Wolfspeed Inc (WOLF) 2022 Q2 法說會逐字稿

Good afternoon. Thank you for standing by, and welcome to the Wolfspeed Inc., Second Quarter Fiscal 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 財年第二季度財報電話會議。 （操作員說明）請注意，今天的通話正在錄音中。

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, and good afternoon, everyone. Welcome to Wolfspeed's Second Quarter Fiscal 2022 Conference Call. Today, Wolfspeed CEO, Gregg Lowe; and Wolfspeed CFO, Neill Reynolds, will report on the results for the second quarter of fiscal year 2022.

謝謝大家，大家下午好。歡迎來到 Wolfspeed 的 2022 財年第二季度電話會議。今天，Wolfspeed 首席執行官 Gregg Lowe； Wolfspeed 首席財務官 Neill Reynolds 將報告 2022 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.

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。

During the Q&A session, we would ask that you limit yourself to one question and one follow-up so that we can accommodate as many questions as possible during today's call. If you have any additional questions, please feel free to contact us after the call. And now I'd like to turn the call over to Gregg.

在問答環節，我們會要求您將自己限制在一個問題和一個後續問題上，以便我們在今天的電話會議中盡可能多地回答問題。如果您有任何其他問題，請在來電後隨時與我們聯繫。現在我想把電話轉給格雷格。

Thanks, Tyler, and good afternoon, everyone. Thank you for joining us today, and I hope you and your families are safe and healthy. I'm pleased to report that, during the second quarter, we continued to execute and drive our business, delivering strong revenue and non-GAAP diluted earnings per share at the high end of our guidance.

謝謝，泰勒，大家下午好。感謝您今天加入我們，希望您和您的家人平安健康。我很高興地報告，在第二季度，我們繼續執行和推動我們的業務，在我們指導的高端提供了強勁的收入和非公認會計原則攤薄後的每股收益。

Now last November, we held an Investor Day at the New York Stock Exchange, where we outlined how the team is focused on driving the industry transition from silicon to silicon carbide by expanding our leading market position with innovative new solutions, building additional capacity in New York and North Carolina to support what we see as a steepening demand for silicon carbide solutions, growing our opportunity pipeline and converting to design-ins at a very robust pace and, finally, building out our bench of semiconductor leadership expertise to help us optimize operations and achieve our long-term growth objectives. Our strong results this quarter clearly demonstrate the progress we're making and the momentum we're building to support the multidecades growth opportunity ahead of us.

去年 11 月，我們在紐約證券交易所舉辦了投資者日，我們概述了團隊如何專注於推動行業從矽到碳化矽的過渡，通過創新的新解決方案擴大我們的領先市場地位，在新的約克和北卡羅來納州支持我們認為對碳化矽解決方案日益增長的需求，增加我們的機會管道並以非常強勁的速度轉換為設計，最後，建立我們的半導體領導專業知識，以幫助我們優化運營並實現我們的長期增長目標。我們本季度的強勁業績清楚地表明了我們正在取得的進展以及我們正在建立的勢頭，以支持我們面前的數十年增長機會。

I'll now turn it over to Neill, who will provide an overview of our financial results for the second quarter and an outlook for the third quarter of fiscal 2022. Neill?

我現在將把它交給尼爾，他將概述我們第二季度的財務業績以及對 2022 財年第三季度的展望。尼爾？

Thank you, Gregg, and good afternoon, everyone. We delivered solid results during the second quarter as we continued to see strong demand for our silicon carbide solutions. Revenue for the second quarter of fiscal 2022 was $173.1 million, at the high end of our guidance range, representing an increase of 11% sequentially and 36% year-over-year. Our non-GAAP net loss was $18.6 million or $0.16 per diluted share, also at the top end of our range.

謝謝你，格雷格，大家下午好。由於我們繼續看到對我們的碳化矽解決方案的強勁需求，我們在第二季度取得了穩健的業績。 2022 財年第二季度的收入為 1.731 億美元，處於我們指導範圍的高端，環比增長 11%，同比增長 36%。我們的非公認會計原則淨虧損為 1860 萬美元或每股攤薄收益 0.16 美元，也處於我們範圍的高端。

Our second quarter non-GAAP earnings exclude $78.1 million of expense, net of tax, or $0.67 per diluted share for noncash stock-based compensation, acquired intangibles amortization, accretion on our convertible notes, project transformation and transaction costs, factory optimization start-up costs, loss on debt extinguishment and other items outlined in today's earnings release.

我們第二季度的非公認會計原則收益不包括稅後 7810 萬美元的費用，或每股攤薄後 0.67 美元的非現金股票薪酬、收購的無形資產攤銷、可轉換票據的增值、項目轉型和交易成本、工廠優化啟動成本、債務清償損失和今天收益報告中概述的其他項目。

Looking at second quarter performance, we delivered our sixth consecutive quarter of sequential growth. We continue to see strong demand for our power device solutions, resulting in revenue growth of approximately 37% over the prior quarter and growth of more than 100% over the prior year as we saw significant growth in both direct and distribution channel customers.

從第二季度的表現來看，我們實現了連續第六個季度的連續增長。我們繼續看到對我們的功率設備解決方案的強勁需求，導致收入比上一季度增長約 37%，比上一年增長超過 100%，因為我們看到直接和分銷渠道客戶的顯著增長。

On the RF device front, we continued to see solid demand from a 5G and aerospace and defense perspective, which increased over the prior year but was relatively flat over the prior quarter as we continued to increase capacity. From a materials perspective, demand for our 150-millimeter silicon carbide substrates remains very strong. This resulted in year-over-year growth roughly flat versus prior quarter as we continue to increase capacity and better match supply with demand.

在射頻設備方面，從 5G 和航空航天和國防的角度來看，我們繼續看到強勁的需求，這比上一年有所增加，但隨著我們繼續增加產能，與上一季度相比相對持平。從材料的角度來看，對我們 150 毫米碳化矽襯底的需求仍然非常強勁。隨著我們繼續增加產能並更好地匹配供需，這導致同比增長與上一季度大致持平。

Second quarter non-GAAP gross margin was 35.4% compared to 33.5% last quarter. The 190 basis point improvement was driven by improved output cost and yields from our Durham fab and Malaysia subcontractor and lower depreciation expense resulting from the previously announced change in useful lives of certain assets partially offset by the higher device product revenue mix at lower profitability.

第二季度非美國通用會計準則毛利率為 35.4%，上一季度為 33.5%。 190 個基點的改善是由於我們的達勒姆工廠和馬來西亞分包商的產出成本和產量提高，以及先前宣布的某些資產的使用壽命變化導致的折舊費用降低，部分被較高的設備產品收入組合和較低的盈利能力所抵消。

As Gregg mentioned earlier, adding to our management team with proven semiconductor leadership is a critical factor to our future success. And the Durham fab team, now led by Missy Stigall, has made solid progress in a relatively short amount of time, already contributing to positive results.

正如 Gregg 之前提到的，在我們的管理團隊中加入久經考驗的半導體領導力是我們未來成功的關鍵因素。現在由 Missy Stigall 領導的達勒姆晶圓廠團隊在相對較短的時間內取得了實質性進展，已經取得了積極成果。

In addition, we recently added Joe Roybal, who has more than 20 years of semiconductor manufacturing experience to lead our global back-end operations, including oversight of our subcontractor in Malaysia.

此外，我們最近聘請了擁有 20 多年半導體製造經驗的 Joe Roybal 來領導我們的全球後端運營，包括監督我們在馬來西亞的分包商。

Looking ahead, we expect continued operational improvements in our Durham fab, and our Malaysia subcontractor will have a positive impact on gross margin and capacity for the remainder of the year.

展望未來，我們預計達勒姆工廠的運營將持續改善，我們的馬來西亞分包商將對今年剩餘時間的毛利率和產能產生積極影響。

Looking at our consolidated results. Non-GAAP operating expenses for Q2 were $86.6 million, and our non-GAAP tax rate was 27%. The increase in our operating expenses was largely due to R&D, including investment in our 200-millimeter efforts and hiring to support our sales and marketing activities.

查看我們的綜合結果。第二季度非 GAAP 運營費用為 8660 萬美元，我們的非 GAAP 稅率為 27%。我們運營費用的增加主要是由於研發，包括對我們 200 毫米工作的投資以及支持我們的銷售和營銷活動的招聘。

For the second quarter, days sales outstanding was 48 days and inventory days on hand was 154 days. Cash generated from operations was negative $32 million, and capital expenditures were $144 million, resulting in free cash flow of negative $176 million.

第二季度，未結銷售天數為 48 天，庫存天數為 154 天。運營產生的現金為負 3200 萬美元，資本支出為 1.44 億美元，導致自由現金流為負 1.76 億美元。

We currently have approximately $700 million of cash and liquidity on hand to support our current plans. Additionally, in December, we completed the redemption of our 2023 notes, leaving us with convertible debt with a face value of $575 million. We believe this transaction better positions us to capitalize on increasing demand by strengthening the balance sheet, increasing optionality and preserving cash during our peak investment period.

我們目前手頭有大約 7 億美元的現金和流動資金來支持我們目前的計劃。此外，在 12 月，我們完成了 2023 年票據的贖回，留下面值為 5.75 億美元的可轉換債券。我們相信，這項交易使我們能夠通過加強資產負債表、增加選擇性和在投資高峰期保留現金來更好地利用不斷增長的需求。

We will continue to be opportunistic from a capital market standpoint to ensure we have the flexibility to invest as we see fit to capitalize on a market-leading position and support continued growth. During the quarter, we incurred start-up costs primarily related to Mohawk Valley, totaling approximately $11 million.

從資本市場的角度來看，我們將繼續投機取巧，以確保我們擁有在我們認為合適的情況下進行投資的靈活性，以利用市場領先地位並支持持續增長。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 1100 萬美元。

As we've discussed previously, we expect a total of $80 million of start-up costs in fiscal 2022 with the majority of these costs incurred in the second half of the fiscal year as we qualify and ramp the fab. We've provided a non-GAAP adjustment for the start-up costs as well as a reconciliation table in our earnings release.

正如我們之前所討論的，我們預計 2022 財年的啟動成本總額為 8000 萬美元，其中大部分成本將在本財年下半年發生，因為我們獲得了晶圓廠的資格和產能。我們在我們的收益發布中提供了啟動成本的非公認會計原則調整以及對賬表。

We are continuing to experience a much steeper demand curve from our customers for silicon carbide products than we had initially anticipated. This has led to supply constraints where some customer orders will not be fulfilled this fiscal year and channel inventory levels will remain low until we ramp production in our Mohawk Valley fab. We are confident that we will be able to meet this demand once Mohawk Valley is up and running. But in the meantime, we continue to accelerate CapEx capacity investments and improve output in our Durham facilities.

客戶對碳化矽產品的需求曲線比我們最初預期的要陡峭得多。這導致了供應限制，一些客戶訂單在本財年將無法完成，渠道庫存水平將保持在低水平，直到我們在莫霍克谷工廠增加產量。我們有信心，一旦莫霍克谷建成並運行，我們將能夠滿足這一需求。但與此同時，我們將繼續加快資本支出產能投資並提高我們達勒姆工廠的產出。

We are anticipating net capital expenditures of approximately $475 million this year, stepping down in the back half of '22 as we receive more reimbursements for the Mohawk Valley construction. In Mohawk Valley, we have more than 60 tools in place, are currently testing equipment, and we expect to begin running wafers later this quarter.

我們預計今年的淨資本支出約為 4.75 億美元，隨著我們收到更多莫霍克山谷建設的報銷，我們將在 22 年下半年下台。在莫霍克谷，我們有 60 多種工具，目前正在測試設備，我們預計將在本季度晚些時候開始運行晶圓。

While we're encouraged with our progress to-date, it's important to remember, we don't expect to realize any meaningful revenue from the facility until the second half of fiscal 2023. In the third quarter of fiscal 2022, we are targeting revenue in the range of $185 million to $195 million. We expect revenue to be driven by growth across all areas of the business, led by power and improved output from RF and materials. Our Q3 non-GAAP gross margin is expected to be in the range of 35% to 37%. As a reminder, the key to our gross margin transition from the mid-30s to 50% in 2024 is largely based on 3 elements: including optimizing Durham, transitioning from 150-millimeter to 200-millimeter wafers and driving revenue through Mohawk Valley.

雖然我們對迄今為止的進展感到鼓舞，但重要的是要記住，我們預計在 2023 財年下半年之前不會從該設施實現任何有意義的收入。在 2022 財年第三季度，我們的目標是收入在 1.85 億美元到 1.95 億美元之間。我們預計收入將受到所有業務領域增長的推動，其中以功率和射頻和材料產量的提高為主導。我們的第三季度非公認會計原則毛利率預計在 35% 至 37% 之間。提醒一下，我們的毛利率在 2024 年從 30 年代中期過渡到 50% 的關鍵主要基於 3 個要素：包括優化達勒姆、從 150 毫米晶圓過渡到 200 毫米晶圓以及通過莫霍克谷推動收入。

We're on track with all 3 elements and anticipate modest continued improvement in gross margin over time. We're targeting non-GAAP operating expenses of $88 million to $89 million for the third quarter. We anticipate operating expenses will continue to slowly increase over time as we continue to invest in R&D and sales and marketing resources but expect that it'll become a smaller percentage of revenue as we enter the middle of the decade.

我們在所有三個要素上都走上了正軌，並預計隨著時間的推移毛利率會適度持續改善。我們的目標是第三季度的非公認會計原則運營費用為 8800 萬美元至 8900 萬美元。我們預計隨著時間的推移，運營費用將繼續緩慢增加，因為我們將繼續投資於研發、銷售和營銷資源，但預計隨著我們進入本世紀中期，它在收入中所佔的比例將變小。

That being said, we are also continuing to identify areas across the business to reduce costs and improve productivity as we scale our global operations to better support our customers. For example, we'll be opening a global capability center in Belfast, Northern Ireland, in partnership with the Northern Ireland government. This facility will operate as a shared services hub for Wolfspeed's IT organization, helping drive critical IT innovation and expansion of global digital capabilities.

話雖如此，隨著我們擴大全球業務以更好地支持我們的客戶，我們還將繼續確定整個業務領域以降低成本和提高生產力。例如，我們將與北愛爾蘭政府合作，在北愛爾蘭貝爾法斯特開設一個全球能力中心。該設施將作為 Wolfspeed 的 IT 組織的共享服務中心，幫助推動關鍵的 IT 創新和全球數字能力的擴展。

We target Q3 non-GAAP operating loss to be between $23 million to $18 million and nonoperating net loss to be approximately $1 million. We expect our non-GAAP tax amount to be a benefit of approximately $4 million. We're targeting Q3 non-GAAP net loss to between $20 million to $15 million or a loss of $0.16 to $0.12 per diluted share.

我們的目標是第三季度非公認會計準則營業虧損在 2300 萬美元至 1800 萬美元之間，非營業淨虧損約為 100 萬美元。我們預計我們的非公認會計原則稅額將帶來約 400 萬美元的收益。我們的目標是第三季度非公認會計準則淨虧損在 2000 萬美元至 1500 萬美元之間，或每股攤薄後虧損 0.16 美元至 0.12 美元。

Our non-GAAP EPS target excludes acquired intangibles amortization, noncash stock-based compensation, private transformation and transaction costs, factory optimization restructuring and start-up costs, and other items. Our Q3 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.

我們的非公認會計原則每股收益目標不包括收購的無形資產攤銷、基於非現金股票的薪酬、私人轉型和交易成本、工廠優化重組和啟動成本以及其他項目。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 COVID-19 的情況、整體需求、產品組合、工廠生產力和競爭環境。

With that, I will now turn the discussion back to Gregg.

有了這個，我現在將討論轉回格雷格。

Thanks, Neill. We are continuing our journey to transition the industry from silicon to silicon carbide. And I'm very excited for what's to come as we begin to ramp the Mohawk Valley fab. Our power business continues to see increasingly robust demand from the automotive markets, and we're also encouraged by rising demand across a number of industrial and energy customers. Our device opportunity pipeline continues to grow and is now well above $20 billion, underscoring the enormous demand we're seeing across all end markets.

謝謝，尼爾。我們正在繼續我們的旅程，將行業從矽過渡到碳化矽。當我們開始擴建莫霍克谷工廠時，我對即將發生的事情感到非常興奮。我們的電力業務繼續看到來自汽車市場的日益強勁的需求，我們也對許多工業和能源客戶不斷增長的需求感到鼓舞。我們的設備機會管道繼續增長，現在遠高於 200 億美元，突顯了我們在所有終端市場看到的巨大需求。

The pipeline also reflects more than 8,700 projects, and our team continues to identify new opportunities at a rapid pace. More importantly, the sales team continues to convert design-ins at a high rate across a wide range of applications. And this includes things like personal watercraft and snowmobiles, defense applications, trains, EV charging, a plasma generator and an electric vertical takeoff and landing aircraft.

該管道還反映了 8,700 多個項目，我們的團隊繼續快速發現新的機會。更重要的是，銷售團隊繼續在廣泛的應用程序中以高速率轉換設計。這包括個人船隻和雪地摩托、國防應用、火車、電動汽車充電、等離子發生器和電動垂直起降飛機。

As a result, we secured a record $1.6 billion of design-ins last quarter, which is an amazing accomplishment from the hard work of our sales team, product groups and our channel partners. Our design-in total for the first half of fiscal '21 is $2.1 billion, a 70% increase from the same period a year ago and well above our original plan for the first half of this year. At this pace, we're on a trajectory to significantly exceed our design-in totals from fiscal 2021.

結果，我們在上個季度獲得了創紀錄的 16 億美元的設計投入，這是我們銷售團隊、產品團隊和渠道合作夥伴辛勤工作的驚人成就。我們在 21 財年上半年的設計總額為 21 億美元，比去年同期增長 70%，遠高於我們今年上半年的原計劃。按照這樣的速度，我們正處於從 2021 財年開始大幅超過我們的設計總數的軌道上。

This positive momentum is a direct result of customers adopting silicon carbide at a faster rate than we originally anticipated and is creating a stronger tailwind for our long-term revenue outlook than we showed at our Investor Day back in November.

這種積極的勢頭是客戶以比我們最初預期更快的速度採用碳化矽的直接結果，並且為我們的長期收入前景創造了比我們在 11 月投資者日展示的更強勁的順風。

To support our rapid growth, it's critical that we continue to invest in people. We have attracted senior talent from a variety of exceptional companies and have demonstrated a tremendous ability to bring in people from the outside with substantial amounts of automotive experience or semiconductor wafer fab experience.

為了支持我們的快速增長，我們繼續投資於人是至關重要的。我們吸引了來自各種傑出公司的高級人才，並展示了從外部引進具有大量汽車經驗或半導體晶圓廠經驗的人才的巨大能力。

The opportunity to join Wolfspeed as we drive the industry transition to silicon carbide is exciting, and we're taking advantage of this excitement to attract some of the industry's finest leaders and innovators. Earlier, Neill highlighted the impact that Missy Stigall is having on our Durham operations and that Joe Roybal has joined Wolfspeed to oversee our back-end operations.

在我們推動行業向碳化矽過渡的過程中加入 Wolfspeed 的機會令人興奮，我們正利用這種興奮來吸引業內一些最優秀的領導者和創新者。早些時候，Neill 強調了 Missy Stigall 對我們達勒姆業務的影響，並且 Joe Roybal 已加入 Wolfspeed 監督我們的後端業務。

Joe's 20 years of global semiconductor operations and leadership experience is already making a big impact here at Wolfspeed. As we focus on executing across our business, our strategy is further supported by developments in the broader market. In early December, the Biden administration released an ambitious federal strategy to build 0.5 million charging stations for electric vehicles across the country.

Joe 20 年的全球半導體運營和領導經驗已經在 Wolfspeed 產生了巨大影響。由於我們專注於整個業務的執行，我們的戰略得到了更廣泛市場發展的進一步支持。 12 月初，拜登政府發布了一項雄心勃勃的聯邦戰略，在全國范圍內為電動汽車建造 50 萬個充電站。

The $1 trillion infrastructure law authorizes a nationwide network of charging stations and sets aside $5 billion for states to build them. We're continuing to see automakers make big commitments to ramp their electric vehicle efforts. For example, GM made several announcements at CES regarding new EVs, including the Silverado and the Equinox and that they have thousands of orders for its BrightDrop electric work vans.

價值 1 萬億美元的基礎設施法授權建立一個全國性的充電站網絡，並撥出 50 億美元供各州建造它們。我們繼續看到汽車製造商做出重大承諾，以加大電動汽車的努力。例如，通用汽車在 CES 上發布了幾項關於新電動汽車的公告，包括 Silverado 和 Equinox，並且他們的 BrightDrop 電動工作車有數千份訂單。

In addition, Toyota announced it would make 3.5 million EVs a year by 2030, citing the November Climate Summit in Glasgow, Scotland, and the Biden's administrative executive order aiming to increase EV sales. There is tremendous momentum in the marketplace, and we are well-positioned to create a global semiconductor powerhouse here at Wolfspeed focused on silicon carbide.

此外，豐田宣佈到 2030 年將每年生產 350 萬輛電動汽車，理由是 11 月在蘇格蘭格拉斯哥舉行的氣候峰會以及拜登旨在增加電動汽車銷量的行政行政命令。市場上有巨大的發展勢頭，我們有能力在 Wolfspeed 建立一個專注於碳化矽的全球半導體巨頭。

Wolfspeed is a pure play for silicon carbide, a game-changing technology that is beginning to transform the semiconductor industry. We have invested heavily not only in our products but in expanding our capacity and the talent needed to run it. The expected return on these investments is compelling, and we will continue to invest in both capacity and talent to ensure we meet the steepening demand from our customers. We're winning business at a very good pace, and I remain excited about the opportunities ahead, and I'm confident in our strategy and our path forward.

Wolfspeed 是純碳化矽的遊戲，這是一種改變遊戲規則的技術，正在開始改變半導體行業。我們不僅對我們的產品進行了大量投資，而且還在擴大我們的能力和運營它所需的人才方面進行了大量投資。這些投資的預期回報令人信服，我們將繼續在產能和人才方面進行投資，以確保我們滿足客戶日益增長的需求。我們正在以非常好的速度贏得業務，我仍然對未來的機會感到興奮，我對我們的戰略和前進的道路充滿信心。

And with that, we'll turn it back over to the operator, and we can begin our Q&A session.

有了這個，我們將把它交給操作員，我們可以開始我們的問答環節。

(Operator Instructions) Our first question today comes from Gary Mobley of Wells Fargo.

（操作員說明）我們今天的第一個問題來自富國銀行的 Gary Mobley。

Congratulations on the progress being made. I wanted to ask really about what has changed since the Analyst Day a little over 2 months ago and specifically with respect to the $2 billion increase in the pipeline and what seems to be a pretty good design-in figure for the quarter. I'm curious specifically on that design-in metric, how diverse the revenue pipeline or the revenue build was there?

祝賀正在取得的進展。我真的想問一下自兩個多月前的分析師日以來發生了什麼變化，特別是關於管道中增加的 20 億美元以及本季度似乎相當不錯的設計數據。我對這個設計指標特別好奇，收入渠道或收入構建有多多樣化？

The pipeline increase and the design-ins that we got represent -- while the pipeline increase is thousands of different customers, so it's quite diverse. In fact, I think we said 8,700. So quite diverse there. And basically, the design-in number that we just nailed for this past quarter, the fact that the first half of this year is 70% up from where we were just a year ago, is what's really creating those tailwinds that we talked about. And really, if you go back to the Analyst Day, we were projecting $2.1 billion of total revenue at the company level and roughly $1.4 billion of device revenue. It's that device revenue where we're seeing the momentum. And what I would say is there's 3 things that are really kind of driving all of this. The adoption rate of electric vehicles is well ahead of plan, and many people are seeing that. The adoption of silicon carbide inside both EVs and the industrial markets is well above any expectation we had. And then finally, our win rate in this business is actually ahead of our plan as well.

管道增加和我們所代表的設計插件 - 而管道增加的是成千上萬的不同客戶，所以它非常多樣化。事實上，我想我們說的是 8,700。那裡非常多樣化。基本上，我們剛剛在上個季度確定的設計數量，今年上半年比一年前增加了 70% 的事實，是真正創造了我們談到的那些順風的原因。事實上，如果你回到分析師日，我們預計公司層面的總收入為 21 億美元，設備收入約為 14 億美元。這是我們看到勢頭的設備收入。我想說的是，有 3 件事真正推動了這一切。電動汽車的採用率遠遠超出了計劃，很多人都看到了這一點。在電動汽車和工業市場中採用碳化矽遠遠超出了我們的任何預期。最後，我們在這項業務中的勝率實際上也超出了我們的計劃。

And so I think we combine these 3 things, and maybe I would describe it even slightly differently. It's not really just tailwinds but really pretty significant upward pressure on those '26 numbers. So it's obviously a good thing. We've got a pretty substantial growth in the opportunity pipeline. And as I mentioned in the prepared remarks, our team is doing a fantastic job of winning in this market. So overall, market size is definitely heading in the right direction.

所以我認為我們將這三件事結合起來，也許我會稍微不同地描述它。這不僅僅是順風，而是對那些 '26 數字的非常顯著的上行壓力。所以這顯然是一件好事。我們的機會管道有了相當大的增長。正如我在準備好的評論中提到的那樣，我們的團隊在這個市場上贏得了出色的工作。所以總的來說，市場規模肯定是朝著正確的方向發展的。

A follow-up I want to ask about sort of the trajectory of the revenue before Mohawk Valley ramps in the second half of fiscal year '23, if I'm paraphrasing that correctly. You're growing your revenue or expected to grow at double-digit percent for the second consecutive quarter. And I'm wondering, just based on the manufacturing efficiencies you're getting out of Durham, North Carolina, and additional capacity that's being brought on there, can you continue to make those same double-digit percent sequential revenue strides and as well, how should we think about the margin gains to be gained from just more efficiencies out of Durham?

如果我的解釋正確的話，我想問一下莫霍克谷在 23 財年下半年增長之前的收入軌跡。您的收入正在增長或預計將連續第二個季度以兩位數的百分比增長。而且我想知道，僅根據北卡羅來納州達勒姆市的製造效率以及那裡帶來的額外產能，您能否繼續保持同樣的兩位數百分比連續收入增長，以及，我們應該如何考慮從達勒姆的更高效率中獲得的利潤收益？

Gary, this is Neill. So look, as Gregg said, overall, we're seeing very strong demand across the business, and the kind you indicate, our revenue here in the shorter term is really more of a function of supply than it is demand. We still -- even with taking the revenue numbers up, we're still going to have north of $100 million of unfulfilled demand this year. So as you kind of point out, the -- our revenue is going to be just a function of the -- how well we can drive productivity through kind of the current footprint that we have.

加里，這是尼爾。所以看，正如格雷格所說，總的來說，我們看到整個業務的需求非常強勁，而且你指出的那種，我們在短期內的收入實際上更多的是供應而不是需求。我們仍然——即使增加了收入數字，今年我們仍有超過 1 億美元的未滿足需求。因此，正如您所指出的那樣，我們的收入將只是一個函數，我們可以通過我們目前擁有的足跡來推動生產力。

And with that, if you look at just at the last quarter, the power numbers grew 37 -- power devices grew 37% quarter-over-quarter and were up over 100% year-over-year. And I think you can think of this kind of growth and capacity that we're seeing now really is a direct result of the new operations leadership just making an impact. Since we converted the Durham fab over to primarily a power device factory, we just saw record output in that factory. And we're also seeing some benefits from the output in Malaysia, and we're continuing to see that kind of pay off. So as you look forward into 3Q, I'd say it's going to be a lot of the same as 2Q. We're going to see more productivity, more power device kind of ramp up as we work into 3Q. Even if you look at the midpoint guide in 3Q, I think that the power device revenue will be up somewhere around 100% again year over year as we move to 3Q.

有了這個，如果你只看上一季度，功率數字增長了 37 - 功率設備環比增長 37%，同比增長超過 100%。而且我認為您可以認為我們現在看到的這種增長和容量確實是新運營領導層產生影響的直接結果。由於我們將達勒姆工廠轉變為主要的電力設備工廠，我們剛剛看到該工廠的創紀錄產量。我們也看到馬來西亞的產出帶來了一些好處，而且我們將繼續看到這種回報。因此，當您期待第三季度時，我會說這將與第二季度大體相同。隨著我們進入第三季度，我們將看到更高的生產力，更多的功率設備類型。即使您查看第三季度的中點指南，我認為隨著我們進入第三季度，功率器件收入將再次同比增長約 100%。

So I think the team is making a lot of progress in terms of what we can do in the fab. And I think that we're kind of well in line to kind of meet the trajectory in terms of revenue growth until Mohawk Valley kind of fully comes online.

所以我認為團隊在我們可以在晶圓廠做些什麼方面取得了很大進展。而且我認為在莫霍克谷完全上線之前，我們在收入增長方面很符合預期。

The next question in the queue today comes from Jed Dorsheimer of Canaccord Genuity.

今天隊列中的下一個問題來自 Canaccord Genuity 的 Jed Dorsheimer。

Great job and nice to see that $2.1 billion design-in number. So Gregg, I guess first question, with that level, I'm guessing you're sort of bumping up against capacity limitations as you look out. So I'm just wondering how do you assuage concerns with potential customers that you'll have that capacity? And does this change at all the phased ramp of Mohawk Valley? When we're in there, I think it was like a 20% or 25% phase over a period of time. Are you able to pull that forward at all? I do have a follow-up.

出色的工作，很高興看到 21 億美元的設計數量。所以格雷格，我想第一個問題，在這個級別上，我猜你在看的時候有點碰到容量限制。所以我只是想知道你如何減輕潛在客戶對你有這種能力的擔憂？這在莫霍克山谷的所有階段性斜坡上都會發生變化嗎？當我們在那裡時，我認為這就像一段時間內的 20% 或 25% 階段。你能把它向前推進嗎？我確實有後續行動。

Yes. And what I would tell you is we are -- as you know, we are building the world's largest silicon carbide wafer fab, the world's first and only 200-millimeter wafer fab. So it's not lost on the customers that we have an enormous amount of capacity coming online. What's also not lost on them is that we began the construction year -- 2 years ago, and we'll be running wafers in that factory doing initial runs in 8 or 9 weeks or so. So just, we're weeks away from running product in that facility. We've had a number of customers actually visit the facility. And so I think they see a pretty tremendous light at the end of the tunnel in terms of as we ramp this factory.

是的。我要告訴你的是，我們是——如你所知，我們正在建造世界上最大的碳化矽晶圓廠，世界上第一個也是唯一一個 200 毫米晶圓廠。因此，客戶並沒有忘記我們有大量的容量上線。他們也沒有忘記的是，我們在 2 年前開始了建設年，我們將在該工廠運行晶圓，並在 8 或 9 週左右進行初步運行。因此，我們距離在該設施中運行產品還有幾週的時間。我們已經有許多客戶實際訪問了該設施。所以我認為他們看到了隧道盡頭的巨大光芒，因為我們正在建設這家工廠。

And just as a little bit of a backdrop. So the design wins we win right now or even last quarter, those are going to ramp in 3, 4 years, something like that. So by that time, we will be in very full and very high production out of that Mohawk Valley fab. With all the pressure right now, this upward pressure on the demand for -- through '26, we're obviously thinking through and I'll have Neill talk a little bit more about the detail, but thinking through accelerating the phased ramp of that facility.

就像一點點背景一樣。因此，我們現在甚至上個季度都贏得了設計，這些將在 3、4 年內逐漸增加，類似這樣。所以到那個時候，我們將在莫霍克谷工廠進行非常充分和非常高的生產。面對現在所有的壓力，這種對需求的上行壓力——到 26 年，我們顯然正在考慮，我會讓尼爾多談一點細節，但考慮加速分階段的增長設施。

So as you think about the 2024 $1.5 billion revenue plan, talk about leveraging roughly 50% or a little bit more of the 4-wall capacity in Mohawk Valley over that time frame. So the demand curve, as that continues to steepen, we're obviously going to see a lot of opportunity to move that up. But we just want to be very careful with that number. I don't think we're ready to change that right now, Jed, just as we want to bring that factory up methodically, bring it up in a way that ensures we've got the capability and quality that we all expect out of that factory. So I'd say there's potential we'll be capacity constrained as we move through that period.

因此，當您考慮 2024 年 15 億美元的收入計劃時，請談談在此期間利用莫霍克谷 4 壁容量的大約 50% 或更多一點。因此，隨著需求曲線繼續變陡，我們顯然會看到很多向上移動的機會。但我們只想對這個數字非常小心。我認為我們現在還沒有準備好改變這一點，傑德，就像我們想有條不紊地建設工廠一樣，以確保我們擁有我們都期望的能力和質量的方式來建設它那個工廠。所以我想說，隨著我們度過那個時期，我們可能會受到產能限制。

I think if you look out beyond that into like 2026 and even beyond, we'll start to leverage that second half of the 4-wall capacity in Mohawk Valley. Now we won't be fully utilized from a 4-wall perspective in that time frame when we laid out kind of that $2.1 billion kind of revenue target plan. But that is something -- that's clearly the factory has opportunity to move above that. And we could take the volume up beyond that, expand faster between '24 and '26, and that's certainly something that we're looking at and continue to manage as we see the demand curve continue to steepen.

我認為，如果您展望 2026 年甚至更遠的時間，我們將開始利用莫霍克谷 4 牆容量的後半部分。現在，當我們制定那種 21 億美元的收入目標計劃時，從 4 面牆的角度來看，我們不會被充分利用。但這就是問題——這顯然是工廠有機會超越這一點。而且我們可以將數量提高到更高的水平，在 24 到 26 年間更快地擴張，這當然是我們正在考慮並繼續管理的事情，因為我們看到需求曲線繼續變陡。

Got it. For my follow-up, I want to shift gears a little bit in the non-auto related. And so a lot of the products are optimized around 650 volts and 1,200 volts for auto. But -- and while a lot of it benefits in terms of reducing the impedance are applicable to other markets like solar, you name the trains, et cetera, any high voltage, optimization from the best of -- or from my knowledge, hasn't necessarily been developed. So for example, a solar inverter, you're not seeing a lot of off-the-shelf 2,200-volt type products. So I guess my question to you, Gregg, is if I look at your 8-inch platform and being the only one on 200 millimeters, larger area die should be extend your lead over the competition and, quite frankly, change a lot of these markets. So my question to you is how are you -- without giving away sort of what's coming from a product perspective, how are you thinking about optimization for some of these other markets that don't get as much attention as auto?

知道了。對於我的後續行動，我想在非汽車相關方面稍微換檔。因此，許多產品都針對汽車進行了優化，大約為 650 伏和 1,200 伏。但是 - 雖然它在降低阻抗方面的許多好處適用於太陽能等其他市場，但你可以說出火車等等，任何高壓，最好的優化 - 或者據我所知，沒有'不一定要開發。例如，太陽能逆變器，您不會看到很多現成的 2,200 伏類型產品。所以我想我要問你的問題，格雷格，如果我看看你的 8 英寸平台並且是唯一一個 200 毫米的，更大面積的芯片應該擴大你在競爭中的領先地位，坦率地說，改變很多這些市場。所以我問你的問題是你怎麼樣——在不放棄從產品角度來看的東西的情況下，你如何考慮對其他一些沒有像汽車那樣受到關注的市場進行優化？

Well, Jed, there's several different vectors here. First off, we obviously have a product group that has a whole strategy and product portfolio that they currently have new products in the pipeline, new generations of products, different flavors and so forth. So there's a tremendous amount of effort going on there and a tremendous amount of R&D.

好吧，傑德，這裡有幾個不同的向量。首先，我們顯然擁有一個擁有完整戰略和產品組合的產品組，他們目前有新產品、新一代產品、不同口味等。因此，那裡正在進行大量的努力和大量的研發工作。

We also have significant efforts, as you're well aware, going on in terms of the materials side of things as well. And then finally, what I would tell you has been just eye opening to me is the adoption rate of our current portfolio across nonautomotive type applications is really, really solid. And we're able to do that through the partnership we have with Arrow because they're able to take these products and get them into customers' hands, and they've got quite an extensive applications engineering team and help customers develop these products. And if you were to ask me a year ago, are we going to win a personal watercraft or something like that, it wouldn't be on my list, but here we are today with those kinds of design-ins.

如您所知，我們也在材料方面做出了重大努力。最後，我要告訴你的是讓我大開眼界的是，我們當前的產品組合在非汽車類型應用程序中的採用率非常非常可靠。通過與 Arrow 的合作，我們能夠做到這一點，因為他們能夠將這些產品送到客戶手中，而且他們擁有相當廣泛的應用工程團隊並幫助客戶開發這些產品。如果你在一年前問我，我們是否會贏得一艘私人船隻或類似的東西，它不會在我的名單上，但今天我們就擁有這些設計。

And so I think the partnership with Arrow and the access to the channel that they bring or the access that their channel brings has shown all of these industrial customers that there is applicability of our current portfolio to what they would like to do. And of course, they're getting glimpses of some of the things that Jay and his team are working on from a power new product portfolio as well. So I'm super encouraged by that. I think the -- as I mentioned earlier, the adoption of silicon carbide in both EVs and the industrial markets is just happening at a substantially higher pace than we would have predicted, and that's positive news for us.

因此，我認為與 Arrow 的合作夥伴關係以及對他們帶來的渠道的訪問權或他們的渠道帶來的訪問權向所有這些工業客戶表明，我們當前的產品組合適用於他們想做的事情。當然，他們也從強大的新產品組合中窺見了 Jay 和他的團隊正在研究的一些事情。所以我對此感到非常鼓舞。我認為——正如我之前提到的，在電動汽車和工業市場中採用碳化矽的速度比我們預期的要快得多，這對我們來說是個好消息。

Our next question in the queue today comes from Samik Chatterjee of JPMorgan.

我們今天排隊的下一個問題來自摩根大通的 Samik Chatterjee。

So a couple of quick ones. Just wanted to see if you can share a bit more color about the $2.1 billion of design wins or particularly the acceleration that you saw this quarter in the design wins. If you can break that down by either application or use cases. I'm just wondering, is it you had a certain application, and you found you were able to design in with more customers in the same vertical? Or is it more about new applications really driving those acceleration design wins. If you can share some color on that?

所以有幾個快速的。只是想看看你是否可以分享更多關於 21 億美元的設計勝利，或者特別是你在本季度在設計勝利中看到的加速。如果您可以通過應用程序或用例來分解它。我只是想知道，您是否有某個應用程序，並且您發現您能夠在同一垂直領域與更多客戶一起設計？還是更多關於真正推動這些加速設計勝利的新應用程序。如果你可以分享一些顏色？

The lion's share of that is going to be the inverters in electric vehicles. It's going to be something around 75% of that number, which crosses a lot of different customers, a lot of OEMs, Tier 1s, et cetera. So there's pretty good diversification of that, but it is in the vertical of the electric vehicle. Outside of that, pretty good traction as well with RF and with the industrial markets. And I mentioned some of those different -- those different end uses. Across that, though, like I said, it's 8,700 different projects. So there's lots of small ones associated with that. But this -- for the first half of this year at $2.1 billion of design and pretty heavily automotive related and, then, like I said, industrial and RF wins as well.

其中最大的份額將是電動汽車的逆變器。這將是該數字的 75% 左右，涉及許多不同的客戶、許多 OEM、Tier 1 等等。所以它有很好的多樣化，但它是在電動汽車的垂直領域。除此之外，RF 和工業市場的吸引力也相當不錯。我提到了一些不同的——那些不同的最終用途。儘管如此，就像我說的那樣，它有 8,700 個不同的項目。所以有很多與此相關的小問題。但這——今年上半年的設計價值為 21 億美元，並且與汽車相關，然後，就像我說的那樣，工業和射頻也獲勝。

Got it. And just a quick follow-up and maybe this is more for Neill. You -- if you can just help me through the gross margin bridge. You grew at 35.4%. I believe, based on what you've discussed, the depreciation itself change there should be helping you by about 100 basis points or so, but maybe if you can correct me if I'm wrong there. So I'm just trying to think about the gross margin bridge given you should have some organically better margins on the higher revenue as well, so the puts and takes, if you can, please?

知道了。只是一個快速的跟進，也許這對尼爾來說更重要。你——如果你能幫助我通過毛利率的橋樑。你增長了 35.4%。我相信，根據您所討論的內容，折舊本身的變化應該可以幫助您大約 100 個基點左右，但如果我錯了，也許您可以糾正我。所以我只是想考慮毛利率的橋樑，因為你應該在更高的收入上也有一些有機的更好的利潤率，所以如果可以的話，看跌期權？

Sure. Yes, so you look at the 2Q results, we saw about a 190 basis point improvement in gross margin, which as you pointed out, is at the high end of the guidance range. And that was driven by a couple of things. And first and foremost, underlying this, we're seeing a better performance and better execution in our Durham fab and as well as at our Malaysia subcontractor. And similar to the revenue, it's really a direct result not only of the investments that we're making, but of the leadership that we've put in there.

當然。是的，所以你看看第二季度的結果，我們看到毛利率提高了大約 190 個基點，正如你所指出的，這處於指導範圍的高端。這是由幾件事驅動的。首先，在此基礎上，我們在達勒姆工廠以及我們的馬來西亞分包商中看到了更好的表現和更好的執行。與收入類似，這不僅是我們正在進行的投資的直接結果，也是我們在那裡投入的領導力的直接結果。

What's offsetting that a bit as we grow is that the device business of a higher cost base is providing kind of a negative product mix. So you saw the power device business growing extremely fast, 37% quarter-over-quarter, 100% year-over-year. So as that bleeds in faster, we're seeing some margin headwind as you look at that.

隨著我們的發展，抵消了這一點的是，成本基礎較高的設備業務正在提供一種負面的產品組合。因此，您看到功率器件業務增長極快，環比增長 37%，同比增長 100%。因此，隨著流血速度加快，當您看到這一點時，我們看到了一些利潤逆風。

Now the good news is that the profitability of the device business also improved significantly versus last quarter with the better factory performance. So over time, we would expect that kind of mix impact to dissipate. But right now, as we have that kind of cost footprint differential, we'll see that kind of playing as we go.

現在好消息是，設備業務的盈利能力也比上一季度有了顯著提高，工廠表現更好。因此，隨著時間的推移，我們預計這種混合影響會消散。但是現在，由於我們有這種成本足跡差異，我們會在進行中看到這種情況。

So those are kind of the 2, I'd say, operational factors that are in there. And then from a depreciation benefit standpoint, in 2Q, I think we gave a guidance last quarter of about 1 to 2 points. It was at the higher end of that range on a higher revenue. And then as you look out into Q3, you can think about 0.5-point to 1.5-point range. And then I think of it being largely behind us after that.

因此，我想說，這些是其中的 2 個操作因素。然後從折舊收益的角度來看，在第二季度，我認為我們在上個季度給出了大約 1 到 2 個點的指導。它處於該範圍的較高端，收入較高。然後，當您展望第三季度時，您可以考慮 0.5 點到 1.5 點的範圍。然後我認為在那之後它在很大程度上落後於我們。

And again, as you look out into 3Q, we should see some additional benefit but largely the same dynamics playing out. We anticipate seeing better performance in the fab, and the back end offset by some of that product mix. And then even as you move out into Q4, we should see the margins flattish, maybe even moving up from 36% as you kind of get into that Q4 time frame, or [weight] out from that right now.

再一次，當你展望第三季度時，我們應該會看到一些額外的好處，但大致相同的動態正在發揮作用。我們預計晶圓廠的性能會更好，而後端會被一些產品組合所抵消。然後即使你進入第四季度，我們應該看到利潤率持平，甚至可能從 36% 上升，因為你進入第四季度的時間框架，或者現在[權重] 退出。

Our next question comes from Harsh Kumar of Piper Sandler.

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

Yes, congratulations. Strong results, good guide. Gregg, I had a question for you. You mentioned something interesting. You said that you'll start your wafers here in, I think, the March quarter. I just wanted to understand, mechanically, the timing dynamics. As you start -- as you look to start in the March quarter, the run of the wafers, how long does it take, do you think, for you to be qualified is -- the main question is, is the commercial first few wafers out still looking at June/July kind of time frame. If you can just provide some color around that, and I do have a follow-up.

是的，恭喜。效果好，指導好。格雷格，我有一個問題要問你。你提到了一些有趣的事情。您說您將在三月季度開始您的晶圓。我只是想從機械上理解時間動態。當您開始時 - 當您希望在三月季度開始時，晶圓的運行，您認為需要多長時間才能獲得資格 - 主要問題是，商業化的前幾個晶圓仍然在看六月/七月的時間框架。如果你能提供一些顏色，我會跟進。

Yes. So maybe I'll hit the beginning and Neill can give a little bit more additional color. So I'll just remind everybody this wafer fab was a field of mud 2 years ago. And we're going to be running wafers here pretty soon. We've done a really good job of running the pilot line in the SUNY Albany facility. And Neill will give a little bit more color on how we've transitioned that. So we're feeling pretty confident about what we're able to do out of the Mohawk Valley fab. We have materials staged in that fab today. And as I mentioned, we'll be running back in really, I think, it's 8 weeks, 9 weeks, something like that so sometime this quarter. Neill, maybe you can give just a little bit more color on how the process then goes from there.

是的。所以也許我會開始，尼爾可以提供更多的額外顏色。所以我只想提醒大家，這個晶圓廠在 2 年前是一片泥地。我們很快就會在這裡運行晶圓。我們在紐約州立大學奧爾巴尼分校的設施中運行試驗線做得非常好。尼爾將為我們如何過渡提供更多色彩。因此，我們對在莫霍克谷工廠能做的事情充滿信心。我們今天在那個晶圓廠上演了材料。正如我所提到的，我們真的會回來，我認為，這是 8 週，9 週，類似這樣的時間，所以本季度的某個時候。尼爾，也許你可以多說一點關於這個過程是如何從那裡開始的。

Yes. Yes. So Harsh, no real change from what we've talked about. As Gregg mentioned, we'll start the qualification lot this quarter, and then we'll quickly transition to from internal to customer qualifications shortly after that. And I thought what might be good is that I break that down a little bit in terms of how we're thinking about that. So right now, for instance, we're testing equipment. And in many cases, that has wafers loaded into the tools.

是的。是的。如此苛刻，與我們談論的內容沒有真正的變化。正如 Gregg 所提到的，我們將在本季度開始進行資格認證，然後不久之後我們將快速從內部資格過渡到客戶資格。我認為可能的好處是，我根據我們的思考方式對其進行了一些分解。例如，現在我們正在測試設備。在許多情況下，這會將晶圓裝入工具中。

So we expect to be running those full qualification lots, as we mentioned, later this quarter. If that goes well, transition that right to customers very quickly. As we speak with customers, there's a very strong demand to get products coming out of this factory and getting them out very quickly. So we've set up the line in a way where we've leveraged that pilot line. Gregg talked about the stage inventory at various stages. So when we start the line, we can actually start it very full.

因此，正如我們所提到的，我們希望在本季度晚些時候運行這些完整的資格認證批次。如果一切順利，請盡快將該權利轉移給客戶。當我們與客戶交談時，有非常強烈的需求讓產品從這家工廠出來並很快發貨。因此，我們以利用該試驗線的方式設置了生產線。 Gregg談到了各個階段的舞台庫存。因此，當我們開始生產線時，我們實際上可以非常充分地開始它。

And then shortly after that, we anticipate putting product in the hands of our customers. And then we'll just continue that process with more and more customers throughout the year. So -- and right now, our anticipation is that, that'll happen throughout the year. We'll see some commercial revenue, but the larger amount of revenue that will kind of moves the needle, so to speak, would happen in the second half of the fiscal year as you get into the second half of 2023. That's kind of the plan as it works out right now.

然後不久之後，我們預計將產品交到客戶手中。然後我們將繼續這一過程，全年有越來越多的客戶。所以 - 現在，我們的預期是，這將在全年發生。我們會看到一些商業收入，但是可以說，隨著您進入 2023 年下半年，會在本財年下半年發生的更大數額的收入會有所改變。計劃，因為它現在有效。

Understood. Very helpful, guys. You touched upon my next question a little bit in one of the previous questions. I think you -- I was wanting to understand, given the steepening of the demand curve, the time frame to get to an acceptable utilization of the fab or even full utilization of the fab. And you mentioned something interesting. You talked about the 4-wall capacity, but that's different from the installed tool capacity. I wanted to understand how long would it take for you given the demand dynamics you're seeing to be able to get to a utilization that you consider acceptable, let's say, breakeven cash, breakeven profitability, whatever metrics you use, and then when you talk about 4-wall capacity, I want to understand, there must be room, I suppose, for additional lines to go on. And that's what you're implying by a 4-wall capacity, I suspect.

明白了。非常有幫助，伙計們。你在之前的一個問題中稍微提到了我的下一個問題。我想你 - 我想了解，鑑於需求曲線的陡峭，達到可接受的晶圓廠利用率甚至完全利用晶圓廠的時間框架。你提到了一些有趣的事情。您談到了 4 壁容量，但這與安裝的工具容量不同。我想了解你需要多長時間才能看到你認為能夠達到你認為可以接受的利用率的需求動態，比如盈虧平衡現金、盈虧平衡盈利能力、你使用的任何指標，然後當你談論4牆容量，我想了解，我想必須有空間才能繼續進行額外的線路。這就是你所暗示的 4 牆容量，我懷疑。

Yes, that's right, Harsh. So I think the way I want to think about the factory, though, is when you think about what's acceptable utilization. In my mind, it's getting towards that first 50%. If we could bring that up, I think we're -- as we bring that up and probably not even at full utilization, the first 50%. I think we're in pretty good shape in terms of the fab and in terms of the profitability and the capability it's going to be bringing to us. And given the steepening demand, I don't really see that as being -- really being an issue at this point, and we'll continue to manage towards that.

是的，沒錯，哈什。所以我想我想考慮工廠的方式是，當你考慮什麼是可接受的利用率時。在我看來，它正在接近前 50%。如果我們能提出這個問題，我認為我們是——當我們提出這個問題時，甚至可能沒有充分利用，前 50%。我認為我們在晶圓廠、盈利能力和它將給我們帶來的能力方面都處於非常好的狀態。考慮到需求的急劇增長，我真的不認為這是 - 在這一點上真的是一個問題，我們將繼續努力解決這個問題。

So I think it's really more about your second question about how much capacity we bring on and how quickly can we do that. And looking at it now, as I said earlier, we just got to be very careful with how we bring up the factory in that first kind of 4-wall capacity. It's a brand-new -- world's first silicon -- 200-millimeter silicon carbide automated factory. So we're in a new factory and a new technology, so we want to be careful with that. However, as you get from '24 to '26 , I think there is some optionality there. If you think about in terms of bringing the revenue up and bringing the capacity up, in terms of time line to think about it, only you're thinking about a year or so to bring up a new line in a fab.

所以我認為這實際上更多是關於你的第二個問題，即我們帶來多少能力以及我們能多快做到這一點。現在來看，正如我之前所說，我們必須非常小心地在第一種 4 壁容量中建立工廠。這是一個全新的——世界上第一個矽——200毫米碳化矽自動化工廠。所以我們在一家新工廠和一項新技術中，所以我們要小心。但是，當您從 '24 到 '26 時，我認為那裡有一些可選性。如果你從提高收入和提高產能的角度來考慮，從時間線的角度來考慮，只有你在考慮一年左右的時間才能在晶圓廠中建立一條新生產線。

It might be a little bit longer than that right now just because of supply chain considerations. But I'll tell you, we've been very disciplined about how we've ordered capacity for this factory out ahead of the COVID and supply issues now. But we continue to monitor this very closely and make orders as we bring up the factory. So I think we've left ourselves some flexibility in terms of how we manage this from a timing standpoint.

僅僅因為供應鏈方面的考慮，現在可能會比現在長一點。但我會告訴你，我們一直非常自律，因為我們已經在 COVID 和供應問題之前為這家工廠訂購了產能。但我們會繼續密切關注這一點，並在我們啟動工廠時下訂單。因此，我認為從時間的角度來看，我們在如何管理這方面留出了一些靈活性。

The next question today comes from Craig Irwin of ROTH Capital Partners.

今天的下一個問題來自 ROTH Capital Partners 的 Craig Irwin。

So I guess this does touch on questions that have been asked before. But if you keep putting up bookings like you have this quarter, design-ins, you're going to need a second facility pretty quickly. Can you maybe talk a little bit about what the considerations would be about plans for future capital investment? And would you be more likely to expand at an existing site, maybe in North Carolina or New York -- or would you potentially consider other locations for expansion over the next couple years?

所以我想這確實觸及了之前提出的問題。但是，如果您像本季度一樣繼續進行預訂，設計插件，您將很快需要第二個設施。您能否談談對未來資本投資計劃的考慮？您是否更有可能在現有的地點進行擴展，可能在北卡羅來納州或紐約 - 或者您是否可能考慮在未來幾年內在其他地點進行擴展？

Craig, this is Neill. First of all, thanks for the question. And I think, look, we're talking about a steepening demand curve here. And clearly, at the levels of what we're talking about, that's certainly something we're considering. So if you go even out beyond, we're going to bring up capacity in Mohawk Valley faster. You've got to think about looking out beyond '26, which we do regularly. And we believe that the demand for silicon carbide will continue out into the -- well into the second half of the decade. And I think the entire industry is going to require capacity out in that time frame. And for us, that would mean, yes, we would need a second fab in addition to Mohawk Valley. And that's something that we are continuing to evaluate.

克雷格，這是尼爾。首先，感謝您的提問。而且我認為，看，我們在這裡談論的是陡峭的需求曲線。顯然，在我們談論的層面上，這肯定是我們正在考慮的事情。因此，如果您更進一步，我們將更快地提高莫霍克山谷的容量。您必須考慮超越 26 年，我們經常這樣做。我們相信，對碳化矽的需求將持續到本世紀下半葉。而且我認為整個行業都將在那個時間範圍內需要產能。對我們來說，這意味著，是的，除了莫霍克谷之外，我們還需要第二家晶圓廠。這是我們正在繼續評估的東西。

From a geography standpoint, I think those things are things that we just continue to think about and evaluate over time, but we would be open to looking at various options there as it relates to ensuring that we're close to our customers and working with them on ensuring surety of supply and those types of things. So these are things that we're just evaluating and monitoring but certainly want to have the best options to create the best opportunity for serving our customers.

從地理的角度來看，我認為這些事情是我們會隨著時間的推移繼續思考和評估的事情，但我們願意在那裡尋找各種選擇，因為這與確保我們貼近客戶並與之合作有關他們在確保供應和那些類型的事情上的保證。因此，我們只是在評估和監控這些事情，但肯定希望擁有最佳選擇，為我們的客戶創造最佳機會。

Okay. And then the next question, I guess, is a clarification, right? You talked about having the tools in place for production at Mohawk Valley. There's not a lot of epi reactors out there with 8-inch capacity for silicon carbide deposition. Can you maybe talk about, broadly, is this something similar to what you did years ago in the LED industry? Or are these potentially commercially sourced units? And then would you expect this to maybe be a competitive advantage for you over the next number of years similar to what it was in the early days of LEDs. But given that you already have a huge advantage in wafers, reactors would be an exciting addition to the technology moat.

好的。然後下一個問題，我想，是一個澄清，對吧？您談到了在莫霍克山谷生產的工具。用於碳化矽沉積的 8 英寸容量的外延反應器並不多。您能否廣泛地談談，這是否與您多年前在 LED 行業所做的類似？或者這些潛在的商業來源單位？然後，您是否會期望這在未來幾年內可能會成為您的競爭優勢，類似於 LED 早期的競爭優勢。但鑑於您已經在晶圓方面擁有巨大優勢，反應器將成為技術護城河的一個令人興奮的補充。

Well, epi is part of the -- one of the key advantages we have. We're pretty good at it. And what we're focused on now is really building the entire supply chain for 200-millimeter. And that's a lot of heavy lifting. That's including the furnaces to grow the crystals. We've got really good -- got a really good jump there, the epi reactors and working through that whole supply chain. And so I'd say, Craig, we're pretty focused on getting all of those bits and pieces nailed down because this steepening demand curve is going to require a pretty sizable uptick in terms of how we have that entire supply chain going.

好吧，epi 是我們擁有的關鍵優勢之一的一部分。我們很擅長。而我們現在關注的是真正為 200 毫米構建整個供應鏈。這是很多繁重的工作。這包括生長晶體的熔爐。我們做得非常好——在外延反應器和整個供應鏈中都有一個非常好的跳躍。所以我想說，克雷格，我們非常專注於確定所有這些點點滴滴，因為這種陡峭的需求曲線將需要我們如何讓整個供應鏈運轉起來相當大的上升。

And I think it's really that combination that's going to give us a pretty unique advantage. And as one of my customers said, they really like the fact that we're on 200-millimeter because, obviously, there's a good cost advantage on that. But they really loved it because the output per unit of time is substantially higher because it basically takes the same amount of time to run a 200-millimeter wafer than it does a 150-millimeter wafer. And so what that translates to them is if they see demand for their product take off, and you're hearing about electric vehicles selling out, and I think I heard one of them sold out in something like 25 minutes. They put it online, and it sold out in 25 minutes. And they see that this supply chain that we're building out at 200 millimeters is going to be able to react a lot stronger and a lot faster because it will be roughly 70% more output for the same amount of time in the wafer fab. So a lot of those things are going to be a good competitive advantage, and we're working really hard to keep it that way.

我認為正是這種組合會給我們帶來非常獨特的優勢。正如我的一位客戶所說，他們真的很喜歡我們使用 200 毫米的事實，因為顯然，這具有很好的成本優勢。但他們真的很喜歡它，因為單位時間的產量要高得多，因為運行 200 毫米晶圓所花費的時間基本上與運行 150 毫米晶圓所花費的時間相同。所以這對他們來說意味著如果他們看到對其產品的需求起飛，並且你聽說電動汽車賣光了，我想我聽說其中一輛在大約 25 分鐘內就賣光了。他們把它放到網上，25分鐘就賣光了。他們看到，我們正在構建的 200 毫米長的供應鏈將能夠做出更強大和更快的反應，因為在晶圓廠的相同時間內，它的產量將增加大約 70%。所以很多這些東西將成為一個很好的競爭優勢，我們正在努力保持這種狀態。

The next question in the queue comes from Karl Ackerman of Cowen and Company.

隊列中的下一個問題來自 Cowen and Company 的 Karl Ackerman。

Two questions from me as well, please. Neill or Gregg, I guess of the automotive design-ins that you won this quarter, is there a way to distinguish the number of designs where you are the primary supplier rather than secondary that may augur well for seeing those POs turn into design wins. And as you address that question, may you also discuss whether there's a growing mix of 800-volt inverter designs in these automotive design wins? And then I have a follow-up.

也請教我兩個問題。尼爾或格雷格，我猜你本季度贏得的汽車設計，有沒有辦法區分你是主要供應商而不是次要供應商的設計數量，這可能預示著這些採購訂單變成設計勝利。在您回答這個問題時，您是否還可以討論一下在這些汽車設計勝利中是否有越來越多的 800 伏逆變器設計組合？然後我有一個跟進。

Yes. I can't give you the exact number, but I would say the vast majority of the things that are design-ins for us, we're the primary source. And I don't know exactly what that means. But in fact, I would say off the top of my head, I couldn't name too many that where we weren't the primary source. So it's going to be -- the vast majority of that is going to be we're the primary source. So I feel very, very good about that.

是的。我不能給你確切的數字，但我會說絕大多數為我們設計的東西，我們是主要來源。我不知道這到底是什麼意思。但事實上，我會說，我不能說出太多我們不是主要來源的名字。所以這將是 - 其中絕大多數將是我們是主要來源。所以我對此感覺非常非常好。

And then in terms of 800 volts, I think we're seeing 2 things happen. One is we're seeing a broader adoption of 800 volts as people are seeing the advantages of 800 volts, both from a charging time perspective as well as efficiency at the inverter level. So we're seeing a broader adoption of 800 volts, but we're also seeing...

然後就 800 伏特而言，我認為我們正在看到兩件事發生。一是我們看到了 800 伏的更廣泛採用，因為人們看到了 800 伏的優勢，無論是從充電時間的角度還是逆變器級別的效率。因此，我們看到 800 伏電壓得到更廣泛的採用，但我們也看到......

We're just seeing -- This is Neill jumping in here, Karl. We are seeing a pretty broad adoption at the 800-volt level. I think a lot of customers are telling us, they're seeing a transition from 400, maybe some 400 (inaudible) some of the earlier models that they maybe designed in previously, but anything really new that's coming online is predominantly 800 volts.

我們只是看到- 這是尼爾跳進來，卡爾。我們看到在 800 伏級別上得到了相當廣泛的採用。我想很多客戶都告訴我們，他們看到了從 400 的過渡，也許是大約 400（聽不清）他們之前設計的一些早期型號，但任何真正上線的新產品主要是 800 伏。

Understood. I appreciate that. For my follow-up, does inventory moderate over the next quarter or 2 as presumably 150-millimeter wafer sales improve as your customers service this step-function higher in silicon carbide demand. How should we think about that?

明白了。我很感激。在我的後續行動中，隨著您的客戶在碳化矽需求中提供更高的階躍功能，預計 150 毫米晶圓的銷售量會在下個季度或 2 季度有所緩和。我們應該怎麼想？

Yes. In terms of inventory levels, I would see the days of inventory coming down, but the growth rates are pretty high. So I would expect working -- total working capital, including inventory, to increase as time goes on, just naturally, to service a bigger business. But I think we'll get more efficient as we execute that. And I think, by the way, what we'll see there is the better execution in the fab that we talked about earlier that we're seeing improved cycle times and yields and all those things. That will drop the WIP in the factories, and we should see some better efficiency. But I think overall over time, we'll see working capital pick up. You can see some drain on inventory between quarters, but I think we're going to continue to need pretty significant inventory balances to service the growth and our customers as we continue to ramp up the business.

是的。就庫存水平而言，我會看到庫存天數下降，但增長率相當高。因此，我希望隨著時間的推移，包括庫存在內的總營運資金會自然而然地增加，以服務於更大的業務。但我認為我們會在執行時變得更有效率。而且我認為，順便說一句，我們將看到我們之前談到的晶圓廠的更好執行，我們看到改進的周期時間和產量以及所有這些事情。這將降低工廠的 WIP，我們應該會看到一些更好的效率。但我認為總體而言，隨著時間的推移，我們會看到營運資金回升。您可以看到季度之間的庫存消耗有所減少，但我認為隨著我們繼續擴大業務，我們將繼續需要相當可觀的庫存餘額來服務增長和我們的客戶。

Our next question today comes from Pierre Ferragu of New Street Research.

我們今天的下一個問題來自 New Street Research 的 Pierre Ferragu。

This is Ben Harwood standing in for Pierre. So I had a question on China and the competition that you're seeing there. So of course, on one hand, the manufacturing process, silicon carbide is extremely difficult to perfect. But then on the other hand, these Chinese competitors are announcing billions of dollars in investing into silicon carbide. So what I want to ask is what you're seeing from a competitive standpoint there? Are Chinese companies coming up for the bids in either the substrate or the device market? And then just secondly, related to that, what do you expect in your '24, '26 guidance for revenues from China?

這是本哈伍德代表皮埃爾。所以我有一個關於中國和你在那裡看到的競爭的問題。所以當然一方面，在製造工藝上，碳化矽極難做到完美。但另一方面，這些中國競爭對手正在宣布數十億美元投資碳化矽。所以我想問的是你從競爭的角度看到了什麼？中國企業是在基板市場還是器件市場競標？其次，與此相關的是，您對 24 年和 26 年中國收入的指導有何期望？

Yes. Thanks for the question. I think I got my voice back as the team in the room here threw about 10 bottles of water at me. So -- but what I would say is, first off, we see this is an enormous growth that's happening in the industry right now. And whenever that happens, it attracts people who want to get into the market. So it is not lost on us that there's going to be a lot of folks who want to get into the silicon carbide business. There are some -- and that includes a number of different companies in China. We pay attention to all the announcements that are happening right now and all the investments and so forth. And we don't sit back and relax about that. We are intensively improving our own operations, lowering costs, driving productivity and all of that kind of stuff.

是的。謝謝你的問題。我想我的聲音恢復了，因為這裡房間裡的團隊向我扔了大約 10 瓶水。所以 - 但我要說的是，首先，我們看到這是目前該行業正在發生的巨大增長。每當這種情況發生時，它都會吸引想要進入市場的人。因此，我們不會忘記會有很多人想要進入碳化矽業務。有一些——其中包括中國的許多不同的公司。我們關注目前正在發生的所有公告以及所有投資等。我們不會高枕無憂。我們正在大力改進我們自己的運營、降低成本、提高生產力和所有類似的東西。

Now that being said, this business has some pretty substantial barriers to entry that don't bode well for the normal run of play, if you will, of how China gets into a market. First off, there's not a whole supply or even an industry that supplies the silicon carbide growth furnaces in the industry. So you have to build your furnaces yourself. And to do that, you need the know-how. So typically, CapEx would be thrown at something like this from a China perspective, and there's really no CapEx -- well, there might be a lot of CapEx to throw at, but there's nothing to buy. So you have to build your own furnaces and so forth to do that. The second thing is, is that sometimes they throw a lot of OpEx at it and go after hiring tons of people to go put together a plan. The supply of humans that understand in detail how to do silicon carbide is relatively small. And so there are lots of barriers to entry in this technology, and the typical play is just -- it's just difficult for that to happen. And so we don't take it lightly that we're going to have a lot of competition. We act very paranoid about everything. And the best thing that we can do is continue running faster than anybody else.

話雖如此，這項業務有一些相當大的進入壁壘，如果你願意的話，這對於中國如何進入市場的正常運行來說並不是一個好兆頭。首先，沒有一個完整的供應，甚至沒有一個行業供應碳化矽生長爐。所以你必須自己建造你的熔爐。要做到這一點，您需要專業知識。所以通常情況下，從中國的角度來看，資本支出會被投入到這樣的事情上，實際上沒有資本支出——嗯，可能會有很多資本支出，但沒有什麼可買的。所以你必須建造自己的熔爐等等來做到這一點。第二件事是，有時他們會投入大量的運營支出，然後僱傭大量的人來製定計劃。詳細了解如何做碳化矽的人類供應相對較少。因此，這項技術有很多進入壁壘，而典型的做法是——這很難發生。所以我們不會掉以輕心，我們將有很多競爭。我們對一切都表現得非常偏執。我們能做的最好的事情就是繼續跑得比任何人都快。

I think your second question there was on like percent of revenue in China. The way we think about that, there's a lot of -- in the shorter term, there's a lot of industrial revenues. A lot of the industrial opportunities come out of Asia. But as we've looked out into the plan over '24 and '26 as a lot of that automotive revenue comes on, while we do see a lot of opportunities both in automotive and industrial in the region, we've judged that back in the plan. And we have about 15% of revenue in that kind of $1.5 billion out in '24 and roughly 10% of revenue out in '26. So we've kind of pulled that back a little bit, although I think if you looked at the power supply, it will be a bit larger than that.

我認為你的第二個問題是關於中國收入的百分比。我們認為，有很多 - 在短期內，有很多工業收入。許多工業機會來自亞洲。但是，隨著我們對 24 年和 26 年的計劃進行研究，因為很多汽車收入都來自於我們，雖然我們確實在該地區的汽車和工業領域看到了很多機會，但我們已經判斷了這一點計劃。我們在 24 年的 15 億美元中大約有 15% 的收入，在 26 年大約有 10% 的收入。所以我們把它拉回來了一點，雖然我認為如果你看一下電源，它會比這大一點。

Our next question comes from Edward Snyder of Charter Equity Research.

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

Gregg, I'd like to talk about 8-inch for a little bit. I know you're launching on that, and you guys guided the fact that 8-inch is going to have high -- already has higher yields than 6-inch. But given how much thicker those wafers have to be 8-inch over 6-inch, is the per millimeter cost of 8-inch today lower than 6-inch? And if not, you have what -- will you launch production with it as it is? And what kind of efforts or what kind of progress you think you can make in getting it down? Or is 8-inch just a throughput play because you're going to have, like you said, 70% greater capacity for the same machines as just a throughput and not that focused on cost? And then I have a follow-up.

Gregg，我想稍微談談 8 英寸。我知道你們正在著手開展這項工作，並且你們指導了 8 英寸將具有高產量的事實——已經比 6 英寸具有更高的產量。但是考慮到這些晶圓必須比 6 英寸厚多少，那麼今天 8 英寸的每毫米成本是否低於 6 英寸？如果沒有，你有什麼——你會按原樣啟動生產嗎？以及你認為你可以通過什麼樣的努力或什麼樣的進步來讓它下來？還是說 8 英寸只是一種吞吐量遊戲，因為您將像您所說的那樣，將相同機器的容量提高 70%，而不是專注於成本？然後我有一個跟進。

Yes, the cost per millimeter squared is not at the same level as 150 millimeter, but we obviously are attacking that pretty much daily here. So we feel real good about where it is and where it can go to. And obviously, that's something we're going to be working on. But even with that, the throughput of the factory, as you mentioned, the yields and so forth, we're going to see an enormous advantage. Maybe Neill, you can kind of cover a little bit more of the detail there.

是的，每平方毫米的成本與 150 毫米不同，但我們顯然每天都在攻擊這一點。所以我們對它在哪里以及它可以去哪裡感覺非常好。顯然，這是我們將要努力的事情。但即便如此，正如你提到的，工廠的吞吐量、產量等，我們將看到巨大的優勢。也許尼爾，你可以在那裡覆蓋更多的細節。

Yes. So I think simply speaking, Ed, normally -- and when you move to 200 millimeter, the benefits in the fab, not so much in the substrate, the substrate will cost more. But -- so even while it's at a higher cost per millimeter square right now, and may stay that way for some time, we'll see pretty nice benefits in the fab just from the improved yield in the cycle times that we've talked about previously, and that more than offsets the cost per millimeter squared. So in that sense, we're in a very unique position because we do have a fab to feed this into and get those cost benefits. And then I think over time -- it will probably take several years, but over time, we'll see that crossover point come, and then that's all built in the plans. And I think we'll be in good shape to continue to drive that cost out as we have done on 150-millimeter.

是的。所以我認為簡單地說，Ed，通常——當你移動到 200 毫米時，晶圓廠的好處，而不是基板的好處，基板的成本會更高。但是 - 所以即使現在每平方毫米的成本更高，並且可能會保持這種狀態一段時間，我們將看到晶圓廠的相當不錯的好處，只是從我們討論過的周期時間提高產量大約以前，這超過了每平方毫米的成本。因此，從這個意義上說，我們處於一個非常獨特的位置，因為我們確實有一家晶圓廠可以將其註入並獲得這些成本效益。然後我認為隨著時間的推移 - 這可能需要幾年時間，但隨著時間的推移，我們會看到交叉點到來，然後這一切都在計劃中。而且我認為我們將保持良好狀態，繼續降低成本，就像我們在 150 毫米上所做的那樣。

Great. And then, I mean, your performance is excellent. Your guidance is excellent. But it kind of calls into question your guidance for fiscal year '24 because, if we look at any kind of reasonable breakdown, I think you've guided before, it's about an even split between devices and materials, a little bit more one way, the other. But if you put any kind of real numbers on that, it looks like North Carolina fab is already running this year -- will run this year in fiscal '22 close to $350 million in revenue. And I think at one point, you'd said that maybe the maximum capacity of that is closer to $375 million. I don't know with Missy there, maybe that goes up. But given that and we're only in fiscal '22 now, by fiscal '24, if it holds, $1.5 billion guidance and $1 billion of that being devices, either Mohawk doesn't ramp nearly as quick as it's not anywhere close to what's happening, or your guidance is very low relative to where your performance is already, especially given more devices. So maybe you could maybe walk you through, does North Carolina flatten out, or given the demand you're seeing now, if it keeps growing at this rate, and I know you're not going to change guidance at this point, but isn't there a lot of upward pressure on your fiscal '24 targets at this point?

偉大的。然後，我的意思是，你的表現非常出色。你的指導非常好。但這有點讓人質疑你對 24 財年的指導，因為如果我們看一下任何合理的細分，我認為你之前已經指導過，它是關於設備和材料之間的平均分配，多一點的方式， 另一個。但如果你把任何真實的數字放在上面，看起來北卡羅來納州的工廠今年已經在運行——今年將在 22 財年運行，收入接近 3.5 億美元。而且我認為在某一時刻，您曾說過，最大容量可能接近 3.75 億美元。我不知道有小姐在那裡，也許會上升。但考慮到這一點，我們現在只是在 '22 財年，到 '24 財年，如果它擁有 15 億美元的指導和 10 億美元的設備，那麼莫霍克的增長速度不會像現在的任何地方一樣快正在發生，或者您的指導相對於您的表現已經非常低，尤其是考慮到更多的設備。所以也許你可以帶你走過，北卡羅來納州是否趨於平緩，或者考慮到你現在看到的需求，如果它繼續以這種速度增長，我知道你現在不會改變指導，但是在這一點上，您的 24 財年目標沒有很大的上行壓力嗎？

And then maybe a second question for Gregg, if I could. The performance you're putting up now is really impressive, but most of that and especially upside in revenue is in industrial and RF at this point, am I correct? And given the industrial markets are harder to get their arms around because they're so diversified, I mean, TI said last night that the industrial business was booming, it sounds like maybe this is growing faster than you anticipated and may pick up a lot of the capacity you have planned for Mohawk by the time you get it up into production?

如果可以的話，也許可以問 Gregg 的第二個問題。你現在的表現確實令人印象深刻，但目前大部分，尤其是收入的增長是在工業和射頻領域，我說的對嗎？鑑於工業市場因為如此多元化而更難獲得支持，我的意思是，TI 昨晚表示工業業務正在蓬勃發展，聽起來這可能比您預期的增長速度更快，並且可能會回升很多當您將其投入生產時，您為 Mohawk 計劃的產能是多少？

Yes, I'll hit the second part of that, and then Neill can go back at the first. We definitely are seeing a strong growth of our industrial business, very nice wins. And the industrial business tends to ramp faster than automotive. It's not dramatically faster, but it's definitely faster. And so over the next couple of years, we'll be ramping that very broad base of industrial customers that you referenced. The automotive guys that we've won, that's typically a 4-year from when you win to when you really start hitting the higher-volume production, as you might have a little bit of introductory volumes before that. But yes -- no, I mean, I feel real good about the traction that we've gotten with the industrial business. And the -- our ability to go after that is largely tied to a great relationship we have with Arrow in terms of going after it.

是的，我會打第二部分，然後尼爾可以回到第一部分。我們肯定看到我們的工業業務強勁增長，取得了非常好的勝利。工業業務的發展速度往往比汽車行業快。它並沒有明顯更快，但肯定更快。因此，在接下來的幾年中，我們將擴大您提到的非常廣泛的工業客戶群。我們贏得的汽車製造商，通常是從您獲勝到真正開始大批量生產的 4 年，因為在此之前您可能會有一些介紹量。但是是的 - 不，我的意思是，我對我們在工業業務中獲得的牽引力感覺非常好。而且 - 我們追求它的能力在很大程度上與我們與 Arrow 在追求它方面的良好關係有關。

Yes, then in terms of the revenue outlook, Ed, I think you're right. I think, first of all, I think our aspirations and what we can do in the Durham fab are probably higher now as we're seeing some of the performance over the last several months since we put new leadership into the factory. We also expect to see some benefit in the back end. In fact, if you look at (inaudible) at the end of the year, we thought a good line of sight to $200 million of revenue in Q4. Now I'd say that's higher. It's probably between $200 million and $210 million, just running because we're running the Durham fab better, and we're seeing Malaysia better.

是的，那麼就收入前景而言，Ed，我認為你是對的。我認為，首先，我認為我們的抱負和我們在達勒姆工廠可以做的事情現在可能更高，因為我們看到了自從我們將新領導層帶入工廠以來過去幾個月的一些表現。我們還希望在後端看到一些好處。實際上，如果您在年底查看（聽不清），我們認為第四季度的收入為 2 億美元。現在我會說它更高。它可能在 2 億到 2.1 億美元之間，只是因為我們正在更好地運營達勒姆工廠，而且我們正在更好地看到馬來西亞。

As you translate that out into 2024, you talk about $1.5 billion, $1 billion of devices, it certainly does put upward pressure on that. And I think that's what we're seeing, not just '22, '24 and even in '26 in that fashion. So start looking at all those different things. But I will say in terms of the '24 plan, we just want to be really careful in terms of how we think about bringing up capacity in Mohawk Valley. And I think that's one of the gating items we have. Certainly, if things go better than we anticipate, there'll be some opportunity there. Clearly, from a demand standpoint, that's -- demand's going to be there as we get out in that time frame. And we'll continue to manage the capacity as best as we can. But we are seeing improved performance in Durham. That's correct. And I think there's certainly more capacity in Mohawk Valley than what we got built in that time frame. But again, we just want to be really careful in terms of how we ramp a fab -- brand-new fab, (inaudible), et cetera.

當您將其轉換為 2024 年時，您談到 15 億美元、10 億美元的設備，這肯定會給它帶來上行壓力。而且我認為這就是我們所看到的，而不僅僅是'22，'24甚至'26以這種方式。所以開始看看所有這些不同的東西。但我會說，就 '24 計劃而言，我們只想在考慮如何提高莫霍克山谷的產能方面非常小心。我認為這是我們擁有的門控項目之一。當然，如果事情比我們預期的要好，那裡會有一些機會。顯然，從需求的角度來看，當我們在那個時間框架內退出時，需求就會出現。我們將繼續盡可能地管理容量。但我們看到達勒姆的表現有所改善。這是正確的。而且我認為莫霍克山谷的容量肯定比我們在那個時間框架內建造的容量更大。但同樣，我們只是想在如何升級晶圓廠時非常小心——全新的晶圓廠，（聽不清）等等。

Our next question comes from Colin Rusch of Oppenheimer.

我們的下一個問題來自 Oppenheimer 的 Colin Rusch。

This is Brendan on for Colin. First one from me, given the strong demand environment, can you speak to maybe how you're adjusting your pricing strategy for silicon carbide.

這是科林的布倫丹。我的第一個問題，鑑於強勁的需求環境，您能否談談您如何調整碳化矽的定價策略。

Sure. I'll take that. Basically, our journey in this whole business over the last 4 years has really been about converting the industry from silicon to silicon carbide. That's been through new technology, new product offerings, lower costs and so forth. The second thing that I would say is the business that we're winning is business that we commit to long-term pricing agreements and things like that. So there's really -- there really has not been any influence at all on pricing in terms of what you might be hearing in the silicon industry. We're just -- we're -- keeping -- we're sticking to our strategy of converting the industry. We obviously try to sell it on value. But in terms of the supply/demand mismatch impact on pricing, that's not an area that we're playing around with.

當然。我會接受的。基本上，在過去 4 年中，我們在整個業務中的旅程實際上是將行業從矽轉變為碳化矽。這是通過新技術、新產品、更低的成本等等來實現的。我要說的第二件事是我們贏得的業務是我們承諾簽訂長期定價協議之類的業務。所以真的 - 就你在矽行業聽到的內容而言，定價確實沒有任何影響。我們只是 - 我們正在 - 保持 - 我們堅持我們的行業轉型戰略。我們顯然試圖以價值出售它。但就供需不匹配對定價的影響而言，這不是我們正在研究的領域。

Our last question today comes from Brian Lee of Goldman Sachs.

我們今天的最後一個問題來自高盛的 Brian Lee。

I just had one. I know the power device mix here is growing really fast, but you've consistently kind of called it out as a margin headwind. Devices are growing, it sounds like per Neill's comments, another 100% year-on-year again into 3Q. So on the margins, when does that narrative change where a device is at or maybe even above corporate average? Maybe give us a sense of time line there and then ultimately, does it get to above corporate average? Just any color there would be helpful. I don't have any follow-ups.

我剛吃了一個。我知道這裡的電源設備組合增長非常快，但你一直把它稱為利潤逆風。設備正在增長，聽起來像根據尼爾的評論，在第三季度再次同比增長 100%。那麼在邊緣，當設備達到或什至高於公司平均水平時，這種敘述何時會改變？也許給我們一個時間線的感覺，然後最終，它會高於公司平均水平嗎？任何顏色都會有幫助。我沒有任何後續行動。

And I think it's pretty consistent with what we've said before. And I think the big differentiator is going to be running device products -- power device products in Mohawk Valley and I think when you start changing the footprint that dramatically. Now clearly, we've seen some benefit out of Durham. I think we'll continue to see benefits out of the fab. I think the team's making really good progress. So I think some of it may dissipate over time. But the -- really, the game changer is going to be moving to Mohawk Valley, where you get the automated factory, you get the 200-millimeter wafer, and you get a pretty substantial cost advantage. So I think it'll take some time before you see that benefit. And then if you look out over the longer-term period, I don't see there -- from a device products versus material products type of mix, I don't see that (inaudible) all that much different as you get out into kind of '24 and '26.

我認為這與我們之前所說的非常一致。而且我認為最大的區別將是運行設備產品——莫霍克谷的電力設備產品，我認為當你開始顯著改變足跡時。現在很明顯，我們已經從達勒姆看到了一些好處。我認為我們將繼續從晶圓廠中看到好處。我認為球隊取得了很好的進展。所以我認為其中一些可能會隨著時間的推移而消散。但是——真的，遊戲規則的改變者將轉移到莫霍克谷，在那裡你會得到自動化工廠，你會得到 200 毫米晶圓，你會獲得相當大的成本優勢。所以我認為你需要一些時間才能看到這種好處。然後，如果您從長遠來看，我看不到那裡-從設備產品與材料產品的混合類型來看，當您進入時，我認為（聽不清）有很大不同'24 和 '26 的那種。

I'll now turn back to the management team for closing remarks.

我現在將回到管理團隊來結束髮言。

Well, thanks, everybody, for participating in the call today and your interest in Wolfspeed, and we look forward to updating you in our next earnings call. Thank you.

好吧，謝謝大家今天參加電話會議以及您對 Wolfspeed 的興趣，我們期待在下一次財報電話會議中更新您的信息。謝謝你。

This concludes today's call. Thank you for joining. You may now disconnect your line.

今天的電話會議到此結束。感謝您的加入。您現在可以斷開您的線路。