(WOLF) 2022 Q4 法說會逐字稿

Good afternoon. Thank you for standing by, and welcome to the Wolfspeed, Inc. Q4 Full Year 2022 Earnings Call. (Operator Instructions) Please note today's call is being recorded.

下午好。感謝您的支持，歡迎參加 Wolfspeed, Inc. 2022 年第四季度全年收益電話會議。 （操作員說明）請注意今天的通話正在錄音。

I would now like to hand the conference over to your first speaker today, Tyler Gronbach, Vice President of Investor Relations. Please go ahead.

我現在想將會議交給您今天的第一位發言人，投資者關係副總裁 Tyler Gronbach。請繼續。

Thank you, operator, and good afternoon, everyone. Welcome to Wolfspeed's Fourth Quarter and Full Year Fiscal 2022 Conference Call. Today, Wolfspeed's CEO, Gregg Lowe; and Wolfspeed's CFO, Neill Reynolds, will report on the results for the fourth quarter and full year of fiscal 2022.

謝謝接線員，大家下午好。歡迎來到 Wolfspeed 的 2022 財年第四季度和全年電話會議。今天，Wolfspeed 的首席執行官 Gregg Lowe； Wolfspeed 的首席財務官 Neill Reynolds 將報告 2022 財年第四季度和全年的業績。

Please note that we will be presenting non-GAAP financial results during today's call, which is consistent with how management measures Wolfspeed's results internally. Non-GAAP results are not in accordance with GAAP and may not be comparable to non-GAAP information provided by other companies. Non-GAAP information should be considered a supplement to and not a substitute for financial statements prepared in accordance with GAAP. 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.

請注意，我們將在今天的電話會議上展示非公認會計原則的財務業績，這與管理層內部衡量 Wolfspeed 業績的方式是一致的。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。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。與最直接可比的 GAAP 措施的對賬在我們的新聞稿中，並發佈在我們網站的投資者關係部分，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. Such forward-looking statements are subject to numerous risks and uncertainties. Our press release today and the SEC filings noted in the release mention important factors that could cause actual results to differ materially, including risks related to the impact of the COVID-19 pandemic. (Operator Instructions) If you have any additional questions, please feel free to contact us after the call.

今天的討論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。此類前瞻性陳述受到眾多風險和不確定性的影響。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，包括與 COVID-19 大流行影響相關的風險。 （操作員說明）如果您有任何其他問題，請在來電後隨時與我們聯繫。

And now I'd like to turn the call over to Gregg.

現在我想把電話轉給格雷格。

Well, thanks, Tyler, and good afternoon, everyone. I'm pleased to share Wolfspeed's fourth quarter and full year 2022 results today. This year was a pivotal one for our company. We have achieved key milestones and made formidable progress in several areas.

好吧，謝謝，泰勒，大家下午好。我很高興今天分享 Wolfspeed 2022 年第四季度和全年的業績。今年對我們公司來說是關鍵的一年。我們已經實現了重要的里程碑，並在多個領域取得了長足的進步。

First, we made strides in adding to Wolfspeed's footprint and capacity when we opened our Mohawk Valley fab in Marcy, New York in April of this year and continued with the expansion of our materials factories in North Carolina. The Mohawk Valley fab is the world's first fully automated 200-millimeter silicon carbide fab. This was a major accomplishment, and I'd like to especially thank the entire team at Mohawk Valley for their exceptional work leading to the construction and operations of this wafer fab.

首先，當我們於今年 4 月在紐約馬西開設莫霍克谷工廠並繼續擴大我們在北卡羅來納州的材料工廠時，我們在增加 Wolfspeed 的足跡和產能方面取得了長足進步。莫霍克谷晶圓廠是世界上第一個全自動 200 毫米碳化矽晶圓廠。這是一項重大成就，我要特別感謝莫霍克谷的整個團隊，感謝他們出色的工作，促成了這家晶圓廠的建設和運營。

Since the opening, we've continued to run initial lots through the fab and remain on track to complete initial qualifications and ship products by the end of this fiscal year. We've also had several large customers visit the site prior to signing agreements with us, which is translating into stronger demand than we originally anticipated. As a result, we now have initiated work to tool out the remaining portion of the fab. We are also expanding the materials capacity to support the increased production planned in Mohawk Valley. We believe this is the best course of action to stay ahead of what we see as a steepening demand for silicon carbide.

自開業以來，我們一直在通過工廠運行初始批次，並繼續按計劃在本財政年度結束前完成初始資格和出貨產品。在與我們簽訂協議之前，我們也有幾個大客戶訪問了該站點，這轉化為比我們最初預期的更強勁的需求。因此，我們現在已經開始著手清理工廠的剩餘部分。我們還在擴大材料產能，以支持莫霍克谷計劃增加的產量。我們認為，這是保持領先於我們認為對碳化矽需求急劇增長的最佳行動方案。

Second, our hard work that continues in devices and materials led to a strong full year 2022 results. Annual revenues grew 42% year-over-year to $746 million, a significant acceleration of our growth compared to 2021. We also made progress in improving our gross margin, with full year non-GAAP gross margin coming in at 35.6%, a 140 basis point improvement over the previous year.

其次，我們在設備和材料方面的持續努力帶來了強勁的 2022 年全年業績。年收入同比增長 42% 至 7.46 億美元，與 2021 年相比顯著加速了我們的增長。我們在提高毛利率方面也取得了進展，全年非美國通用會計準則毛利率為 35.6%，達到 140基點較上年有所改善。

Lastly, we continue to see a clear path for Wolfspeed to play an even bigger role as the world moves to greener energy sources and more efficient use of that energy. High-voltage applications continue to migrate from traditional silicon to silicon carbide, and our device opportunity pipeline is evidence of this transition. The opportunity pipeline for silicon carbide has more than doubled to $35 billion in a single year.

最後，隨著世界轉向更環保的能源和更有效地利用能源，我們繼續看到 Wolfspeed 發揮更大作用的明確道路。高壓應用繼續從傳統矽遷移到碳化矽，我們的設備機會管道就是這種轉變的證據。碳化矽的機會管道在一年內增加了一倍多，達到 350 億美元。

Our fiscal '22 design-ins totaled $6.4 billion, representing a 3x increase from our fiscal 2020 design-in total and a 119% increase compared to the prior year. We had another record-setting design-in performance of $2.6 billion in fiscal Q4. This included design-ins across automotive OEMs, auto Tier 1 suppliers and industrial and energy customers, and we are looking forward to working with our new and existing customers in these markets.

我們的 22 財年設計投入總額為 64 億美元，比 2020 財年的設計投入總額增加了 3 倍，與上一年相比增加了 119%。我們在第四財季再次創下 26 億美元的創紀錄設計業績。這包括汽車原始設備製造商、汽車一級供應商以及工業和能源客戶的設計，我們期待與這些市場的新客戶和現有客戶合作。

We now have secured approximately $11 billion of design-ins in just the last 12 quarters. As the market leader in silicon carbide technology, we are encouraged and excited by the growth in this market.

現在，僅在過去 12 個季度中，我們就獲得了大約 110 億美元的設計投入。作為碳化矽技術的市場領導者，我們對這個市場的增長感到鼓舞和興奮。

I'll now turn it over to Neill, who will provide an overview of our financial results and our outlook for the first quarter of fiscal 2023. Neill?

我現在把它交給尼爾，他將概述我們的財務業績和我們對 2023 財年第一季度的展望。尼爾？

Thanks, Gregg. Good afternoon, everyone. I'll start by providing an overview of the fourth quarter. We closed the year on a strong note, having generated revenue of $229 million in the fiscal fourth quarter of 2022, which represent a 22% sequential improvement when compared to the $188 million in the third quarter of this year and growth of 57% from the prior year period. This is well above our midpoint guidance for the quarter and was driven by continued improvement in the Durham device staff and back-end operations.

謝謝，格雷格。大家下午好。我將首先概述第四季度。我們以強勁的勢頭結束了這一年，在 2022 財年第四季度創造了 2.29 億美元的收入，與今年第三季度的 1.88 億美元相比環比增長 22%，較上年同期增長 57%。上一年期間。這遠高於我們本季度的中點指導，並且受到達勒姆設備人員和後端運營的持續改進的推動。

The expected multimillion dollar impact of the COVID-19 shutdowns in China ease and were more than offset by the improvements in the fab and back-end operations, and we expect this improved operating execution from a device perspective to continue moving forward.

中國因 COVID-19 停工造成數百萬美元的預期影響有所緩解，並被晶圓廠和後端運營的改善所抵消，我們預計從設備角度來看，這種改進的運營執行將繼續向前發展。

Moving to the P&L. Non-GAAP gross margin in the fourth quarter was 36.5% compared to 36.3% last quarter and 32.2% in the prior year period, representing a 430 basis point improvement year-over-year. This performance improvement was driven by progress in the Durham fab yields and cycle times. While there is still more work to be done, our operations team is encouraged by the progress they've seen so far. This also resulted in better revenue output and profitability in power devices, which was partially offset by product mix shifts between devices and materials.

轉到損益表。第四季度非美國通用會計準則毛利率為 36.5%，上一季度為 36.3%，去年同期為 32.2%，同比提高 430 個基點。這種性能改進是由達勒姆工廠產量和周期時間的進步推動的。雖然還有更多工作要做，但我們的運營團隊對他們迄今為止所看到的進展感到鼓舞。這也導致功率器件的收入產出和盈利能力更好，這部分被器件和材料之間的產品組合轉變所抵消。

We expect to continue to ramp our gross margin over time as a shift of device production from Durham to Mohawk Valley accelerates, and we start to realize the benefits of our automated 200-millimeter wafer fab. From a revenue perspective, we continue to see strong demand across the business and the opportunity to grow revenue going forward is directly linked to available capacity. We exited fiscal year 2022 with more than $100 million of unfulfilled demand for power devices and expect this number to increase moving forward as we anticipate being capacity constrained for the foreseeable future.

隨著設備生產從達勒姆（Durham）向莫霍克谷（Mohawk Valley）轉移的加速，我們預計隨著時間的推移將繼續提高我們的毛利率，並且我們開始意識到我們自動化 200 毫米晶圓廠的好處。從收入的角度來看，我們繼續看到整個業務的強勁需求，並且未來增加收入的機會與可用產能直接相關。我們在 2022 財年結束時對功率設備的需求超過 1 億美元，並預計這一數字將繼續增加，因為我們預計在可預見的未來會受到產能限制。

Similarly, from a materials perspective, we remain capacity constrained as demand for our 150-millimeter silicon carbide substrates continued to be very strong, resulting in meaningful year-over-year and quarter-over-quarter growth. In addition, RF resulted year-over-year in line with our expectations. All of these dynamics led to much improved profitability. And as a result, we generated adjusted earnings per share of negative $0.02 in the fiscal fourth quarter compared to negative $0.12 a quarter ago and negative $0.23 and in the same period last year. Notably, adjusted EPS this quarter was favorably impacted by approximately $0.04 of non-repeatable events on the other income and tax lines. Excluding these non-repeatable items from our earnings, our earnings per share would have been at approximately $0.06 loss per share during the quarter.

同樣，從材料的角度來看，由於對我們 150 毫米碳化矽襯底的需求繼續非常強勁，我們的產能仍然受到限制，從而導致有意義的同比和環比增長。此外，RF 的業績同比符合我們的預期。所有這些動態都大大提高了盈利能力。因此，我們在第四財季的調整後每股收益為負 0.02 美元，而上一季度為負 0.12 美元，去年同期為負 0.23 美元。值得注意的是，本季度調整後的每股收益受到其他收入和稅項上約 0.04 美元不可重複事件的有利影響。從我們的收益中排除這些不可重複的項目，我們的每股收益在本季度約為每股虧損 0.06 美元。

For fiscal 2022, revenue was $746 million, representing a 42% increase when compared to fiscal 2021 due to strong growth in our device businesses. Non-GAAP net loss was $59.6 million or $0.50 per diluted share. Non-GAAP loss excludes $58.9 million of adjustments net of tax or $0.48 per diluted share.

由於我們設備業務的強勁增長，2022 財年的收入為 7.46 億美元，與 2021 財年相比增長了 42%。非美國通用會計準則淨虧損為 5960 萬美元或每股攤薄收益 0.50 美元。非 GAAP 虧損不包括 5890 萬美元的稅後調整或每股攤薄收益 0.48 美元。

Now before I discuss our guidance, let me provide a quick overview of our balance sheet position. We ended the quarter with approximately $1.2 billion of cash and liquidity on our balance sheet to support our growth plans. DSO was 50 days, while inventory days on hand was 137 days, which is 22 days lower than Q3, a direct result of less within the fab thanks to better yields and improved cycle times.

現在，在我討論我們的指導之前，讓我快速概述一下我們的資產負債表狀況。在本季度末，我們的資產負債表上有大約 12 億美元的現金和流動性來支持我們的增長計劃。 DSO 為 50 天，而現有庫存天數為 137 天，比第三季度減少 22 天，這是由於更高的良率和改進的周期時間導致晶圓廠內部庫存減少的直接結果。

Free cash flow during the quarter was negative $86 million comprised of negative $31 million of operating cash flow and $55 million of capital expenditures. During the quarter, we incurred start-up costs primarily related to Mohawk Valley, totaling approximately $30 million, in line with expectations communicated last quarter. We expect $35 million of start-up costs in the first quarter of fiscal 2023 as we continue to ramp the fab. We expect start-up costs to modulate in the subsequent quarters as we shift to commercial production in the second half of fiscal 2023. There is a non-GAAP adjustment for these start-up costs and a reconciliation table in our earnings release.

本季度的自由現金流為負 8600 萬美元，其中包括負 3100 萬美元的運營現金流和 5500 萬美元的資本支出。在本季度，我們產生了主要與莫霍克谷相關的啟動成本，總計約 3000 萬美元，與上季度傳達的預期一致。隨著我們繼續擴建晶圓廠，我們預計 2023 財年第一季度的啟動成本將達到 3500 萬美元。隨著我們在 2023 財年下半年轉向商業生產，我們預計啟動成本將在隨後的幾個季度調整。這些啟動成本和我們的收益發布中的對賬表進行了非公認會計原則調整。

Now moving on to our fiscal first quarter outlook. We are targeting revenue in the range of $232.5 million to $247.5 million. We expect revenue growth to be driven by continued improvement in our power device execution and strong demand in our Materials business for our 150-millimeter silicon carbide substrates, where we also remain capacity constrained. Our Q1 non-GAAP gross margin is expected to be in the range of 35.5% to 37.5% as we expect continued improvements in power device execution to be offset by product mix.

現在繼續我們的第一財季展望。我們的目標收入在 2.325 億美元至 2.475 億美元之間。我們預計收入增長將受到我們功率器件執行的持續改進以及我們的材料業務對我們的 150 毫米碳化矽襯底的強勁需求的推動，而我們的產能也仍然受到限制。我們的第一季度非公認會計原則毛利率預計在 35.5% 至 37.5% 之間，因為我們預計功率設備執行的持續改進將被產品組合所抵消。

We are also targeting non-GAAP operating expenses of between $93 million to $95 million for the first quarter of fiscal year 2023. We expect Q1 non-GAAP operating loss to be between $10 million and $2 million and nonoperating net loss to be approximately $1 million. We also expect approximately $0.5 million of non-GAAP tax benefit. We're targeting Q1 non-GAAP net loss to be between $10 million and $3 million or a loss of $0.08 to $0.02 per diluted share. Our non-GAAP EPS target excludes acquired intangibles amortization, noncash stock-based compensation, project transformation and transaction costs, factory start-up costs, gain from arbitration proceedings and other items as outlined in our press release today. Our Q1 targets are based on several factors that could vary greatly, including the situation with COVID-19, overall demand, product mix, factory productivity and the competitive environment.

我們還將 2023 財年第一季度的非 GAAP 運營費用定在 9300 萬美元至 9500 萬美元之間。我們預計第一季度非 GAAP 運營虧損將在 1000 萬美元至 200 萬美元之間，非運營淨虧損約為 100 萬美元.我們還預計大約 50 萬美元的非公認會計原則稅收優惠。我們的目標是第一季度非 GAAP 淨虧損在 1000 萬美元到 300 萬美元之間，或者稀釋後每股虧損 0.08 美元到 0.02 美元。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、非現金股票補償、項目轉型和交易成本、工廠啟動成本、仲裁程序收益以及我們今天新聞稿中概述的其他項目。我們的第一季度目標基於幾個可能有很大差異的因素，包括 COVID-19 的情況、整體需求、產品組合、工廠生產力和競爭環境。

Given the positive momentum we're seeing and the progress that we've made from all the accomplishments Gregg spoke about earlier, we expect to exit this calendar year on a $1 billion revenue run rate and expect to generate more than $1 billion in revenue in fiscal 2023. This is a direct result of the upward pressure at revenue that we're continuing to see in the market and the current pace of design-ins we have secured in the last several quarters.

鑑於我們看到的積極勢頭以及我們從 Gregg 早些時候談到的所有成就中取得的進展，我們預計本日曆年將以 10 億美元的收入運行率退出，並預計將產生超過 10 億美元的收入2023 財年。這是我們繼續在市場上看到的收入上行壓力以及我們在過去幾個季度中獲得的當前設計速度的直接結果。

As a result, we now believe that the long-term revenue outlook for 2026 is between 30% to 40% higher for the $2.1 billion we shared with you at our Investor Day back in November of 2021, primarily due to the increased demand for power devices. To meet this growing demand from a capacity standpoint, we are planning to tool out the rest of Mohawk Valley earlier than expected and continue to expand our materials footprint on the Durham campus. This expansion will require approximately $550 million of net capital expenditures in fiscal 2023. In addition, we are also planning further expansion of our materials and device capacity, and we are evaluating multiple avenues to finance these capital investments, including through upfront customer payments, capital markets, debt, government project funding, subsidies and others, all while keeping a keen eye on our cost of capital and dilution for our current stockholders.

因此，我們現在認為，與我們在 2021 年 11 月的投資者日與您分享的 21 億美元相比，2026 年的長期收入前景將增長 30% 至 40%，這主要是由於對電力的需求增加設備。從容量的角度來看，為了滿足這種不斷增長的需求，我們計劃比預期更早地淘汰莫霍克谷的其他地區，並繼續擴大我們在達勒姆校區的材料足跡。此次擴張將需要在 2023 財年實現約 5.5 億美元的淨資本支出。此外，我們還計劃進一步擴大我們的材料和設備產能，我們正在評估多種途徑為這些資本投資融資，包括通過客戶預付款、資本市場、債務、政府項目資金、補貼等，同時密切關注我們的資本成本和對現有股東的稀釋。

The $550 million of net CapEx in 2023 is not inclusive of these additional items, and we will give further updates on both our CapEx investment and financing plans when we have more visibility to the nature and timing of these expansions.

2023 年 5.5 億美元的淨資本支出不包括這些額外項目，當我們對這些擴張的性質和時間有更多了解時，我們將進一步更新我們的資本支出投資和融資計劃。

With that, I'll pass it back to Gregg.

有了這個，我會把它傳回給格雷格。

Well, thanks, Neill. When I reflect on all we've accomplished at Wolfspeed this year, not only am I extremely proud of what our team has accomplished, I'm also very excited about how well positioned we are to capture a larger portion of the growing silicon carbide marketplace.

好吧，謝謝，尼爾。當我回顧我們今年在 Wolfspeed 取得的所有成就時，我不僅為我們的團隊所取得的成就感到非常自豪，而且我也對我們在不斷增長的碳化矽市場中佔據更大份額的優勢感到非常興奮.

Wolfspeed is leading the change in the high-power semiconductor market from silicon to silicon carbide as the world continues to push towards electrification. Electric vehicles opened up the doors to broad adoption of silicon carbide, and this will be our anchor market for decades to come.

隨著世界繼續推動電氣化，Wolfspeed 正在引領大功率半導體市場從矽到碳化矽的變革。電動汽車為廣泛採用碳化矽打開了大門，這將是我們未來幾十年的主要市場。

Now that being said, it's an important reminder that EVs are only a portion of the total applications and end users for silicon carbide. Silicon carbide is a game-changing technology for renewable energy, rail, appliances and heavy-duty equipment among many other industrial uses. And as a matter of fact, in the last 3 years, we've generated more than 2,300 power device design-ins across a diverse nonautomotive set of end equipments, including design-ins for medical imaging device, an air taxi and an electric static filtering device.

話雖如此，這是一個重要的提醒，即電動汽車只是碳化矽的總應用和最終用戶的一部分。碳化矽是一種改變遊戲規則的技術，可用於可再生能源、鐵路、電器和重型設備以及許多其他工業用途。事實上，在過去 3 年中，我們已經為各種非汽車終端設備生成了 2,300 多個功率器件設計，包括醫療成像設備、空中出租車和靜電過濾裝置。

Additionally, we have more than 6,100 nonautomotive power device projects in our opportunity pipeline, and we're only scratching the surface in the diverse range of these applications and our team continues to find ways in which silicon carbide can help the world conserve more energy.

此外，我們的機會管道中有 6,100 多個非汽車電力設備項目，我們只是在這些應用的各種範圍內觸及表面，我們的團隊繼續尋找碳化矽可以幫助世界節省更多能源的方法。

While there's been some discussion across the industry of the semiconductor slowdown, we see some strong secular trends that will directly benefit Wolfspeed. These include the movement to green energy sources and increased urgency on using those energy sources more efficiently. The rapid growth of electric vehicles, the build-out and expansion in the corresponding grid and charging support infrastructure for those vehicles. And finally, the growing customer viewpoint that silicon carbide is the right technology to drive all of these initiatives forward.

儘管整個行業對半導體放緩進行了一些討論，但我們看到了一些強勁的長期趨勢，這些趨勢將直接使 Wolfspeed 受益。其中包括轉向綠色能源以及更有效地使用這些能源的緊迫性。電動汽車的快速增長、相應電網的擴建和擴建以及這些車輛的充電支持基礎設施。最後，越來越多的客戶認為碳化矽是推動所有這些舉措向前發展的正確技術。

Collectively, all of this provides a strong tailwind for silicon carbide through this decade and presents a great opportunity for Wolfspeed. A recent yield report supports this trend as they expect silicon carbide to reach 20% of the power market by 2027, up from now of only 5%. To put that in perspective, that's a 4x increase in just 5 years. The growth opportunity is immense, and we have great confidence that as more customers realize the benefits of silicon carbide over legacy silicon chips, silicon carbide share of the power market will only grow larger.

總的來說，所有這些都為這十年的碳化矽提供了強大的順風，並為 Wolfspeed 提供了巨大的機會。最近的一份產量報告支持這一趨勢，因為他們預計到 2027 年碳化矽將達到電力市場的 20%，而現在僅為 5%。從這個角度來看，這在短短 5 年內增長了 4 倍。增長機會是巨大的，我們非常有信心，隨著越來越多的客戶意識到碳化矽相對於傳統矽芯片的優勢，碳化矽在電力市場的份額只會越來越大。

We continue to see this sentiment being echoed and amplified, not only by businesses, but also on the world stage. Just last week, I was at the White House with other semiconductor leaders to see the President sign into the law, The CHIPS Act and believe that this could provide some possible funding for the next phase of our expansion plans. We are working closely with local officials and multiple state on site selection on finalizing plans for a new materials factory and hope to have more details to share very soon.

我們繼續看到這種情緒得到回應和放大，不僅在企業中，而且在世界舞台上。就在上週，我和其他半導體領導人在白宮看到總統簽署了《芯片法案》，並相信這可以為我們下一階段的擴張計劃提供一些可能的資金。我們正在與當地官員和多個州密切合作，就新材料工廠的最終計劃進行選址，並希望能盡快分享更多細節。

We're also seeing some strong support from current and prospective customers outside the U.S. We have recently spent a great deal of time talking to our European customers, and they are extremely bullish on our offerings in all potential applications. The opportunities available for Wolfspeed at new and burgeoning geographies are exciting, and we are planning to be ready to capitalize on these in the coming years.

我們還看到來自美國以外的現有和潛在客戶的大力支持。我們最近花了很多時間與我們的歐洲客戶交談，他們非常看好我們在所有潛在應用中的產品。 Wolfspeed 在新興和新興地區的機會令人興奮，我們計劃在未來幾年內充分利用這些機會。

All of these dynamics make us very confident and Wolfspeed's future prospects. We are building a powerful model with an excellent return on invested capital and are well positioned to capture a greater share of the $35 billion opportunity pipeline.

所有這些動態都使我們對 Wolfspeed 的未來前景充滿信心。我們正在建立一個強大的模型，具有出色的投資資本回報，並且有能力在 350 億美元的機會管道中佔據更大的份額。

For the last 5 years, we've been committed to transforming the company into a global semiconductor powerhouse. We are still in the early stages of a robust and growing opportunity as customers, the industry and the world continue to embrace more energy-efficient technologies. We have a special opportunity to drive consistent growth and compelling investor returns for many years to come.

在過去的 5 年中，我們一直致力於將公司轉變為全球半導體巨頭。隨著客戶、行業和世界繼續採用更節能的技術，我們仍處於強勁且不斷增長的機會的早期階段。我們有一個特殊的機會來推動未來多年的持續增長和令人信服的投資者回報。

In closing, I'd like to thank all of our stakeholders for your continued support. Before turning it back over to the operator for questions, I'd also like to announce that we will be hosting an Investor Day later this year. I hope to see many of you there. And with that, operator, we'd be happy to take any questions.

最後，我要感謝我們所有的利益相關者一直以來的支持。在將其轉回給運營商提問之前，我還想宣布我們將在今年晚些時候舉辦投資者日。我希望在那裡見到你們中的許多人。有了這個，接線員，我們很樂意回答任何問題。

(Operator Instructions) The first question is from the line of Harsh Kumar with Piper Sandler.

（操作員說明）第一個問題來自 Harsh Kumar 和 Piper Sandler。

First of all, strong congratulations on the kind of numbers you guys are putting up on the guidance. Gregg, I apologize if I missed this. I missed about 3 minutes of your call earlier, but I was curious if you could tell us that Mohawk Valley is up and running and if you're actually producing anything there? Or maybe you could just enlighten us on the time line for when we can expect commercial product to come out of there? And then I had a quick follow-up.

首先，非常祝賀你們在指導中提出的數字。格雷格，如果我錯過了這個，我深表歉意。我錯過了大約 3 分鐘之前的電話，但我很好奇你是否能告訴我們莫霍克谷已經啟動並正在運行，你是否真的在那裡生產任何東西？或者，也許您可以就我們何時可以期待商業產品出現的時間表來啟發我們？然後我進行了快速跟進。

Yes. Thanks a lot, Harsh. We are running material in the fab. We are progressing through each of the various different stages of manufacturing right now. We're not quite entirely through the fab, but we're pretty close at this point. We anticipate that full flow material will be coming out of the fab by the end of this calendar -- or this quarter that we're in right now.

是的。非常感謝，苛刻。我們正在工廠中運行材料。我們現在正在經歷製造的各個不同階段。我們還沒有完全通過晶圓廠，但在這一點上我們已經很接近了。我們預計，到本日曆結束時——或者我們現在所處的這個季度，全流材料將從晶圓廠中出來。

And as -- I know you missed it at the beginning, but as we mentioned in some of our earlier statements, we are still planning to -- we are still on track to be qualifying material out of that factory in this fiscal year, the end of the fiscal year and shipping product -- initial product out of the factory this fiscal year as well.

而且 - 我知道你在一開始就錯過了它，但正如我們在之前的一些聲明中提到的那樣，我們仍在計劃 - 我們仍有望在本財政年度從該工廠獲得合格材料，財年末和出貨產品——本財年出廠的初始產品也是如此。

Fantastic, Gregg. And then I wanted to ask something you mentioned on the commentary about your plans for CapEx and the kind of money that you have on cash sitting on the balance sheet. It looks like you got $1.2 billion, maybe a question for you, Neill, a $1.2 billion on the books in cash. But the way I understand you guys want to build in the future as you want government funding. My understanding is anything you do will be a replication of Mohawk in terms of financing options. So I'd be curious why would the need for maybe additional financing come up? And if so, maybe some color around that topic.

太棒了，格雷格。然後我想問一下你在評論中提到的關於你的資本支出計劃以及你在資產負債表上持有的現金種類。看起來你有 12 億美元，尼爾，也許是你的問題，賬面上有 12 億美元的現金。但是我理解你們想要在未來建造的方式，因為你們想要政府資助。我的理解是，您所做的任何事情都將在融資選擇方面複製莫霍克。所以我很好奇為什麼會出現額外融資的需求？如果是這樣，也許圍繞該主題的一些顏色。

Yes. No. Sure, Harsh, I'm happy to kind of give an update on that. So look, as we talked about in the prepared remarks, we see demand for the products just in the 2026 period being 3% to 4% higher. That's versus the $2.1 billion we projected just at Investor Day last year. So obviously, that's going to require pretty significant capacity increase to match that.

是的。不。當然，Harsh，我很樂意就此提供最新信息。所以看，正如我們在準備好的評論中談到的那樣，我們看到 2026 年期間對產品的需求增加了 3% 到 4%。這與我們去年在投資者日預計的 21 億美元相比。很明顯，這將需要相當大的容量增加才能與之匹配。

If you look across the market for silicon carbide, you see that market expanding and you also see the industry overall need more capacity. And certainly, we're going to need to participate in that. So when you look at that increase in capacity, including we talked about potentially an additional fab after Mohawk Valley, we talked about more materials -- a second materials facility that we might need as well. When you think about all of those things, that would be required and we have talked about this before, at roughly kind of 2:1 kind of CapEx to revenue ratio. And that would include all types of CapEx, both materials, fab and also in terms of the back end.

如果您縱觀碳化矽市場，您會看到市場在擴大，您還會看到整個行業需要更多的產能。當然，我們將需要參與其中。因此，當你看到產能的增加時，包括我們談到可能在莫霍克谷之後增加一座晶圓廠時，我們談到了更多的材料——我們可能還需要第二個材料設施。當您考慮所有這些事情時，這將是必需的，我們之前已經討論過這一點，資本支出與收入的比率大致為 2:1。這將包括所有類型的資本支出，包括材料、晶圓廠以及後端。

So -- and if you look at that kind of 2:1 ratio, we believe that's a pretty good combination for growing the company, but also creating strong returns. So to transition that to more of a kind of funding and financing thinking and in order to support that increased investment, obviously, we'll have to do that in a number of ways, and we talked about that just during the prepared remarks. We'll obviously apply for government funding. We're looking at various options in terms of how we can fund that. And even from a government perspective, we have quite a bit to go in terms of Mohawk Valley in terms of receiving reimbursements from the State of New York as it relates to our partnership with them. I think we have a little bit more than $350 million remaining.

所以——如果你看一下這種 2:1 的比例，我們相信這是一個很好的組合，可以讓公司發展壯大，同時也創造了豐厚的回報。因此，要將其轉變為更多的融資和融資思維並支持增加的投資，顯然，我們必須以多種方式做到這一點，我們剛剛在準備好的評論中談到了這一點。我們顯然會申請政府資助。我們正在研究如何為它提供資金的各種選擇。即使從政府的角度來看，就莫霍克谷而言，我們在從紐約州獲得報銷方面還有很多工作要做，因為這與我們與他們的合作關係有關。我認為我們還剩下超過 3.5 億美元。

So we're looking at a lot of different vectors and financing, and we'll give you guys an update on that as we get out into the fall. But I think one thing I do want to say, Harsh, and just step back on that, if you just give me a second here is from a financing perspective, I just wanted to make sure we're all clear. I mean as you said, we've got $1.2 billion of cash on the balance sheet. You've seen the CapEx kind of step down the last couple of quarters in line with our initial plan as we were going to ramp the company.

因此，我們正在研究許多不同的載體和融資方式，當我們進入秋季時，我們會為你們提供最新信息。但我想我確實想說的一件事，苛刻，然後退後一步，如果你在這裡給我一秒鐘是從融資的角度來看，我只是想確保我們都清楚。我的意思是，正如你所說，我們的資產負債表上有 12 億美元的現金。你已經看到資本支出按照我們最初的計劃在過去幾個季度有所下降，因為我們打算擴大公司規模。

So as you think about that, any new facility or fab wouldn't really require additional fab -- sorry, CapEx for the back half of kind of the fiscal year. So I think we're well ahead of this. We're going to be very thoughtful in terms of how we think about financing any the remainder of this. We'll keep dilution right on top of our mind as it's related to investors and returns. And we'll put that into our plans as we move forward. And again, we'll give you an update on this as we move forward and we have an investor update later in the call.

因此，當您考慮到這一點時，任何新設施或晶圓廠都不會真正需要額外的晶圓廠-抱歉，本財年後半部分的資本支出。所以我認為我們在這方面遙遙領先。我們將非常考慮如何為剩餘的資金提供資金。我們將始終將稀釋放在首位，因為它與投資者和回報有關。我們將在我們前進的過程中將其納入我們的計劃中。再一次，我們會在我們前進的過程中向您提供最新信息，我們稍後會在電話會議中提供投資者更新。

Our next question is from the line of Samik Chatterjee with JPMorgan.

我們的下一個問題來自摩根大通的 Samik Chatterjee。

This is Joe Cardoso on for Samik. My first one here, you raised your expectation for fiscal '26 revenue from roughly 2.1 to a range of 2.7 to 2.9. Just curious to understand, is that a function of demand trends over the past like 90 to 180 days? Or did you already have line of sight on that demand? And is it more about solidifying CapEx planned over the past 90 days? And then just to clarify, the 2.7 to 2.9 doesn't embed a new fab, correct?

這是 Samik 的 Joe Cardoso。我在這裡的第一個，您將 26 財年的收入預期從大約 2.1 提高到 2.7 到 2.9 的範圍。只是想了解一下，這是過去 90 到 180 天的需求趨勢的函數嗎？還是您已經對這種需求有所了解？是否更多的是關於鞏固過去 90 天計劃的資本支出？然後澄清一下，2.7 到 2.9 沒有嵌入新的晶圓廠，對嗎？

Yes. So let me take the first part of that. So thanks a lot for the question. Since the last -- since our Investor Day, we basically had 3 quarters in a row of record design-ins. We have $1.6 billion followed by a little bit higher than $1.6 billion, but another $1.6 billion. That $1.6 billion of record design-in at that time represented a 60% increase over the previous record. So there was a whole lot of giddyup going on with that $1.6 billion worth of design-in.

是的。所以讓我來談談第一部分。所以非常感謝這個問題。自上次以來——自我們的投資者日以來，我們基本上連續三個季度都有創紀錄的設計。我們有 16 億美元，其次是略高於 16 億美元，但還有 16 億美元。當時 16 億美元的創紀錄設計比之前的記錄增加了 60%。因此，價值 16 億美元的設計投入讓很多人眼花繚亂。

So we had 2 quarters of $1.6 billion, followed by this quarter of $2.6 billion. almost double the previous record. So nearly $6 billion of design-ins have happened since our last Investor Day. We've been talking about upward pressure. And just at this point, it's just gone to the point of -- we just need to let everybody know what that's looking like. So 30%, 40% increase in the fiscal '26 number largely driven by that tremendous growth of design-ins.

所以我們有兩個季度的 16 億美元，其次是本季度的 26 億美元。幾乎是之前記錄的兩倍。自從我們上一個投資者日以來，已經發生了近 60 億美元的設計投入。我們一直在談論上行壓力。就在這一點上，它已經到了——我們只需要讓每個人都知道它是什麼樣子的。因此，26 財年的數字增長了 30% 到 40%，這在很大程度上是由設計插件的巨大增長推動的。

And what I would say is happening, and then I'll turn it over to Neill on the fab side of it. What I think is happening is: number one, the electrification of the automobile is happening at an earlier and steeper pace than we originally anticipated; two, the usage of silicon carbide both in the auto and in the non-auto space, is increasing and the adoption of silicon carbide is happening at a pace that is significantly more rapid than we originally had anticipated as well; and then number three, our design win rate is higher than we originally anticipated as well.

我要說的事情正在發生，然後我會把它交給晶圓廠方面的尼爾。我認為正在發生的事情是：第一，汽車的電氣化正在以比我們最初預期的更早、更陡峭的速度發生；第二，碳化矽在汽車和非汽車領域的使用量都在增加，碳化矽的採用速度也比我們最初預期的要快得多；然後第三個，我們的設計勝率也比我們原先預期的要高。

So all of that combined is driving an increase in our revenue outlook for fiscal '26, and that has us looking at expanding capacity, as you had mentioned. I'll turn it over to Neill for a little bit additional color.

因此，所有這些共同推動了我們 26 財年收入前景的增長，正如您所提到的，這讓我們著眼於擴大產能。我會把它交給尼爾來增加一點顏色。

Yes. As it relates to capacity, one of the things to think about here, pretty much entirely the change in the revenue out in '26 that upward change in revenue is related to power devices. So we're seeing that just a lot higher. So that would really be revenue that would flow through the fab. And if you think about Mohawk Valley, we've talked about the Mohawk Valley being able to provide revenue between $1.5 billion and $2 billion roughly.

是的。因為它與容量有關，這裡要考慮的事情之一，幾乎完全是 26 年收入的變化，即收入的向上變化與功率設備有關。所以我們看到這個數字要高得多。所以這確實是流經晶圓廠的收入。如果你想想莫霍克谷，我們已經談到莫霍克谷能夠提供大約 15 億美元到 20 億美元的收入。

So even at the higher end of that range with this type of revenue profile for power devices, you're starting to get pretty heavy utilization of fab, maybe not the whole thing, depending on how much revenue we can push through it in that range. But what it says is a heavier levels of utilization out in kind of that '26 time frame, you really need to be thinking at that point of bringing something in behind it. Obviously, with the design-in numbers that we've seen, we're making a lot of commitments to our customers. I think having capacity for both the fab and then, of course, materials and substrates that support that fab is important. And I think that's well what's driving the -- not only the revenue growth, but the -- but also the requirement for the additional capacity to come online with that.

因此，即使在具有這種類型的功率設備收入概況的該範圍的較高端，您也開始大量使用晶圓廠，也許不是全部，這取決於我們可以在該範圍內推動多少收入.但它所說的是在 26 年的時間框架內更高水平的利用率，你真的需要考慮在那個時候引入一些東西。顯然，根據我們所看到的設計數據，我們對客戶做出了很多承諾。我認為擁有工廠的能力，當然，支持該工廠的材料和基板是很重要的。而且我認為這正是推動——不僅是收入增長，而且——而且還需要額外的容量來在線的原因。

Got it. Make sense, guys. And then just a quick follow-up. On the design-in that you've mentioned in the $2.6 billion this quarter, I was just curious if you could provide any more color around those numbers? How much of that was auto versus the non-auto markets in the fourth quarter? And then I was curious if you could provide any color between -- like what are you guys seeing between average deal sizes versus the volume of deals that are coming through? Is there a particular trend there that's driving these larger numbers each and every quarter? Just curious to see if you could provide any color on that.

知道了。有道理，伙計們。然後只是快速跟進。關於您在本季度 26 億美元中提到的設計，我只是好奇您是否可以為這些數字提供更多顏色？第四季度汽車市場與非汽車市場有多少？然後我很好奇你是否可以提供任何顏色 - 比如你們在平均交易規模與正在通過的交易量之間看到了什麼？是否有一個特定的趨勢在每個季度推動這些更大的數字？只是好奇你是否可以提供任何顏色。

Yes. Thanks a lot. So I'll take that one. The $2.6 billion is obviously a huge number. We're super excited about it. Somewhere on the order of around 70%, 75% of that was automotive across a wide variety of different customers. The one thing that I would note though is on the nonautomotive side of it, the design-in number that we just printed for the quarter is actually a record for nonautomotive design-ins. And it's actually 2x where we were just in the first quarter of this year for nonautomotive design-ins in our power business as an example. So pretty good from that perspective.

是的。非常感謝。所以我會拿那個。 26億美元顯然是一個巨大的數字。我們對此感到非常興奮。大約 70% 左右，其中 75% 是來自各種不同客戶的汽車。我要注意的一件事是在它的非汽車方面，我們剛剛為該季度打印的設計數量實際上是非汽車設計的記錄。以我們電力業務中的非汽車設計為例，它實際上是今年第一季度的兩倍。從這個角度來說非常好。

On the design-ins that we've had over the last couple of years, I mentioned that over the last 3 years, we've had 2,300 design-ins were nonautomotive. So quite a few design-ins. What's actually quite astounding to me is of those design-ins, about 47% of those design-ins have transitioned from design-in to design win. And just to kind of put things in perspective, we bucket things into 3 or we categorize things into 3 different buckets. You start with the opportunity pipeline, and that's when we have an opportunity where customers say, "Hey, here's something do you want to bid on it?" It transitioned into a design-in when the customer says, we've made a decision, and we're selecting you, Wolfspeed, that typically comes in the form of a letter of award, an award letter or an MOU or something like that. And then when we transition from design-in to design win, that's when the official spec is we book as revenue 20% of the first year's estimated volume. So it's kind of a -- it's a good indication that you've transitioned from the R&D area at the customer into initial production. So the fact that 47% of those 2,300 design-ins have transitioned into production is actually really good.

關於我們過去幾年的設計插件，我提到在過去 3 年中，我們有 2,300 個非汽車設計插件。所以很多設計插件。真正讓我吃驚的是那些設計插件，其中大約 47% 的設計插件已經從設計導入過渡到設計獲勝。只是為了正確看待事物，我們將事物分為 3 個或我們將事物分為 3 個不同的桶。您從機會管道開始，那時我們有機會，客戶會說，“嘿，這是你想出價的東西嗎？”當客戶說，我們已經做出決定，我們正在選擇你，Wolfspeed，它轉變為設計，通常以獎勵信、獎勵信或諒解備忘錄或類似的形式出現.然後，當我們從設計導入過渡到設計獲勝時，官方規格是我們將第一年估計量的 20% 收入預訂為收入。所以這有點——這是一個很好的跡象，表明你已經從客戶的研發領域過渡到了初始生產。因此，這 2,300 項設計中的 47% 已轉入生產，這一事實確實非常好。

And then, by the way, I just add one last piece. The opportunity pipeline, as we mentioned in our prepared remarks, is now $35 billion. I believe when we started looking at the opportunity pipeline a number of years ago, I believe it was in the $5 billion range, something like that. So we're talking about a 7x increase in the opportunity pipeline and then you heard a substantial increase in the amount of design-ins we've got, 2,300 nonautomotive design-ins. We're feeling like this storyline of there's an increasing adoption of -- with electrification and increasing adoption of silicon carbide and an increasing design-in percent for us in terms of share of market seems to be supported by the numbers we're talking about.

然後，順便說一句，我只添加最後一塊。正如我們在準備好的評論中提到的那樣，機會管道現在是 350 億美元。我相信當我們幾年前開始研究機會管道時，我相信它在 50 億美元的範圍內，類似這樣。因此，我們談論的是機會管道增加了 7 倍，然後您聽到我們擁有的設計數量大幅增加，即 2,300 個非汽車設計。我們感覺這個故事情節越來越多地採用 - 隨著電氣化和碳化矽的越來越多采用，以及我們在市場份額方面的設計百分比增加，似乎得到了我們正在談論的數字的支持.

The next question is from the line of Brian Lee with Goldman Sachs.

下一個問題來自高盛的 Brian Lee。

Kudos on the nice execution here. A couple of questions from my end. I guess, it seems pretty evident, but I'll ask the question anyway. With the design-in activity over the past year and now the increase in fiscal '26 targets, does this imply Mohawk Valley as fully sold out, including the additional capacity for fitting out the entire factory? And then are there any implications for the fiscal '24 targets? Any upside exists to those as well?

感謝這裡的出色執行。我有幾個問題。我想，這似乎很明顯，但我還是會問這個問題。隨著過去一年的設計活動以及現在 '26 財年目標的增加，這是否意味著莫霍克谷已全部售罄，包括安裝整個工廠的額外產能？那麼對 24 財年的目標有什麼影響嗎？那些也有好處嗎？

Well, I'll take a first crack at that and then turn it over to Neill for a little bit more detail. Obviously, we made the decision to build this factory over 2.5 years ago. Actually, we made a decision about 3 years ago when we put a shovel in the ground in March of 2020. And I would say thank goodness, we stuck to our knitting on that thing and continue to process to fight the fact that we had a global pandemic happening because we were able to open that fab in April of this year, and now we've got material flowing. We'll have full flow material going through that fab by the end of this calendar quarter and then ramping initial production by the end of this fiscal year. So that all looks pretty good.

好吧，我會先嘗試一下，然後把它交給尼爾了解更多細節。顯然，我們在 2.5 年前就決定建造這家工廠。實際上，我們大約在 3 年前做出決定，當時我們在 2020 年 3 月將鏟子放在地上。我要說謝天謝地，我們堅持在那件事上編織，並繼續努力與我們有一個事實作鬥爭。全球大流行的發生是因為我們能夠在今年 4 月開設那家工廠，現在我們有材料流動。到本日曆季度末，我們將有全流材料通過該工廠，然後在本財年末增加初始產量。所以這一切看起來都不錯。

I would say the fact that we're talking about additional wafer fab capacity being required is obviously a sign that Mohawk Valley isn't going to be enough in the out years. I think we have time now still today to begin construction of a new fab, go through the normal cycle of building and ramping it and so forth and bringing it on before we get sold out of that factory. But I think the time to be making those decisions is kind of right upon us.

我想說的是，我們正在談論需要額外的晶圓廠產能這一事實顯然表明莫霍克谷在未來幾年內還不夠。我認為我們現在還有時間開始建造新的晶圓廠，經歷正常的建造和升級等周期，然後在我們從那家工廠售罄之前將其投入使用。但我認為做出這些決定的時機對我們來說是正確的。

With that, maybe I'll give -- hand it over to Neill for a little bit more color.

有了這個，也許我會給 - 把它交給尼爾以獲得更多顏色。

Yes, I think that's absolutely right, Gregg. I think if you look at the capacity required with the change of the 2026 revenue, again, that's all power device for the most part, increase. It's going to have to run through the fab. And if you look at the capacity in the factory and like I said before, we're talking about $1.5 billion to $2 billion of revenue potentially out of Mohawk Valley even at the high end of that range, we'd be running up against some pretty heavy utilization numbers at that point.

是的，我認為這是完全正確的，格雷格。我認為，如果您看一下隨著 2026 年收入的變化而需要的容量，那大部分都是功率器件，增加。它必須穿過工廠。如果你看看工廠的產能，就像我之前說的那樣，我們談論的是莫霍克谷的 15 億到 20 億美元的收入，即使是在這個範圍的高端，我們也會遇到一些那時的利用率相當高。

In addition, we have seen some improvement in the Durham fab. I think that can help, as you've seen from an execution standpoint, yields and cycle times are improving. So I think that can play a role in helping us manage through that. But I think to Gregg's point, I mean, as you're looking out in time, if you think the growth rate out to the end of the decade is going to continue out beyond 2026, clearly you have to have something out beyond 2026 that need to come online or in that time frame. And that's really what we're looking at.

此外，我們已經看到達勒姆工廠的一些改進。我認為這會有所幫助，正如您從執行的角度所看到的，產量和周期時間正在改善。所以我認為這可以在幫助我們度過難關方面發揮作用。但我認為就格雷格的觀點而言，我的意思是，當你及時展望時，如果你認為到十年末的增長率將持續到 2026 年之後，顯然你必須在 2026 年之後做出一些事情需要上線或在該時間範圍內。這正是我們正在研究的。

So I think Mohawk Valley, clearly we're seeing, as we tool the whole factory out, we kind of push it to the edges in terms of bringing tools into the factory. We'll leverage that as much as we can. But I think what that spells is we're going to need additional fab capacity even beyond Mohawk Valley and Durham. And then secondly, we're going to need additional materials factory and likely somewhere outside of our current Durham side right now, we're going to need additional capacity for a second material site. So putting all that together, that's really what we need to start coming online out in that time frame.

所以我認為莫霍克谷，我們很清楚地看到，當我們將整個工廠工具化時，我們在將工具帶入工廠方面將其推向了邊緣。我們將盡可能地利用這一點。但我認為這意味著我們將需要額外的晶圓廠產能，甚至超出莫霍克谷和達勒姆。其次，我們將需要額外的材料工廠，並且現在可能在我們當前的達勒姆地區之外的某個地方，我們將需要額外的產能來建造第二個材料站點。因此，將所有這些放在一起，這確實是我們在那個時間框架內開始上線所需要的。

Yes. Okay. That's great. And then just my second question, as you think about rolling out some new capacity expansion, the materials side, obviously, is going to be involved here. Can you speak to the LTAs on the materials here, just how they're performing? And then I know you don't have the capacity outlined here today to speak to, but do you anticipate seeing growth on long-term targets there as you roll out new capacity plans at some point? Or is this all going to be kind of vertically integrated? Just trying to get a sense for -- I know on the fiscal '26 target increase here, it's mostly device, but do you anticipate kind of seeing continued demand on the LTAs for the wafers and could that also drive some upside in the out years as you get new capacity online?

是的。好的。那太棒了。然後是我的第二個問題，當您考慮推出一些新的產能擴張時，材料方面顯然將參與其中。您能否就這裡的材料與 LTA 談談，他們的表現如何？然後我知道您沒有今天在這裡列出的容量可以與之交談，但是您是否預計隨著您在某個時候推出新的容量計劃，那裡的長期目標會有所增長？或者這一切都將是一種垂直整合？只是想了解一下——我知道這裡的 26 財年目標增長主要是設備，但你是否預計會看到對晶圓 LTA 的持續需求，這是否也會在未來幾年推動一些上漲當您在線獲得新容量時？

Yes, Brian. I'll take a crack at that. And then Neill, if you have any additional color, feel free to jump in. Basically, we've got very good long-term relationships and agreements with a number of different suppliers with -- or customers. We've announced those previously. And what I would say is in terms of the LTAs, we're about 50% through in terms of delivering to those LTAs. So we've got another 50% still to go in terms of volume commitments and rough value of the agreement. So there's still quite a ways to go.

是的，布賴恩。我會嘗試一下。然後尼爾，如果您有任何其他顏色，請隨時加入。基本上，我們與許多不同的供應商或客戶建立了非常良好的長期關係和協議。我們之前已經宣布了這些。我想說的是，就長期協議而言，我們在向這些長期協議的交付方面完成了大約 50%。因此，就數量承諾和協議的粗略價值而言，我們還有 50% 的時間要做。所以還有很長的路要走。

The way these agreements have kind of gone is customers come in and they put a capacity request in, we make an agreement with them. And what I think has happened in nearly all of them is that the eventual demand for what they're looking for, it tends to be nicely higher than what they originally go in with. And so we've been kind of subsequently extending and expanding these agreements and adding to them and on a quarterly basis, looking at various different things. And we work with all of them very carefully to do that.

這些協議消失的方式是客戶進來，他們提出容量請求，我們與他們達成協議。我認為幾乎所有人都發生過的事情是，對他們正在尋找的東西的最終需求往往比他們最初的需求要高得多。因此，我們隨後一直在擴展和擴展這些協議，並按季度添加它們，研究各種不同的事情。我們非常仔細地與他們合作，以做到這一點。

So we stay very close with them in terms of their requirements and so forth. And so I think that's kind of the way that we like work in these -- our Materials business. We're not really in the spot market side of things. We really like to have long-term agreements with them. And I think to the extent that silicon carbide continues to eat into the silicon space in the power electronics market. And as also says it goes from 5% to 20% of the power market, the demand is probably going to continue to increase. And so to that -- to the extent that, that provides an upside for us, I think that would be fantastic.

因此，我們在他們的要求等方面與他們保持密切聯繫。所以我認為這就是我們喜歡在這些方面工作的方式——我們的材料業務。我們並不真正處於現貨市場方面。我們真的很想與他們簽訂長期協議。我認為碳化矽繼續蠶食電力電子市場的矽空間。正如還說它從電力市場的 5% 到 20% 一樣，需求可能會繼續增加。因此 - 在某種程度上，這為我們提供了一個好處，我認為這將是非常棒的。

Neill, I don't know if you have any additional comments or I think we're pretty good there.

尼爾，我不知道您是否有任何其他意見，或者我認為我們在那裡做得很好。

Nothing else. That's great, Gregg.

沒有其他的。太好了，格雷格。

The next question comes from the line of Matt Ramsay with Cowen.

下一個問題來自 Matt Ramsay 和 Cowen 的對話。

Neill, I wanted to start with the raise of the 2026 revenue targets. You got -- maybe you could give us a little bit of color on how you see fiscal '24 or '25 on that ramp is? What's the shape of the curve there as you guys see it? And you had laid out at the Analyst Day some gross and operating margin targets around that 2.1, how do you think about leverage into that higher number?

尼爾，我想從提高 2026 年的收入目標開始。你得到了 - 也許你可以給我們一點關於你如何看待那個坡道上的財政 '24 或 '25 的顏色？你們看到的曲線是什麼形狀？您在分析師日制定了 2.1 附近的一些毛利率和營業利潤率目標，您如何看待更高數字的槓桿率？

Thanks, Matt. So I think if you look at the model as we look out in time, one of the things you have to be aware of is, obviously, we're seeing upward pressure. We currently have over $100 million of unfulfilled demand. We're seeing improved execution in the Durham fabs or seeing better execution in our back end, you can see that in the Q1 results. And I think all of that gives us good confidence between the demand and the supply improvement as well as what we're seeing that will ship out of Mohawk Valley and some good confidence in terms of executing revenue to the kind of $1.5 billion 2024 target.

謝謝，馬特。因此，我認為，如果您及時查看模型，您必須注意的一件事是，顯然，我們看到了上行壓力。我們目前有超過 1 億美元的未滿足需求。我們看到達勒姆工廠的執行情況有所改善，或者我們的後端執行情況有所改善，您可以在第一季度的結果中看到這一點。我認為所有這些都讓我們對需求和供應的改善以及我們所看到的將從莫霍克谷運出的東西充滿信心，並對將收入執行到 2024 年 15 億美元的目標充滿信心。

The one thing that we've got to remember here is that we're still ramping the revenue in Mohawk Valley. So I think I just want to be a little cautious in changing any of those kind of earlier period outlook at this point. But clearly, we're seeing the upswing in demand there. And as we bring on more capacity outside of '24, I think we could start to see some potential upside there as we get into '25, '26 and beyond. So I think that's more or less the trajectory that we're looking at.

我們必須在這裡記住的一件事是，我們仍在增加莫霍克谷的收入。所以我想我現在只是想在改變任何早期的前景時保持謹慎。但很明顯，我們看到那裡的需求在上升。隨著我們在 24 年之外增加更多產能，我認為隨著我們進入 25 年、26 年及以後，我們可能會開始看到一些潛在的上行空間。所以我認為這或多或少是我們正在研究的軌跡。

Secondly, if you look at the -- and again, we'll give you more detail around this at the investor update that we do. If you look at the gross margins out in time, I think we talked about 50% gross margin out in that 2026 time frame, we're north of 50% margin. I think that looks pretty solid. I think the blueprint we have for the combination of a 200-millimeter silicon carbide wafer running through a highly automated modern Mohawk Valley fab is a really great combination for us.

其次，如果您再次查看，我們將在我們所做的投資者更新中為您提供更多詳細信息。如果您及時查看毛利率，我認為我們在 2026 年的時間框架內談到了 50% 的毛利率，我們的毛利率在 50% 以北。我認為這看起來很可靠。我認為我們擁有的將 200 毫米碳化矽晶圓組合通過高度自動化的現代莫霍克谷工廠的藍圖對我們來說是一個非常好的組合。

And I think if you -- as we're starting to see Mohawk Valley come together, we're starting to see the cost profile and the execution on 200-millimeter. I think that looks pretty solid and we feel good about the cost capability for the business out in time. And after that, it's just really about managing OpEx trajectory to basically meet the run rate. So I think that kind of mid-20s kind of OpEx rate, maybe a little bit better than that out in time is still pretty solid. So I think overall, from a profitability standpoint, you start to see this model coming in the shape and certainly getting solid leverage out in time as you look at the model.

而且我認為，如果您 - 當我們開始看到莫霍克谷走到一起時，我們就會開始看到成本概況和 200 毫米的執行情況。我認為這看起來很可靠，我們對及時完成業務的成本能力感到滿意。在那之後，它只是關於管理 OpEx 軌跡以基本上滿足運行率。所以我認為那種 20 多歲左右的運營支出率，也許比及時的好一點，仍然相當穩定。所以我認為總體而言，從盈利能力的角度來看，你開始看到這個模型正在成形，並且當你看到這個模型時，肯定會及時獲得可靠的槓桿作用。

So I think we've got the blueprint for how all this comes together in terms of not just the trajectory of the revenue but how it needs to come together in terms of the top line and the margins. But in the meantime, we've got a lot of wood to chop. We've got a lot of work to do to bring a lot of this capacity online and meet those -- meet that steeper run rate we're seeing and kind of meet the moment in terms of the demand, so to speak.

因此，我認為我們已經獲得了關於如何將所有這些結合在一起的藍圖，不僅包括收入的軌跡，還包括收入和利潤方面需要如何結合在一起。但與此同時，我們有很多木頭要砍。我們有很多工作要做，才能將大量的這種容量帶到網上並滿足這些需求——滿足我們所看到的更陡峭的運行速度，並在需求方面滿足當下的需求，可以這麼說。

Got it. As my follow-up, Gregg, I wanted to ask about sort of the industry. You're seeing a lot of your peers in silicon carbide raised their outlook and revenue forecast and whatnot along the lines of what you guys are doing. You may be a bit steeper than some of the raises out there, but everyone's kind of doing. And the one question that I get from investors as you look and you raised the 2026 revenue target today, what -- how firm are the programs? How firm are the commitments? Are there sort of LTAs in place with customers that give you firm backing on that revenue? I'm just trying to get an idea from -- just some perspective on sort of the hard visibility on order commitments from the customers to back up those numbers because that's the question that I get from sort of investors and your shareholders pretty often.

知道了。作為我的後續工作，格雷格，我想問一下這個行業。你看到很多碳化矽同行提高了他們的前景和收入預測，以及你們正在做的事情。你可能比那裡的一些加註更陡峭，但每個人都在這樣做。我從投資者那裡得到的一個問題是，你們今天提出了 2026 年的收入目標，這些項目有多堅定？承諾有多堅定？是否有與客戶簽訂的長期協議，可以為您的收入提供堅定的支持？我只是想從中獲得一個想法 - 只是對客戶訂單承諾的硬可見性以支持這些數字的某種觀點，因為這是我經常從投資者和你的股東那裡得到的問題。

Yes. Well, let me kind of frame up first just from an industry perspective. I think the adoption of silicon carbide is happening in a substantially steeper rate than anyone would have anticipated. So one of the questions we get a lot is, what is your share? And it's almost impossible to calculate because the denominator or the TAM keeps changing rapidly because more and more customers are moving from silicon-based systems to silicon carbide-based systems predominantly driven by this need to conserve energy, to use energy more efficiently and so forth.

是的。好吧，讓我首先從行業的角度來框架。我認為碳化矽的採用速度比任何人預期的都要快得多。所以我們得到的很多問題之一是，你的份額是多少？而且幾乎不可能計算，因為分母或 TAM 不斷變化，因為越來越多的客戶正在從基於矽的系統轉向基於碳化矽的系統，主要是出於節約能源、更有效地使用能源等需求的驅動。 .

And across a wide range of applications you're just seeing customers say, I've got to make my product more efficient. This has been amplified by the fact that there's been a silicon shortage for the last 2 years. So we have a lot of customers that have said, I can't get silicon. So why don't I take the opportunity to have our designers redesign the systems and move to a more efficient silicon carbide-based system, where you've got a company out there that has stuck a shovel in the ground 2.5 years ago and is now bringing our capacity today. So I think all of that is kind of the backdrop to that.

在廣泛的應用中，您只是看到客戶說，我必須讓我的產品更高效。過去 2 年矽短缺的事實進一步加劇了這一點。所以我們有很多客戶說，我買不到矽片。所以我為什麼不藉此機會讓我們的設計師重新設計系統並轉向更高效的基於碳化矽的系統，在那裡你有一家公司在 2.5 年前就已經在地下挖了一把鐵鍬，現在現在帶來我們今天的能力。所以我認為所有這些都是這種情況的背景。

The second thing that I would say is I've been in this industry for a long time, and it works kind of the same way across the industry over these years. You start with opportunity pipelines. Customers are looking at doing various different things, and they put out bids and so forth, then they make a decision as to who they're going to use. That, in our vernacular turns into a design-in and the customer says, we've awarded Wolfspeed, a design-in and you're going to be the supplier of choice for this application and then it moves from design-in to design win.

我要說的第二件事是我在這個行業已經很長時間了，這些年來它在整個行業中的運作方式都是一樣的。您從機會管道開始。客戶正在考慮做各種不同的事情，他們會出價等等，然後他們會決定要使用誰。用我們的話說就是設計導入，客戶說，我們已經授予 Wolfspeed 設計導入，您將成為該應用程序的首選供應商，然後它從設計導入轉移到設計贏。

The fact that we've had 2,300 design-ins convert to design win gives me a lot of confidence of that order book, so to speak. Now we've layered on top of that some assurance of supply programs that we've announced with a number of different companies. This is where customers put some upfront money that -- in kind of simple terms, kind of guarantees them the capacity corridor for that upfront payment. We've nailed -- we've got a number of those that we've signed as well with customers.

可以這麼說，我們已經有 2,300 項設計轉化為設計勝利，這一事實讓我對那份訂單充滿信心。現在，我們已經在與許多不同公司宣布的供應計劃的基礎上進行了分層。這是客戶投入一些預付款的地方 - 簡單來說，可以保證他們有預付款的容量通道。我們已經確定了——我們已經與客戶簽署了一些協議。

So I feel pretty good about it. I think the -- all of those things combined, whether it's the opportunity pipeline going up 7x over the last number of years to $35 billion, the 2,300 nonautomotive design-ins that we've had, 47% of those going from design-in into design win, the Wolfspeed assurance of supply program, which adds upfront money kind of put your money where your mouth is from a customer perspective gives me very good confidence that we feel very good about our ability to increase this number.

所以我對此感覺很好。我認為 - 所有這些因素加在一起，無論是過去幾年中增長 7 倍至 350 億美元的機會管道，我們已經擁有 2,300 個非汽車設計，其中 47% 來自設計進入設計勝利，Wolfspeed 供應保證計劃，它增加了前期資金，從客戶的角度來看，把錢放在嘴邊，這讓我非常有信心，我們對我們增加這個數字的能力感到非常好。

And I would just want to amplify one last thing. The fact that a number of different companies are increasing their outlook for silicon carbide, I think is -- it's kind of a repeat of what I just said, but I think I want to amplify it is really a sign of the adoption of silicon carbide and the increasing TAM versus a share take or what have you. I think we are so early in the conversion from silicon to silicon carbide that the denominator is growing at such a rapid rate, but it's almost impossible for anybody to do a calculation of what their share of market is. Does that help?

我只想放大最後一件事。事實上，許多不同的公司都在提高他們對碳化矽的前景，我認為——這有點重複我剛才所說的，但我想我想放大它，這確實是碳化矽採用的標誌以及增加的 TAM 與份額或你有什麼。我認為我們在從矽到碳化矽的轉變中還處於早期階段，以至於分母正以如此快速的速度增長，但任何人幾乎不可能計算出他們的市場份額是多少。這有幫助嗎？

Our next question is from the line of Colin Rusch with Oppenheimer.

我們的下一個問題來自 Colin Rusch 和 Oppenheimer。

Given the landscape that you're talking about, can you talk a little bit about the optimal customer base and composition of that customer base as well as your pricing strategy as you think about addressing some more diverse needs that potentially would carry a little bit higher ASP?

鑑於您正在談論的情況，您能否談談最佳客戶群和該客戶群的構成以及您的定價策略，因為您考慮解決一些可能會更高的多樣化需求ASP？

Yes. So we've had -- obviously, the fact that we had record design-ins last quarter in the nonautomotive more diversified customer base is really good. Those tend to be smaller individual projects and price elasticity being what it is. Smaller projects tend to have higher ASPs.

是的。所以我們已經 - 顯然，我們在上個季度在非汽車更多元化的客戶群中進行了創紀錄的設計，這一事實非常好。這些往往是較小的單個項目，價格彈性就是這樣。較小的項目往往具有較高的 ASP。

Here, I just have another nod to Arrow, who's been a super partner of ours over the last 5 years or so where they've done a phenomenal job of really evangelizing the market for silicon carbide and to a large extent, that 2,300 design-ins we have are largely at the best of the partnership that we have with Arrow. So thanks again for the Arrow team for doing a fantastic job there. I think that partnership is here to stay and is going to last a long time. So I would say that that's pretty strong.

在這裡，我再次向 Arrow 致敬，在過去 5 年左右的時間裡，他一直是我們的超級合作夥伴，他們在真正宣傳碳化矽市場方面做得非常出色，在很大程度上，2,300 設計-我們擁有的 ins 在很大程度上是我們與 Arrow 的合作夥伴關係中的佼佼者。因此，再次感謝 Arrow 團隊在那裡所做的出色工作。我認為這種夥伴關係將繼續存在，並將持續很長時間。所以我會說這非常強大。

The one thing that I would say is we've been pretty direct with our customers, especially on large opportunities where if they've made a choice to go with somebody else as a primary source, we'd love to be that primary source and that's an area that we're obviously focused on, but we basically don't have the bandwidth right now to be an alternative source for any of these opportunities.

我要說的一件事是我們對客戶非常直接，特別是在大機會中，如果他們選擇與其他人作為主要來源，我們很樂意成為主要來源，並且這顯然是我們關注的一個領域，但我們現在基本上沒有足夠的帶寬來成為這些機會中的任何一個的替代來源。

So basically, what we're telling our customers is, we really want to focus on being the primary source. We've got capacity that's in limited supply, and we want to focus our capacity where customers have kind of gone and put a lot of the chips on the table on our side of things and chasing something down as an alternate source, whether that's through pricing or what have you is something that's not really in our quiver right now.

所以基本上，我們告訴客戶的是，我們真的想專注於成為主要來源。我們的產能供應有限，我們希望將我們的產能集中在客戶已經離開的地方，並將很多籌碼放在我們這邊的桌子上，並追逐一些東西作為替代來源，無論是通過定價或您擁有的東西現在並不真正在我們的箭袋中。

And then just around the equipment ordering and lead time deposits things like that, can you just give us a sense of the cadence of that through the balance of this year as you build out the incremental capacity?

然後就設備訂購和提前期存款之類的事情，您能否通過今年的餘額讓我們了解一下在您建立增量產能時的節奏？

Yes. So we've been -- as you know, we started the fab in New York a couple of years ago -- over 2 years ago, and we were able to get orders in very early, long lead time type equipment and things like that. And we've been continuing to get ahead of this. I talked about it earlier, the thinking about additional capacity and they continue to stay as far ahead of this as we can and manage the lead times. I think clearly, equipment lead times continue to be extended, but that's all kind of baked into the kind of plans that we have and we've been managing that pretty effectively.

是的。所以我們一直 - 如你所知，我們幾年前在紐約開設了工廠 - 兩年多前，我們能夠在很早的時候獲得訂單，長交貨期類型的設備和類似的東西.我們一直在繼續領先。我之前談到過，關於增加產能的想法，他們繼續盡可能地領先並管理交貨時間。我清楚地認為，設備交貨時間繼續延長，但這一切都融入了我們現有的計劃中，並且我們一直在有效地管理它。

The next question is from the line of Ashley McCurry with Wells Fargo.

下一個問題來自富國銀行的 Ashley McCurry。

This is Ashley McCurry on for Gary Mobley. Curious what the pricing environment has been like your Materials business, given the shortage of supply? And are any of the long-term supply agreements with customers sticking with the prenegotiated pricing terms? Or is there additional pricing power there in your Materials business?

這是加里·莫布利的阿什利·麥庫裡。考慮到供應短缺，想知道貴公司材料業務的定價環境如何？與客戶簽訂的長期供應協議是否遵守預先協商的定價條款？或者您的材料業務是否有額外的定價權？

Well, we've had a very consistent strategy on our long-term agreements where we don't really want to play in the spot market, so to speak. So we sit down with customers on those long-term agreements. We look at what their demand is going to be over the next, call it, half a decade or so. We look at what kind of capacity they would like to secure from us, there's kind of an upfront capacity reservation sort of fee associated with that and then we have negotiated pricing with them over the volume that they have.

好吧，我們在長期協議上製定了非常一致的策略，可以這麼說，我們真的不想參與現貨市場。因此，我們與客戶就這些長期協議進行了協商。我們看看他們的需求在未來五年左右會有什麼，稱之為。我們看看他們希望從我們那裡獲得什麼樣的容量，有一種與此相關的前期容量預留費用，然後我們就他們擁有的數量與他們協商定價。

We stick with that pricing. We've stuck with that pricing through the entire period here. So we committed to something, and we stuck with it. And that's been our policy through this through this entire time that I've been at the company. So in terms of pricing power per se, we stick with the long-term agreement pricing that we've got in place. And to the extent that the customers continue buying and doing more long-term agreements, we would have, again, new long-term agreements that we put in place that would have pricing associated with it, and we'd stick with that pricing as well.

我們堅持這個定價。我們在整個期間都堅持這個定價。所以我們承諾了一些事情，我們堅持了下來。這一直是我們在公司工作期間的政策。因此，就定價能力本身而言，我們堅持我們已經制定的長期協議定價。如果客戶繼續購買並簽訂更多長期協議，我們將再次簽訂新的長期協議，這些協議將與之相關聯，我們將堅持該定價，因為出色地。

The next question is from the line of Ben Harwood with New Street Research.

下一個問題來自 New Street Research 的 Ben Harwood。

So you mentioned that your capacity constrained on your Materials business today. What gives you the confidence that you can ramp the supply of your substrate to meet the 30% to 40% incremental demand just given the inherent complexities with ramping up substrate capacity? And then do you think you'll still be constrained on the 2026 time frame, just given how much demand is accelerating?

因此，您提到您的產能限制了您今天的材料業務。考慮到增加基板產能的內在復雜性，是什麼讓您有信心增加基板供應以滿足 30% 到 40% 的增量需求？然後你認為你仍然會受到 2026 年時間框架的限制，只是考慮到有多少需求正在加速？

Well, Ben, it's a great question because ramping capacity and materials is not for the faint of heart. It is a -- silicon carbide is a very tricky material. It's something that is very finicky, so to speak. But the good news is we've got 35 years of experience in doing just that, and we've also got 5 years of substantial expansion that we've just delivered on.

嗯，本，這是一個很好的問題，因為增加容量和材料不適合膽小的人。它是一種——碳化矽是一種非常棘手的材料。可以這麼說，這是非常挑剔的東西。但好消息是，我們在這方面擁有 35 年的經驗，而且我們剛剛實現了 5 年的實質性擴張。

So we feel very good about it. We don't look at it and say, hey, this is a short cut and don't worry, everything is easy because it's not. But what I would tell you, Ben, is that with the scientists we have in place, the engineering teams that we've got place to manufacturing folks and so forth. When we run into the normal sets of challenges that you have when you ramp capacity, we've got a team that knows how to blow through those challenges and deliver a good result.

所以我們對此感覺很好。我們不會看著它說，嘿，這是一條捷徑，別擔心，一切都很容易，因為它不是。但是我要告訴你的是，本，我們擁有的科學家，我們擁有製造人員的工程團隊等等。當我們遇到您在提高產能時遇到的一系列正常挑戰時，我們的團隊知道如何克服這些挑戰並取得良好的結果。

So with that, we've got a lot of high confidence that capacity ramp will be something that we can handle. Like I said, it's definitely not for the faint of heart. It comes with a lot of challenges. I think I asked one of our manufacturing guys and materials what keeps them up at night, and I think his answer was yes. It's just -- there's just a lot of challenges when you're ramping materials, but the team has 35 years of experience. We've got a ton of people that we can call on when we meet those different challenges. And I think the team has done a pretty good job of doing that to date.

因此，我們對產能提升將是我們可以處理的事情充滿信心。就像我說的，這絕對不適合膽小的人。它帶來了很多挑戰。我想我問過我們的一位製造人員和材料，是什麼讓他們夜不能寐，我認為他的回答是肯定的。只是——當你在增加材料時會有很多挑戰，但團隊有 35 年的經驗。當我們遇到這些不同的挑戰時，我們可以召集很多人。而且我認為團隊迄今為止在這方面做得很好。

So I guess, longer term, we know that we need to expand our Materials business. We've already been doing that here on campus in the Durham facility. We're looking at a new facility that we hope we can make some decision on kind of post-haste here. We've got a lot of discussions going on with a number of different states and local authorities in terms of what that could look like from an incentive perspective. We're super excited that The CHIPS Act was passed the last week or so because materials is definitely in that Act as well.

所以我想，從長遠來看，我們知道我們需要擴大我們的材料業務。我們已經在達勒姆設施的校園裡這樣做了。我們正在尋找一個新設施，我們希望我們可以在這裡就事後匆忙做出一些決定。從激勵的角度來看，我們已經與許多不同的州和地方當局進行了很多討論。上週左右通過了 CHIPS 法案，我們感到非常興奮，因為材料肯定也在該法案中。

So all of those things put together, what I would say is the combination of years of experience, the fact that we've demonstrated substantial capacity ramp already to date and the fact that there looks to be some pretty good government incentives to help us do that gives us confidence in that, Ben.

所以所有這些東西放在一起，我想說的是多年經驗的結合，迄今為止我們已經證明了可觀的產能增長以及看起來有一些非常好的政府激勵措施來幫助我們做到這一點的事實這讓我們對此充滿信心，本。

Next question comes from the line of Edward Snyder with Charter Equity Research.

下一個問題來自於特許股票研究的 Edward Snyder。

I was hoping maybe, Neill, you could provide some color on how the shake down the Mohawk Valley preceding? Is it at below or in line with your expectations for this point? And I know you're running 8-inch through there, which is a first. And I know it's not a high volume yet, but any issues with handling those wafers, given how brittle they are the much larger diameters, much more sense, I'm sure and all trouble you've had with breakage in Durham. I was just wondering what your first experience with 8-inch in Mohawk and then I had a follow-up.

我希望也許，尼爾，你能提供一些關於如何震動莫霍克山谷的顏色嗎？是低於還是符合你對這一點的預期？我知道你在那裡跑了 8 英寸，這是第一次。而且我知道這還不是一個大批量，但是處理這些晶圓的任何問題，考慮到它們是多麼脆弱，更大的直徑，更有意義，我敢肯定，你在達勒姆遇到的所有問題。我只是想知道你在莫霍克 8 英寸的第一次體驗是什麼，然後我進行了跟進。

With the automated factory, we're seeing better results in handling and those types of things. Although we're still working through a lot of, I think, what you call the kind of early kind of setup phases in the factory. So there are still some annual processes as we kind of manage through that right now. But I would say things are kind of moving along more or less as you would expect with a new fab. I mean, we're running our first lots to the fab right now. We're learning. We're tweaking the process, and we take it through each step. And as we work through those steps, we'll continue to manage through that until we get kind of the capacity up and running fully and gets through qualification.

通過自動化工廠，我們在處理和那些類型的事情上看到了更好的結果。儘管我們仍在努力，但我認為，您所說的工廠中的早期設置階段。所以仍然有一些年度流程，因為我們現在正在管理這些流程。但我會說，事情正在或多或少地按照你對新晶圓廠的預期進行。我的意思是，我們現在正在將我們的第一批批次運往晶圓廠。我們正在學習。我們正在調整流程，並通過每一步。當我們完成這些步驟時，我們將繼續進行管理，直到我們獲得某種容量並完全運行並通過資格認證。

But I think it's kind of the normal 2 steps forward 1 step back as you kind of worked through the factory. I'd expect some ups and downs here between now and kind of when we ramp the factory at the end of the year, but kind of in line with what I just said. So I don't think there's any expectations, as Gregg said, we want to hit a bump in the road here or there, but I do think we're still on track for ramping revenue and having that revenue ramp in the back half of the fiscal year.

但我認為這是正常的 2 步向前 1 步，因為你在工廠工作。我預計從現在到年底我們在工廠擴建時會有一些起伏，但與我剛才所說的一致。所以我不認為有任何期望，正如格雷格所說，我們希望在這里或那裡遇到障礙，但我確實認為我們仍有望增加收入，並在下半年實現收入增長財政年度。

And then what quarter could we expect the material for Mohawk -- the revenue from Mohawk to be material? And then also, you mentioned a new material factory with a ground up, a new ground-up material factory in Durham have a significantly different margin or throughput profile than your existing facility.

那麼，我們可以期待在哪個季度為莫霍克帶來重要的收入——莫霍克的收入是重要的？然後，您還提到了一家全新的材料工廠，位於達勒姆的一家全新的全新材料工廠與您現有的工廠相比，利潤率或產量分佈明顯不同。

And if I could squeeze one more in for Gregg. You put out a good revenue number today. Maybe give us a glimpse. I know you said 70%, 75% of design-ins are automotive. Generally, what's the breakdown in your current revenue number between automotive and nonautomotive, if you could?

如果我能為格雷格再擠一個。你今天公佈了一個不錯的收入數字。或許可以讓我們一睹為快。我知道你說 70%、75% 的設計是汽車。一般來說，如果可以的話，您當前在汽車和非汽車之間的收入數量細分是多少？

I'll take the first part, maybe there, and then, Gregg, if you want to maybe follow up on the other piece there. So in terms of the revenue ramp timing, I think it's consistent with what we said kind of back half of the year, we'll start to see the revenue ramp. Obviously, as kind of goes on from 3Q to 4Q into '24, we'll see that kind of ramp more rapidly as we bring the fab up, but kind of in line what we've been expecting in line with kind of some of the numbers we talked about recently.

我會講第一部分，也許在那裡，然後，格雷格，如果你想跟進那裡的另一部分。因此，就收入增長時間而言，我認為這與我們在下半年所說的一致，我們將開始看到收入增長。顯然，隨著從 3Q 到 4Q 到 24 年的發展，隨著晶圓廠的建設，我們會看到這種增長速度更快，但與我們一直期待的一些我們最近談到的數字。

As it relates to new materials, it's probably too early to be talking in detail about that. We've been able to give you some update in November. But clearly, with the scale advantage that we get up a potential new facility and really primarily being used for 200-millimeter wafers for Mohawk Valley and for potentially a new fab, we feel good about what that would translate into from a cost perspective.

由於它與新材料有關，現在詳細討論它可能還為時過早。我們已經能夠在 11 月為您提供一些更新。但很明顯，憑藉我們建立一個潛在的新設施的規模優勢，並且主要用於莫霍克谷的 200 毫米晶圓和潛在的新晶圓廠，我們從成本的角度對這將轉化為什麼感到滿意。

And then, Ed, from a revenue perspective, and Neill touch me if I got that wrong, definitely from a device perspective, greater than half of our revenue is nonautomotive and it's probably more like on the 75% area. Neill, is that about, right?

然後，Ed，從收入的角度來看，如果我弄錯了，Neil 會觸碰我，從設備的角度來看，我們的收入有一半以上是非汽車收入，而且可能更像是 75% 的領域。尼爾，是這樣的，對吧？

That's about right. Yes.

這差不多。是的。

Yes. So that's about -- so we have a substantial nonautomotive business right now. And if you look at -- Neill talked about, we've got $100 million worth of unfulfilled demand. A lot of that is that nonautomotive base. So it's kind of the typical nature of the nonautomotive folks tend to design-in go from opportunity pipeline to design-in and design win at a pretty fast pace. And as I mentioned, the 2,300 nonautomotive design-in, 47% of them have already gone into initial volume production. So that's kind of normal. I think over the next couple of years, you'll see automotive step up as various different customers start ramping. And so we'll obviously go higher than that from an automotive perspective over the next couple of years. But right now, it's more like 75%, if I got the number right, is nonautomotive.

是的。所以這就是 - 所以我們現在擁有大量的非汽車業務。如果你看看——尼爾談到，我們有價值 1 億美元的未滿足需求。其中很大一部分是非汽車基礎。因此，這是非汽車行業人士的典型性質，他們傾向於以相當快的速度進行從機會管道到設計和設計勝利的設計。正如我所提到的，2,300 個非汽車設計，其中 47% 已經進入初始量產階段。所以這很正常。我認為在接下來的幾年裡，隨著各種不同的客戶開始增加，你會看到汽車行業的發展。因此，在接下來的幾年裡，從汽車的角度來看，我們顯然會比這更高。但現在，如果我沒記錯的話，更像是 75% 是非汽車行業的。

Our next question comes from the line of Vivek Arya with Bank of America.

我們的下一個問題來自美國銀行的 Vivek Arya。

Gregg, you mentioned some industry analysts projecting demand to grow 4x or so over the next several years. I'm curious, what's your sense of industry capacity growth in the same time frame? Because we hear of a lot of incremental capacity coming online from several U.S. and Korean and Japanese and Chinese competitors. How do you think that supply-demand balance works out, not this year or next year, but in the outer years?

Gregg，您提到了一些行業分析師預測未來幾年需求將增長 4 倍左右。我很好奇，您對同一時間段內的行業產能增長有何看法？因為我們聽說美國、韓國、日本和中國的幾家競爭對手在線上增加了很多容量。您如何看待供需平衡，不是今年或明年，而是在未來幾年？

I can -- my viewpoint is that the growth of this market for silicon carbide is probably going to outstrip the demand for some time to come. And I've actually seen that echoed in the market -- in some analyst reports as well. And that's just simply because the ability to bring on capacity and ramp, for instance, as I was talking about the materials capacity. And it's a tough thing to ramp.

我可以——我的觀點是，這個碳化矽市場的增長可能會在未來一段時間內超過需求。我實際上已經在市場上看到了這一點 - 在一些分析師報告中也是如此。這僅僅是因為能夠帶來產能和坡道，例如，當我談到材料產能時。坡道是一件很難的事情。

I will tell you that when we talk to customers, it's one of the things that's definitely on their mind. And what they look at when they come and see us, they see a brand-new factory that we made a decision almost 3 years ago to build, and we started building it 2.5 years ago and it's coming online now. If you drive on our campus right now, you'll see construction and repurposing of office space and various different other spaces on campus to materials, factories and crystal growth and epi and wafering and all of that kind of stuff. They see that and they go, okay, you guys are putting kind of your money where your mouth is. And as I mentioned in the prepared remarks, a lot of times, that's the last thing that happens prior to a customer signing a contract with us or doing a deal with us. They come and visit and they go, Okay, I want to make sure you guys are actually doing what you say you're doing in terms of capacity expansion. And as we get a little bit closer to announcing a new materials factory and we start nailing that down, I think that will also give customers sort of a breadth of fresh air as well.

我會告訴你，當我們與客戶交談時，這是他們肯定會想到的事情之一。當他們來看我們時，他們看到的是一個全新的工廠，我們在大約 3 年前決定建造它，我們在 2.5 年前開始建造它，現在它正在上線。如果你現在開車在我們的校園裡，你會看到辦公空間和校園內各種不同的其他空間的建設和再利用，以用於材料、工廠和晶體生長、外延和晶圓切割以及所有這些東西。他們看到了，就走了，好吧，你們把錢放在嘴邊了。正如我在準備好的評論中提到的，很多時候，這是客戶與我們簽訂合同或與我們達成交易之前發生的最後一件事。他們來來去去，好，我想確保你們在產能擴張方面確實按照你們所說的那樣做。隨著我們離宣布新材料工廠的消息越來越近，我們開始確定這一點，我認為這也將為客戶提供某種新鮮空氣。

And again, I'd just emphasize, this materials factory capacity expansion, not for the faint of heart. I think customers see that we kind of know what we're doing in terms of solving those problems. And I think they feel pretty good about that.

再一次，我只想強調，這種材料工廠的產能擴張，不是為了膽小的人。我認為客戶看到我們有點知道我們在解決這些問題方面正在做什麼。我認為他們對此感覺很好。

And so my follow-up, Neill, on gross margin. So as you start selling product from Mohawk Valley, I believe you said in the first half of next calendar year, what happens to gross margins? Do they continue to move up or do you think that they could perhaps take a step down first, given that maybe depreciation or other things? Just what are kind of the puts and takes of gross margins as you head into the first half of next year?

所以我的後續行動，尼爾，毛利率。所以當你開始銷售莫霍克谷的產品時，我相信你在明年上半年說過，毛利率會發生什麼變化？考慮到貶值或其他因素，他們會繼續上升還是你認為他們可能會先降級？當您進入明年上半年時，毛利率的看跌期權和收益是多少？

Yes. I think it's pretty consistent with what -- kind of how we've laid it out, Vivek. I think if you look at the back half of this year, we have revenue coming out of Mohawk Valley, we will see kind of modest improvement in the margins maybe in the back half or further back half of this kind of calendar year. As you get into next year, we start writing revenue to Mohawk Valley. We'd see the margins start to pick up and you just kind of see that in the back half of the year.

是的。我認為這與我們的佈局方式非常一致，Vivek。我認為如果你看一下今年下半年，我們的收入來自莫霍克谷，我們會看到利潤率的適度改善，可能在這種日曆年的後半段或更後半段。隨著您進入明年，我們開始向莫霍克山谷寫入收入。我們會看到利潤率開始回升，而你只是在今年下半年看到了這一點。

We've obviously -- we have some start-up costs that we pulled out of the non-GAAP numbers, you see that start to decline over time as we start to ramp it fast. So I think those are the dynamics. So the fab just has more wafer starts to let more capacity, we see the margins go up and we also see those start-up costs start to shrink over time.

顯然，我們已經從非公認會計準則數字中提取了一些啟動成本，您會看到隨著時間的推移隨著我們開始快速增加而開始下降。所以我認為這些就是動態。所以晶圓廠只是有更多的晶圓開始讓更多的產能，我們看到利潤率上升，我們也看到這些啟動成本隨著時間的推移開始縮減。

Our next question is from the line of Amanda Scarnati with Citi.

我們的下一個問題來自花旗的 Amanda Scarnati。

Quickly on customers for the year, any 10% customers? Any shift in how your customers have been ordering or ability to meet customer demand in the fiscal year?

快速上一年的客戶，有 10% 的客戶嗎？您的客戶在本財年的訂購方式或滿足客戶需求的能力是否發生了變化？

I'll maybe kick it off and then Neill, if you want to give a little bit more color. Basically, customer shipments right now are really dependent on improvement out of our Durham manufacturing facilities. And our team has done a really good job of kind of really looking at Durham in a completely different way in terms of a manufacturing facility. [Missy] and Rex and the team have done a fantastic job there. And we've now seen kind of a turning of the corner in terms of yields starting to move in the right direction. Cycle time is coming into the right -- starting to come down pretty nicely, I might add.

我可能會先開始，然後是尼爾，如果你想多一點顏色的話。基本上，現在的客戶出貨量實際上取決於我們達勒姆製造設施的改進。我們的團隊在製造設施方面做得非常好，以一種完全不同的方式真正看待達勒姆。 [Missy] 和 Rex 和團隊在那裡做得非常出色。而且我們現在已經看到收益率開始朝著正確的方向發展。週期時間正在向右走——我可能會補充說，開始下降得很好。

We still have a long ways to go, and there's still a pretty huge opportunity there. But I would say that things are starting to feel a little bit better from a near-term perspective. That doesn't mean -- we still have long lead times. We still have customers that want more than we can deliver, as Neill mentioned, about the $100 million of unfulfilled demand. But definitely, our ability to be more predictable in terms of shipping product to customers improves when cycle times come down, our ability to ship better on-time improves when our yields are starting to improve and we've seen some nice turn in that activity. And I really give a lot of credit to the manufacturing organization, Rex, Missy the whole team that are associated with that.

我們還有很長的路要走，那裡仍然有相當大的機會。但我想說的是，從近期的角度來看，情況開始好轉一些。這並不意味著——我們還有很長的交貨時間。正如尼爾所說，我們仍然有客戶想要超過我們能夠提供的東西，大約 1 億美元的未滿足需求。但毫無疑問，當週期時間縮短時，我們在向客戶運送產品方面更具可預測性的能力會提高，當我們的產量開始提高時，我們更準時發貨的能力也會提高，而且我們已經看到該活動出現了一些不錯的轉變.我真的非常感謝製造組織 Rex、Missy 以及與之相關的整個團隊。

And I add to that, our back-end activity and what's been happening with our assembly test partners and so forth. We've got some new folks in there, Joe, and Jeff and the team doing a really nice job of improving that whole execution as well. So I think for the near term, it's really going to be a story of improving that. I think we have fabs that are not perfect, but the teams are doing a good job of getting more out of them. Still a lot to do here and a lot more to come, but nice to see some improvement there.

我補充說，我們的後端活動以及我們的組裝測試合作夥伴正在發生的事情等等。我們那裡有一些新人，喬，傑夫和團隊在改進整個執行方面做得非常好。所以我認為在短期內，這真的是一個改進的故事。我認為我們的晶圓廠並不完美，但團隊在從中獲得更多收益方面做得很好。這裡還有很多事情要做，還有很多事情要做，但很高興看到那裡有一些改進。

And then Neill, in terms of 10% customers, maybe I can turn it over to you on that.

然後尼爾，就 10% 的客戶而言，也許我可以把它交給你。

Yes, not so much of the 10% customers. But I think one thing to be aware of, we're still seeing, I think, pretty strong demand across the business. People look at the channel, the inventory numbers remained low. The turns remain higher than the model that we'd like to see. We're managing through that. And then I think over time, what you'll see as more and more automotive customers come online, but as Gregg mentioned earlier, we'll start to see that transition.

是的，這 10% 的客戶並不多。但我認為需要注意的一件事是，我認為我們仍然看到整個企業的需求非常強勁。人們看渠道，庫存數量仍然很低。轉彎仍然高於我們希望看到的模型。我們正在解決這個問題。然後我想隨著時間的推移，隨著越來越多的汽車客戶上線，你會看到什麼，但正如格雷格之前提到的，我們將開始看到這種轉變。

So I don't think there's really a let up in the -- just in that kind of demand and supply disconnect we're going to see over time. Some of that could shift a little bit. We'll see more automotive customers, obviously come on over time as we manage through that. But I guess, I think the demand continues to be relatively broad-based as it relates to some of the supply challenges we're having.

因此，我認為隨著時間的推移，我們將看到這種供需脫節的情況並沒有真正放鬆。其中一些可能會發生一些變化。我們會看到更多的汽車客戶，隨著時間的推移，隨著我們的努力，顯然會出現。但我想，我認為需求仍然相對廣泛，因為它與我們面臨的一些供應挑戰有關。

And then just a quick follow-up on this. When you look at the upside that we saw in the June quarter and the guidance September versus where The Street was looking, can you talk about where that upside came from? Was it just a matter of being able to squeeze more out of Durham or within a greater demand profile that you saw?

然後對此進行快速跟進。當您查看我們在 6 月季度看到的上行空間以及 9 月的指引與華爾街的預期時，您能談談這種上行空間的來源嗎？僅僅是能夠從達勒姆擠出更多的東西，還是在你看到的更大的需求範圍內？

It's really about -- I guess, our revenue is really a function of supply more than with demand. So in powered devices, I think we talked about materials and capacity constraint, but primarily powered devices that was really driving that, and that's, I think, directly related to better execution in the Durham fab and better execution in the back-end operations and with the team we've got there and that will be kind of how it kind of plays out, I think, going forward.

這真的是關於 - 我想，我們的收入實際上是供應的函數，而不是需求的函數。因此，在動力設備方面，我認為我們討論了材料和產能限制，但主要是動力設備真正推動了這一點，我認為這與達勒姆工廠的更好執行和後端運營的更好執行直接相關，與我們已經到達那裡的團隊一起，我認為這將是一種發展方式，我認為，前進。

Thank you. That concludes the question-and-answer session. I will now hand the call over to Gregg Lowe for closing remarks.

謝謝你。問答環節到此結束。現在，我將把電話交給 Gregg Lowe 做結束語。

Well, thanks a lot, everybody, for participating today and being with us. We look forward to visiting you next quarter at our next earnings release and then later on in the year at our next Investor Day. Thank you very much, and have a great evening.

好吧，非常感謝大家今天參與並與我們在一起。我們期待在下一個季度的下一個收益發布中與您見面，然後在今年晚些時候的下一個投資者日與您見面。非常感謝，祝您有個愉快的夜晚。

That concludes today's call. Thank you for your participation. You may now disconnect your lines.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開線路。