(WOLF) 2023 Q2 法說會逐字稿

Good afternoon. Thank you for standing by, and welcome to the Wolfspeed Inc. Second Quarter Fiscal Year 2023 Earnings Call. (Operator Instructions) Please note today's call is being recorded. I would now like to hand the conference over to our first speaker today, Tyler Gronbach, Vice President of Investor Relations. Please go ahead.

下午好。感謝您的支持，歡迎來到 Wolfspeed Inc. 2023 財年第二季度財報電話會議。 （接線員說明）請注意今天的通話正在錄音中。我現在想把會議交給我們今天的第一位發言人，投資者關係副總裁泰勒·格隆巴赫 (Tyler Gronbach)。請繼續。

Thank you, and good afternoon, everyone. Welcome to Wolfspeed's Second Quarter Fiscal 2023 Conference Call. Today, Wolfspeed's CEO, Gregg Lowe; and Wolfspeed's CFO, Neill Reynolds, will report on the results for the second quarter of fiscal year 2023.

謝謝，大家下午好。歡迎來到 Wolfspeed 的 2023 財年第二季度電話會議。今天，Wolfspeed 的首席執行官 Gregg Lowe； Wolfspeed 的首席財務官 Neill Reynolds 將報告 2023 財年第二季度的業績。

Please note that we will be presenting non-GAAP financial results during today's call, which is consistent with how management measures 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公佈非 GAAP 財務業績，這與管理層在內部衡量 Wolfspeed 業績的方式一致。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。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。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. 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.

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。此類前瞻性陳述受眾多風險和不確定因素的影響。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，包括與 COVID-19 大流行影響相關的風險。

(Operator Instructions) And now I'd like to turn the call over to Gregg.

（操作員說明）現在我想把電話轉給格雷格。

Thanks, Tyler, and good afternoon, everyone. Before we get into the results of the quarter, I'd like to take a moment to remember our late founder and CTO, John Palmour. We had a celebration of life last weekend, during which we announced that we would dedicate our Siler City manufacturing facility in his memory, naming it The John Palmour Manufacturing Center for silicon carbide.

謝謝，泰勒，大家下午好。在公佈本季度業績之前，我想花點時間緬懷我們已故的創始人兼首席技術官約翰·帕爾默 (John Palmour)。上週末我們舉行了慶祝活動，期間我們宣布我們將在他的記憶中奉獻我們的 Siler City 製造工廠，並將其命名為 John Palmour 碳化矽製造中心。

All of us knew John, through his nickname JP, and so the nickname for our facility will be The JP. He worked for over 35 years to advance and promote silicon carbide and largely as a result of his efforts, the world is recognizing its potential.

我們所有人都通過他的暱稱 JP 認識 John，因此我們設施的暱稱將是 The JP。他為推進和推廣碳化矽工作了超過 35 年，很大程度上由於他的努力，全世界都認識到了它的潛力。

We believe that silicon carbide is on the cusp of mass adoption and that our long-term outlook remains on track. First, electric vehicles were the bright spot in the auto market in 2022 despite many headlines that auto sales have slowed. Global EV sales grew more than 65% year-over-year and represented 10% of all vehicles sold in the calendar year. We've seen this overwhelming demand play out at Wolfspeed as our recent partnerships with industry leaders such as Jaguar Land Rover and Mercedes-Benz point to the strength in the demand for EVs and our ability to take share in this space. We remain confident in the industry's strong long-term fundamentals and believe Wolfspeed is best positioned to capitalize on the rapidly growing demand.

我們相信碳化矽正處於大規模採用的風口浪尖，我們的長期前景仍在軌道上。首先，電動汽車是 2022 年汽車市場的亮點，儘管許多頭條新聞稱汽車銷售放緩。全球電動汽車銷量同比增長超過 65%，佔日曆年所有汽車銷量的 10%。我們已經在 Wolfspeed 看到了這種壓倒性的需求，因為我們最近與捷豹路虎和梅賽德斯-奔馳等行業領導者的合作表明了對電動汽車的需求強勁以及我們在這一領域佔據份額的能力。我們仍然對該行業強勁的長期基本面充滿信心，並相信 Wolfspeed 最有能力利用快速增長的需求。

Second, our $1.5 billion of design-ins in the quarter point to continued robust demand for our power devices. To date, 46% of our design-ins have converted to design-wins, representing more than 1,800 projects. We are coming off multiple quarters of record design-ins with a total of more than $16 billion of design-ins over the last 3 years. Now of course, there will be some variability in our design-in numbers from quarter-to-quarter based on timing of new agreements and decisions by customers. We anticipate that as our manufacturing capacities expand with new facilities, we will continue winning in the device marketplace.

其次，我們在本季度的 15 億美元設計投入表明對我們的功率設備的需求持續強勁。迄今為止，我們 46% 的設計轉化為設計勝出，代表了 1,800 多個項目。在過去的 3 年中，我們的設計投入總額超過 160 億美元，連續多個季度創下了創紀錄的設計投入。當然，根據新協議的時間安排和客戶的決定，我們每個季度的設計數量會有一些變化。我們預計，隨著我們的製造能力隨著新設施的擴大而擴大，我們將繼續在設備市場上獲勝。

Third, we continue our market leadership position in the materials business, the aspect of our business with the highest barriers to entry. We recently announced an expanded agreement with another leading supplier of silicon carbide materials, which illustrates the intense demand for silicon carbide. From where we sit, the industry remains supply constraint, and this will continue to be the case for the foreseeable future.

第三，我們繼續在材料業務領域保持市場領先地位，這是我們進入壁壘最高的業務領域。我們最近宣布與另一家領先的碳化矽材料供應商達成擴大協議，這說明了對碳化矽的強烈需求。從我們的角度來看，該行業仍然存在供應限制，並且在可預見的未來將繼續如此。

It is clear to us that the opportunity in silicon carbide technology is generational given the pace of adoption we've experienced over the last few quarters. At our Investor Day, I remarked that I have not seen growth like this in my 30 years in semis, and that view has not changed.

我們很清楚，鑑於我們在過去幾個季度所經歷的採用速度，碳化矽技術的機會是世代相傳的。在我們的投資者日，我曾說過，在我 30 年的半決賽中，我從未見過這樣的增長，而且這種觀點沒有改變。

While customer interest remains strong across both materials and power devices, as we discussed previously, silicon carbide production and manufacturing can present challenges along the way. Our Durham crystal growth operation, which is the world's largest silicon carbide materials factory, currently supplies our entire device business and a significant share of the merchant market. However, that is still not enough to support the massive accelerating demand for silicon carbide. With the intense growth in demand for both captive and merchant wafers comes to challenges of growing our materials output as well.

正如我們之前所討論的，儘管客戶對材料和功率器件的興趣依然濃厚，但碳化矽的生產和製造可能會在此過程中帶來挑戰。我們的 Durham 晶體生長業務是世界上最大的碳化矽材料工廠，目前為我們的整個設備業務和商業市場提供重要份額。然而，這仍然不足以支撐對碳化矽的大量加速需求。隨著對專屬晶圓和商用晶圓需求的急劇增長，我們也面臨著增加材料產量的挑戰。

We've continued to refine our crystal growth operations and had a recent breakthrough in our ability to grow taller bulls. The initial challenges in managing these taller bulls in our back-end processing have been resolved, resulting in significantly higher yields. It will take a few months before we return to normal production schedule for these materials as the improved product makes its way through the WIP, but we are encouraged by the results that we've been able to achieve with these taller bulls.

我們繼續改進我們的晶體生長操作，並且最近在我們培育更高的公牛的能力方面取得了突破。在我們的後端加工中管理這些較高的公牛的最初挑戰已經解決，從而顯著提高了產量。隨著改進後的產品通過 WIP，我們需要幾個月的時間才能恢復這些材料的正常生產計劃，但我們對這些更高的公牛能夠取得的成果感到鼓舞。

Long term, The John Palmour Manufacturing Center for Silicon Carbide is critical to addressing the supply-demand disconnect that will support our expanding device footprint at both Mohawk Valley and a soon-to-be announced fab as well as the ever-growing demand for merchant wafers. Construction of The JP is progressing well since groundbreaking in September, and things remain on track as we updated during our last Investor Day.

從長遠來看，John Palmour 碳化矽製造中心對於解決供需脫節問題至關重要，這將支持我們在莫霍克谷和即將宣布的晶圓廠不斷擴大的設備足跡，以及不斷增長的商業需求晶片。自 9 月破土動工以來，JP 的建設進展順利，正如我們在上一個投資者日更新的那樣，一切都按計劃進行。

Regarding the progress at Mohawk Valley, we previously said that we anticipate revenue flowing through the fab in the second half of fiscal 2023. We remain on a trajectory to meet that target, and that will largely depend on our ability to complete qualifications and ramp the supply of 200-millimeter wafers, which we believe we will achieve.

關於 Mohawk Valley 的進展，我們之前說過，我們預計收入將在 2023 財年下半年流經該晶圓廠。我們仍在實現這一目標的軌道上，這在很大程度上取決於我們完成資格認證和提高產能的能力。供應200毫米晶圓，我們相信我們會實現。

We continue to successfully run test lots through Mohawk Valley, which gives us confidence that we're ready to begin scaling production and recognizing revenue from Mohawk Valley in the fourth quarter of this fiscal year. As a reminder, Mohawk Valley is a first-of-its-kind fab, purpose built to produce next-generation silicon carbide power devices. We're in the final stages prior to scaling production in Mohawk Valley and one of my top priorities over the next few quarters is to ensure that we execute on that plan.

我們繼續在 Mohawk Valley 成功地運行測試批次，這讓我們相信我們已準備好在本財年第四季度開始擴大生產並確認來自 Mohawk Valley 的收入。提醒一下，莫霍克谷是首創的晶圓廠，專門用於生產下一代碳化矽功率器件。我們正處於擴大莫霍克谷生產規模之前的最後階段，我在接下來幾個季度的首要任務之一是確保我們執行該計劃。

We have a strong team and clear strategy in place and are confident in our ability to deliver strong results for our shareholders. While there may be some variability in our short-term results as we qualify and scale the world's first 200-millimeter silicon carbide device fab while also scaling the first production of 200-millimeter silicon carbide wafers, we are well positioned to capitalize on the explosive growth that we see through the end of this decade.

我們擁有一支強大的團隊和明確的戰略，並且相信我們有能力為股東帶來強勁的業績。雖然我們的短期結果可能會有一些變化，因為我們合格並擴大了世界上第一家 200 毫米碳化矽設備工廠的規模，同時也擴大了 200 毫米碳化矽晶圓的首次生產，但我們已準備好利用爆炸性增長我們在本十年末看到的增長。

Now I'd like to turn the call over to Neill to discuss our quarterly results. Neill?

現在我想把電話轉給尼爾來討論我們的季度業績。尼爾？

Thank you, Gregg, and good afternoon, everyone. During the fiscal second quarter of 2023, we generated revenue of $216 million at the low end of our guidance range, which represents a 10% sequential decline when compared to the $241.3 million in the fiscal first quarter of 2023 and growth of approximately 25% year-over-year.

謝謝 Gregg，大家下午好。在 2023 財年第二季度，我們的收入為 2.16 億美元，處於我們指導範圍的低端，與 2023 財年第一季度的 2.413 億美元相比環比下降 10%，同比增長約 25% -超過一年。

As Gregg mentioned, we continue to see strong demand for our silicon carbide solutions. However, the supply chain issues we discussed last quarter caused variability in our quarterly revenue in the second quarter with equipment spare part shortages limiting our Durham fab output, while at the same time, we continue to work through the ramp of our taller 150-millimeter bulls. I am pleased to report that we have made significant progress on both issues and they are currently processing these improvements through our production cycle.

正如 Gregg 所提到的，我們繼續看到對我們的碳化矽解決方案的強勁需求。然而，我們上個季度討論的供應鏈問題導致我們第二季度的季度收入出現波動，設備備件短缺限制了我們達勒姆晶圓廠的產量，與此同時，我們繼續努力實現更高的 150 毫米公牛隊。我很高興地報告，我們在這兩個問題上都取得了重大進展，他們目前正在通過我們的生產週期處理這些改進。

In terms of our power devices, which grew approximately 48% in the quarter versus last year, we saw strong performance ahead of our expectations, mostly resolving the Durham spare parts supply chain issue we discussed last quarter. From a power device supply perspective, we now believe that we have achieved full capacity in our Durham wafer fab and virtually all future top line growth for power devices will come directly from the Mohawk Valley fab.

就我們的功率器件而言，本季度與去年相比增長了約 48%，我們看到了超出我們預期的強勁表現，主要解決了我們上個季度討論的 Durham 備件供應鏈問題。從功率器件供應的角度來看，我們現在相信我們的 Durham 晶圓廠已經實現了滿負荷生產，幾乎所有未來功率器件的收入增長都將直接來自 Mohawk Valley 晶圓廠。

From a materials perspective, we made very significant progress in improving yields on our taller 150-millimeter bulls. These yields are now comparable to our historical yields on shorter bulls. However, back-end wafer processing cycle times recovered later in the quarter than anticipated, resulting in lower-than-expected Q2 revenues for our materials products. We believe this past quarter represents the bottom of the revenue trough related to this issue as we exited the quarter at yields, cycle times and shipping rates that will all support future materials revenue growth.

從材料的角度來看，我們在提高 150 毫米高公牛的產量方面取得了非常顯著的進步。這些收益率現在可與我們的較短多頭的歷史收益率相媲美。然而，後端晶圓加工週期時間在本季度晚於預期恢復，導致我們材料產品的第二季度收入低於預期。我們認為上個季度是與此問題相關的收入低谷的底部，因為我們以收益率、週期時間和運費退出本季度，這些都將支持未來材料收入的增長。

During the quarter, we also saw weaker demand for RF products due to secular headwinds with recession-related pullback in 5G demand. This resulted in lower-than-expected revenue for RF devices, which we expect to remain weaker in the second half of this fiscal year.

在本季度，我們還看到由於長期逆風以及與衰退相關的 5G 需求回落，對 RF 產品的需求減弱。這導致射頻設備的收入低於預期，我們預計本財年下半年收入將保持疲軟。

Non-GAAP gross margin in the second quarter was 33.6% compared to 35.6% last quarter, and 35.4% in the prior year period, representing a 180 basis point decline year-over-year.

第二季度非美國通用會計準則毛利率為 33.6%，上一季度為 35.6%，去年同期為 35.4%，同比下降 180 個基點。

Gross margin was negatively impacted by the previously mentioned lower yields on the taller 150-millimeter bulls and lower output of the Durham fab due to the supply chain challenges. While we made significant progress on both issues in the quarter and expect to see improvement moving forward, they both represented a drag on gross margin during the second quarter.

由於供應鏈挑戰，較高的 150 毫米公牛的收益率較低以及 Durham 工廠產量較低，這對毛利率產生了負面影響。雖然我們在本季度的這兩個問題上都取得了重大進展，並預計未來會有所改善，但它們都拖累了第二季度的毛利率。

In addition, RF devices continue to be dilutive to our consolidated gross margin. As we discussed, because of the immense demand for our power devices, we have not been able to optimize the RF manufacturing footprint as we had previously planned. We expect our RF product line will negatively impact our consolidated gross margin by approximately (technical difficulty) basis points for the next few years.

此外，射頻設備繼續攤薄我們的綜合毛利率。正如我們所討論的，由於對我們的功率器件的巨大需求，我們無法按照我們之前的計劃優化 RF 製造足跡。我們預計我們的 RF 產品線將在未來幾年對我們的綜合毛利率產生大約（技術難度）基點的負面影響。

As a result of these items, we generated adjusted earnings per share of negative $0.11 in the fiscal second quarter compared to negative $0.04 a quarter ago and negative $0.16 in the same period last year. Notably, adjusted EPS this quarter was favorably impacted by approximately $0.05 of non-repeatable events in other income and tax. Excluding these nonrepeatable items from our earnings, we would have been at an approximately $0.16 loss per share during the quarter.

由於這些項目，我們在第二財季產生的調整後每股收益為負 0.11 美元，而上一季度為負 0.04 美元，去年同期為負 0.16 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收中約 0.05 美元的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，本季度我們的每股虧損約為 0.16 美元。

Before I discuss our guidance, I'll provide a quick overview of our balance sheet position. We ended the quarter with approximately $2.5 billion of cash and liquidity on our balance sheet to support our growth plans. DSO was 62 days, while inventory days on hand was 161 days, which is 26 days higher than Q1.

在討論我們的指導意見之前，我將簡要概述一下我們的資產負債表狀況。本季度結束時，我們的資產負債表上有大約 25 億美元的現金和流動資金來支持我們的增長計劃。 DSO 為 62 天，庫存庫存天數為 161 天，比第一季度增加 26 天。

Free cash flow during the quarter was negative $171 million, comprised of negative $67 million of operating cash flow and $104 million of net capital expenditures.

本季度的自由現金流為負 1.71 億美元，其中運營現金流為負 6700 萬美元，淨資本支出為 1.04 億美元。

During the quarter, we incurred start-up costs primarily related to the Mohawk Valley fab ramp, totaling approximately $38 million. Moving forward, we expect overall start-up and underutilization charges for Mohawk Valley to wind down as we ramp the fab included a non-GAAP adjustment for these start-up costs in the reconciliation table in our earnings release.

本季度，我們產生了主要與 Mohawk Valley 晶圓廠坡道相關的啟動成本，總計約 3800 萬美元。展望未來，我們預計 Mohawk Valley 的總體啟動和未充分利用費用會逐漸減少，因為我們在我們的收益發布中對這些啟動成本進行了非 GAAP 調整，包括對這些啟動成本的非 GAAP 調整。

In terms of our capital needs, since we last spoke, we have made great progress in securing funding for our greenfield facility construction and long-term capacity expansion plan. In November, we announced a successful convertible note offering anchored by one of our largest strategic partners, BorgWarner. We were extremely encouraged by the demand we see in the marketplace and believe it sets us up well to secure further funding.

在我們的資金需求方面，自我們上次發言以來，我們在為綠地設施建設和長期產能擴張計劃爭取資金方面取得了很大進展。 11 月，我們宣布成功發行由我們最大的戰略合作夥伴之一博格華納支持的可轉換票據。我們對市場上看到的需求感到非常鼓舞，並相信這使我們能夠很好地獲得更多資金。

Additionally, we are still evaluating other avenues of additional funding, including government funding in the United States and Europe as well as upfront customer payments or investments, the capital markets and debt. As we stated previously, cost of capital and potential dilution is top of mind for us when we are pursuing additional capital.

此外，我們仍在評估其他額外資金渠道，包括美國和歐洲的政府資金以及客戶預付款或投資、資本市場和債務。正如我們之前所說，當我們尋求額外資本時，資本成本和潛在稀釋是我們的首要考慮。

Now moving on to our fiscal third quarter outlook. We are targeting revenue in the range of $210 million to $230 million. Our revenue guidance reflects continued strong demand as well as supply execution improvement in both our power device and materials product lines, partially offset by continued softness in RF demand.

現在轉向我們的第三財季展望。我們的目標收入在 2.1 億美元至 2.3 億美元之間。我們的收入指引反映了持續強勁的需求以及我們功率器件和材料產品線的供應執行改善，部分被 RF 需求的持續疲軟所抵消。

Our Q3 non-GAAP gross margin is expected to be in the range of 32% to 34% as we expect to see some improvement in both power device and materials products, offset by RF weakness due to the lower volumes. We expect non-GAAP operating expenses of approximately $98 million to $100 million for the third quarter of fiscal 2023. We expect Q3 non-GAAP operating loss to be between $22 million and $30 million and nonoperating net loss to be approximately $3 million.

我們的第三季度非美國通用會計準則毛利率預計在 32% 至 34% 之間，因為我們預計功率器件和材料產品都會有所改善，但會被銷量下降導致的 RF 疲軟所抵消。我們預計 2023 財年第三季度的非 GAAP 運營費用約為 9800 萬至 1 億美元。我們預計第三季度非 GAAP 運營虧損將在 2200 萬至 3000 萬美元之間，非運營淨虧損約為 300 萬美元。

We believe that we will realize approximately $5 million to $7 million of non-GAAP tax benefits as a result and expect Q3 non-GAAP net loss to be between $15 million and $20 million or a loss of $0.12 to $0.16 per diluted share.

我們相信，我們將因此實現約 500 萬至 700 萬美元的非 GAAP 稅收優惠，並預計第三季度非 GAAP 淨虧損將在 1500 萬至 2000 萬美元之間，或每股攤薄虧損 0.12 至 0.16 美元。

Our non-GAAP EPS target excludes acquired intangibles amortization, non-cash stock-based compensation, project transformation and transaction costs, factory start-up and underutilization costs and other items as outlined in our press release today. As always, our Q3 targets are based on several factors that could vary greatly, including supply chain dynamics, overall demand, product mix, factory productivity and the competitive environment.

我們的非 GAAP 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、工廠啟動和未充分利用成本以及我們今天的新聞稿中概述的其他項目。一如既往，我們的第三季度目標基於幾個可能有很大差異的因素，包括供應鏈動態、總體需求、產品組合、工廠生產力和競爭環境。

With that, let me pass it back to Gregg for his closing remarks.

有了這個，讓我把它傳回給格雷格，讓他發表閉幕詞。

Thanks, Neill. Despite some macroeconomic pressures on the silicon semiconductor market, we are confident in our long-term outlook and the strong secular trend for the demand for silicon carbide. Our design-in number continues to be robust, and the opportunity pipeline remains at a staggering $40 billion.

謝謝，尼爾。儘管矽半導體市場面臨一些宏觀經濟壓力，但我們對我們的長期前景和碳化矽需求的強勁長期趨勢充滿信心。我們的設計數量繼續保持強勁，機會渠道仍然達到驚人的 400 億美元。

We have a strong pipeline of design-ins across a wide range of applications, including automotive, industrial and energy. We are increasingly well positioned to capture a significant share of this opportunity and are committed to investing in the necessary infrastructure to support our growth.

我們擁有強大的設計管道，涵蓋廣泛的應用領域，包括汽車、工業和能源。我們越來越有能力抓住這一機會的重要份額，並致力於投資必要的基礎設施以支持我們的增長。

As far as our infrastructure goes, our focus on ramping Mohawk Valley will allow us to better scale our power device production, while our 200-millimeter materials capacity also scales. The learnings from Mohawk Valley have given us a blueprint on how we'll approach the construction and ramp of our next fab. We should have an update for you on those plans very soon.

就我們的基礎設施而言，我們專注於擴大莫霍克谷將使我們能夠更好地擴大我們的功率器件生產規模，同時我們的 200 毫米材料產能也會擴大。莫霍克谷的經驗為我們提供了一個藍圖，說明我們將如何處理下一個晶圓廠的建設和坡道。我們應該很快就會為您更新這些計劃。

The immense demand for both merchant and captive materials gives us further confidence in our decision to expand the Durham materials footprint and build The JP, dramatically expanding our materials capacity. This factory will be a game changer for our business and will allow us to increase supply at unprecedented levels compared to what is currently in the marketplace.

對商業材料和專屬材料的巨大需求使我們對擴大達勒姆材料足跡和建造 JP 的決定更有信心，從而顯著擴大了我們的材料能力。這家工廠將改變我們的業務，使我們能夠以前所未有的水平增加供應，與目前的市場相比。

We were encouraged by our convertible note offering in November, and we are focused on effectively deploying this capital to further our capacity expansion plans and generate returns for our shareholders. Now there will be challenges as we ramp our new facilities but we will [tap] them quickly and use our 35 years of experience to resolve them and keep progressing forward.

我們對 11 月份發行的可轉換票據感到鼓舞，我們專注於有效地部署這筆資金，以推進我們的產能擴張計劃並為我們的股東創造回報。現在，隨著我們擴建新設施，將會遇到挑戰，但我們會迅速[挖掘]它們，並利用我們 35 年的經驗來解決它們並繼續前進。

And now I'd like to turn it over to the operator for questions.

現在我想把它交給接線員提問。

(Operator Instructions) Our first question is from Harsh Kumar with Piper Sandler.

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

Gregg, I wanted to ask about the revenue levels that came into the December quarter relative to perhaps what we were thinking. You talked about a couple of things. You talked about some bull-related issues. There were some equipment issues with your older fab in Durham. And then you also talked about back-end issues in the materials business. I was curious if you could help us think about maybe what -- I'm not asking for exact splits, but what the contribution was, the revenue mesh from maybe each of these factors or if there was one that was materially bigger than the other?

Gregg，我想問一下 12 月季度的收入水平與我們的想法有關。你談到了幾件事。你談到了一些與公牛有關的問題。您在達勒姆的舊工廠存在一些設備問題。然後你還談到了材料業務的後端問題。我很好奇你是否可以幫助我們考慮可能是什麼——我不是要求精確分割，而是貢獻是什麼，可能來自這些因素中的每一個的收入網，或者是否有一個比另一個更大？

And also, I noticed that the cadence of guidance going forward is a lot smaller than what you typically give. Your midpoint is only $4 million, $5 million higher. Is that because you are being conservative? Or you want to get a bigger better handle on these issues before you go back to guiding sort of bigger increases? And then I have a follow-up.

而且，我注意到前進的指導節奏比你通常給出的要小得多。你的中點只有 400 萬美元，高出 500 萬美元。那是因為你很保守嗎？或者你想在你回去指導更大的增長之前更好地處理這些問題？然後我有一個後續行動。

Harsh, this is Neill. Let me take a shot here to start. There's a -- like you said, there's a lot of moving pieces here. Let me just unpack that a little bit and then maybe think a little bit about where we're headed moving forward just based on some of the comments you made there.

刺耳，這是尼爾。讓我先從這裡開始。有一個 - 就像你說的，這裡有很多動人的作品。讓我稍微解開一下，然後根據您在那裡發表的一些評論，考慮一下我們前進的方向。

So first of all, let me just say, overall, we're continuing to see very, very strong demand across both power devices and materials. And as we previously discussed, for both of those areas, that's going to be much more of a supply situation rather than it being a demand situation. So bringing on supply is really the critical focus there.

所以首先，我只想說，總的來說，我們繼續看到對功率器件和材料的需求非常非常強勁。正如我們之前討論的那樣，對於這兩個領域，這將更多地是供應情況，而不是需求情況。因此，增加供應確實是那裡的關鍵焦點。

But what we did see in the quarter was a weakening in RF. RF markets were weaker. We did see some orders pushed out in the quarter. I mean if you look back just to -- back to Q1 versus what our outlook is this quarter, it's approximately a 25% decrease. So as you look into Q3 and Q4 and even in the back half of the year, it's about a $15 million decrease in revenue versus what our prior kind of expectations are. So weakening from a demand perspective and RF is a piece of this.

但我們在本季度確實看到了 RF 的疲軟。射頻市場走弱。我們確實看到一些訂單在本季度被推遲。我的意思是，如果你回顧一下 - 回到第一季度與我們本季度的展望相比，它大約下降了 25%。因此，當您查看第三季度和第四季度，甚至在今年下半年，與我們之前的預期相比，收入減少了約 1500 萬美元。所以從需求的角度來看，RF 是其中的一部分。

Now you pointed out a couple of other areas. We had 2 issues last quarter we talked about. One was the lower yield than the 150-millimeter bulls and the taller bulls on 150-millimeter. As we said in the prepared remarks, those issues have been resolved from a yield perspective. It took a little bit longer in the quarter to get to the cycle times and throughput. So we built a bit of inventory. So the shipping rates at the end of the quarter were a little bit slower. We saw that in increased inventory. But essentially, we are at the bottom of that issue, and we are on our way back up.

現在你指出了其他幾個領域。上個季度我們討論了 2 個問題。一是產量低於 150 毫米公牛和 150 毫米公牛的較高公牛。正如我們在準備好的評論中所說，這些問題已經從收益率的角度得到解決。本季度需要更長的時間才能達到週期時間和吞吐量。所以我們建立了一些庫存。因此，本季度末的運費略有下降。我們在庫存增加中看到了這一點。但從本質上講，我們處於該問題的底部，並且正在恢復。

The last one there was just on the Durham fab. So from a Durham fab perspective, we had some supply chain issues. This actually came in better than we anticipated. But for all intent and purpose now, the Durham fab is capped. We talked at Investor Day about a $400 million annual revenue coming out of Durham fab for power devices. That's about $100 million a quarter, and we're going to be capped on that until we start ramping up Mohawk Valley. So I would think about future significant builds in revenue from a power device perspective are going to be coming from ramping up Mohawk Valley.

最後一個就在達勒姆工廠。因此，從達勒姆晶圓廠的角度來看，我們遇到了一些供應鏈問題。這實際上比我們預期的要好。但就目前的所有意圖和目的而言，達勒姆晶圓廠已被封頂。我們在投資者日談到達勒姆功率器件工廠的年收入為 4 億美元。這大約是每季度 1 億美元，在我們開始擴大 Mohawk Valley 之前，我們將限制這一數額。因此，我認為從功率設備的角度來看，未來收入的顯著增長將來自莫霍克谷的擴張。

And Harsh, I would just add to that. We're at an inflection point right now where we are running material through Mohawk Valley. We are planning for revenue coming out of that factory in the fourth quarter as we -- fourth quarter of this fiscal year as we qualify the product. The yields that we're seeing on the preproduction runs right now give us substantial confidence in being able to do that. And in fact, they're running higher than we would have anticipated at this point. So we're really, really happy with that.

Harsh，我只想補充一點。我們現在正處於一個轉折點，我們正在通過莫霍克谷運行材料。我們計劃在第四季度從該工廠獲得收入——本財年第四季度，因為我們對產品進行了鑑定。我們現在在試生產運行中看到的產量使我們對能夠做到這一點充滿信心。事實上，它們的運行速度比我們此時預期的要高。所以我們對此非常非常滿意。

And I think as we ramp this facility, which, again, recall just 3 years ago was a field of mud, we're going to see a substantial increase in capacity coming online, which obviously will help us satisfy that substantial demand that's out there.

我認為，隨著我們擴建這個設施，再次回想一下，就在 3 年前還是一片泥濘，我們將看到上線產能大幅增加，這顯然將幫助我們滿足現有的大量需求.

Very helpful guys. And for my follow-up, actually, it's a good segue into the Mohawk Valley schedule. So very pleased to hear fourth quarter, which is June quarter for revenue ramp. I've been already getting some questions from investors on how we should think about the revenue scaling to happen there. You've got a lot of pent-up demand, Gregg, and I think the industry relies on basically 2 or 3 guys for much of the production of the vertical production, 2 guys actually, you're one of them. And so help us think about, if possible, how the scaling will happen for that fab as the rest of the calendar year goes on?

非常有幫助的人。實際上，對於我的後續行動，這是對莫霍克山谷日程安排的一個很好的延續。很高興聽到第四季度，即收入增長的六月季度。我已經從投資者那裡收到了一些關於我們應該如何考慮在那裡發生的收入增長的問題。格雷格，你有很多被壓抑的需求，我認為這個行業基本上依賴 2 或 3 個人來完成垂直製作的大部分製作，實際上是 2 個人，你就是其中之一。因此，請幫助我們考慮，如果可能的話，隨著日曆年剩餘時間的推移，該晶圓廠的規模將如何發生？

Well, I'll kick it off and then Neill can talk a little bit more detail. So we're anticipating revenue from that fab kind of think of it in the single-digit millions of dollars in that June quarter in the fourth quarter. And then we would be ramping up beyond that. We're ramping up the supply of the 200-millimeter wafers for that at the same time. There's probably going to be some puts and takes, and we'll also ramp it up and I would describe it as a methodical process. So it's not just sort of turn on everything at once. But we're very, very pleased with what's happening with the yields, as I mentioned. Both the device yield and the process yields are looking really, really good right now. We expected that to eventually be the case. It's actually happening earlier than we anticipated.

好吧，我先開始，然後 Neill 可以談得更詳細一些。因此，我們預計該晶圓廠的收入在第四季度的那個六月季度將達到數百萬美元。然後我們將超越這一點。我們正在同時增加 200 毫米晶圓的供應。可能會有一些投入和投入，我們也會增加它，我會把它描述為一個有條不紊的過程。所以它不僅僅是一次打開所有東西。但正如我提到的，我們對收益率的變化非常非常滿意。設備良率和工藝良率現在看起來都非常非常好。我們預計最終會是這樣。它實際上發生得比我們預期的要早。

Yes. And just to kind of frame up the revenue, as Gregg said, we thought we'd probably have around single-digit kind of millions of revenue, maybe even in Q3 and more substantial growth in Q4, we start to ramp up the fab. But we'll see that push out about a quarter at this point. But it's going to be a lot of moving pieces. Look, we're bringing up the first, as Gregg mentioned, the first 200-millimeter substrates, we're bringing up the Mohawk Valley fab for the first time. We're in the middle of qualification lots. We're matching that up with customer schedules in terms of qualification. So a lot of moving pieces, so that will probably create some variability here as we move forward.

是的。正如 Gregg 所說，只是為了構建收入，我們認為我們可能會有大約數百萬的收入，甚至可能在第三季度和第四季度有更大幅度的增長，我們開始擴大工廠。但我們會看到此時推出大約四分之一。但這將是很多動人的部分。看，正如 Gregg 提到的，我們正在推出第一個 200 毫米基板，我們將首次推出 Mohawk Valley 晶圓廠。我們正處於資格批次的中間。我們在資格方面將其與客戶時間表相匹配。有很多動人的部分，所以隨著我們的前進，這可能會在這裡產生一些變化。

But from where we sit today, we really are on the cusp of bringing this project we've been working on for multiple years and bringing it to reality.

但從我們今天所處的位置來看，我們確實正處於將我們多年來一直致力於的這個項目變為現實的風口浪尖。

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。

Maybe just a follow up on Harsh's question because there's been a lot of intense focus around the exact timing of Mohawk Valley ramp. Neill, you said there's a bit of a push out here. As you alluded to, I think people are expecting some minimal revenue in the March quarter and then ramping through the back half of fiscal '23. Now it's June, so it's a quarter behind. Is this a bull back-end processing issue? Is it customer calls taking longer? I guess just a sense of maybe pinpointing what the issues are. I know there's moving pieces, but it almost sounds like as you're navigating this, maybe frame for us kind of how you feel about the June quarter, these issues not repeating and maybe having even further push outs? And then I have a follow-up.

也許只是對 Harsh 的問題進行跟進，因為人們非常關注莫霍克谷斜坡的確切時間。尼爾，你說這裡有點推動力。正如你所提到的，我認為人們預計 3 月份季度的收入會很少，然後會在 23 財年的後半段增加。現在是六月，所以它落後了四分之一。這是牛後端處理問題嗎？客戶電話是否需要更長的時間？我想只是一種可能查明問題所在的感覺。我知道有一些動人的部分，但它幾乎聽起來就像你正在瀏覽這個，也許你對 6 月季度的感受是我們的框架，這些問題沒有重複，甚至可能有進一步的推出？然後我有一個後續行動。

Yes. Thanks a lot, Brian. I would say that we're ramping this in kind of a conservative type way. We are bringing together, first off, the world's first 200-millimeter silicon carbide wafer fab on the world's first 200-millimeter silicon carbide wafers. So there's a lot of variability in here. We're very, very pleased with what's the results out of the fab right now. But the last thing we want to do after 3 years of hard work has sort of dropped the ball right as we go into the end zone.

是的。非常感謝，布萊恩。我會說我們正在以一種保守的方式來增加它。我們將首先在全球首個 200 毫米碳化矽晶圓上打造全球首個 200 毫米碳化矽晶圓廠。所以這裡有很多可變性。我們對現在工廠的結果非常非常滿意。但經過 3 年的努力，我們最不想做的事情就是在我們進入端區時丟球。

So we're going to ramp it up in a very methodical way. We've got material running through the factory right now. As I mentioned, it's looking really good. We anticipate qualifying it and then shipping this first few millions of dollars of revenue in the June quarter. We've got customers lined up for that, and then we'll be ramping in the following quarters as well. So I think we feel pretty confident at this point that we'll be able to do that. There's going to be some puts and takes. We still have to qualify. But based on all the data we see today, we feel pretty confident in that.

所以我們將以一種非常有條理的方式提高它。我們現在有材料通過工廠。正如我提到的，它看起來非常好。我們預計將對其進行資格審查，然後在 6 月季度交付前幾百萬美元的收入。我們已經有客戶為此排隊，然後我們也將在接下來的幾個季度中增加。所以我認為我們在這一點上非常有信心我們能夠做到這一點。會有一些投入和需要。我們仍然需要獲得資格。但根據我們今天看到的所有數據，我們對此非常有信心。

Okay. Fair enough. And then a follow-up for you, Gregg. I think you mentioned the design-ins, I call it a 46% kind of conversion number. I think you were talking about in terms of projects. So I'm taking that to assume its units. Is there somewhat of a kind of similar conversion metric you can provide in terms of design-ins to revenue, just whether that's in the quarter or something you've seen cumulatively, and if that's sort of the right framework to think about success on the design-in pipeline going forward?

好的。很公平。然後是你的後續行動，格雷格。我想你提到了設計插件，我稱之為 46% 的轉化率。我想你是在談論項目。所以我用它來假設它的單位。是否有某種類似的轉換指標可以在收入設計方面提供，無論是在本季度還是您累積看到的東西，如果這是考慮成功的正確框架設計管道向前發展？

Sure, Brian. So when we talk about that 46% number, that's the 46% of the design-ins that we have, have transitioned from design-in to design win, which means we're starting to ship initial production volume. So it's a percentage of the projects, it's not a percentage of the total dollars, it's a percentage of the project. So think of it as 46% of the projects that we've won, where customers have given us a design-in have now transitioned into that initial phase of production ramp, which is, it really remains an astounding percentage to me. It's a lot faster than I would have anticipated. Most of those are going to be more industrial-type projects because they typically have a shorter ramp profile compared to automotive. But we're seeing good traction on the automotive ones as well. So that's how to think about that.

當然，布賴恩。因此，當我們談論 46% 的數字時，那是我們擁有的 46% 的設計，已經從設計過渡到設計獲勝，這意味著我們開始交付初始生產量。所以它是項目的百分比，不是總美元的百分比，而是項目的百分比。因此，將其視為我們贏得的項目中的 46%，其中客戶為我們提供了設計，現在已經過渡到生產坡道的初始階段，也就是說，這對我來說確實是一個驚人的百分比。這比我預期的要快得多。其中大多數將是更多的工業類型項目，因為與汽車相比，它們通常具有更短的坡道曲線。但我們也看到了汽車行業的良好牽引力。這就是思考的方式。

Okay. But presumably, unless the project values, the project scope were to change, the projects converting at 46% or so would also translate pretty similarly on a dollar basis?

好的。但據推測，除非項目價值、項目範圍發生變化，否則轉換率為 46% 左右的項目在美元基礎上也會非常相似地轉換嗎？

Yes. And what we do from a forecasting perspective is we start with, obviously, our overall opportunity pipeline and then we have design-ins. And when we look at going from design-ins to revenue, we put a pretty conservative filter on that, assuming some projects aren't going to make it all the way through. Some customers are going to not go into production with the project. A lot of things can happen in between now and then. So we have put a pretty conservative factor on there in terms of kind of framing the revenue compared to what the design-ins are. And that 46% number gives us a lot of confidence in the amount of conservatism we've had on that.

是的。從預測的角度來看，我們所做的是，顯然，我們從整體機會管道開始，然後進行設計。當我們考慮從設計到收入的過程時，我們對其進行了相當保守的過濾，假設某些項目不會一直完成。一些客戶不會將該項目投入生產。從現在到那時可能會發生很多事情。因此，與設計收入相比，我們在構建收入方面設置了一個非常保守的因素。而這個 46% 的數字讓我們對我們在這方面的保守主義程度充滿信心。

Our next question comes from Samik Chatterjee with JPMorgan.

我們的下一個問題來自摩根大通的 Samik Chatterjee。

I guess for the first one in near term, and then maybe a longer-term question on the second one. I know last quarter there was the guidance about sort of exiting fiscal 2Q or the December quarter at roughly $1 billion run rate of revenue. And based on sort of your commentary today, it seems more you're saying the scaling to that $1 billion sort of revenue run rate even when we think about fiscal 4Q, if you sort of put Mohawk aside, is maybe a bit difficult because RF demand has moderated and essentially, your turnover is a bit more gap in terms of power devices. Am I getting that right? In terms of even moving sequentially from higher from March to June, it sounds like you're saying it's a bit more limited in terms of getting to that $1 billion run rate? Or is that unchanged? And then I have a follow-up.

我猜第一個問題是近期的，然後可能是第二個問題的長期問題。我知道上個季度有關於以大約 10 億美元的收入運行率退出第二財季或 12 月季度的指導。根據你今天的評論，你似乎更像是在說，即使我們考慮第四財季，將收入運行率擴大到 10 億美元，如果你把莫霍克放在一邊，可能有點困難，因為 RF需求有所緩和，從本質上講，您的營業額在功率器件方面的差距更大。我說得對嗎？就從 3 月到 6 月從更高的順序移動而言，聽起來你是說它在達到 10 億美元的運行率方面有點受限？還是那不變？然後我有一個後續行動。

Yes. I think that's mostly correct. So let me just maybe just frame it up a bit just to make sure we're all kind of on the same page here. I think as we looked at this back in October and we were looking at this quarter, given the tolerable yield issues, the supply chain challenges and the Durham fab, our anticipation was to be maybe meeting that kind of $1 billion run rate, kind of $0.25 billion revenue number run rate sometime during Q3. As you can think about that as [2.25 -- between 2.25 and 2.50] sometime in Q3.

是的。我認為這大部分是正確的。因此，讓我稍微整理一下，以確保我們都在同一頁面上。我認為，當我們在 10 月份回顧這個問題時，我們正在關注這個季度，考慮到可容忍的產量問題、供應鏈挑戰和達勒姆工廠，我們的預期可能會達到那種 10 億美元的運行率，有點像第三季度某個時候 2.5 億美元的收入數字運行率。你可以將其視為 [2.25 -- 在 2.25 和 2.50 之間] 在第三季度的某個時候。

Now RF has been a drag on that with the demand about $15 million a quarter. And we did anticipate having some revenue from Mohawk Valley, some smaller amounts potentially in the quarter, and that has now pushed out. So as you start to think about revenue timing going forward, with Durham now, I would say, essentially capped in what we had here, we see the RF numbers kind of staying lower. We're going to get a little bit of benefit off of the better yields and shipping rates in materials. So what we'll see here is it's really going to be a function of when and how we ramp Mohawk Valley.

現在 RF 拖累了這一點，每季度的需求約為 1500 萬美元。我們確實預計莫霍克谷會有一些收入，本季度可能會有一些較小的收入，現在已經推遲了。因此，當你開始考慮未來的收入時間時，我想說，現在達勒姆基本上限制在我們這裡的收入範圍內，我們看到 RF 數字保持較低水平。我們將從材料的更高產量和運費中獲得一些好處。所以我們將在這裡看到的是，它真的取決於我們何時以及如何斜坡莫霍克谷。

So essentially, our revenue and even our margins for that matter, will really be a function of the timing of Mohawk Valley. So it will be somewhat limited in the amount of revenue we can drive in the back half of this year outside of RF until we start bringing on more supply from Mohawk Valley, and that timing is -- I think all roads are going to lead to Mohawk Valley in that sense.

因此，從本質上講，我們的收入，甚至我們的利潤率，都將真正取決於莫霍克谷的時機。因此，在我們開始從莫霍克谷帶來更多供應之前，我們今年下半年在 RF 之外可以帶來的收入數量將有所限制，而那個時機是——我認為所有的道路都會通向從這個意義上說，莫霍克谷。

And for my follow-up, I saw in your press release, you announced the partnership that you have with ZF and their press reports out there indicating you have agreement in terms of a new plant in Germany. Sort of maybe sort of a 2 part, one, sort of, it seems like what you're indicating is you haven't really confirmed I made a decision yet on the new fab in Germany. And secondly, sort of, tilting more towards Tier 1 suppliers like ZF and BorgWarner with some of your capacity announcements, is that a change versus how you wanted to go to market with more sort of direct approach to the OEMs in the past? Just curious, sort of, given that more recently, you've been more sort of announcing engagement with the Tier 1s.

對於我的後續行動，我在你的新聞稿中看到，你宣布了與 ZF 的合作夥伴關係，他們的新聞報導表明你已就在德國的新工廠達成協議。有點像兩部分，一個，有點，你的意思似乎是你還沒有真正確認我對德國的新工廠做出了決定。其次，在某種程度上，通過您的一些產能公告更多地向 ZF 和 BorgWarner 等一級供應商傾斜，這是否與您過去希望通過更直接的 OEM 接觸進入市場的方式有所不同？只是好奇，考慮到最近，您更傾向於宣布與一級供應商的合作。

Yes. Thanks for the question. And recently, in fact, in early January, we made an announcement together with Mercedes. So we've had a consistent sort of theme of both Tier 1s and the OEMs in terms of announcements. OEMs that have been announced have been General Motors, Jaguar Land Rover, Mercedes, Tier 1s, of course, ZF, BorgWarner, number of others as well. So there's no change in that. I think we've been pretty consistent that we've been winning long-term agreements with both the OEMs and the Tier 1s. And as this transition from internal combustion engine to EV has such a dramatic change for the automotive makers, I think you're going to see a lot of engagement in both of those.

是的。謝謝你的問題。最近，事實上，在 1 月初，我們與梅賽德斯一起發布了公告。因此，就公告而言，我們對一級供應商和原始設備製造商都有一致的主題。已宣布的原始設備製造商有通用汽車、捷豹路虎、梅賽德斯、Tier 1s，當然還有採埃孚、博格華納以及其他許多公司。所以這沒有改變。我認為我們一直非常一致地贏得了與原始設備製造商和一級供應商的長期協議。由於從內燃機到電動汽車的這種轉變對汽車製造商來說發生瞭如此巨大的變化，我認為你會看到很多人參與其中。

In terms of our next fab, we mentioned at our Investor Day that the demand for our products is so strong that we need to have a new fab in place kind of ramping up in the 2027 time frame. If you subtract then from that the amount of time it would take us to build and ramp that factory. It says that we need to be starting to put that thing in place in 2023. And so what I would say is just kind of stay tuned for that. We've got a lot of work going on there. And as we make announcements on that, we'll be able to comment on it.

就我們的下一個晶圓廠而言，我們在投資者日提到，對我們產品的需求如此強勁，以至於我們需要在 2027 年的時間框架內建立一個新的晶圓廠。如果你從中減去我們建造和擴建該工廠所需的時間。它說我們需要在 2023 年開始實施。所以我想說的是敬請期待。我們在那裡有很多工作要做。當我們就此發佈公告時，我們將能夠對此發表評論。

Our next question is from Gary Mobley with Wells Fargo.

我們的下一個問題來自富國銀行的 Gary Mobley。

I had a follow-up on the potential for new silicon carbide wafer processing facility since you brought it up in your prepared remarks, Gregg, I'll probe a little bit deeper. The potential for that with a joint venture. Would that mean the joint venture partner would take the bulk of the output of that facility, if not all of it, not too dissimilar from BorgWarner and Mohawk Valley? And how would such a build impact fiscal year '24 CapEx relative to prior communication?

自從你在準備好的評論中提到新的碳化矽晶圓加工設施後，我就對它進行了跟進，Gregg，我會更深入地探討一下。合資企業的潛力。這是否意味著合資夥伴將獲得該設施的大部分產出（如果不是全部），與博格華納和莫霍克谷沒有太大區別？相對於之前的溝通，這樣的構建將如何影響 24 財年的資本支出？

Yes. So what I would say is we really can't get into a lot of details on that. I would say just kind of stay tuned on that, and then we can be very, very clear.

是的。所以我要說的是，我們真的無法深入了解這方面的很多細節。我想說的是，請繼續關注這一點，然後我們就會非常非常清楚。

And I'll add there, Gary, just from a CapEx perspective, when we laid out the plan again of October as it relates to CapEx, I mean, as I've mentioned before, that really includes everything. We knew at that point we would need a second fab and a materials facility and what we've laid out from a capital planning perspective includes all of those things. And right now, we don't see that any differently.

我要補充一點，加里，只是從資本支出的角度來看，當我們在 10 月份再次製定與資本支出相關的計劃時，我的意思是，正如我之前提到的那樣，這確實包括了一切。那時我們知道我們需要第二個晶圓廠和一個材料設施，我們從資本規劃的角度製定的包括所有這些東西。而現在，我們沒有看到任何不同。

Got it. Got it. For my follow-up, when you announced Siler City, I believe the communication was that all that 200-millimeter output would be consumed internally. Has that view changed at all? Or will you be supporting some of these merchant LTSA wafer supply agreements with some of that output. And then maybe if you can just give us a sense of the trajectory of your wafer-related shipments based on some of these new LTSAs?

知道了。知道了。對於我的後續行動，當你宣布 Siler City 時，我相信傳達的信息是所有 200 毫米的輸出都將在內部消耗。這種看法有沒有完全改變？或者您是否會支持這些商業 LTSA 晶圓供應協議中的一些輸出。然後，也許您可以根據其中一些新的 LTSA 讓我們了解一下您與晶圓相關的出貨量的軌跡？

Yes. So basically, we're at the early phase of really ramping up 200 millimeter, and we're doing all we can to ramp it up and feed the Mohawk Valley fab. And we're also doing all we can to drive the cost and the commercialization of that product to a point where we can decide at that point what makes sense from a long-term agreement perspective.

是的。所以基本上，我們正處於真正增加 200 毫米的早期階段，我們正在盡我們所能來增加它並為莫霍克谷晶圓廠提供食物。我們也在竭盡全力推動該產品的成本和商業化，使我們可以在那時決定從長期協議的角度來看什麼是有意義的。

At this point, it's looking like the vast majority of what we'll do at The JP now will be 200-millimeter. We do have the ability if we wanted to, to run 150-millimeter there. So if there was continued need and demand for 150-millimeter, we could do that at The JP facility. But yes, the vast majority of what we're going to be doing in The JP is going to be the 200-millimeter.

在這一點上，看起來我們現在在 JP 所做的絕大部分工作都是 200 毫米。如果我們願意，我們確實有能力在那裡跑 150 毫米。因此，如果對 150 毫米有持續的需求和需求，我們可以在 JP 工廠做到這一點。但是，是的，我們將在 JP 中做的絕大部分將是 200 毫米。

Our next question comes from Colin Rusch with Oppenheimer.

我們的下一個問題來自 Colin Rusch 和 Oppenheimer。

Folks are getting a little bit more mature in the auto industry around their platforms. Can you talk a little bit about the cycle times that you're seeing in terms of some of the design-ins as they look at scaling some of these platforms into multiple vehicles and moving into multiple geographies?

圍繞他們的平台，人們在汽車行業中變得更加成熟。您能否談談您在一些設計方面看到的周期時間，因為他們正在考慮將其中一些平台擴展到多種車輛並進入多個地區？

I would say we're seeing a couple of different things. First off, the cycle from when a customer begins thinking about implementing a new platform to when it goes into production, is still in that kind of that 4- to 5-year range, I would say. Some of the more startup-type companies can be a little bit faster, but that's kind of the range. What I would say is happening, though, is customers are taking the platform that they're going to use for vehicle X, and they're reusing it for vehicle Y. And so obviously, the cycle time for that is dramatically shorter to be able to just kind of rinse and repeat and reapply the same platform for another vehicle. And we've seen that numerous times across just about, I don't know, about all of our design wins, but many of our design wins, we've seen where we were in 1 platform and now we're in 2 and now it's 4. And I think that kind of is driving some of the steeper ramp that we're seeing in the demand for the product.

我會說我們看到了一些不同的東西。首先，我會說，從客戶開始考慮實施新平台到投入生產的周期仍處於 4 到 5 年的範圍內。一些更多的創業型公司可能會更快一點，但這就是范圍。不過，我想說的是，客戶正在使用他們將用於車輛 X 的平台，並將其重新用於車輛 Y。很明顯，這樣做的周期時間大大縮短了能夠只是沖洗和重複並為另一輛車重新應用相同的平台。我們已經看到無數次，我不知道，關於我們所有的設計勝利，但我們的許多設計勝利，我們已經看到我們在 1 個平台中的位置，現在我們在 2 和現在是 4。我認為這種情況正在推動我們在產品需求中看到的一些更陡峭的斜坡。

All right. That's super helpful. And then in terms of some of the industrial applications, are you seeing anything new on the horizon that are real accelerants in terms of demand for you guys? Are there areas outside of automotive that are real highlights that we could think about as demand overs for fiscal '24 and '25?

好的。這非常有幫助。然後就某些工業應用而言，您是否看到地平線上的任何新事物在對你們的需求方面是真正的促進劑？汽車以外的領域是否有真正的亮點，我們可以將其視為 24 財年和 25 財年的需求？

We're seeing a lot of different applications. They tend to all be small individually and collectively, they can be large. That's anything that's basically converting energy at a high-power or a high-voltage range is, is really making a move towards silicon carbide. We're seeing that in solar systems. Wind systems are doing the same thing in terms of green energy server farms. We've got design-ins into non-vehicle but other transportation applications like vertical takeoff and landing equipment. And personal watercraft is another example where people are -- customers are designing it in.

我們看到了很多不同的應用程序。它們往往單獨和集體都很小，它們可能很大。這就是基本上在高功率或高電壓範圍內轉換能量的任何東西，實際上正在向碳化矽邁進。我們在太陽系中看到了這一點。就綠色能源服務器場而言，風能係統正在做同樣的事情。我們已經設計了非車輛但其他運輸應用程序，如垂直起降設備。個人船隻是另一個例子——客戶正在設計它。

So yes, we're seeing it across a large number of different kinds of industrial applications. And in this regard, it's really the exposure we have to that is really led by Arrow. That's done a really terrific job of getting us access to their footprint to be able to engage with customers.

所以是的，我們在大量不同類型的工業應用中看到了它。在這方面，真正由 Arrow 領導的是我們所擁有的曝光率。這在讓我們獲得他們的足跡以便能夠與客戶互動方面做得非常出色。

From a sales perspective, we have a relatively limited footprint in Arrow, that's the largest sales footprint in the world. And so they're able to go after customers across all different geographies and sizes to be able to penetrate that market and evangelize silicon carbide.

從銷售的角度來看，我們在 Arrow 的足跡相對有限，這是世界上最大的銷售足跡。因此，他們能夠追逐所有不同地域和規模的客戶，從而能夠滲透該市場並宣傳碳化矽。

Our next question is from Jed Dorsheimer with William Blair.

我們的下一個問題來自 Jed Dorsheimer 和 William Blair。

Gregg, first one to you, if you would, and I don't want to trivialize how difficult it is in terms of what you're doing with 200-millimeter. But as you've sort of -- as we've gone through this process over the past 3 years and kind of forging this path, are there any lessons that you can share in terms of areas that things have kind of gone better in areas that maybe have gone a little bit worse that kind of gets you to the end result? And I'm asking this question kind of on the eve of -- or in the -- when you do announce that second fab, how to sort of gauge time line relative to this first fab? And then I have a follow-up question.

Gregg，第一個給你，如果你願意的話，我不想貶低你用 200 毫米做的事情有多麼困難。但是正如你所了解的那樣——我們在過去 3 年中經歷了這個過程，並在某種程度上開闢了這條道路，你是否可以分享一些經驗教訓，在某些領域，事情已經變得更好了？這可能會變得更糟，讓你得到最終結果？當你宣布第二家晶圓廠時，我會在前夕或在問這個問題，如何衡量相對於第一家晶圓廠的時間線？然後我有一個後續問題。

I would say a couple of things. First off, we built this fab during a crisis, and we weren't expecting that. And nevertheless, 3 years from when it was a field of mud to today, we're beginning production. It's actually quite astounding, I think, what the team has accomplished. So -- and I think they did that through really a good plan but probably more importantly, a good adjustment when we were thrown curve balls and so forth. And you guys remember all those curve balls were.

我會說幾件事。首先，我們在危機期間建造了這座晶圓廠，這是我們沒有預料到的。儘管如此，從一片泥濘到今天的 3 年，我們開始生產了。我認為，團隊所取得的成就實際上非常令人震驚。所以 - 我認為他們通過一個非常好的計劃來做到這一點，但可能更重要的是，在我們被拋出曲線球等時進行了良好的調整。你們還記得所有那些曲線球。

The second thing that I would say is from a super positive side of things, the decision to go fully 200-millimeter and to go fully automated was really solid. Originally, we were saying, well, maybe we'll start it at 150-millimeter and then convert it to 200-millimeter, I think that would have been such a distraction. We had to get to a point where we were confident in 200-millimeter, but we did get to that point, oh, gosh, it was maybe 2 years ago, I think. And I think kind of thank goodness, we did that because I think it would have been really difficult to convert a 150-millimeter fab to 200-millimeter. And I think the automation has been just stunningly awesome for us. I was talking to the team about process yield expectations and so forth. And the fact that we don't have humans interacting with these wafers that can be pretty brutal has been really positive.

我要說的第二件事是從事情的超級積極方面來看，完全採用 200 毫米並採用完全自動化的決定非常可靠。最初，我們說，好吧，也許我們會以 150 毫米開始，然後將其轉換為 200 毫米，我認為那會讓人分心。我們必須達到我們對 200 毫米充滿信心的程度，但我們確實達到了那個程度，哦，天哪，我想那可能是 2 年前的事了。我覺得有點謝天謝地，我們這樣做是因為我認為將 150 毫米晶圓廠轉換為 200 毫米真的很困難。而且我認為自動化對我們來說真是太棒了。我正在與團隊討論工藝產量預期等問題。事實上，我們沒有人與這些可能非常殘酷的晶圓進行交互，這確實是積極的。

So I would say that's all -- I think those are some of the positive things. I think we've had obviously a number of different challenges, but I think the experience of the team has allowed us to kind of clear those challenges quickly as well.

所以我想說的就是這些——我認為這些都是一些積極的事情。我認為我們顯然遇到了許多不同的挑戰，但我認為團隊的經驗也讓我們能夠快速克服這些挑戰。

Got it. That's helpful. And (technical difficulty) for maybe you and/or Neill. But as we think about the ramp, there's -- and it sounds like your strategy -- some strategies are to build high buffer inventory and sort of ramp higher or harder, and it sounds like you're still taking a very methodical approach just by the (technical difficulty) in terms of the ramp-up. But I'm wondering if you could help us understand, if ramping on lower volume, you're going to be taking on the fixed cost and depreciation on a unit number, so -- or a unit basis, which I would think will have kind of a near-term headwind from a margin but how should we think about the crossover of those vectors because at 200 millimeters you're going to have a fundamentally lower cost basis. So is that sort of a 40% load or utilization or 60%? Or where do you see that crossover where what might be a little bit of a headwind all else equal, kind of becomes that tailwind to really accelerate things.

知道了。這很有幫助。並且（技術難度）可能是你和/或尼爾。但是當我們考慮斜坡時，有——這聽起來像你的策略——一些策略是建立高緩衝庫存和某種程度上更高或更難的斜坡，聽起來你仍然在採取一種非常有條不紊的方法，只是通過（技術難度）在提升方面。但我想知道你是否可以幫助我們理解，如果產量下降，你將承擔單位數量的固定成本和折舊，所以 - 或者單位基礎，我認為會有一種近期的逆風，但我們應該如何考慮這些矢量的交叉，因為在 200 毫米處，你將擁有一個從根本上更低的成本基礎。那麼這種負載或利用率是 40% 還是 60%？或者你在哪裡看到那個交叉點，在其他條件相同的情況下，可能有點逆風，有點變成真正加速事情的順風。

Yes, I'll kick it off and then kick it over. I'll start it and then kick it over to Neill. We're definitely taking a more methodical approach. And as I mentioned before, we're in really good shape right now. We've got yields that are looking really nice right now. And the last thing we want to do is just turn the accelerator too hard and kind of mess it up at the end here. So I think we're in the mode of let's do this in a methodical way, let's take it step by step. We're really pleased, I said, with the yields that we're seeing out of this, we'll be qualifying the product in the fourth quarter and shipping to customers, and then we'll turn on the fab kind of step by step.

是的，我會踢掉它，然後再踢它。我先開始，然後交給 Neill。我們肯定會採取更有條理的方法。正如我之前提到的，我們現在的狀態非常好。我們現在的收益率看起來非常好。我們最不想做的就是把加速器調得太猛，最後把它搞砸了。所以我認為我們的模式是讓我們有條不紊地做這件事，讓我們一步一步來。我說，我們真的很高興，我們從中看到的收益，我們將在第四季度對產品進行鑑定並運送給客戶，然後我們將逐步啟動晶圓廠步。

Yes, that's from just the overall cost and I think fixed cost absorption, I think it's kind of where your question is going, Jed, in terms of bringing on factory for the first time. First of all, I think -- I don't know the exact number, but I think if you recall from the Investor Day, we said Mohawk Valley kind of breaks even, at least from a cash perspective, from kind of that 30% to 40% kind of utilization level, which I think is probably still valid. Everything we're seeing now from wafer cost yields to the overall cost structure of the fab all looks pretty good.

是的，這只是總成本，我認為固定成本吸收，我認為這是你的問題所在，傑德，就第一次引進工廠而言。首先，我認為 - 我不知道確切的數字，但我想如果你還記得投資者日，我們說莫霍克谷有點收支平衡，至少從現金的角度來看，從那 30%到 40% 的利用率水平，我認為這可能仍然有效。我們現在看到的一切，從晶圓成本收益率到晶圓廠的整體成本結構，看起來都不錯。

As we move forward, I think I've talked about this before, what we'll do to manage through this kind of early stage ramp is we currently have a start-up cost that we back out that we give an update on every quarter. We'll also think about an underutilization adjustment going forward to get to get the fab being marked to about 70% utilization. And then we'll start to wind that down as we build inventory in the fab. So right now, I think what you see is kind of the peak start-up and underutilization number that will just start winding down over time. And that should give people a really good view of what the fab capability is from a cost perspective, even at a relatively low level of utilization.

隨著我們的前進，我想我之前已經談過這個，我們將做些什麼來管理這種早期階段的增長，我們目前有一個啟動成本，我們會在每個季度進行更新.我們還將考慮未來的利用率不足調整，以使晶圓廠的利用率達到 70% 左右。然後我們將開始減少它，因為我們在晶圓廠建立庫存。所以現在，我認為你看到的是一種峰值啟動和未充分利用的數字，它們將隨著時間的推移開始逐漸下降。這應該讓人們從成本的角度真正了解晶圓廠的能力，即使在利用率相對較低的情況下也是如此。

And what you see there is when we talk about the fab having die cost, it's 50% lower than our current cost in Durham, that's really based on the kind of lower utilization numbers. So we'll be able to kind of manage through that. We'll give an update on it every quarter, but we think we -- but I think everything I'm seeing from a cost perspective thus far, there's a lot of confidence in the margins that we'll see as we ramp up the fab.

你看到的是，當我們談論晶圓廠的芯片成本時，它比我們目前在達勒姆的成本低 50%，這實際上是基於較低的利用率數字。所以我們將能夠解決這個問題。我們每個季度都會對其進行更新，但我們認為我們 - 但我認為到目前為止，從成本角度來看，我對利潤率充滿信心，因為我們會增加棒極了。

Our next question is from Vivek Arya with Bank of America.

我們的下一個問題來自美國銀行的 Vivek Arya。

This is Blake Friedman on for Vivek. So just touching on the 5G weakness that was mentioned earlier. Just curious if it's related to any specific geography and with weakness to continue in the second half, is there any way you can quantify how much you expect second half RF sales to be coming in relative to the first half?

這是 Vivek 的 Blake Friedman。因此，只需談談前面提到的 5G 弱點。只是好奇它是否與任何特定的地理位置有關並且下半年繼續疲軟，有什麼方法可以量化你預計下半年 RF 銷售額相對於上半年會有多少？

Yes. From an RF perspective, I'd say, overall, we're seeing a lot of choppiness across the customer base. So it probably depends on which customer each of the suppliers is dealing with. So I don't see -- but I do see some -- we do see flattening or even market weakness across a lot of different vectors as we look across the industry. I said earlier is we see that about a $15 million drag per quarter versus what we had previously expected from a revenue standpoint. And I think we'll continue to see that as we work through the back half of the year.

是的。從 RF 的角度來看，我想說，總的來說，我們在客戶群中看到了很多波動。所以這可能取決於每個供應商正在處理的客戶。所以我沒有看到——但我確實看到了一些——當我們審視整個行業時，我們確實看到許多不同載體的市場趨於平緩甚至疲軟。我之前說過，從收入的角度來看，我們看到每季度大約有 1500 萬美元的拖累，而不是我們之前的預期。我認為我們會在今年下半年的工作中繼續看到這一點。

Got it. And then just kind of quickly to just touching on the CHIPS Act and your CapEx cadence moving forward. Is there any benefits there specifically that you can size or just even high-level comments would be useful.

知道了。然後很快就談到了 CHIPS 法案和你的資本支出節奏。是否有任何具體的好處，您可以調整大小，或者只是高級評論會有用。

On the CHIPS Act, we're very pleased with how things have progressed. We're waiting on final regulations to come out, but clearly, [not only the] CHIPS Act, but we're -- I think we'll get, like I said, the final regulations will come out, but the investment tax credit that came along with that was very positive as well. And we've already started making some of those benefits into our numbers, and it's all in line with what we kind of anticipated when we laid out the plan last October. So no real changes there, and we'll continue to work with the government on the regulations as it relates to applying for additional funds.

關於 CHIPS 法案，我們對事情的進展感到非常滿意。我們正在等待最終法規的出台，但顯然，[不僅是] CHIPS 法案，而且我們 - 我想我們會得到，就像我說的那樣，最終法規將會出台，但投資稅隨之而來的信用也非常積極。我們已經開始將其中一些好處納入我們的數字，這完全符合我們去年 10 月制定計劃時的預期。所以那裡沒有真正的變化，我們將繼續與政府合作制定與申請額外資金有關的法規。

Our next question is from Matt Ramsay with Cowen.

我們的下一個問題來自 Matt Ramsay 和 Cowen。

For my first question, I wanted to ask a bit on the RF business. There was going to be this 100-to 150-millimeter transition and you guys talked about on the last call and then at the Analyst Day, the margin headwinds that were going to come from maybe not making that transition, and that was pretty clear. But as I understood it, the reason for not making that transition was things were so tight in that facilities that you couldn't sort of shut things down to make the transition. And if now we're seeing cyclical demand weakness in RF devices. Is there an opportunity to make that transition now? And maybe you can just help me square that circle a bit.

對於我的第一個問題，我想問一些關於 RF 業務的問題。將會有 100 毫米到 150 毫米的過渡，你們在上次電話會議上和分析師日都談到了，可能不會進行這種過渡將帶來的利潤逆風，這很清楚。但據我所知，不進行過渡的原因是設施中的東西太緊了，你無法通過關閉東西來進行過渡。如果現在我們看到射頻設備的周期性需求疲軟。現在有機會進行這種轉變嗎？也許你可以幫我把那個圓圈稍微平方一下。

Yes. Just recall that, that facility also produces our power products as well. And so there's really not -- although there's a little bit softer demand on RF, there's really still not that opportunity to make that transition.

是的。請記住，該工廠也生產我們的電源產品。因此，確實沒有——儘管對 RF 的需求有所減弱，但實際上仍然沒有實現這種轉變的機會。

Got it. Okay. So it's a shared facility then, Gregg, that you're leaning into any flex for the silicon carbide device side rather than making any transition. Is that kind of the way to read it?

知道了。好的。因此，Gregg，這是一個共享設施，您正在為碳化矽設備方面提供任何靈活性，而不是進行任何過渡。是那種讀法嗎？

That's right. And changing out an RF line in a shared facility, it creates a lot of disturbance for everything, and we just -- we can't afford to do that for our power device customers.

這是正確的。在共享設施中更換 RF 線路，它會對一切造成很多干擾，而我們只是 - 我們不能為我們的功率設備客戶這樣做。

Got it. Got it. That makes sense. I guess as my follow-up, I wanted to -- there were some -- we've had a lot of discussion here on the call about the timing of ramping Mohawk Valley and the variables to get there. I just wanted to double-click on the 200-millimeter materials side. How are you guys thinking about the steps needed to really scale there to sort of feed the beast or I'm just trying to get an understanding of checking off the boxes to really scale Mohawk, are the things on your priority list, Gregg, on the material side on 200-millimeter? Or do you -- or are they still in the Mohawk Valley devices side and sort of where the variables are to the ramp?

知道了。知道了。這就說得通了。我想作為我的後續行動，我想 - 有一些 - 我們在這裡就莫霍克谷的斜坡時間和到達那裡的變量進行了很多討論。我只是想雙擊 200 毫米材料側。你們如何考慮真正擴大規模以餵養野獸所需的步驟，或者我只是想了解如何勾選方框以真正擴大莫霍克族，格雷格，你的優先事項清單上的事情是什麼200 毫米的材料側？或者你 - 或者他們仍然在莫霍克谷設備方面並且在某種程度上是變量到斜坡的地方？

It's definitely both. And so we've got -- we're working, obviously, the fab itself and I've given you inputs on that, that that's going pretty well, a 1 quarter delay on revenue, notwithstanding, we feel real good about what's been going on there. We are expanding capacity on our Durham campus as we speak and turning on additional capacity this week for more to be able to feed more product into Mohawk Valley where that expansion kind of took over -- I think it was a basketball court and some other facilities and turned it into a 200-millimeter silicon carbide crystal growth operation in what we call Building 10.

絕對是兩者兼而有之。所以我們已經 - 我們正在努力，顯然，工廠本身，我已經向你提供了這方面的意見，一切進展順利，儘管收入延遲了 1 個季度，但我們對已經發生的事情感到非常滿意在那裡進行。正如我們所說，我們正在擴大達勒姆校區的產能，並在本週開啟額外的產能，以便能夠將更多產品輸送到莫霍克谷，在那裡，這種擴張接管了——我認為這是一個籃球場和其他一些設施並在我們稱之為 10 號樓的地方將其轉變為 200 毫米碳化矽晶體生長作業。

And then, of course, the big dramatic increase in that is going to come with the construction of the John Palmour manufacturing center for silicon carbide or The JP. That expansion we're estimating is going to increase our capacity by more than 10x. So it's a giant capacity expansion, and we're super happy that we made the decision back in September to kick that thing off.

然後，當然，隨著 John Palmour 碳化矽製造中心或 JP 的建設，這一數字將大幅增加。我們估計的擴張將使我們的產能增加 10 倍以上。所以這是一次巨大的產能擴張，我們非常高興我們在 9 月份做出了啟動這件事的決定。

And to put things kind of in perspective, we made that announcement on a Friday at The Governor's Mansion here in North Carolina. And we had earthmoving equipment on site the following Monday. And we knew we needed to go from decision to get stuff going very, very quickly.

為了正確看待事情，我們於週五在北卡羅來納州的州長官邸宣布了這一消息。接下來的星期一，我們在現場配備了土方設備。我們知道我們需要從決策到讓事情進展得非常非常快。

Our next question is from Katya Evstratyeva with Canaccord Genuity.

我們的下一個問題來自 Canaccord Genuity 的 Katya Evstratyeva。

I'm filling in for George. Gregg and Tyler and Neill, maybe if you could stick to the demand that is coming from all your design wins and if you are to contrast and compare what's happening in Europe versus what's happening in the U.S? Where do you see most demand coming from, especially given the tailwinds of your recent announcement with Mercedes?

我正在代替喬治。 Gregg、Tyler 和 Neill，也許你們可以堅持來自所有設計勝利的需求，如果你們要對比和比較歐洲正在發生的事情與美國正在發生的事情？您認為大部分需求來自哪裡，特別是考慮到您最近宣布與梅賽德斯合作的順風？

I don't have the exact numbers in front of me. I can say we're winning very well in both the U.S. and in Europe. We've made announcements with GM and BorgWarner, U.S.-based companies or North American-based companies. We've talked with -- we talked about Jaguar Land Rover, Mercedes, ZF, European-based company. Some of those Tier 1s have business across the globe. So we're winning in Asian markets as well. But I don't have the exact breakout, but I would say kind of globally, we're winning pretty nicely.

我面前沒有確切的數字。我可以說我們在美國和歐洲都取得了很好的勝利。我們已經與通用汽車和博格華納、美國公司或北美公司發布了公告。我們已經談過——我們談過捷豹路虎、梅賽德斯、採埃孚、歐洲公司。其中一些一級供應商在全球開展業務。所以我們也在亞洲市場取勝。但我沒有確切的突破，但我會說在全球範圍內，我們贏得很好。

And if we are to look at the $1.5 billion in design-ins, is there -- could you assess how much of it has come in the U.S. versus Europe in terms of automotive wins?

而且，如果我們要查看 15 億美元的設計投入，您能否評估一下在汽車行業的勝利方面，其中有多少來自美國和歐洲？

I don't have that breakout right now. But what I would say is if it follows the pattern that we've seen over the last couple of quarters, it's going to be pretty heavily automotive related, kind of think of it as 70%, 75% automotive-related and then 25% would be either industrial-type applications, RF applications and so forth. I'm sorry, I don't have the regional breakout right handy.

我現在沒有突破。但我要說的是，如果它遵循我們在過去幾個季度看到的模式，它將與汽車相關程度相當高，可以將其視為 70%、75% 與汽車相關，然後是 25%將是工業型應用、RF 應用等。抱歉，我手邊沒有區域突破口。

Our next question is with Edward Snyder with Charter Equity Research.

我們的下一個問題是來自 Charter Equity Research 的 Edward Snyder。

I think it's fantastic, you name the facility after John. I think it's really, really great, guys. A couple of things. First of all, Neill, housekeeping, can we give us a general breakdown of materials versus devices on this in terms of the revenue? Or you were not 50-50 yet, but can I get a general idea of where that is?

我認為這太棒了，你以約翰的名字命名這個設施。我認為這真的非常棒，伙計們。幾件事。首先，尼爾，管家，我們能否根據收入向我們提供材料與設備的一般分類？或者您還不到 50-50，但我能大致了解一下嗎？

Well, like I said, let me just point out a couple of things, Ed. So the Durham facility is now capped. I said about $400 million a year, and that only provides power devices in that number. So about $100 million a quarter were kind of capped on power device revenue until we start seeing more revenue out of Mohawk Valley. Then from an RF device perspective, we're down about 25% from our peak, which back in Q1. So that represents about $15 million a quarter. So I think that should give you the pieces there.

好吧，就像我說的，Ed，讓我指出幾件事。因此，達勒姆設施現在已被封頂。我說每年大約 4 億美元，而且它只提供這個數字的功率器件。因此，在我們開始從莫霍克谷看到更多收入之前，功率設備收入在某種程度上被限制在每季度約 1 億美元。然後從 RF 設備的角度來看，我們比第一季度的峰值下降了約 25%。因此，這代表每季度約 1500 萬美元。所以我認為那應該給你那裡的碎片。

Down $15 million a quarter? Or it is $15 million a quarter?

每季度減少 1500 萬美元？或者是每季度 1500 萬美元？

$15 million less than our previous expectations. That's roughly, I think, approximately $15 million lower than where we were back in Q1.

比我們之前的預期少了 1500 萬美元。我認為，這大約比我們在第一季度的水平低了大約 1500 萬美元。

Yes. Okay. And so given that it's capped, given that your RF is all the way down, can you move some of the capacity? I imagine you can't. The RF line can't be converted and RTP cannot be converted to device. So you can't stop up the extra capacity, maybe freeing up an RF with devices and expand your RTP. You said Durham has capped at $100 million, but that didn't include RTP, right? So you've got some revenue coming out of RTP for devices, too, right?

是的。好的。因此，鑑於它已達到上限，鑑於您的 RF 一直處於下降狀態，您可以移動一些容量嗎？我想你不能。 RF 線路無法轉換，RTP 無法轉換為設備。所以你不能停止額外的容量，也許可以釋放 RF 設備並擴展你的 RTP。你說達勒姆的上限是 1 億美元，但這不包括 RTP，對吧？所以你也從設備的 RTP 中獲得了一些收入，對吧？

Yes. We've actually -- Ed, we do have some power products going through the RTP facility. We've been working that for a little while to do as much as we can, utilizing some of the machines out of there. But basically, there's just no room at the end right now.

是的。我們實際上 - Ed，我們確實有一些電源產品通過 RTP 設施。我們已經為此工作了一段時間，盡可能多地利用那裡的一些機器。但基本上，現在最後沒有空間了。

Yes, I could imagine. And so if you capped at $100 million there, plus what we get out of RTP, then the real growth is just going to come out of materials, which I understand now that you've got the bull issue corrected could ramp, but until you get Siler City based on, I would expect, and correct me if I'm wrong, you're going to see rather limited ramp in revenue on materials, even though demand far exceed supply at this point. So that probably means -- I'm not looking for guidance, but just -- I just want to go a reality check on our kind of big picture view here that with single-digit millions out of Mohawk Valley in June, we're going to be kind of flattish, slightly up revenue for most of the fiscal year. And then it's all going to turn as you guess, I guess you said, Neill, on the ramp of Mohawk Valley for any real revenue growth in '23. Is that a fair assessment?

是的，我可以想像。因此，如果你的上限為 1 億美元，加上我們從 RTP 中獲得的收益，那麼真正的增長將來自材料，我現在明白你已經糾正了牛市問題可能會增加，但直到你得到 Siler City 的基礎是，我希望，如果我錯了請糾正我，你會看到材料收入的增長相當有限，即使此時需求遠遠超過供應。所以這可能意味著——我不是在尋求指導，而只是——我只是想對我們的大局觀進行現實檢查，即 6 月份莫霍克谷的人口數以百萬計，我們是在本財年的大部分時間裡，收入會持平，略有增加。然後一切都會像你猜的那樣轉變，我猜你說過，尼爾，在莫霍克谷的坡道上，23 年的任何實際收入增長。這是一個公平的評估嗎？

I think that's right, Ed. I think we're going to see some -- we'll see some modest pickup in materials as we get better performance off the longer bull. In reality, with the size of what we're talking about here, as Durham is capped, the capability of Mohawk Valley is just going to be tremendous. I think it's something like 15% Mohawk Valley utilization already could double our power device revenue capabilities. Kind of a digital thing here. Mohawk Valley turns on, I think we'll start seeing the revenue growth pick up very quickly. And if it doesn't, then we'll kind of stay in this kind of maybe flattish to modestly up until we start to see that revenue get turned on. But when it does, we're going to see the first $1 million of revenue for a facility that can be north of $2 billion a year. So it's got tremendous capability. I just got -- I think, like I said earlier, all roads are leading to -- we got to get Mohawk Valley off the ground, and we're just on the cusp of doing that.

我認為這是正確的，埃德。我認為我們會看到一些 - 隨著我們從更長的牛市中獲得更好的表現，我們會看到材料的一些適度回升。實際上，就我們在這裡談論的規模而言，由於達勒姆被封頂，莫霍克谷的能力將是巨大的。我認為大約 15% 的 Mohawk Valley 利用率已經可以使我們的功率設備收入能力翻一番。這裡有點數字化。 Mohawk Valley 開啟，我認為我們將開始看到收入增長非常迅速地回升。如果沒有，那麼我們將保持這種可能持平到適度的狀態，直到我們開始看到收入開始增加。但是當它發生時，我們將看到一個每年可能超過 20 億美元的設施的第一個 100 萬美元的收入。所以它具有巨大的能力。我剛剛——我想，就像我之前說的，條條大路都通向——我們必須讓莫霍克谷起步，而我們正處於這樣做的風口浪尖。

It's clear that's the -- like you pointed out, the digital, the [1.0] function here. Margins will probably decline then because as you turn it on, you're not going to have anywhere close to 30% or 50% utilization, so you're going to unutilization. So I appreciate you breaking that out. So I'm just trying to get a concept because consensus was way off and it continues to be off here. And so I want to get you calibrated for the rest of this year.

很明顯，就像你指出的那樣，數字，這裡的 [1.0] 功能。利潤率可能會下降，因為當你打開它時，你不會有任何接近 30% 或 50% 的利用率，所以你將沒有利用率。所以我很感激你把它說出來。所以我只是想得到一個概念，因為共識還很遙遠，而且它仍然在這裡。所以我想讓你在今年剩下的時間裡做好準備。

And then to the point of Mohawk, have you provided customers with product that they are now qualifying? Or is that to come? And is that the revenue that you recognize when you hand that over to them to qualify the pay for it? So I'm just trying to get idea where we are on customer qualification for the material out of Mohawk Valley.

然後對於 Mohawk 的觀點，您是否為客戶提供了他們現在合格的產品？還是那會發生？當您將其移交給他們以使其有資格支付時，這是您確認的收入嗎？所以我只是想了解我們在莫霍克山谷的客戶資格認證方面的進展情況。

We would give customers qualification material after we qualify. And what we've done is we've talked to them about doing kind of parallel qualifications and kind of risk orders out of Mohawk Valley. There's a tremendous amount of demand for the product. So we've got many customers that have kind of signed up for -- they'd like to be first, and they would have sort of a very rapid qualification process.

合格後，我們會給客戶提供合格材料。我們所做的是，我們已經與他們討論了在莫霍克山谷之外進行某種平行資格認證和某種風險訂單的問題。對該產品的需求量很大。所以我們有很多客戶已經註冊了——他們想成為第一個，他們會有一個非常快速的資格認證過程。

Typically, that second qualification is one where you're pushing pretty hard the customer to do things. We're seeing the opposite impact right now where customers are raising up their hands saying, can they please be first. And so we anticipate that, that would go through relatively quickly.

通常，第二個資格是你非常努力地推動客戶做事的地方。我們現在看到了相反的影響，客戶舉手說，請他們先來。所以我們預計，這將相對較快地通過。

Our next question is from Matthew Prisco with Evercore.

我們的下一個問題來自 Evercore 的 Matthew Prisco。

Just wanted to drill on gross margins a little bit here. I'm surprised with the guide down in March now that the kind of pool issue is behind and revenues kind of guided up modestly. So can you kind of talk about the levers you have for gross margins in the March and into the June quarter? And just to understand when you said before, when you rent Mohawk Valley, will that be immediately accretive to your non-GAAP gross margins or dilutive?

只是想在這裡稍微研究一下毛利率。我對 3 月份的指南感到驚訝，因為這種池問題已經落後，收入也略有上升。那麼你能談談你在 3 月和 6 月季度的毛利率槓桿嗎？只是要了解你之前說過，當你租用莫霍克谷時，這會立即增加你的非 GAAP 毛利率還是攤薄？

Yes. So just a quick one on the transition in the margins. We did have an improvement in the yield, as Gregg mentioned before, in the taller bulls. We had to get the cycle times to match that. We've subsequently been able to do that as well. But we did have a bit of an overhang there. So we'll have some WIP we've got to work through on some of the inventory from last quarter that just got to work through the cycle. So that's going to kind of be a bit of a drag.

是的。所以只是關於邊緣過渡的快速一個。正如 Gregg 之前提到的那樣，在較高的公牛身上，我們確實提高了產量。我們必須讓周期時間與之匹配。我們後來也能夠做到這一點。但我們確實有一點懸而未決。因此，我們將有一些 WIP，我們必須處理上個季度的一些庫存，這些庫存剛剛完成整個週期。所以這會有點拖累。

But the underlying performance, I'd say, both for the materials, taller bulls, as well as the Durham facility, where we had some issues last quarter. So these have worked itself through over the next couple of months, and I think underlying performance then will start to improve. So I'd say a bit of an overhang there from those things. But I think, overall, the underlying performance we should see improving.

但我要說的是，無論是材料、更高的公牛，還是達勒姆設施，上個季度我們都遇到了一些問題。所以這些在接下來的幾個月裡已經完成了，我認為潛在的表現將開始改善。所以我會說這些東西有點突出。但我認為，總的來說，我們應該看到基礎性能有所改善。

And then as it relates to Mohawk Valley, as we ramp the fab, we'll see -- that will be accretive to non-GAAP gross margins, and we'll make an adjustment for underutilization there just to make -- just to ensure we can get kind of an apples-to-apples view of what their fab will look like from a [smaller] perspective and then we will continue to give updates every quarter as to what that number is.

然後，當它與莫霍克谷相關時，當我們擴大晶圓廠時，我們會看到——這將增加非 GAAP 毛利率，我們將對那裡的未充分利用進行調整——只是為了確保我們可以從 [較小] 的角度對他們的晶圓廠的外觀有一個類似的看法，然後我們將繼續每個季度更新這個數字是多少。

Got it. That's helpful. And then as a follow-up, maybe CapEx for the year, given you're spending now in the first half, are you guys still targeting $1 billion net for the year. And so where is that spending going in the second half? Can you help us think through what fabs or equipment for shell and all that good stuff?

知道了。這很有幫助。然後作為後續行動，也許是今年的資本支出，考慮到你現在在上半年支出，你們是否仍將今年的淨目標定為 10 億美元。那麼下半年的支出去哪兒了？你能幫我們想清楚殼牌和所有這些好東西的晶圓廠或設備嗎？

Yes. So yes, $1 billion for the year, that's correct. We should see a pickup in the back half of that. We've talked about that before. There's some expansions that are going on in Durham right now. Gregg talked about turning on portions of the 200-millimeter. We'll continue to expand the 200-millimeter substrate capacity on the Durham campus in and around Durham. That's a big piece of what's going on now. And in addition to that, we'll be working on bringing Siler City to the next phase and getting that facility completed. So I think those would be the bigger pieces.

是的。所以是的，今年 10 億美元，這是正確的。我們應該在它的後半部分看到一個皮卡。我們之前談過這個。現在達勒姆正在進行一些擴建。 Gregg 談到了開啟 200 毫米的部分功能。我們將繼續擴大達勒姆及其周邊地區達勒姆校區的 200 毫米基板產能。這是現在正在發生的事情的重要組成部分。除此之外，我們將努力使 Siler City 進入下一階段並完成該設施。所以我認為那些將是更大的部分。

On top of that, we continue to invest in tools in Mohawk Valley, and we'll continue to tool that out as quickly as we can. So I think those would be kind of the big pieces of what we're going to be spending in the back half of the year.

最重要的是，我們繼續在 Mohawk Valley 投資工具，我們將繼續盡快將其工具化。所以我認為這些將是我們將在今年下半年支出的大部分內容。

Our next question is from David O'Connor with BNP Paribas.

我們的下一個問題來自法國巴黎銀行的 David O'Connor。

Great. Maybe first just on the Mohawk Valley ramp-up. Just trying to understand that if the yields are ahead of your expectations, why the language now is more cautious on the ramp up? Just trying to understand where exactly is the remaining risk and uncertainty? Where does that lie with the Mohawk Valley ramp up given that the finishing line is in size here?

偉大的。也許首先只是在莫霍克山谷的斜坡上。只是想了解一下，如果收益率超出您的預期，為什麼現在的措辭對增長更加謹慎？只是想了解剩餘的風險和不確定性到底在哪裡？鑑於這裡的終點線很大，莫霍克山谷的斜坡在哪裡？

And kind of related to that as well. So we have a couple of million in the June quarter. How many quarters will it take to kind of hit that $150 million a quarter run rate to kind of get to help meet the like FY '24 guide? And I have a follow-up on depreciation.

也與此有關。所以我們在 6 月季度有幾百萬。需要多少個季度才能達到每季度 1.5 億美元的運行率才能幫助滿足類似的 FY '24 指南？我有一個關於折舊的後續行動。

Thanks a lot for the question, David. So we are exactly taking a conservative approach on this because we're so happy with the results that we see right now. It's a -- if we try to jam too much in too quickly, it might cause an issue that is unexpected right now. So we just want to be methodical on that. We're not going to be lazy on it. I mean we're going to be pushing it as hard as it makes sense. But what we don't want to do is over stress it and cause an unexpected issue. We're real pleased with the results right now. Let's just take it step by step, and I think we'll be well served by that.

非常感謝大衛的提問。所以我們對此採取了保守的方法，因為我們對現在看到的結果非常滿意。這是一個——如果我們試圖過快地塞進太多東西，它可能會導致現在無法預料的問題。所以我們只想在這方面有條不紊。我們不會偷懶的。我的意思是我們將盡其所能地推動它。但我們不想做的是過度強調它並導致意外問題。我們對現在的結果非常滿意。讓我們一步一步來吧，我認為我們會受益匪淺。

Yes. And I think from a timing perspective, like I said, it depends on how many -- how much wafers -- how many wafer starts we can get into the fab and kind of ramp it up at volume. And once we do that, you should see a pretty nice ramp-up in revenue. I think we've got the pieces together. It's really just a matter of putting it all -- putting all these puzzle pieces together, ramped the 200-millimeter substrate driving starts into the fab, driving the power device back-end performance for test and inspect and all those types of things. So -- and on top of that, we've got to match up with customer schedules in terms of what -- when they're going to accept material. We're watching all those variables up.

是的。而且我認為從時間的角度來看，就像我說的那樣，這取決於我們可以進入晶圓廠的晶圓數量，以及數量的增加。一旦我們這樣做了，您應該會看到收入有相當不錯的增長。我想我們已經拼湊了。這真的只是一個把所有東西都放在一起的問題——把所有這些拼圖拼在一起，將 200 毫米基板驅動開始傾斜到晶圓廠，驅動功率器件後端性能以進行測試和檢查以及所有這些類型的事情。所以——最重要的是，我們必須在什麼時候與客戶的時間表相匹配——他們什麼時候要接受材料。我們正在觀察所有這些變量。

So I think from an execution perspective, I think it kind of goes relatively quickly but there are a lot of variables. We just want to be very cautious there in terms of, look, there's a lot of pieces to get -- that we need to pull together to get off the ground. We're working through that right now. But if we can get the fab up and running, I think if you look at the economics of what we're seeing and the technical capability of what we're seeing, that all looks on track.

所以我認為從執行的角度來看，我認為它進行得相對較快，但存在很多變數。我們只是想在這方面非常謹慎，看，有很多事情要做——我們需要齊心協力才能起步。我們現在正在解決這個問題。但是，如果我們能讓晶圓廠啟動並運行，我想如果你看看我們所看到的經濟性和我們所看到的技術能力，一切看起來都在正軌上。

Okay. That's helpful. And my follow-up on the -- just, Neill, on depreciation as you turn on the line in Mohawk Valley now. How should we be modeling on the depreciation side of things? And also just your comment earlier on the underutilization charge. I mean would we be still excluding that from non-GAAP? Is there a certain utilization level where some of these costs move more into COGS and reflected in the non-GAAP? Just if you could talk around that, that would be helpful.

好的。這很有幫助。我的後續行動 - 只是，尼爾，當你現在在莫霍克谷打開線路時的折舊。我們應該如何在事物的折舊方面建模？還有你之前對未充分利用費用的評論。我的意思是我們是否仍將其排除在非 GAAP 之外？是否存在一定的利用率水平，其中一些成本更多地轉移到 COGS 中並反映在非 GAAP 中？如果你能談談這個，那會很有幫助。

Yes, David. We'll make a fixed cost adjustment for the depreciation and some of the other fixed costs for about a 70% fab utilization number and then adjust that every quarter. So right now, what we had last quarter was a $38 million start-up number. So you can think about that as the run rate cost of running the fab. And as we bring up the fab, that number will start to decline over time, and we'll take more and more of that into inventory. And that will just start to bleed off as we get to higher levels of utilization. Now any other performance cycle time yields, all these other things, I think everyone's interested, that will kind of fall through. So we'll have pretty good visibility as to what the performance is of the fab, just excluding some of the fixed costs related to the utilization.

是的，大衛。我們將針對大約 70% 的晶圓廠利用率數字對折舊和其他一些固定成本進行固定成本調整，然後每季度進行一次調整。所以現在，我們上個季度的啟動資金是 3800 萬美元。因此，您可以將其視為運營晶圓廠的運行成本。當我們提到晶圓廠時，這個數字會隨著時間的推移開始下降，我們會把越來越多的東西存入庫存。隨著我們達到更高的利用率水平，這將開始流失。現在任何其他性能週期時間收益，所有這些其他事情，我認為每個人都感興趣，這將有點落空。因此，我們將對晶圓廠的性能有很好的了解，只排除與利用率相關的一些固定成本。

There are no further questions. I'll pass the call back over to the management team for closing remarks.

沒有其他問題了。我會將電話轉回給管理團隊，讓他們發表結束語。

Well, thank you for joining us today. I'd like to welcome Stacy Smith to our Board. Stacy is a great addition. He's got career that spans many, many years in the semiconductor industry and spans many different functions, including finance roles and operations roles, sales and marketing roles. So he's going to bring a wealth of experience to our team and really look forward to locking arms with them as we move forward here.

好吧，謝謝你今天加入我們。歡迎 Stacy Smith 加入我們的董事會。斯泰西是一個很好的補充。他的職業生涯跨越半導體行業多年，跨越許多不同的職能，包括財務角色和運營角色、銷售和營銷角色。因此，他將為我們的團隊帶來豐富的經驗，並非常期待在我們前進的過程中與他們攜手並進。

We're at an inflection point and very near the ramp in production of the world's first and the world's largest 200-millimeter wafer fab. We're excited about what it's doing right now and look forward to continue driving that inflection point forward.

我們正處於一個轉折點，並且非常接近世界上第一家和世界上最大的 200 毫米晶圓廠的生產坡道。我們對它現在正在做的事情感到興奮，並期待繼續推動這個拐點向前發展。

Thank you very much for taking the time with us and look forward to chatting with you next quarter. Thank you.

非常感謝您抽出寶貴時間與我們一起，期待下個季度與您交談。謝謝你。

That concludes the conference call. Thank you for your participation. You may now disconnect your lines.

電話會議到此結束。感謝您的參與。您現在可以斷開線路。