訴你的是，我在準備好的發言中提到我們有 90 億美元的管道，而且非常清楚，這是一個 90 億美元的設備管道。

So it's a sizable pipeline for our device business.

因此，這對我們的設備業務來說是一個相當大的管道。

And these are dozens of different opportunities -- probably multiple dozens of opportunities that are in various different phases of gestation.

這些是幾十個不同的機會——可能是多個處於不同孕育階段的機會。

Some are in a relatively early phase.

有些處於相對早期的階段。

But I would also say that some are in quite late innings in terms of decision time.

但我還要說，就決策時間而言，有些人處於相當晚的局數。

I think over the next 12 months, maybe plus or minus a few, you've got to see a lot of decisions that are coming down, and that's primarily because these decisions have to be made because the car platforms and base station platforms are going to be ramping in times where their customers have to make these decisions.

我認為在接下來的 12 個月裡，可能會增加或減少一些，你必須看到很多決定正在下來，這主要是因為必須做出這些決定，因為汽車平台和基站平台正在發展在他們的客戶必須做出這些決定的時候增加。

I feel really good about where we're at on that front.

我對我們在這方面所處的位置感到非常滿意。

And like I said, we've got a variety of different customers in a number of different stages, some of them as I said in quite the late innings.

就像我說的，我們在許多不同的階段有各種各樣的不同客戶，其中一些就像我在相當晚的幾局中所說的那樣。

And our next question comes from Brian Lee with Goldman Sachs.

我們的下一個問題來自高盛的 Brian Lee。

I had 2. I guess first on Wolfspeed.

我有 2 個。我想首先是在 Wolfspeed 上。

Neill, if you exclude the Huawei impact, could you help us with how to think about Wolfspeed's revenue outlook, what that would have been here sequentially?

尼爾，如果你排除華為的影響，你能幫助我們如何思考 Wolfspeed 的收入前景，它會按順序出現嗎？

What the organic growth rate that would have implied year-on-year?

與去年同期相比，有機增長率是多少？

And then what's the visibility, I guess, Gregg, you have on China EVs and when the subsidy timing out there is behind you in terms of being a headwind?

然後，格雷格，我想你對中國電動汽車的知名度是多少，以及補貼何時結束是你的逆風？

I know this is probably the second quarter here you've called this out, so just trying to get a sense for how much visibility you have there on the near-term from that kind of subsiding.

我知道這可能是你在這裡宣布的第二個季度，所以只是想了解你在短期內從這種消退中獲得了多少能見度。

Brian, so let me try and give you an idea of how we're thinking about the Huawei impact on the top line.

布賴恩，讓我試著告訴你我們是如何考慮華為對收入的影響的。

So if you recall, we provided the updated outlook on June 11.

如果您還記得的話，我們在 6 月 11 日提供了更新後的展望。

We said we have stopped shipping to Huawei.

我們說我們已經停止向華為發貨。

And the revenue from product and materials associated with their build-out was about $15 million per quarter, and that's what we would have expected in Q4.

與擴建相關的產品和材料的收入每季度約為 1500 萬美元，這是我們在第四季度的預期。

We've already shipped some product prior to the ban, but most of the shipments didn't happen.

我們已經在禁令之前發貨了一些產品，但大部分都沒有發貨。

And that would represent kind of a revenue number in the quarter, say, $10 million impact, okay?

這將代表本季度的收入數字，比如說 1000 萬美元的影響，好嗎？

As you look forward, the impact of the ban was kind of hard to predict.

展望未來，禁令的影響有點難以預測。

We sold to Huawei, which we're no longer doing, through 3 channels, essentially, direct, through RF component suppliers as well as through our materials business.

我們通過 3 個渠道，基本上是直接的，通過 RF 組件供應商以及通過我們的材料業務，將產品賣給了華為，我們不再這樣做了。

So the latter 2 channels, I guess, along with the overall Huawei supply chain is still kind of adjusting to the ban.

因此，我猜後兩個渠道以及整個華為供應鏈仍在適應禁令。

So I'd say in addition, Huawei is still looking for alternate supply options.

所以我還要說，華為仍在尋找替代供應選擇。

So you put all that together and it's kind of difficult to say how much revenue will be pointed to us if the ban was lifted.

所以你把所有這些放在一起，很難說如果取消禁令會有多少收入指向我們。

The supply chain will need to adjust again, and of course, that would take time to play out.

供應鏈將需要再次調整，當然，這需要時間才能發揮作用。

It's been kind of 3 months into the ban and things are shifting.

禁令已經實施了 3 個月，事情正在發生變化。

In a steady state, I'd stay still kind of about $15 million a quarter, but given some of those supply chain dynamics that I just kind of talked about, it's hard to predict what will happen.

在穩定狀態下，我會保持每季度約 1500 萬美元的水平，但考慮到我剛才談到的一些供應鏈動態，很難預測會發生什麼。

So in the meantime, we don't plan on shipping to Huawei unless something else changes with the U.S. government on this one, but in terms of the go forward, so it's kind of hard to say exactly what that would be.

因此，與此同時，除非美國政府對此有其他改變，否則我們不打算向華為發貨，但就前進而言，所以很難說到底會是什麼。

And then on China EV, we're in the early phase of the implementation of the reduction in subsidies.

然後在中國電動汽車上，我們正處於補貼削減實施的早期階段。

And I've talked to a number of different OEMs in China about this, and I think they're trying to anticipate what's going to happen with consumer demand.

我已經與中國許多不同的原始設備製造商談過這個問題，我認為他們正試圖預測消費者需求將會發生什麼。

They don't know exactly what's going to happen.

他們不知道到底會發生什麼。

So I would say it's kind of a short-term or near-term kind of prioritization, if you will, and trying to adjust to what those new subsidies are going to do.

所以我想說這是一種短期或近期的優先排序，如果你願意的話，並試圖調整這些新補貼將要做的事情。

What I would tell you is the remaining subsidies are on vehicles that have longer range.

我要告訴你的是，剩餘的補貼是針對續航里程更長的車輛。

Longer-range cars tend to have bigger batteries and more powerful inverters, which tends to increase the potential for silicon carbide.

續航里程更長的汽車往往擁有更大的電池和更強大的逆變器，這往往會增加碳化矽的潛力。

So longer-term, it could be a benefit for us.

所以從長遠來看，這可能對我們有利。

And then finally, I would say I think China in general continues to really try to drive their auto industry in the direction of EVs.

最後，我想說的是，我認為中國總體上繼續真正努力推動其汽車行業朝著電動汽車的方向發展。

So I think that's going to be something that once we get through this kind of short-term how do you adjust to the ban, it probably continues kind of a positive momentum.

所以我認為，一旦我們度過了這種短期的禁令，你將如何適應禁令，它可能會繼續保持一種積極的勢頭。

Okay.

好的。

Fair enough.

很公平。

And just a second question, if I could squeeze it in, on the LED segment here.

還有第二個問題，如果我能把它擠進去，就在這裡的 LED 部分。

I know given the recent challenges, it sounds like maybe the strategic thought process on that business is you're open to considering more alternatives.

我知道考慮到最近的挑戰，這聽起來可能是關於該業務的戰略思維過程，你願意考慮更多的選擇。

Anything you can maybe outline at a high level on how you're thinking about the LED segment and if you're thinking about other options to turn it around here or if there are maybe other strategic alternatives that are entering into the picture.

任何你可以在高層次上概述你是如何考慮 LED 細分市場的，以及你是否正在考慮其他選擇來扭轉它，或者是否有其他戰略選擇正在進入畫面。

Yes, I'll take that, Brian.

是的，我會接受的，布賴恩。

So thanks for that question.

所以感謝這個問題。

What I would tell you is when we redefined the strategy of the company, we said we're going to focus the LED market in areas where we're going to get better value for the technology that we drive, and we're doing that right now.

我要告訴你的是，當我們重新定義公司的戰略時，我們說我們將把 LED 市場集中在我們將為我們推動的技術獲得更好價值的領域，我們正在這樣做現在。

We've got some good traction right now in the automotive space in high-bright and so forth.

我們現在在汽車領域的高亮度等方面有一些很好的牽引力。

The overall industry is down, and what we said we were going to do is to the extent that there was going to be an impact, a negative impact on the LED business, we were going to transition the fungible capacity of LED over to Wolfspeed.

整個行業都在下滑，我們所說的我們要做的是對 LED 業務產生影響，負面影響，我們將把 LED 的可替代產能轉移到 Wolfspeed。

And just recall that capacity is in 2 kinds of buckets.

回想一下，容量有兩種桶。

It's silicon carbide materials, where the fungibility is 100% and the transition of that material from -- capacity from creating something for a LED and creating something for Wolfspeed, that transition is a matter of a week or 2. So we've already done that.

它是碳化矽材料，其中可替代性為 100%，並且該材料的轉變——從為 LED 創造東西到為 Wolfspeed 創造東西的能力，這種轉變只需要一兩週的時間。所以我們已經完成了那。

We're already doing that transition as the LED market slows down.

隨著 LED 市場放緩，我們已經在進行這種轉變。

And then the second issue is or the second amount of fungibility is in wafer fabrication, and we've got -- we're taking loadings down pretty significantly.

然後第二個問題是晶圓製造中的第二個可替代性，我們已經 - 我們正在顯著降低負載。

That is the major impact of the LED gross margin.

這是LED毛利率的主要影響。

And so wafer fab utilization coming down and we are also in the process of transitioning that capacity over to Wolfspeed as well.

因此晶圓廠的利用率下降，我們也在將該產能轉移到 Wolfspeed 的過程中。

Now that transition takes a lot longer.

現在這種轉變需要更長的時間。

That's more of a 9 to 12 to maybe 15 months kind of time frame.

這更像是 9 到 12 到 15 個月的時間框架。

So in the meantime, we're going to have some underutilization.

所以與此同時，我們將有一些未充分利用的情況。

But I think as we come out of this and we see the ability to move LED to more of a fab light type process, where we outsource whatever we can on that, I think we'll see -- and we transition that internal capacity over to Wolfspeed, I think we'll see a benefit from that.

但我認為，隨著我們走出這一步，我們看到了將 LED 轉移到更多工廠燈型工藝的能力，在那裡我們可以外包任何我們可以做的事情，我想我們會看到——我們將內部能力轉移到對於 Wolfspeed，我認為我們會從中受益。

And our next question comes from Jed Dorsheimer with Canaccord Genuity.

我們的下一個問題來自 Jed Dorsheimer 和 Canaccord Genuity。

And our next question comes from Harsh Kumar with Piper Jaffray.

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

Gregg, so listening to a couple of the other earnings call, I mean, the setup appears to be from the big guys that supply to automotive is that things like radar, ADAS, silicon carbide, charging, things of that nature are still reasonably strong.

Gregg，所以聽聽其他幾個財報電話會議，我的意思是，似乎來自為汽車供應的大公司的設置是雷達、ADAS、碳化矽、充電等性質的東西仍然相當強大.

Do you think it's end demand in China due to subsidies or do you think it's just gestation or maybe inventory that was built up?

您認為這是由於補貼導致的中國需求終止，還是您認為這只是醞釀或可能是庫存增加？

And then in the same sort of vein, if the trade situation doesn't change, is this a steady base of revenues that we should think about for Wolfspeed?

然後以同樣的方式，如果貿易情況沒有改變，這是否是我們應該為 Wolfspeed 考慮的穩定收入基礎？

Yes.

是的。

So what I would say is a couple of things.

所以我要說的是幾件事。

First off, from my discussions with China OEMs, there's a sentiment that the consumers were aware of the eventual decline of some of the subsidies, so there was perhaps some buying of electric vehicles that was kind of pulled in, if you will.

首先，從我與中國原始設備製造商的討論來看，有一種情緒是消費者意識到一些補貼最終會減少，所以如果你願意的話，可能會有一些電動汽車的購買被拉進來。

And I think they're really just trying to absorb what does it mean more long term.

而且我認為他們真的只是在嘗試吸收更長期的意義。

So I think that's the understanding that I'm getting from the Chinese OEMs on that.

所以我認為這就是我從中國原始設備製造商那裡得到的理解。

And I guess, it kind of makes sense to me from that perspective.

我想，從這個角度來看，這對我來說是有道理的。

From a silicon carbide demand in automotive, I think that remains very, very strong in general, and I think what's going to happen over the coming decade to be or just be really long term is you're going to see car companies introduce new platforms to the market.

從汽車對碳化矽的需求來看，我認為總的來說仍然非常非常強勁，而且我認為未來十年將會發生的事情或者只是長期發生的事情是你會看到汽車公司引入新平台去市場。

Those platforms will take off at certain speeds.

這些平台將以一定的速度起飛。

They will plateau, and then a new car platform will come on.

他們會停滯不前，然後一個新的汽車平台就會出現。

So as an example, all 70 Volkswagen car platforms aren't going to come to the market at the same time.

因此，舉例來說，所有 70 款大眾汽車平台不會同時上市。

They'll release some.

他們會釋放一些。

Those products will get into the market.

這些產品將進入市場。

They will achieve a certain amount of volume and then probably hit a steady state.

他們將達到一定的音量，然後可能會達到穩定狀態。

They'll release new market -- new cars.

他們將推出新市場——新車。

Those products will ramp and so forth.

那些產品將會增加等等。

So you'll see a series of increasing demand followed by maybe some amount of plateau, followed by increasing demand and new entrants and so forth.

所以你會看到一系列不斷增加的需求，然後可能會出現一定程度的平穩，然後是不斷增加的需求和新進入者等等。

And I think we're going to see that across multiple different car companies over the coming decades.

我認為我們將在未來幾十年內在多家不同的汽車公司中看到這一點。

Got it.

知道了。

And another one for my second one.

另一個是我的第二個。

I know you don't like to break out materials versus your chips business but I was curious if you would -- you wouldn't mind giving us some color on RF, just without numbers qualitatively, RF versus the automotive business, the Power industrial business.

我知道你不喜歡將材料與芯片業務分開，但我很好奇你是否願意 - 你不介意給我們一些關於 RF 的顏色，只是沒有定性的數字，RF 與汽車業務，電力工業商業。

Any kind of color on what they may be as a part of Wolfspeed?

作為 Wolfspeed 的一部分，它們有什麼顏色嗎？

Yes.

是的。

Maybe just a couple of different vectors on that.

也許只是幾個不同的載體。

So first off, the opportunity in Power is really fueled by a lot of different things, but primarily the biggest growth engine is going to be the electrification of the powertrain of a car.

因此，首先，Power 領域的機會確實由許多不同的因素推動，但主要的增長引擎將是汽車動力總成的電氣化。

And we've seen reports from anywhere from 6 billion to 20 billion that I talked about by 2030 in terms of what that market size is for just the electric car platform and silicon carbide, and that would be the Power business.

我們已經看到了 60 億到 200 億的報告，我談到到 2030 年，就電動汽車平台和碳化矽的市場規模而言，這就是電力業務。

Whereas the market for RF is primarily -- the growth is primarily going to be driven by 5G, which most people estimate to be a couple of billion dollar type opportunity.

而 RF 市場主要是 - 增長主要由 5G 驅動，大多數人估計這是一個數十億美元的機會。

So over the longer period of time, Power is going to be a bigger opportunity, I think, in silicon carbide versus silicon carbide on GaN.

因此，在較長一段時間內，Power 將成為一個更大的機會，我認為，碳化矽與 GaN 上的碳化矽相比。

So both nice growth opportunities but Power probably the bigger upside.

因此，這兩個增長機會都很好，但 Power 可能有更大的優勢。

Underpinning all of that is the materials, and so that's from the device perspective.

支撐所有這些的是材料，所以這是從設備的角度來看的。

From a materials perspective, we sell both into the Power and into the RF space, as Neill mentioned earlier, and what I would say is we believe that our device -- our 2 device businesses and our materials business will all be growing over the time period of our long-range plan, which is over the next 5 years or so.

從材料的角度來看，正如 Neill 之前提到的，我們同時銷售電源和射頻領域，我想說的是我們相信我們的設備 - 我們的 2 設備業務和我們的材料業務都將隨著時間的推移而增長我們長期計劃的期限，即未來 5 年左右。

But certainly, over the more near-term aspect of that, we're likely going to see the growth in materials being faster, and that's simply because our materials customers channel to market is sizeably bigger than ours.

但可以肯定的是，在更近期的方面，我們可能會看到材料的增長更快，這僅僅是因為我們的材料客戶進入市場的渠道比我們的要大得多。

A lot more feet-on-the-street in terms of selling assets, applications, engineers, designers and so forth just with the 4 supply agreements that we have.

僅憑我們擁有的 4 份供應協議，在出售資產、應用程序、工程師、設計師等方面就可以進行更多的實地考察。

So I think it's a conversion of the industry from silicon to silicon carbide.

所以我認為這是行業從矽到碳化矽的轉變。

We're excited about that.

我們對此感到興奮。

We're excited about the partnership we have with the 4 companies that we've announced long-term agreements with, and I think we'll all see really nice growth in the coming decade.

我們對與 4 家公司的合作夥伴關係感到興奮，我們已經宣布與之達成長期協議，我認為我們都將在未來十年看到非常好的增長。

And our next question comes from Jed Dorsheimer with Canaccord Genuity.

我們的下一個問題來自 Jed Dorsheimer 和 Canaccord Genuity。

So I guess, real quick, my first question is on -- is actually on LED business, and how much of that auditing process into the auto supply chain are you able to pull over to Wolfspeed particularly on the device side?

所以我想，很快，我的第一個問題是——實際上是關於 LED 業務，你能夠將汽車供應鏈中的審計過程中有多少轉移到 Wolfspeed，特別是在設備方面？

Because that would be one of the greatest challenges between wafer supply and moving this model from sort of an (inaudible) light to more of the STMicro model and the leverage associated with that.

因為這將是晶圓供應和將這種模型從一種（聽不清的）光轉移到更多 STMicro 模型以及與之相關的槓桿作用之間的最大挑戰之一。

So I was wondering if you could just address that, Gregg.

所以我想知道你是否可以解決這個問題，Gregg。

Jed, it's Neill.

傑德，我是尼爾。

So I think you said on the device side -- you dropped there a bit.

所以我認為你在設備方面說過——你在那裡有所下降。

Was that what you had said?

那是你說的嗎？

Yes.

是的。

So specifically the auditing process for auto is much more intense and robust.

因此，具體來說，汽車的審計過程更加緊張和穩健。

And I'm wondering on the LED business, how much of the learning curve were you able to benefit from to accelerate that for the Wolfspeed device side of the business?

我想知道關於 LED 業務，您能夠從多少學習曲線中受益，以加速 Wolfspeed 設備方面的業務？

Yes.

是的。

So a couple of things on that.

所以有幾件事。

So as you think about -- let me talk about the LED business first and kind of our plans there and I'll relate it back to kind of Wolfspeed here in a second.

所以當你考慮時——讓我先談談 LED 業務和我們在那裡的計劃，我會在一秒鐘內將它與 Wolfspeed 聯繫起來。

When we talk about the capacity expansion originally, what we have said is that, and Gregg kind of alluded to it, that we would outsource pieces of the LED business and that would free up capacity for Wolfspeed.

當我們最初談論產能擴張時，我們所說的是，Gregg 有點暗示，我們將外包 LED 業務的一部分，這將為 Wolfspeed 釋放產能。

And as we outsource some of those pieces, we'll have more opportunity in the wafer fab.

當我們將其中一些部分外包時，我們將在晶圓廠獲得更多機會。

Now 2 things there.

現在有兩件事。

One is that you kind of mentioned the automotive kind of side of it.

一個是你提到了它的汽車方面。

Certainly, there are learnings there, but as we free up the capacity, remember the capacity expansion kind of has 2 pieces on the device side.

當然，那裡有學習，但當我們釋放容量時，請記住容量擴展類型在設備端有 2 個部分。

One is we're going to convert the current factory we've got.

一是我們要改造現有的工廠。

And the second one is once we announced the capacity expansion, we're going to build out the North fab, and in that we will have more of the -- building up more of that kind of quality -- automotive quality capability as we're moving forward, and we're investing in that.

第二個是，一旦我們宣布產能擴張，我們將建設北方工廠，我們將擁有更多——建立更多這種質量——汽車質量能力，因為我們“我們正在向前邁進，我們正在為此進行投資。

So as we move through the capacity expansion, sure we'll lever the pieces from the LED business and learnings we have, but we're going to set up the fab as we move forward and build it out to have that quality capability.

因此，隨著我們進行產能擴張，我們肯定會利用 LED 業務和我們所擁有的經驗教訓，但我們將在前進的過程中建立工廠，並建立它以擁有這種質量能力。

And then the second thing that I would add to that, Jed, is we've also been very, very successful bringing in automotive experienced people into some very, very key positions.

然後我要補充的第二件事，傑德，我們也非常非常成功地將汽車經驗豐富的人帶到了一些非常非常關鍵的職位上。

So as an example, we're talking about building a new fab.

因此，作為一個例子，我們正在談論建立一個新的晶圓廠。

The person that's going to run that fab has over 20-plus years of semiconductor, manufacturing experience at a world-class, highly-regarded automotive semiconductor company and also spent a number of years at a automotive Tier 1 supplier.

將要經營該工廠的人在一家世界級、備受推崇的汽車半導體公司擁有超過 20 年的半導體和製造經驗，並且還在一家汽車一級供應商工作了多年。

The head of our quality organization joined us about a year ago or so, and she has as well, over 2 decades of automotive quality experience working for a large world-class semiconductor company focused on automotive.

我們質量部門的負責人大約一年前加入我們，她在一家專注於汽車的世界級大型半導體公司工作，擁有超過 20 年的汽車質量經驗。

And I can name a number of other folks that have kind of come into the organization that bring very specific knowledge of automotive requirements.

我可以舉出一些其他人的名字，他們已經進入組織，帶來了非常具體的汽車要求知識。

And we think this is going to be a really great benefit to augment the 30-plus years of experience that we have internally at Cree on silicon carbide and gallium nitride.

我們認為，這將大大增加我們在 Cree 內部在碳化矽和氮化鎵方面擁有的 30 多年經驗。

Got it.

知道了。

And just as a follow-up -- and the first question I was trying to ask was, you spent the value proposition on the auto side -- on the vehicle side.

作為後續行動——我想問的第一個問題是，你把價值主張花在了汽車方面——在車輛方面。

It's certainly more compelling than that of the charging or the infrastructure side.

它肯定比充電或基礎設施方面更具吸引力。

But just as we heard from at our conference last week, from National Grid that there seems to be a compelling story around the infrastructure build-out, and also the use of silicon carbide associated with that, particularly around fast charge.

但正如我們在上週的會議上聽到的那樣，國家電網似乎圍繞基礎設施建設以及與之相關的碳化矽的使用，特別是在快速充電方面的使用，講述了一個引人入勝的故事。

So I was wondering if you might be able to update and articulate sort of what the plans are on the infrastructure side and how you see that opportunity as well?

所以我想知道您是否能夠更新和闡明基礎設施方面的計劃以及您如何看待這個機會？

Well, we see it as a great opportunity, Jed, and that's part of that $9 billion pipeline that we've been talking about.

好吧，傑德，我們認為這是一個很好的機會，這是我們一直在談論的 90 億美元管道的一部分。

We've got a number of different customers that are associated with charging in the grid and rapid charging and so forth.

我們有許多與電網充電和快速充電等相關的不同客戶。

And as you properly point out, rapid charging is going to be a really important aspect to the build-out of the electrification of the powertrain.

正如您正確指出的那樣，快速充電將成為動力總成電氣化建設的一個非常重要的方面。

And we've got customers that are developing technologies to add significant amount of mileage capability in sort of 5 minutes type time frame.

我們有客戶正在開發技術，以在 5 分鐘類型的時間範圍內增加大量的里程能力。

And to do that, you need high-voltage.

為此，您需要高壓。

And silicon carbide, the higher the voltage, the better it is for silicon carbide, so we think that this trend of higher bus voltages inside the inverter, the more rapid charging and higher voltages associated with rapid charging is just going to continue to help fuel the demand for silicon carbide.

而碳化矽，電壓越高，對碳化矽越好，所以我們認為這種逆變器內部總線電壓更高的趨勢，更快速的充電以及與快速充電相關的更高電壓只會繼續幫助燃料碳化矽的需求。

So we're pretty excited about that as well.

所以我們對此也很興奮。

And our next question comes from Paul Coster with JPMorgan.

我們的下一個問題來自摩根大通的保羅科斯特。

Just a quick one really, Gregg.

真的只是一個快速的，格雷格。

I just want to check if there's sort of take or pay or other sort of time-based elements to the large contracts that you have with the sort of temporary slump in demand.

我只是想檢查您擁有的大型合同是否存在需求或支付或其他類型的基於時間的元素，以及需求的暫時下滑。

You sort of forfeit some of the economics of those deals or the customer has to pay up regardless of their consumption?

您有點放棄了這些交易的一些經濟效益，或者客戶無論消費如何都必須付款？

Yes.

是的。

The deals generally have that kind of element associated with it.

這些交易通常具有與之相關的那種元素。

I won't get into a lot of details, but they have pretty strong commitment to take a volume that was committed.

我不會詳細介紹很多細節，但他們非常堅定地承諾接受承諾的數量。

Now there are some upside capability on that and there are some downside and it's sort of symmetric, if you will.

現在有一些上行能力，也有一些下行能力，如果你願意的話，它有點對稱。

And so these deals are really meant to kind of guarantee that we would be able to supply a certain capacity to our customers and guarantee that they would supply a demand to us.

因此，這些交易實際上是為了保證我們能夠為客戶提供一定的產能，並保證他們會向我們提供需求。

So we're both kind of equally committed into that, and it does have that kind of element, Paul.

所以我們都同樣致力於這一點，它確實有那種元素，保羅。

All right.

好的。

So the obvious follow-on question is, is there any risk at all if there are some inventory building up in that channel?

因此，顯而易見的後續問題是，如果該渠道中存在一些庫存，是否存在任何風險？

I don't see it right now.

我現在沒看到。

I would say in every supply/demand mismatch kind of situation, there's always a risk to that.

我會說在每一種供需不匹配的情況下，總是存在風險。

But even our business today, our silicon carbide epi capability is capacity-constrained.

但即使是我們今天的業務，我們的碳化矽外延能力也受到產能限制。

Our Power capability, especially in 150 millimeters, capacity-constrained.

我們的功率能力，尤其是 150 毫米，容量受限。

And even despite the situation with Huawei, our RF line is capacity-constrained.

即使華為遇到這種情況，我們的 RF 線路也受到容量限制。

So we remain with pockets of constraint.

因此，我們仍然受到限制。

And I think as we expand the capacity we'll see areas that see the constrain go away and other areas that will pop up.

而且我認為，隨著我們擴大容量，我們會看到限制消失的區域和會彈出的其他區域。

And then if those areas where the capacity-constrained goes away, we're going to see customers ramp up their next-generation thing and it will come back.

然後，如果那些容量受限的領域消失了，我們將看到客戶增加他們的下一代產品，它會回來的。

So I think we're going to have at the very least through the next 5 years as we continue ramping this capability, we're going to have sort of a leapfrogging of the demand and supply over the next 5 years, where we catch up and then it all of a sudden takes off again and we're behind.

所以我認為我們至少會在未來 5 年內繼續提升這種能力，我們將在未來 5 年內實現需求和供應的跨越式發展，我們將趕上然後它突然又起飛了，我們落後了。

And our next question comes from Colin Rusch with Oppenheimer.

我們的下一個問題來自 Colin Rusch 和 Oppenheimer。

Just regarding CapEx, I mean, how should we think about the cadence of that?

關於資本支出，我的意思是，我們應該如何考慮它的節奏？

And the contractual trigger for you guys in terms of if a customer slows down in terms of some of the purchasing given some of the twists and turns that we're seeing on the EV side, is there a point at which you guys would slow things down or speed things up?

考慮到我們在電動汽車方面看到的一些曲折，如果客戶在某些購買方面放慢速度，你們的合同觸發因素是你們會放慢速度嗎降低還是加快速度？

And how should we think about the triggers on that?

我們應該如何考慮觸發因素？

Yes.

是的。

So first of all, let me say, so overall for -- I guess I said it in the prepared remarks.

所以首先，讓我說，總的來說——我想我在準備好的發言中說過了。

When I do -- we're going to spend roughly $200 million in CapEx in 2020.

當我這樣做時——我們將在 2020 年花費大約 2 億美元的資本支出。

As it relates to those things, yes, I mean, we can always move things around, but our view is a longer-term opportunity in the silicon carbide space such that we're going to continue forward with that.

就這些事情而言，是的，我的意思是，我們總是可以四處走動，但我們的觀點是碳化矽領域的長期機會，因此我們將繼續推進。

There's always opportunity to modulate as things go on, but I would think about that as kind of longer-term modulations.

隨著事情的進展，總是有調整的機會，但我認為這是一種長期調整。

In the near term, we're going to continue with the investment in the Wolfspeed business and continue to extend the capacity expansion and continue to manage through that.

在短期內，我們將繼續對 Wolfspeed 業務進行投資，並繼續擴大產能並繼續進行管理。

Our view is we really need to focus on that right now to be ready for the opportunity.

我們的觀點是，我們現在確實需要專注於此，為這個機會做好準備。

And so as it relates to the modulation, yes.

因此，就調製而言，是的。

I think if you take a look at our materials business, it's something that we could obviously manage a little bit easier as you add capacity grower by grower.

我認為，如果你看一下我們的材料業務，當你逐個增加產能時，我們顯然可以更輕鬆地管理它。

In the fab, that's a little bit harder as you add it kind of line-by-line and we would manage that again over the long term.

在晶圓廠，當你逐行添加它時，這有點困難，我們會在長期內再次管理它。

But right, now our view is we're going to invest in the capacity expansion of Wolfspeed.

但是，現在我們的觀點是我們將投資於 Wolfspeed 的產能擴張。

Okay.

好的。

And then just in terms of kind of where you're targeting designs.

然後就您的目標設計而言。

Obviously, the Tesla onboard charger for the Model 3 is important and kind of validates in terms of some of those high-voltage charging.

顯然，用於 Model 3 的特斯拉車載充電器很重要，並且在某些高壓充電方面得到了驗證。

But as we target some of the other applications that's in the powertrain, can you talk a little bit about how you break out that pipeline of opportunity and the competitive dynamics around each of those opportunities?

但是當我們瞄準動力總成中的其他一些應用程序時，您能否談談您如何打破機會管道以及圍繞每個機會的競爭動態？

Well, basically, as customers start looking at their products, we're seeing a couple of different trends.

好吧，基本上，當客戶開始關注他們的產品時，我們看到了幾種不同的趨勢。

One is moving towards higher bus voltages, which enables them to take really stronger advantage of silicon carbide.

一種是轉向更高的總線電壓，這使他們能夠真正發揮碳化矽的優勢。

And the silicon carbide basically, then enables the car manufacturers to have a smaller battery and the battery is the most expensive part to an electric vehicle.

而碳化矽基本上可以讓汽車製造商擁有更小的電池，而電池是電動汽車最昂貴的部件。

So I think it's a really pretty straightforward equation.

所以我認為這是一個非常簡單的等式。

And we're in conversations with dozens of different car companies around the world right now, and of course, be associated with OEMs and inverter manufacturers.

我們現在正在與全球數十家不同的汽車公司進行對話，當然，我們還與原始設備製造商和逆變器製造商建立了聯繫。

And I think the debate of whether silicon carbide is going to play a role or not, I think that I feel pretty comfortable that, that debate is now over and it's very, very clear that silicon carbide is going to play a role.

而且我認為關於碳化矽是否會發揮作用的爭論，我認為我感到很舒服，辯論現在已經結束，而且非常非常清楚，碳化矽將發揮作用。

And I think it's going to be a pretty significant role.

我認為這將是一個非常重要的角色。

So we're working with all of our customers on that.

因此，我們正在與所有客戶合作。

We've got, as I mentioned, we've got dozens of different design opportunities that we're working in our design in pipeline.

正如我提到的，我們有許多不同的設計機會，我們正在設計管道中。

Some of them are in more early phases.

其中一些處於更早期的階段。

Some of them are in the late innings.

他們中的一些人在最後一局。

And so we're hoping to get a couple of those across the goal line as soon as possible.

因此，我們希望盡快讓其中一些人越過球門線。

And I really think over the next, as I mentioned, 12 to plus or minus 6 months type of time frame, we're going to see -- a lot of those decisions are going to have to come down because the car platform is going to launch in a certain time frame and they're going to have to make those decisions.

我真的認為接下來，正如我提到的，在 12 到正負 6 個月的時間範圍內，我們將會看到——很多這些決定將不得不取消，因為汽車平台正在發展在特定時間範圍內啟動，他們將不得不做出這些決定。

And our next question comes from Jeff Osborne with Cowen and Company.

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

A couple of questions on my end.

我這邊有幾個問題。

You guys did a wonderful job in explaining kind of the long-term value and where things are headed, and seeing the $9 billion pipeline is terrific to see.

你們在解釋長期價值和事情的發展方向方面做得非常出色，看到 90 億美元的管道真是太棒了。

I think it's $5 billion last quarter, but I was wondering if you could help us better understand what the complexion of Wolfspeed is today in particular with the guidance being down about 400 basis points in margins with the -- I think you highlighted mix being an issue there.

我認為上個季度是 50 億美元，但我想知道你是否可以幫助我們更好地了解 Wolfspeed 今天的面貌，特別是在利潤率下降約 400 個基點的情況下——我認為你強調了混合是一個問題在那裡。

I don't know.

我不知道。

Can you -- if you don't want to get specific, at least rank order between RF, Power and materials what the biggest pieces are and then what the margin differentials are broadly between the 3?

你能不能——如果你不想具體說明，至少在射頻、功率和材料之間排序，最大的部分是什麼，然後三者之間的利潤差異是多少？

Yes, let me -- this is Neill.

是的，讓我——這是尼爾。

Let me take a shot on that.

讓我試一試。

The predominant driver of the changes in the Wolfspeed gross margin are related to the Huawei ban.

Wolfspeed 毛利率變化的主要驅動力與華為禁令有關。

So in 4Q, we saw an increase of 150 basis points.

所以在第四季度，我們看到了 150 個基點的增長。

So when the Huawei ban went into effect, we stopped shipping in our lower-margin products and that was really the main driver of the kind of 150 basis point improvement and getting the Wolfspeed gross margin in 4Q up over 50%.

因此，當華為禁令生效時，我們停止了低利潤產品的發貨，這確實是提高 150 個基點並使第四季度 Wolfspeed 毛利率增長超過 50% 的主要推動力。

As you swing back to 1Q, we're seeing kind of the opposite effect.

當您回到 1Q 時，我們看到了相反的效果。

And the margin is moving down almost 400 basis points.

利潤率下降了近 400 個基點。

So customers in our kind of RF component and materials channels are kind of reacting to that, as I said earlier, in different ways.

因此，正如我之前所說，我們射頻元件和材料渠道中的客戶對此有不同的反應。

Either you're not shipping or looking for alternative customers.

您要么不發貨，要么尋找其他客戶。

So as these 2 channels kind of adjust to the ban, we're seeing a lot of variability in the mix and kind of new order patterns are developing.

因此，隨著這 2 個渠道在某種程度上適應禁令，我們看到混合中有很多變化，並且正在開發一種新的訂單模式。

So think about the overall supply chain is just starting to kind of settle in and understand how to kind of react to the Huawei situation.

所以想想整個供應鏈才剛剛開始安頓下來，並了解如何對華為的情況做出反應。

I will say we see this kind of variability in the mix as kind of a temporary phenomenon.

我會說我們將混合中的這種可變性視為一種暫時現象。

It really does not change our view on the Wolfspeed kind of gross margin, as we talked about before, getting to the low to mid-50% type level.

它真的沒有改變我們對 Wolfspeed 毛利率的看法，正如我們之前談到的那樣，達到 50% 的中低水平。

Our costs and our gross margin programs are on track.

我們的成本和毛利率計劃正在按計劃進行。

And then in the meantime, we'll just deal with the variability in the mix as customers continue to adjust to the ban.

與此同時，隨著客戶繼續適應禁令，我們將只處理組合中的可變性。

Just kind of causing some of that short-term variability.

只是造成了一些短期的變化。

Got it.

知道了。

And then my second question was just a follow-up on the auto qualification process, and auto experience of the company as a whole, which you touched on before.

然後我的第二個問題只是關於汽車資格流程的跟進，以及整個公司的汽車體驗，你之前提到過。

Certainly, you highlighted the 30-plus years of experience in making SiC and a bunch of new people, the head of the fab, which sounds great.

當然，您強調了 30 多年製造 SiC 的經驗和一群新人，晶圓廠的負責人，這聽起來很棒。

But I was just curious if you're quoting business today in that 9 billion pipeline, do you need one of these auto grade fabs to be up and running to win the business today or having the right staff and sort of the historical expertise, is that enough?

但我很好奇，如果你今天在 90 億管道中引用業務，你是否需要這些汽車級工廠之一啟動並運行以贏得今天的業務，或者擁有合適的員工和某種歷史專業知識，是足夠了？

I just wasn't sure if there's a gap of time and unfortunately you can't hit the window and maybe more of the wins would fall in your pocket in 2020, 2021 as these fabs open up?

我只是不確定是否存在時間差距，不幸的是，你無法抓住機會，隨著這些晶圓廠的開放，也許更多的勝利會在 2020 年、2021 年落入你的口袋？

No.

不。

I think the decisions that are being made today for the automotive -- the automotive-related decisions that are being made today are for cars that are going to go into production in sort of 2022 through 2024 type time frame.

我認為今天為汽車做出的決定——今天做出的與汽車相關的決定是針對將在 2022 年到 2024 年類型的時間框架內投入生產的汽車。

That would be kind of the normal gestation period, if you will, for design win pipelines that are in discussions right now.

對於目前正在討論的設計獲勝管道，如果你願意的話，那將是一種正常的醞釀期。

And recall that we intend to open up our new factory in 2022.

回想一下，我們打算在 2022 年開設新工廠。

So the timing of that actually fits pretty nicely with that.

所以它的時機實際上與它非常吻合。

I'd be -- it would -- obviously, if that factory were open today, it would be nicer, but I think there's no issue with the timing of that opening up in 2022.

我會 - 它會 - 顯然，如果那家工廠今天開工，那就更好了，但我認為 2022 年開工的時間沒有問題。

I don't see that as an impediment to us engaging with customers on these design wins.

我不認為這是我們與客戶就這些設計勝利進行互動的障礙。

The real question is around our ability to sustain the manufacturing capacity.

真正的問題在於我們維持製造能力的能力。

And that has been the major question that I've had in the 1.5 year or almost 2 years that I've been here.

這是我在 1.5 年或將近 2 年的時間裡遇到的主要問題。

And I think this capacity expansion of increasing our capacity by 30x compared to where we were when we initially began the capacity ramp in fiscal '17 has basically, answered that bell, and I think our customers see that.

而且我認為，與我們最初在 17 財年開始產能提升時相比，我們的產能增加了 30 倍，這基本上已經回答了這個問題，我認為我們的客戶看到了這一點。

They see that as a real commitment, and they know that if they agree to move this certain car platform or this inverter platform from some kind of silicon-based system to a silicon carbide-based system, we're putting real money behind the capacity that will allow them to feel good that, that capacity is going to be there as they ramp their products and customers get excited about their products.

他們認為這是一個真正的承諾，他們知道如果他們同意將這個特定的汽車平台或這個逆變器平台從某種基於矽的系統轉移到基於碳化矽的系統，我們就會在產能背後投入真金白銀這將使他們感覺良好，隨著他們提高產品產量並且客戶對他們的產品感到興奮，這種能力將會存在。

And our next question comes from Joseph Osha with JMP Securities.

我們的下一個問題來自 JMP Securities 的 Joseph Osha。

I apologize for the bad audio.

我為糟糕的音頻道歉。

I'm in a car.

我在車裡。

It seems like all of the questions on the Chinese market sort of have this return to the status quo ante built into them.

似乎所有關於中國市場的問題都帶有回歸原狀的內在。

I guess, I'd like to turn that question on its head and ask you, what happens if this disengagement from China is much broader and a year from now you're not selling anything to any Chinese automotive OEMs or communications OEMs maybe ever again?

我想，我想反過來問你，如果與中國的脫離接觸範圍更廣，一年後你可能不再向任何中國汽車原始設備製造商或通信原始設備製造商出售任何產品，會發生什麼？

And I guess, the flip side of that also would be competitively understanding, of course, that you're not seeing much now, how would you feel if you could say, oh, gosh, we don't really think we're ever going to face any competitive pressure from a heavily subsidized Huawei effort in silicon carbide or whoever because they're not selling to any of our customers either?

我想，另一方面也將是競爭性的理解，當然，你現在看不到太多，如果你能說，哦，天哪，我們真的不認為我們曾經有過是否會因為華為在碳化矽方面的大量補貼努力或其他任何人而面臨任何競爭壓力，因為他們也不向我們的任何客戶銷售產品？

I'm trying to understand broadly if Cree and the Chinese market completely disengaged, what your business looks like.

如果 Cree 和中國市場完全脫節，我會嘗試從廣義上了解您的業務會是什麼樣子。

Joe, I think that's a great question and it's one that we certainly are addressing internally as well.

喬，我認為這是一個很好的問題，我們當然也在內部解決這個問題。

And what I would say is, any semiconductor company has to ask that same question because a substantial portion of the semiconductor market is in China and a substantial percentage of the growth is there as well.

我要說的是，任何半導體公司都必須問同樣的問題，因為半導體市場的很大一部分在中國，而且增長的很大一部分也在那裡。

So obviously, I think nobody would be fair to say, well, it wouldn't matter if we just -- China never came back.

所以很明顯，我認為沒有人會公平地說，好吧，如果我們只是——中國再也沒有回來也沒關係。

Of course, it would matter.

當然，這很重要。

It's a big percentage of the semiconductor market and a growing percentage of it.

它在半導體市場中所佔比例很大，而且還在不斷增長。

So it certainly would have an impact.

所以肯定會有影響。

I think there's no question about that.

我認為這是毫無疑問的。

What I would say from a competitive position standpoint is there's really -- this technology, as we've mentioned several times, is a difficult technology to replicate.

從競爭地位的角度來看，我要說的是，正如我們多次提到的，這項技術是一項難以復制的技術。

It's a technology that has industry know-how requirements and the industry know-how is measured in hundreds of people versus tens of thousands of people.

這是一項具有行業知識要求的技術，而行業知識是以數百人而不是數万人來衡量的。

So it's -- while we worry every single day about competitors from all different walks of life, whether they're international competitors or U.S.-based competitors, we worry about them and the best thing that we can do is just run as quickly as we can to increase our -- the quality of our product, decrease the cost of our product and increase the scale and the capacity that we have.

所以它是——雖然我們每天都在擔心來自各行各業的競爭對手，無論他們是國際競爭對手還是美國本土的競爭對手，但我們擔心他們，我們能做的最好的事情就是盡可能快地跑可以提高我們的產品質量，降低產品成本並增加我們擁有的規模和能力。

So that's what we attack on a daily basis.

這就是我們每天攻擊的內容。

From an automotive perspective, specifically, I'd say we've got a ton of interest across the globe, including a ton of interest outside of China in the silicon carbide.

具體來說，從汽車的角度來看，我想說我們在全球範圍內引起了很多興趣，包括中國以外對碳化矽的大量興趣。

And I think there's a tremendous amount of growth opportunity for us there.

而且我認為我們在那裡有大量的增長機會。

We'd like to have the entire world TAM as part of what we're going after.

我們希望將整個世界的 TAM 作為我們追求的一部分。

So we're very hopeful that the world's 2 largest trading economies will figure out a good solution.

因此，我們非常希望世界上最大的兩個貿易經濟體能夠找到一個好的解決方案。

But I think we've got a lot of opportunity outside of that as well.

但我認為除此之外我們還有很多機會。

Okay.

好的。

And just as a follow-on, would you care to maybe talk about China exposure inside that $9 billion pipeline that you discussed?

作為後續行動，您是否願意談談在您討論的 90 億美元管道中對中國的敞口？

I don't have that broken out.

我沒有壞掉。

Just from a gut feel perspective, I'd say it's not as high as you would anticipate, but let's just do a follow-up on that.

僅從直覺的角度來看，我會說它沒有您預期的那麼高，但讓我們對此進行跟進。

But what I can clearly say, it's not like half or some dramatic portion of it.

但我可以清楚地說，它不像它的一半或一些戲劇性的部分。

We've got a lot of opportunity over there, but we've got a substantial amount of opportunity outside that.

我們在那裡有很多機會，但除此之外我們還有很多機會。

But Joe, I don't have that number specifically, but I'm pretty comfortable saying it's going to be well less than half.

但是喬，我沒有具體的數字，但我很樂意說它會少於一半。

And our next question comes from Ambrish Srivastava with BMO.

我們的下一個問題來自 BMO 的 Ambrish Srivastava。

This is Jamison calling in for Ambrish.

我是賈米森，正在為安布里什打電話。

So in your prepared remarks, you guys have mentioned the lowering factory utilization as well as reducing inventory in the channel as well as your own.

所以在你們準備好的發言中，你們提到了降低工廠利用率以及減少渠道庫存和你們自己的庫存。

It looks like in the quarter, it ticked up a little bit.

看起來在本季度，它略有上升。

But I guess, my question is as it relates to gross margin and assuming demand remains somewhat muted, what is your target for inventory days?

但我想，我的問題是因為它與毛利率有關，並且假設需求仍然有些低迷，那麼您的庫存天數目標是多少？

And I guess, how long do you think it will take there -- or take to get there before you feel comfortable ramping up utilization?

而且我想，您認為它需要多長時間才能到達那裡——或者需要多長時間才能到達那裡，然後您才能放心地提高利用率？

And I guess, as well, do you expect gross margin to remain depressed through then or do you think it could return to maybe a mid-30s to high-30s run rate?

而且我想，你是否預計到那時毛利率會保持低迷，或者你認為它可能會回到 30 多歲到 30 多歲的運行率？

Yes, so let me -- I think if you look at both the inventory and the gross margin, it's important to unpack that a little bit because the Wolfspeed business and the LED business have very different dynamics.

是的，所以讓我——我認為，如果您同時查看庫存和毛利率，那麼將其分解一點很重要，因為 Wolfspeed 業務和 LED 業務的動態非常不同。

On the LED side, obviously, the market situation that's been impacted by China and the tariffs has muted the business from a top line standpoint, as you suggest.

在 LED 方面，顯然，正如您所建議的，從頂線的角度來看，受中國和關稅影響的市場形勢已經削弱了業務。

So what we're doing is we're taking a conservative approach there, and we're taking down, as you talked about, our utilization, we're taking down our inventory to kind of go manage that.

所以我們正在做的是我們在那裡採取保守的方法，正如你所說的那樣，我們正在降低我們的利用率，我們正在降低我們的庫存以進行管理。

And I think that's going to set us up for any kind of medium term either demand declines and kind of position us in the event favorably should upside happen.

而且我認為這將使我們為任何一種中期需求做好準備，要么需求下降，要么讓我們在有利的情況下處於有利位置。

Our view outside of this quarter on LED, it's difficult to call.

我們對本季度以外的 LED 的看法很難預測。

We kind of just think at this point we don't see any kind of recovery in the near term and we're kind of managing ourselves in a way to kind of handle that.

我們只是認為在這一點上我們在短期內看不到任何復蘇，我們正在以某種方式管理自己來應對這種情況。

On the Wolfspeed side, it's not really utilization impact.

在 Wolfspeed 方面，這並不是真正的利用率影響。

On the Wolfspeed side, we have a little bit of elevated inventory.

在 Wolfspeed 方面，我們的庫存有所增加。

Obviously, with a little bit of the effect of the Huawei ban, we're carrying some additional inventory.

顯然，由於華為禁令的影響，我們增加了一些庫存。

We're also matching up supply and demand in different areas in the business.

我們還在匹配業務不同領域的供需。

Gregg kind of talked about some of those pockets earlier.

格雷格早些時候談到了其中一些口袋。

As those thing start to kind of resolve themselves and we get to growth again in Wolfspeed, we expect to burn that off.

隨著這些事情開始自行解決，我們在 Wolfspeed 再次實現增長，我們希望將其燒掉。

Our goal would be to get down closer to 90 days so the current days inventory we have on hand, it's not something where we want to be, but I think we've got a handle in both businesses on how to manage that going forward.

我們的目標是將庫存減少到接近 90 天，這樣我們手頭的當前庫存量就不是我們想要的，但我認為我們已經掌握瞭如何管理未來的兩個業務。

And our next question comes from Sidney Ho with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Sidney Ho。

My first one is there have been some concerns that Huawei has been building a lot of inventory prior to the ban taking effect, especially on the infrastructure side.

我的第一個想法是，有人擔心華為在禁令生效之前已經建立了大量庫存，尤其是在基礎設施方面。

First, do you have any visibility about that?

首先，您對此有任何了解嗎？

And two, do you have any mechanism in place to monitor that?

第二，您是否有任何機制來監控它？

In other words, even when you get the license approved, do you think you can get back to that $15 million run rate pretty quickly?

換句話說，即使你獲得了許可，你認為你能很快恢復到 1500 萬美元的運行率嗎？

Yes.

是的。

So on the Huawei side, I think the way to think about that one is -- and I kind of mentioned it earlier.

所以在華為方面，我認為思考這個問題的方式是——我之前提到過。

We sell to Huawei through a number of channels.

我們通過多種渠道向華為銷售。

I would say as it relates to -- I mean to step back, as part of the ban, we have limited interaction with them at this point, so it's really hard for us to say whether or not they're building inventory or not or in terms of how they're managing it.

我想說的是——我的意思是退後一步，作為禁令的一部分，我們目前與他們的互動有限，所以我們真的很難說他們是否在建立庫存或就他們如何管理它而言。

What we are seeing, though, is in the channels that we are selling through, there's certainly some changes and some variability in the order and the mix and the patterns.

不過，我們所看到的是，在我們銷售的渠道中，訂單、組合和模式肯定會發生一些變化和變化。

So as that starts to kind of play its way out, that's going to change what we're kind of seeing in the Wolfspeed business.

因此，隨著它開始發揮作用，這將改變我們在 Wolfspeed 業務中看到的情況。

As we move forward, let's say the ban was lifted, I think it could take some time before that snapback.

隨著我們的前進，假設解除了禁令，我認為可能需要一些時間才能恢復。

So the supply chain will have to readjust again.

因此，供應鏈將不得不重新調整。

And certainly, Huawei is very likely looking for alternative suppliers.

當然，華為很可能正在尋找替代供應商。

It would be difficult to say how much of that will be pointed to us if the ban is lifted, so the visibility in terms of what that would mean to us is kind of difficult to call at this time.

很難說如果取消禁令，其中有多少會指向我們，因此目前很難判斷這對我們意味著什麼。

Okay.

好的。

Great.

偉大的。

My follow-up is on a shorter-term question on the China EV side.

我的後續行動是關於中國電動汽車方面的一個短期問題。

Clearly, there has been a near-term headwind, but 2 questions here.

顯然，近期存在逆風，但這裡有 2 個問題。

One is, how should we think about the lead time of your wafer or device sales relative to the final sales of the vehicle?

一是，我們應該如何考慮您的晶圓或設備銷售相對於車輛最終銷售的提前期？

And secondly, I'm also curious why the slowdown -- the subsidy cuts have a meaningful negative impact on Wolfspeed.

其次，我也很好奇為什麼經濟放緩——補貼削減對 Wolfspeed 產生了重大的負面影響。

Given the adoption of silicon carbide in China, it's probably quite limited even for longer-range vehicles.

考慮到碳化矽在中國的採用，即使對於遠程車輛，它也可能非常有限。

I guess, I'll take a crack at that.

我想，我會嘗試一下的。

And I don't know exactly how to answer it.

我不知道該如何回答。

Well, I guess, what I would say is, from a lead time perspective, I think there's been a couple of things that have been happening.

好吧，我想我要說的是，從交貨時間的角度來看，我認為已經發生了幾件事。

I think the OEMs are trying to figure out what the consumer response is going to be to the lowering of the tariffs.

我認為原始設備製造商正試圖弄清楚消費者對降低關稅的反應是什麼。

And so they've been cautious in terms of building up inventories and so forth.

因此，他們在增加庫存等方面一直持謹慎態度。

They're also trying to figure out how much of their previous several quarters of demand on electric vehicles was pulling ahead from the consumers attempting to get cars with those incentives baked in.

他們還試圖弄清楚，在過去幾個季度的電動汽車需求中，有多少是來自試圖購買帶有這些激勵措施的汽車的消費者。

So I think -- I would say it's a time of trying to figure it out and adjust from an OEM perspective.

所以我認為——我想說現在是時候從 OEM 的角度嘗試弄清楚並進行調整了。

And then from a silicon carbide in cars, we do sell silicon carbide technology to Chinese auto manufacturers, a number of different of their applications, and we see it obviously, as a good potential in the future as well.

然後從汽車中的碳化矽，我們確實向中國汽車製造商出售碳化矽技術，他們有許多不同的應用，我們顯然認為它在未來也是一個很好的潛力。

Ladies and gentlemen, this concludes our question-and-answer session.

女士們，先生們，我們的問答環節到此結束。

I would now like to turn the call back over to Gregg Lowe for any closing remarks.

我現在想將電話轉回給 Gregg Lowe 以聽取任何結束語。

Well, thanks a lot, operator, and thanks, everybody, for your interest in Cree.

好吧，非常感謝接線員，也感謝大家對 Cree 的關注。

And while we continue to address the softness in the LED sector and the macroeconomic and geopolitical issues in the short term, we remain very bullish on the mid- and long-term outlook for our business.

雖然我們在短期內繼續解決 LED 行業的疲軟以及宏觀經濟和地緣政治問題，但我們仍然非常看好我們業務的中長期前景。

Our opportunity pipeline is very robust, and we believe that our silicon carbide and GaN technologies offer competitive advantages versus traditional silicon.

我們的機會管道非常強大，我們相信我們的碳化矽和 GaN 技術與傳統矽技術相比具有競爭優勢。

We look forward to speaking to you at the end of October for our fiscal first quarter 2020 results call, and hope to see you at our Investor Day in New York on Wednesday, November 20, at the Grand Hyatt Hotel.

我們期待在 10 月底就我們的 2020 財年第一季度業績電話會議與您交談，並希望在 11 月 20 日星期三在君悅酒店舉行的紐約投資者日見到您。

Thank you, all, and have a nice day.

謝謝大家，祝你有美好的一天。

Ladies and gentlemen, thank you for participating in today's conference.

女士們，先生們，感謝你們參加今天的會議。

This does conclude today's program and you may all disconnect.

這確實結束了今天的節目，你們都可以斷開連接。

Everyone, have a wonderful day.

每個人，祝你有美好的一天。