(WOLF) 2022 Q1 法說會逐字稿

Good evening.

晚上好。

Thank you for standing by, and welcome to the Wolfspeed, Inc.

感謝您的支持，歡迎來到 Wolfspeed, Inc.

First Quarter Fiscal Year 2022 Earnings Call.

2022 財年第一季度財報電話會議。

(Operator Instructions) Thank you.

（操作員說明）謝謝。

Please note today's call is being recorded.

請注意今天的通話正在錄音。

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

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。

Please go ahead.

請繼續。

Thank you, and good afternoon, everyone.

謝謝大家，大家下午好。

Welcome to Wolfspeed's First Quarter Fiscal 2022 Conference Call.

歡迎來到 Wolfspeed 2022 財年第一季度電話會議。

Today, Wolfspeed's CEO, Gregg Lowe; and Wolfspeed's CFO, Neill Reynolds, will report on the results for the first quarter of fiscal year 2022.

今天，Wolfspeed 的首席執行官 Gregg Lowe； Wolfspeed 的首席財務官 Neill Reynolds 將報告 2022 財年第一季度的業績。

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.

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。

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

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

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

非 GAAP 信息應被視為對根據 GAAP 編制的財務報表的補充而非替代。

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

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 course of the call.

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

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

此類前瞻性陳述受到眾多風險和不確定性的影響。

Our news 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.

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.

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。

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

如果您有任何其他問題，請在來電後隨時與我們聯繫。

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

現在我想把電話轉給格雷格。

Thanks, Tyler, and good afternoon, everyone.

謝謝，泰勒，大家下午好。

Thank you for joining us today, and I hope you and your families are staying healthy and safe.

感謝您今天加入我們，希望您和您的家人保持健康和安全。

I am pleased to report that during the first quarter, we continued to execute and drive our business, delivering strong revenue above our guidance and non-GAAP diluted earnings per share at the high end of our guidance range.

我很高興地報告，在第一季度，我們繼續執行和推動我們的業務，實現了高於我們指導的強勁收入和我們指導範圍高端的非 GAAP 攤薄每股收益。

Now this has been a momentous period for us.

現在，這對我們來說是一個重要的時期。

We changed our name to Wolfspeed, capitalizing on our 30-year plus heritage of working with silicon carbide.

我們更名為 Wolfspeed，充分利用了我們 30 多年使用碳化矽的傳統。

The next generation of power semiconductors will be driven by silicon carbide technology, with superior performance that unleashes new possibilities and positive changes to the way we live.

下一代功率半導體將由碳化矽技術驅動，其卓越的性能將為我們的生活方式帶來新的可能性和積極的變化。

As the original champion of this technology, we couldn't be more excited to compete and win in the rapidly expanding marketplace.

作為這項技術的最初擁護者，我們非常興奮能夠在快速擴張的市場中競爭並取勝。

As part of our move to Wolfspeed, we also are pleased to have joined the New York Stock Exchange earlier this month, as we continue on our transformational journey as a pure-play global semiconductor powerhouse leading the industry transition from silicon to silicon carbide.

作為我們轉向 Wolfspeed 的一部分，我們也很高興本月早些時候加入了紐約證券交易所，因為我們將繼續我們的轉型之旅，作為一家純粹的全球半導體巨頭，引領行業從矽到碳化矽的過渡。

We look forward to discussing the strong progress we've made on our transformational journey and strategy and share more detail about this exciting long-term outlook during our Investor Day in New York City next month.

我們期待著討論我們在轉型之旅和戰略方面取得的巨大進展，並在下個月紐約市的投資者日期間分享有關這一令人興奮的長期前景的更多細節。

If you haven't received the registration link, please reach out to Tyler.

如果您還沒有收到註冊鏈接，請聯繫 Tyler。

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

我現在將把它交給尼爾，他將概述我們第一季度的財務業績以及我們對 2022 財年第二季度的展望。

Neill?

尼爾？

Thank you, Gregg, and good afternoon, everyone.

謝謝你，格雷格，大家下午好。

We delivered solid results during the first quarter as we continued to see increased demand for our devices and materials.

我們在第一季度取得了穩健的業績，因為我們繼續看到對我們的設備和材料的需求增加。

Revenues for the first quarter of fiscal 2022 were $156.6 million, above the high end of our guidance range, representing an increase of 7.4% sequentially and 35.6% year-over-year.

2022財年第一季度的收入為1.566億美元，高於我們指導範圍的高端，環比增長7.4%，同比增長35.6%。

Our non-GAAP net loss was $23.8 million or $0.21 per diluted share at the top end of our guidance range.

我們的非公認會計原則淨虧損為 2380 萬美元或每股攤薄收益 0.21 美元，位於我們指導範圍的上限。

Our first quarter non-GAAP earnings exclude $46.3 million of expense, net of tax, or $0.40 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 and other items outlined in today's earnings release.

我們第一季度的非公認會計原則收益不包括 4630 萬美元的稅後費用或每股攤薄後 0.40 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、啟動今天的收益發布中概述的成本和其他項目。

Moving on to the first quarter performance.

繼續第一季度的表現。

We delivered our fifth consecutive quarter of sequential growth.

我們實現了連續第五個季度的連續增長。

In power, momentum continued to build as our customers have a demonstrated need for our products, resulting in revenue growth of 57% over the prior year.

在動力方面，隨著我們的客戶對我們的產品有明顯的需求，勢頭繼續增強，導致收入比上一年增長了 57%。

For RF, we continue to see good activity on the 5G front, but performance was slightly muted due to output challenges.

對於射頻，我們繼續看到 5G 方面的良好活動，但由於輸出挑戰，性能略有減弱。

As we discussed on our last call, we did see some supply constraints and some lower productivity during the quarter as our Malaysian contract manufacturer continued to ramp activities back up following the recent COVID-19 outbreak.

正如我們在上次電話會議中所討論的那樣，由於我們的馬來西亞合同製造商在最近的 COVID-19 爆發後繼續增加活動，我們確實在本季度看到了一些供應限制和一些較低的生產力。

At this time, we do not expect any additional impact from the Malaysia shutdown as the factory continues to ramp towards a normal production schedule.

目前，我們預計馬來西亞停工不會產生任何額外影響，因為工廠繼續朝著正常的生產計劃邁進。

Moving to materials.

轉向材料。

We saw a better order flow during the quarter, which we expect will continue for the remainder of the fiscal year.

我們在本季度看到了更好的訂單流，我們預計這將在本財年的剩餘時間內持續下去。

First quarter non-GAAP gross margin was 33.5% compared to 32.3% last quarter.

第一季度非公認會計原則毛利率為 33.5%，上一季度為 32.3%。

The sequential increase was driven by solid performance of materials and improving MOSFET costs and yields.

連續增長是由材料的穩健性能以及 MOSFET 成本和良率的提高推動的。

As previously discussed, we view the gross margin impact as short term in nature due to a suboptimal device production footprint we have in North Carolina and expect it to modestly improve going forward as we work through factory transitions and improve yields.

如前所述，由於我們在北卡羅來納州的設備生產足跡欠佳，我們認為毛利率影響本質上是短期的，並預計隨著我們通過工廠過渡和提高產量，未來它會適度改善。

Looking at our consolidated results.

查看我們的綜合結果。

Non-GAAP operating expense for Q1 were $86 million, and our non-GAAP tax rate was 27%.

第一季度的非 GAAP 運營費用為 8600 萬美元，我們的非 GAAP 稅率為 27%。

The increase in our operating expenses was largely due to R&D, including investment in our 200-millimeter pilot line in support of the Mohawk Valley ramp.

我們運營費用的增加主要是由於研發，包括對支持莫霍克山谷坡道的 200 毫米試驗線的投資。

For the first quarter, days sales outstanding was 53 days, and inventory days on hand was 154 days.

第一季度，銷售天數為 53 天，庫存天數為 154 天。

Cash generated from operations was negative $63 million.

運營產生的現金為負 6300 萬美元。

And capital expenditures were $209 million, resulting in negative free cash flow of $272 million.

資本支出為 2.09 億美元，導致負自由現金流為 2.72 億美元。

We believe we are in a solid position with approximately $850 million of cash and liquidity on hand to support our growth.

我們相信，我們手頭有大約 8.5 億美元的現金和流動性來支持我們的增長，我們處於穩固的地位。

However, we will be opportunistic from a capital market standpoint to ensure we can have the flexibility to invest as we see fit to continue to underpin our position in the market and fuel future growth.

但是，從資本市場的角度來看，我們將投機取巧，以確保我們能夠在我們認為合適的情況下靈活地進行投資，以繼續鞏固我們在市場中的地位並推動未來的增長。

As we continue our transition to a pure-play global semiconductor company, we will update our disclosures as appropriate and necessary.

隨著我們繼續向一家純粹的全球半導體公司過渡，我們將在適當和必要時更新我們的披露。

A few things I'd like to highlight this quarter.

本季度我想強調一些事情。

First, we incurred start-up costs, primarily related to the ramp at Mohawk Valley.

首先，我們產生了啟動成本，主要與莫霍克谷的坡道有關。

Approximately $8.6 million was incurred in Q1, and we expect this to ramp throughout the remainder of the fiscal year.

第一季度產生了大約 860 萬美元，我們預計這將在本財年的剩餘時間內增加。

As noted previously, we expect a total of approximately $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.

如前所述，我們預計 2022 財年的啟動成本總計約為 8000 萬美元，其中大部分成本發生在本財年下半年，因為我們獲得了晶圓廠的資格和產能。

We have provided a non-GAAP adjustment for the start-up costs as well as a reconciliation table in our earnings release.

我們在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。

Second, as noted in the news release and as you'll see when we file the 10-Q tomorrow, now that we have successfully transitioned the company to Wolfspeed and are solely focused on our plans to be a leading global semiconductor provider, we've adjusted the expected useful lives of certain assets to better reflect their estimated economic lives for silicon carbide-based semiconductor business versus a company that was primarily focused on lighting and LED products.

其次，正如新聞稿中所指出的那樣，正如您將在我們明天提交 10-Q 時看到的那樣，既然我們已經成功地將公司轉移到 Wolfspeed 並且只專注於我們成為全球領先半導體供應商的計劃，我們'與主要專注於照明和 LED 產品的公司相比，我們調整了某些資產的預期使用壽命，以更好地反映基於碳化矽的半導體業務的預計經濟壽命。

The change has resulted in a decrease in depreciation expense of $8.4 million for the first quarter.

這一變化導致第一季度的折舊費用減少了 840 萬美元。

The impact on first quarter gross margin is relatively small.

對第一季度毛利率的影響較小。

And we expect that to fade into the margins over the next few quarters.

我們預計這將在接下來的幾個季度中逐漸消失。

As we've previously mentioned, we are continuing to experience a significantly steeper demand curve from our customers for silicon carbide products than we had initially expected.

正如我們之前提到的，我們的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。

This has led to supply constraints where some customer orders will not be fulfilled in fiscal year 2022.

這導致了供應限制，一些客戶訂單將無法在 2022 財年完成。

And channel inventory levels will remain low until we ramp our production in our Mohawk Valley Fab.

在我們提高莫霍克谷工廠的產量之前，渠道庫存水平將保持低水平。

We're confident that we'd be able to meet this high demand, but in the meantime, we are continuing to accelerate CapEx capacity investments, and our team is working hard to improve output in our Durham facilities.

我們有信心能夠滿足這一高需求，但與此同時，我們將繼續加快資本支出產能投資，我們的團隊正在努力提高我們達勒姆工廠的產量。

We're anticipating net capital expenditures of approximately $475 million for the year, with Q1 representing the peak investment period.

我們預計今年的淨資本支出約為 4.75 億美元，第一季度是投資高峰期。

And we will start to see a modest step-down beginning in 2Q and continuing throughout the second half of the year as we receive more reimbursements for the Mohawk Valley construction.

隨著我們收到更多莫霍克山谷建設的報銷，我們將在第二季度開始看到適度的降級，並持續到下半年。

We continue to pull in capacity expenditures where we can at the fiscal year 2022 to better support the steepening demand curves.

我們將繼續在 2022 財年盡可能地增加產能支出，以更好地支持日益陡峭的需求曲線。

We remain on track to operationalize the world's largest silicon carbide fab in the first half of calendar year 2022.

我們仍有望在 2022 日曆年上半年投入運營全球最大的碳化矽工廠。

We know many of our customers are focused on assurance of supply when it comes to silicon carbide, and we're committed to meeting that demand, given the steeper ramps that we're now expecting.

我們知道，在碳化矽方面，我們的許多客戶都專注於保證供應，鑑於我們現在預期的更陡峭的斜坡，我們致力於滿足這一需求。

Looking to the second quarter, we're encouraged by the positive momentum.

展望第二季度，我們對積極勢頭感到鼓舞。

And as a reminder, progress will not be linear over the next few quarters as we ramp production at Mohawk Valley.

提醒一下，隨著我們在莫霍克谷增加產量，未來幾個季度的進展不會是線性的。

In the second quarter of fiscal 2022, we are targeting revenue in the range of $165 million to $175 million.

在 2022 財年第二季度，我們的目標收入在 1.65 億美元至 1.75 億美元之間。

We expect revenue to be driven by strength across all of our product lines led by power devices.

我們預計收入將受到以功率器件為主導的所有產品線的實力驅動。

Our Q2 non-GAAP gross margin is expected to be in the range of 33.7% to 35.7%, which is an increase versus 1Q.

我們的第二季度非公認會計原則毛利率預計在 33.7% 至 35.7% 之間，與第一季度相比有所增加。

As we have stated previously, the key to our gross margin transition from the low 30s to 50% plus relies heavily on our fab cost footprint transition from North Carolina to Mohawk Valley.

正如我們之前所說，我們的毛利率從 30% 到 50% 以上轉變的關鍵在很大程度上取決於我們從北卡羅來納州到莫霍克谷的晶圓廠成本足跡轉變。

As we transition to that new footprint and qualify the factory in 2022 and drive revenue growth into 2023 and beyond, we will see the benefits of increasing production from our advanced 200-millimeter fab.

隨著我們過渡到新的足跡並在 2022 年使工廠合格並推動收入增長到 2023 年及以後，我們將看到我們先進的 200 毫米晶圓廠增加產量的好處。

Wafer processing costs in Mohawk Valley are expected to be more than 50% lower than Durham, not fully including the benefit from the diameter change from 150 millimeter to 200 millimeter.

莫霍克谷的晶圓加工成本預計將比達勒姆低 50% 以上，不完全包括直徑從 150 毫米變為 200 毫米的好處。

In addition, we expect cycle times in Mohawk Valley to be more than 50% better than in Durham and yields in Mohawk Valley to be 20 to 30 points higher than where we are in Durham today.

此外，我們預計莫霍克谷的周期時間將比達勒姆好 50% 以上，莫霍克谷的產量將比我們今天在達勒姆的水平高 20 到 30 個百分點。

We are already seeing good evidence from our Mohawk Valley pilot lines to support these projections and anticipate a heavy margin improvement as we move to our new fab.

我們已經從我們的莫霍克谷試驗線中看到了很好的證據來支持這些預測，並預計隨著我們搬到我們的新工廠，利潤率會大幅提高。

We are targeting non-GAAP operating expense of $88 million for the second quarter.

我們的目標是第二季度的非 GAAP 運營費用為 8800 萬美元。

We expect operating expenses to continue to accrete modestly each quarter as we continue our investment in R&D and sales and marketing resources.

隨著我們繼續投資於研發、銷售和營銷資源，我們預計每個季度的運營費用將繼續小幅增加。

We target Q2 non-GAAP operating loss to be between $32 million to $26 million and nonoperating net loss to be immaterial.

我們的目標是第二季度非公認會計準則營業虧損在 3200 萬美元至 2600 萬美元之間，非營業淨虧損不重要。

We expect our non-GAAP effective rate to be approximately 27%.

我們預計我們的非公認會計原則有效利率約為 27%。

We're targeting Q2 non-GAAP net loss to between $19 million to $23 million or a loss of $0.16 to $0.20 per diluted share.

我們的目標是第二季度非公認會計原則淨虧損在 1900 萬美元至 2300 萬美元之間，或每股攤薄後虧損 0.16 美元至 0.20 美元。

The EPS outlook for 2Q includes approximately $0.02 of benefit from the previously mentioned change in estimate of useful lives.

第二季度的每股收益前景包括約 0.02 美元從前面提到的使用壽命估計變化中受益。

Our non-GAAP EPS target excludes acquired intangibles amortization, noncash stock-based compensation, accretion on the convertible notes, project transformation and transaction costs, factory optimization restructuring and start-up costs and other items.

我們的非公認會計原則每股收益目標不包括收購的無形資產攤銷、基於非現金股票的補償、可轉換票據的增值、項目轉型和交易成本、工廠優化重組和啟動成本等項目。

Our Q2 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.

我們的第二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.

謝謝，尼爾。

We made remarkable progress on our transformational journey during our fiscal first quarter.

我們在第一財季的轉型之旅中取得了顯著進展。

Our power business continues to see strong demand from the automotive markets, and we are also encouraged by the increasing demand across a number of industrial and energy customers.

我們的電力業務繼續看到汽車市場的強勁需求，我們也對許多工業和能源客戶不斷增長的需求感到鼓舞。

The strength of our device opportunity pipeline, which now is about $18 billion, underscores the significant demand we're seeing not only for automotive power, but also in RF, industrial and energy solutions.

我們的設備機會管道的實力（目前約為 180 億美元）突顯了我們看到的不僅對汽車電源，而且對射頻、工業和能源解決方案的巨大需求。

Now if you recall, at our 2019 Investor Day, we showed a $9 billion device opportunity pipeline.

現在，如果您還記得，在 2019 年的投資者日上，我們展示了 90 億美元的設備機會管道。

So we've doubled the pipeline in the last 2 years and now have more than 8,200 potential projects.

因此，我們在過去 2 年中將管道翻了一番，現在有超過 8,200 個潛在項目。

And the team continues to identify additional opportunities at a rapid pace.

團隊繼續快速發現更多機會。

Meanwhile, the sales team is converting these opportunities at an impressive rate, with approximately $560 million of design-ins awarded during the last quarter.

與此同時，銷售團隊正在以驚人的速度轉換這些機會，上一季度獲得了大約 5.6 億美元的設計投入。

A significant portion of these were for automotive inverters, while we also continued to secure other interesting applications, including a wall charger for electric vehicles, an elevator, energy storage products and an induction cooktop.

其中很大一部分用於汽車逆變器，同時我們還繼續確保其他有趣的應用，包括電動汽車的壁式充電器、電梯、儲能產品和電磁爐。

Our massive device pipeline and continued success securing design-ins continues to give us confidence in our ability to achieve our target revenue for fiscal '24 of $1.5 billion, with current demand trends offering some potential upside based on the steepening demand curve for silicon carbide through 2024 and beyond.

我們龐大的設備管道和確保設計的持續成功繼續使我們對實現 24 財年 15 億美元的目標收入的能力充滿信心，目前的需求趨勢提供了一些潛在的上行空間，基於碳化矽的陡峭需求曲線通過2024 年及以後。

As we focus on executing across our business, we are pleased to see our strategy is further supported by developments in the broader market.

由於我們專注於整個業務的執行，我們很高興看到我們的戰略得到更廣泛市場發展的進一步支持。

Global electric vehicle sales are expected to be over 6 million this year according to consulting firm, Wood Mackenzie.

根據諮詢公司 Wood Mackenzie 的數據，今年全球電動汽車銷量預計將超過 600 萬輛。

Electric vehicle sales in the first half of 2021 nearly tripled worldwide compared to the first half of last year.

與去年上半年相比，2021 年上半年全球電動汽車銷量幾乎增長了兩倍。

The share of electric vehicle sales in the global passenger car sales doubled compared to the same period last year.

電動汽車銷量在全球乘用車銷量中的份額比去年同期翻了一番。

This performance provides another proof point of the end of the ICE age as consumers transition from internal combustion engine and embrace electric vehicles.

隨著消費者從內燃機轉向電動汽車，這一性能提供了 ICE 時代結束的另一個證據。

And as more OEMs and Tier 1s leverage silicon carbide-based solutions for powertrain, on-board chargers and off-board fast chargers, which increase the vehicle's range and reduce charge times, we expect the adoption rates to continue to increase.

隨著越來越多的 OEM 和一級供應商利用基於碳化矽的解決方案用於動力總成、車載充電器和非車載快速充電器，從而增加車輛的續航里程並縮短充電時間，我們預計採用率將繼續提高。

President Biden, in his address last month to the UN General Assembly, reiterated his intent to work with Congress to make critical investments in green infrastructure and electric vehicles.

拜登總統上個月在聯合國大會上的講話中重申，他打算與國會合作，對綠色基礎設施和電動汽車進行關鍵投資。

In mid-September, U.S. lawmakers proposed an expansion of tax credits for electric vehicles that includes significantly higher subsidies for union-made zero emission models assembled in the United States.

9 月中旬，美國立法者提議擴大對電動汽車的稅收抵免，其中包括大幅提高在美國組裝的工會製造的零排放車型的補貼。

We are continuing to see U.S. automakers make big commitments to ramp up their electric vehicle efforts.

我們繼續看到美國汽車製造商做出重大承諾，以加大電動汽車的努力。

For instance, in late September, Ford announced that it'd spend billions of dollars to build 3 battery factories and an electric truck plant in the United States, significantly increasing its commitment to electric cars and trucks.

例如，9 月下旬，福特宣布將斥資數十億美元在美國建設 3 家電池工廠和 1 家電動卡車工廠，顯著增加其對電動汽車和卡車的承諾。

We remain well positioned to capitalize on these opportunities as we are in the midst of increasing manufacturing capacity, including bringing online the world's largest silicon carbide fab in a matter of months.

我們仍然處於有利地位，可以利用這些機會，因為我們正在提高製造能力，包括在幾個月內將世界上最大的碳化矽工廠上線。

In fact, we believe our capacity expansion efforts were a critical factor that led General Motors to choosing us to provide power device solutions for its future electric vehicle program.

事實上，我們認為我們的產能擴張努力是導致通用汽車選擇我們為其未來的電動汽車計劃提供動力設備解決方案的關鍵因素。

Our silicon carbide devices will enable GM to install more efficient EV propulsion systems in several different models that will extend the range of its rapidly expanding EV portfolio.

我們的碳化矽設備將使通用汽車能夠在幾種不同的車型中安裝更高效的電動汽車推進系統，從而擴展其快速擴展的電動汽車產品組合的範圍。

The combination of Wolfspeed's global leadership in silicon carbide and GM's commitment to an all-electric future, including a plan to launch 30 electric vehicles globally by the end of '25, establishes a powerful partnership pushing the boundaries of electric vehicle innovation together.

Wolfspeed 在碳化矽領域的全球領導地位與通用汽車對全電動未來的承諾（包括計劃在 25 年底前在全球推出 30 輛電動汽車的計劃）相結合，建立了強大的合作夥伴關係，共同推動電動汽車創新的界限。

Our Mohawk Valley 200-millimeter fab remains on track to start qualification runs in the first half of 2022.

我們的莫霍克谷 200 毫米晶圓廠仍有望在 2022 年上半年開始資格認證。

We now have more than 50 of the primary ballroom tools placed in the clean room.

我們現在有 50 多個主要舞廳工具放置在潔淨室中。

We've had an opportunity to host several global automotive executives at the site, and they were impressed with the level of automation and the overall scale of the operation.

我們有機會在現場接待了幾位全球汽車行業的高管，他們對自動化水平和整體運營規模印象深刻。

In Durham, we have major expansion underway right now to continue the growth of our materials capacity.

在達勒姆，我們目前正在進行重大擴張，以繼續增加我們的材料產能。

The space conversion and refit up is actively being converted from an old lighting and office space into industrial space for significant growth of our crystal growth and epi capability.

空間轉換和改造正在積極地從舊的照明和辦公空間轉換為工業空間，以顯著提高我們的晶體生長和外延能力。

Our expansion enables us to increase the number of growers and take advantage of our continued crystal growth technology improvements, which increase production yield.

我們的擴張使我們能夠增加種植者的數量並利用我們持續的晶體生長技術改進，從而提高產量。

To avoid supply constraints, we've already ordered the majority of the long lead time items, including electrical substations and steel infrastructure.

為避免供應限制，我們已經訂購了大部分長交貨期項目，包括變電站和鋼鐵基礎設施。

In terms of timing, we will start ramping Phase 1 of this space in June of '22.

在時間方面，我們將在 22 年 6 月開始加速該空間的第一階段。

In particular, it is being built out in 3 phases and gives us adequate growth capability through 2025 or 2026 depending on realized demand.

特別是，它分三個階段進行建設，並根據實際需求為我們提供到 2025 年或 2026 年的足夠增長能力。

In sum, as we move forward in our new capacity as Wolfspeed, we will continue to execute our strategy to create a global semiconductor powerhouse.

總之，隨著我們以 Wolfspeed 的新身份向前發展，我們將繼續執行我們的戰略，以創建全球半導體強國。

We continue to win business at a very good pace, while we're making necessary investments to deliver next-generation technology to our customers.

我們繼續以非常好的速度贏得業務，同時我們正在進行必要的投資以向我們的客戶提供下一代技術。

We are excited about the opportunities ahead and are confident in our strategy and our path forward.

我們對未來的機會感到興奮，並對我們的戰略和前進的道路充滿信心。

We look forward to discussing the progress we've made on our transformational strategy and share more details about our long-term outlook during our Investor Day in New York next month.

我們期待在下個月紐約的投資者日期間討論我們在轉型戰略方面取得的進展，並分享有關我們長期前景的更多細節。

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

有了這個，我會把它交給接線員，我們就可以開始問答環節了。

(Operator Instructions) The first question we have is from Vivek Arya with Bank of America.

（操作員說明）我們的第一個問題來自美國銀行的 Vivek Arya。

This is Blake Friedman on for Vivek.

這是 Vivek 的布萊克弗里德曼。

I was just curious, for my first question, at the beginning of the month, I believe you announced a strategic supply agreement with GM.

我只是好奇，對於我的第一個問題，在本月初，我相信你宣布了與通用汽車的戰略供應協議。

Can you provide further details on the agreement or an overview of Wolfspeed's Assurance of Supply Program?

您能否提供有關協議的更多詳細信息或 Wolfspeed 供應保證計劃的概述？

And then relative to 90 days ago, can you kind of mention how customer engagement with auto OEMs have changed or progressed?

然後相對於 90 天前，您能否提及客戶與汽車 OEM 的互動發生了怎樣的變化或進步？

Sure.

當然。

On October 4, we announced, jointly together with General Motors, a partnership with them as we're providing silicon carbide devices for their EV platforms.

10 月 4 日，我們與通用汽車共同宣布與他們建立合作夥伴關係，因為我們正在為他們的 EV 平台提供碳化矽器件。

The program is slated to go into several different vehicles, and we'll be starting ramping after 2024.

該計劃計劃用於幾種不同的車輛，我們將在 2024 年之後開始加速。

I can't get into a lot of other detail about that other than to say, it's a really great partnership that we have together with GM.

除了說，我們與通用汽車的合作夥伴關係非常棒，我無法透露更多其他細節。

And I think in terms of the Assurance of Supply Program, this is a really -- I think this is a really key item for GM, and it's become a hot button for all of our customers that are currently experiencing a lot of supply issues in the silicon world.

我認為就供應保證計劃而言，這真的是——我認為這對通用汽車來說是一個非常關鍵的項目，它已經成為我們所有目前在中國遇到很多供應問題的客戶的熱門按鈕。矽世界。

And as an integrated device manufacturer that has its own capabilities and materials, we're kind of in a unique position to be able to offer this kind of assurance of supply.

作為一家擁有自己的能力和材料的集成設備製造商，我們處於一個獨特的位置，能夠提供這種供應保證。

That's good to hear.

聽起來還不錯。

And then just quickly for my follow-up, just with regards to the increase in the useful life of certain assets.

然後很快我的跟進，只是關於某些資產使用壽命的增加。

Just to make sure our math is correct, the kind of the net impact to GM this quarter, was it about 20 to 30 basis points?

只是為了確保我們的數學是正確的，本季度對通用汽車的淨影響是大約 20 到 30 個基點嗎？

And if you can maybe clarify the impact moving forward over the next few quarters, that would be great.

如果你能澄清未來幾個季度的影響，那就太好了。

No, that's right.

不，沒錯。

Yes, about 30 basis points, I think, in 1Q.

是的，我認為，在第一季度大約是 30 個基點。

And then you could see it kind of bleeding into kind of the guidance into 2Q between 1 and 2 points.

然後你可以看到它在 1 到 2 點之間滲透到 2Q 的指導。

You can think about maybe 150 basis points or so for 2Q and then another 1 to 2 points kind of bleeding into the back half of the year.

您可以考慮第二季度可能會上漲 150 個基點左右，然後在今年下半年再出現 1 到 2 個基點。

And you've got to think about that in terms of kind of a revenue exit rate for the year of around $200 million or so, which I think we have a very good line of sight to.

你必須考慮到這一年大約 2 億美元左右的收入退出率，我認為我們對此有很好的看法。

The next question is from Pierre Ferragu with New Street.

下一個問題來自新街的 Pierre Ferragu。

Can you hear me fine?

你能聽到我的聲音嗎？

Yes, we can.

我們可以。

Thank you.

謝謝你。

Okay.

好的。

Great.

偉大的。

I have a question about your 200-millimeter wafers.

我有一個關於你們 200 毫米晶圓的問題。

And I was wondering how you're approaching the question of making these wafers available to your substrate clients.

我想知道您是如何解決將這些晶圓提供給您的基板客戶的問題的。

So how you're thinking about that?

那麼你是怎麼想的呢？

And then how far you are in the process?

然後你在這個過程中走了多遠？

So are you sharing -- have you already shipped some of these wafers to your clients, so they can start playing with them, look at whether they would like to add up the new size?

那麼您是否在分享——您是否已經將其中一些晶圓運送給您的客戶，以便他們可以開始使用它們，看看他們是否願意增加新的尺寸？

Yes.

是的。

So thanks for the question.

所以謝謝你的問題。

So we're obviously focused on an internal ramp at this point with our new 200-millimeter factory coming online.

因此，隨著我們新的 200 毫米工廠上線，我們顯然現在專注於內部坡道。

So that's really where the focus is.

所以這才是真正的焦點所在。

The results, as Neill had talked about of running these wafers through our pilot line, is actually very encouraging at this point.

正如尼爾所說，通過我們的試驗線運行這些晶圓的結果實際上非常令人鼓舞。

So we feel real good about being able to ramp that.

因此，我們對能夠提高這一點感到非常高興。

But it's really with the new factory coming online, we're really focused on getting that factory up and running.

但實際上，隨著新工廠的上線，我們真正專注於讓該工廠投入運營。

Okay.

好的。

And in that case, do you have a sense for what would be the earliest your competitors would -- on the device side would have a similar like 200-millimeter fab, what kind of lead time they would get based on like what you see from like a substrate perspective?

在那種情況下，你是否知道你的競爭對手最早會是什麼——在設備方面會有一個類似的 200 毫米晶圓廠，他們會根據你所看到的那樣獲得什麼樣的交貨時間像基板透視圖？

Yes.

是的。

Hard to tell.

很難說。

Obviously, we began construction of our 200-millimeter factory almost 2 years ago, so 1.5 years, a year and 3 quarters ago.

顯然，我們大約在 2 年前開始建設 200 毫米工廠，即 1.5 年、一年和 3 個季度前。

So it does take a while to actually get a silicon carbide factory up and running.

因此，真正讓碳化矽工廠投入運營確實需要一段時間。

There are some differences between silicon and silicon carbide in terms of the equipment that you need in the fab.

就晶圓廠所需的設備而言，矽和碳化矽之間存在一些差異。

And so you have to kind of be thinking through that.

所以你必須考慮一下。

So I don't know exactly when that would be for everybody, but I know that for us, going from not having a factory to having a 200-millimeter factory, beginning to run qualification material, it's a 2-year process.

所以我不知道什麼時候適合每個人，但我知道對我們來說，從沒有工廠到擁有 200 毫米工廠，開始運行認證材料，這是一個 2 年的過程。

And that was started, of course, 18 months ago or so.

當然，那是在 18 個月前左右開始的。

Before there were all these supply issues.

在所有這些供應問題出現之前。

So I would imagine if you're trying to build a factory today of 200-millimeters, it probably would be a lot longer than 2 years would be my guess.

所以我想如果你今天想建一個 200 毫米的工廠，那可能會比我猜的 2 年長得多。

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 wanted to ask about some of the supply constraints and the impact this has had on your unfilled backlog.

我想詢問一些供應限制以及這對您未完成的積壓工作的影響。

If I'm not mistaken, last quarter, you identified roughly $100 million in revenue you were not able to fill, and I presume that was mostly on the RF side related to some of the bottlenecks out of Malaysia.

如果我沒記錯的話，上個季度，您確定了大約 1 億美元的收入您無法填補，我認為這主要是與馬來西亞以外的一些瓶頸有關的射頻方面。

But now that we're sitting here late October, where does that unfilled backlog sit?

但是現在我們在 10 月下旬坐在這裡，未完成的積壓工作在哪裡？

And how would you characterize the trends in the -- or the gap between demand and supply overall?

您將如何描述總體趨勢或需求與供應之間的差距？

Thanks, Gary, for the question.

謝謝，加里，這個問題。

I think if you think about the amount that we've got and just took the revenue numbers up, obviously, in 2Q and the outlook for the rest of the year, as I said earlier, I think we've got pretty good line of sight to kind of exiting the year kind of at $200 million, maybe a little bit north of revenue there.

我認為，如果您考慮一下我們所獲得的金額並且只是增加了收入數字，顯然，在第二季度和今年餘下時間的前景，正如我之前所說，我認為我們已經獲得了相當不錯的業績預計今年年底的收入將達到 2 億美元，可能略高於那裡的收入。

So I think we're making progress on driving more capacity through the system, whether that be in Malaysia or here in Durham.

所以我認為我們在通過該系統提高容量方面取得了進展，無論是在馬來西亞還是在達勒姆。

But the challenge we've got is that the demand keeps steepening.

但我們面臨的挑戰是需求不斷增加。

So I think if you look into this year and as you get into next year, we always talked about that transition point being '23 or '24.

因此，我認為，如果您展望今年以及進入明年，我們總是談論過渡點是 23 年或 24 年。

And that demand curve continues to steepen, and it's right upon us right now.

這條需求曲線繼續變陡，現在就在我們身上。

So I still think that even with that revenue increase, we still have north of $100 million of unfulfilled demand.

所以我仍然認為，即使收入增加，我們仍有超過 1 億美元的未滿足需求。

And we're really just pushing as hard as we can, whether it be CapEx or driving organic throughput or bringing as much capacity online as we can to kind of close those gaps.

我們真的只是在盡我們所能努力，無論是資本支出還是推動有機吞吐量，或者盡可能多地在線提供容量來縮小這些差距。

Now as you know, the big transition for us is getting to Mohawk Valley.

如您所知，我們的重大轉變是前往莫霍克山谷。

So the faster we can make that transition and move into Mohawk Valley we can, but we're looking at kind of any and all solutions to try and close that gap as fast as we can.

因此，我們可以越快地進行過渡並進入莫霍克山谷，但我們正在尋找各種解決方案，以盡可能快地縮小差距。

And then, Gary, maybe just a couple of other additional points.

然後，加里，也許只是其他幾點。

We made some changes here in North Carolina in terms of -- brought in some leadership for the wafer fabs here.

我們在北卡羅來納州做了一些改變——為這裡的晶圓廠帶來了一些領導。

We're seeing some early signs of good progress there.

我們在那裡看到了一些良好進展的早期跡象。

Customers are super excited about that.

客戶對此非常興奮。

And then the additional thing that Neill mentioned with Mohawk Valley coming online, customers are obviously super excited about that.

然後尼爾提到了莫霍克谷上線的其他事情，客戶顯然對此感到非常興奮。

In fact, last quarter, we received our first official purchase order for products coming out of Mohawk Valley on 200-millimeter wafer.

事實上，上個季度，我們收到了第一份來自莫霍克谷的 200 毫米晶圓產品的正式採購訂單。

So they're seeing that light at the end of the tunnel, and it was great to get that first purchase order in.

所以他們看到了隧道盡頭的曙光，很高興獲得第一個採購訂單。

Great.

偉大的。

Appreciate that.

感謝。

And so my follow-up, I want to ask you, Gregg, about China.

所以我的後續行動，我想問你，格雷格，關於中國的事。

If I'm not mistaken, your expectations in terms of revenue contribution from China as part of your 2024 plan is only about 10% of that $1.5 billion revenue forecast.

如果我沒記錯的話，作為 2024 年計劃的一部分，您對來自中國的收入貢獻的預期僅為 15 億美元收入預測的 10% 左右。

But -- and as you know, ROHM and San'an seem to have a strong hold on some of the Chinese EV OEMs.

但是——如你所知，羅姆和三安似乎對一些中國電動汽車原始設備製造商擁有強大的控制權。

But I'm wondering if you have any change in your outlook as it relates to China for better or for worse as a contribution to Cree -- I'm sorry, Wolfspeed?

但我想知道你是否對中國的看法有任何改變，因為它與中國有關，是對 Cree 的貢獻——我很抱歉，Wolfspeed？

Yes.

是的。

We haven't changed that at this point.

在這一點上，我們沒有改變這一點。

And what I would say is the tensions -- the global tensions between -- especially between the U.S. and China remain pretty high, I would say.

我想說的是緊張局勢——全球之間的緊張局勢——尤其是美國和中國之間的緊張局勢，我想說。

And there doesn't seem to be a sign, from my viewpoint, of anything abating.

在我看來，似乎沒有任何跡象表明有任何減弱的跡象。

So we just think it's just prudent to kind of dial that back a little bit.

因此，我們只是認為將其撥回一點是謹慎的做法。

That being said, we've got a lot of activity in China and customers are evaluating products and design wins and so forth.

話雖如此，我們在中國有很多活動，客戶正在評估產品和設計勝利等等。

But I think it's just prudent to dial that back just in light of the increased tensions.

但我認為，鑑於緊張局勢加劇，將其撤回是謹慎的做法。

The next question is from the line of Jed Dorsheimer with Canaccord Genuity.

下一個問題來自與 Canaccord Genuity 的 Jed Dorsheimer。

It's a tough one.

這是一個艱難的。

So guys, congratulations on a great quarter outlook.

所以，伙計們，祝賀一個偉大的季度前景。

I guess first question, Gregg, maybe just shifting the conversation away from EVs, as it seems like that's the most of the lines of questioning, but there's many more applications beyond EV, solar inverters, grid-forming, grid-following inverters, wind turbines, just to name a few, I was wondering if you might be able to give an update in?

我想第一個問題，格雷格，也許只是把話題從電動汽車上移開，因為這似乎是最多的問題，但除了電動汽車、太陽能逆變器、電網形成、並網逆變器、風能之外，還有更多的應用渦輪機，僅舉幾例，我想知道您是否可以提供更新？

And in the context of that, how has the assurance of supply, specifically in some of the nonautomotive, changed the conversations of how some of your partners are looking at you?

在這種情況下，供應保證，特別是在一些非汽車行業，如何改變了你的一些合作夥伴對你的看法？

And then I do have a follow-up.

然後我確實有後續行動。

Sure, Jed.

當然，傑德。

Thanks for the question.

謝謝你的問題。

As I mentioned in the prepared remarks, we've got the pipeline now at over $18 billion has over 8,200 projects in there.

正如我在準備好的評論中提到的，我們現在擁有超過 180 億美元的管道，其中有超過 8,200 個項目。

And of course, a lot of the value is automotive, but a lot of the number of projects are these other applications.

當然，很多價值是汽車，但很多項目都是這些其他應用。

I talked about an industrial cooktop that we won, a wall charger, an elevator.

我談到了我們贏得的工業爐灶、壁式充電器、電梯。

So you're exactly right, we're seeing a lot of momentum in the broader industrial markets.

所以你是對的，我們在更廣泛的工業市場看到了很多動力。

And customers are switching from silicon to silicon carbide across a number of different end equipments.

客戶正在通過多種不同的終端設備從矽轉向碳化矽。

Our partnership, obviously, with Arrow helps us reach those customers.

顯然，我們與 Arrow 的合作關係有助於我們接觸到這些客戶。

That continues to be a very strong relationship and strong partnership.

這仍然是一種非常牢固的關係和強大的伙伴關係。

And the momentum there is actually quite solid.

那裡的勢頭實際上相當穩固。

So I feel real good about that.

所以我對此感覺非常好。

And what I would tell you, Jed, in terms of the capacity coming online, those industrial customers are also paying attention to the fact that it was nearly 2 years -- well, it was 2 years ago, we made the decision to invest in a new fab, and then we broke ground in March of 2020.

我要告訴你的是，Jed，就產能上線而言，那些工業客戶也在關註一個事實，那就是將近 2 年——嗯，那是 2 年前，我們決定投資一個新的晶圓廠，然後我們在 2020 年 3 月破土動工。

And they see that we've made those investments well ahead of this demand coming online.

他們看到我們已經在這種需求上線之前進行了這些投資。

And they are really appreciating that.

他們真的很感激這一點。

And so as they start looking into designing in silicon carbide, they're definitely paying attention to who made those investments almost 2 years ago and is now bringing on capacity.

因此，當他們開始研究碳化矽設計時，他們肯定會關注大約 2 年前誰進行了這些投資，現在他們正在增加產能。

And we're looking pretty good from that perspective.

從這個角度來看，我們看起來相當不錯。

Awesome.

驚人的。

Just as my follow-up, I'll just turn to Neill for a second.

就像我的後續行動一樣，我將轉向尼爾一會兒。

And just going back to a previous question, just by my math, if I kind of pull out some of the one-times from the margin adjustment, it looks like yields in the wafer facility picked up a few points.

回到上一個問題，根據我的數學計算，如果我從邊際調整中抽出一些一次性的，看起來晶圓廠的產量增加了幾個點。

And Gregg mentioned not by name, but Rex Felton coming on, sort of some of the management changes.

Gregg 沒有提到名字，而是 Rex Felton 的出現，有點像管理層的一些變動。

And I'm just wondering whether or not -- well, one, is that in line with what you saw?

我只是想知道是否——嗯，一個，這與你所看到的一致嗎？

And so I'm assuming then that we've just kind of seen a bottom in margin as yields seem like they're moving up down in Durham?

所以我假設我們剛剛看到利潤率觸底，因為收益率似乎在達勒姆向下移動？

That's right, Jed.

沒錯，傑德。

I think we've seen the bottom and we're starting to turn up the other way on margin.

我認為我們已經看到了底部，並且我們開始在保證金上以另一種方式出現。

And I think there's several components to that.

我認為這有幾個組成部分。

One is we did have a bit of a drag with this kind of Malaysia subcontractor issue, the COVID-19 outbreak, and we've been recovering from that.

一個是我們確實對這種馬來西亞分包商問題（COVID-19 爆發）有些拖累，我們一直在從中恢復過來。

So I think we've put that behind us.

所以我認為我們已經把它拋在了腦後。

And the second thing is, and Gregg mentioned earlier, that we've seen some benefits just from some of the new staff and the management changes that we made.

第二件事是，格雷格之前提到，我們已經從一些新員工和我們所做的管理變更中看到了一些好處。

We are seeing good early returns on that, but will take a little bit of time for that to work itself through inventory and see itself kind of into the results.

我們看到了良好的早期回報，但需要一點時間才能通過庫存自行發揮作用，並在某種程度上看到結果。

So as you move forward, I think we're going to see margin expansion both in the device and the materials businesses.

因此，隨著您向前發展，我認為我們將看到設備和材料業務的利潤增長。

But the one thing to be aware of is that the power device business is just going to grow faster, and we're just seeing that order flow right now.

但需要注意的一件事是，功率器件業務將增長得更快，而我們現在只是看到訂單流。

It's off that, regardless of the improvement there, that's going to be kind of a negative mix for us, right, just based on the North Carolina footprint.

事實是，不管那裡的改進如何，這對我們來說都是一種負面的組合，對，僅基於北卡羅來納州的足跡。

So I think what you'll see is margin expansion in terms of the fundamentals of the business.

所以我認為你會看到業務基本面的利潤率擴張。

And then we'll see a little bit of that kind of maybe held back a little bit just by the overall mix on device.

然後我們會看到這種可能只是被設備上的整體混音所阻礙的一點點。

And then as we've talked about many times, once we ship that over to Mohawk Valley, that's really the solution.

然後正如我們多次談到的那樣，一旦我們將其運送到莫霍克山谷，這就是真正的解決方案。

But I do think we'll see some strong margin improvement here as we move forward.

但我確實認為，隨著我們向前發展，我們會在這裡看到一些強勁的利潤率改善。

The next call is from Brian Lee with Goldman Sachs.

下一個電話來自高盛的 Brian Lee。

I guess first one, just talking about the scale and the capacity given, it sounds like the demand environment is getting better and there's potentially upside.

我猜第一個，只是談論規模和給定的容量，聽起來需求環境正在變得更好，並且有潛在的上行空間。

Can you give us some thoughts around adding more raw materials capacity, whether it be on timing, location, maybe anything on potential scale versus what you have today in Durham?

您能否就增加更多的原材料產能給我們一些想法，無論是在時間、地點，還是在潛在規模上與您今天在達勒姆擁有的相比？

And then also maybe related to that, how much it would cost?

然後也可能與此有關，要花多少錢？

And Neill, you alluded to being open about accessing capital markets.

尼爾，你提到對進入資本市場持開放態度。

Sort of how that would all fit into the strategy here going forward?

在某種程度上，這一切將如何融入這裡的戰略？

And then I had a follow-up.

然後我進行了跟進。

Yes.

是的。

Thanks, Brian.

謝謝，布賴恩。

So we are doing that capacity expansion for the materials business kind of as we speak.

因此，正如我們所說，我們正在為材料業務進行產能擴張。

It's been something that we've actually been doing now for the last 1.5 years or so inside of our current materials building.

在過去 1.5 年左右的時間裡，我們在目前的材料建築中實際上一直在做這件事。

We've now gone across the street to a different building and are expanding that.

我們現在已經穿過馬路來到另一棟建築，並且正在擴建它。

If you happen to come on our campus these days, you'll see a lot of construction and [sensors] up and things like that.

如果你這些天碰巧來到我們的校園，你會看到很多建築和 [傳感器] 以及類似的東西。

And that's all the transitioning of that old lighting facility and actually what used to be a basketball court to a materials production operation.

這就是舊照明設施以及實際上曾經是籃球場的所有過渡到材料生產操作的過程。

That's going very well.

進展非常順利。

We're super excited about that.

我們對此感到非常興奮。

And that expands our capacity here on campus, but to a different facility.

這擴大了我們在校園內的能力，但擴展到了不同的設施。

So that's something that's been ongoing for the last couple of years in the existing building and now is going on in a building across the street from us.

這就是過去幾年在現有建築物中一直在進行的事情，現在正在我們街對面的建築物中進行。

Yes.

是的。

And then, Brian, just to your second point there, obviously, we've been working on this capital expansion for a couple of years now, 2, 3 years.

然後，布賴恩，就你的第二點來說，顯然，我們已經為資本擴張工作了幾年，2、3 年。

And we put a substantial amount of CapEx to work for us to essentially triple the business over the next -- from last year out to 2024.

我們投入大量資本支出為我們工作，從去年到 2024 年，我們的業務基本上翻了三倍。

So ramping beyond what we've had -- what we've done already is already kind of a challenge.

因此，超越我們已經擁有的——我們已經完成的已經是一種挑戰。

So I think as I've talked about many times, it really becomes a supply side challenge, and we're trying to manage that and push it as fast and as hard as we can.

因此，我認為正如我多次談到的那樣，這確實成為了供應方面的挑戰，我們正在努力應對這一挑戰，並儘可能快地推動它。

As it relates to funding it, I mean, there are several different funding ways that we've been managing this.

因為它涉及到資助它，我的意思是，有幾種不同的資助方式，我們一直在管理它。

One of them that we haven't seen a lot of yet, but it's really starting to kick in is the reimbursements from New York from Mohawk Valley.

其中一個我們還沒有看到很多，但它真正開始發揮作用的是來自紐約的莫霍克谷報銷。

So from a CapEx standpoint, we're going to spend $475 million or so this year, and that's going to step down in the back half of the year as you see more of those reimbursements coming in.

因此，從資本支出的角度來看，我們今年將花費 4.75 億美元左右，隨著您看到更多的報銷進入，這將在今年下半年下降。

So as you look out into the -- over that time frame, obviously, we'll be opportunistic just around can we look for opportunities to increase the revenue between now and that time.

因此，當您查看 - 在那個時間範圍內，顯然，我們會在周圍尋找機會來增加現在和那個時間之間的收入。

But still, I would say it's a supply side challenge thing, and we're somewhat limited in the options that we have, although we're looking for solutions always within the 4 walls that we have right now to kind of go manage that.

但是，我仍然會說這是一個供應方面的挑戰，雖然我們一直在尋找解決方案，但我們總是在我們現在擁有的 4 堵牆內尋找解決方案來管理它。

And again, if that required being opportunistic, something I would look at.

再說一次，如果這需要機會主義，我會考慮的。

But right now, I think we're in pretty good shape from a cash and liquidity standpoint to kind of manage where we're at.

但現在，我認為從現金和流動性的角度來看，我們的狀況非常好，可以管理我們所處的位置。

But again, we'll be opportunistic looking forward.

但同樣，我們會投機取巧地向前看。

And just a real quick addition on that.

並且只是一個真正的快速補充。

Obviously, anything from a supply perspective near term before we get Mohawk Valley would be out of our Durham wafer fabs.

顯然，在我們獲得莫霍克谷之前，從短期供應角度來看，任何東西都不會出現在我們的達勒姆晶圓廠中。

And that's where we brought in some new leadership.

這就是我們引入了一些新領導的地方。

You mentioned Rex, but also Missy Stigall has come in last quarter and it's already making an impact, a pretty strong and positive impact in terms of how the fab operates.

你提到了 Rex，還有 Missy Stigall 上個季度已經來了，它已經產生了影響，就工廠的運作方式而言，這是一個非常強大和積極的影響。

We still have ways to go, but we're seeing really good early indications of some good progress that she is going to make.

我們還有很長的路要走，但我們看到了非常好的早期跡象，表明她將取得一些良好的進展。

Okay.

好的。

I appreciate that context.

我很欣賞這種背景。

Just second one from me, on the VW framework agreement, I mean, I think this is one of your original sort of points on the board, if you will, a couple of years back.

我的第二個，關於大眾汽車框架協議，我的意思是，我認為這是你在董事會上最初的觀點之一，如果你願意的話，幾年前。

I know you've talked about customer developments accelerating of late, especially on the automotive side.

我知道您最近談到了客戶發展的加速，尤其是在汽車方面。

And then you've had some nice Tier 1 wins like GM here recently.

然後你最近在這裡獲得了一些不錯的 1 級勝利，比如 GM。

So just wondering, can you update us a bit on kind of what's the latest at VW, where you are in terms of any stage of commercialization and a revenue opportunity there?

所以只是想知道，您能否向我們介紹一下大眾汽車的最新情況，您在商業化的任何階段和那裡的收入機會方面處於什麼位置？

Nothing specifically to announce on any additional customers.

沒有針對任何其他客戶特別宣布的內容。

We obviously were able to announce the GM deal through a joint press release.

我們顯然能夠通過聯合新聞稿宣布通用汽車的交易。

So we win business, and sometimes, we're able to announce specifics about it and sometimes we're not.

所以我們贏得了業務，有時，我們能夠宣布有關它的細節，有時我們不能。

So at this point, we don't have anything to announce on that.

所以在這一點上，我們沒有什麼要宣布的。

What I would tell you is we've had a number of automotive OEMs and a number of Tier 1s that have come visited us over the last -- well, we visit with them a lot.

我要告訴你的是，我們有許多汽車原始設備製造商和一些一級供應商過去曾拜訪過我們——嗯，我們經常拜訪他們。

But over the last quarter, we had a number have come visit with us here in North Carolina and also go visit the wafer fab in Mohawk Valley, and they leave quite impressed and quite satisfied with what we're doing.

但是在上個季度，我們有一些人來北卡羅來納州和我們一起參觀，還參觀了莫霍克谷的晶圓廠，他們給我們留下了深刻的印象，並對我們的工作感到非常滿意。

As many of you know, I've been in Europe multiple times, even during COVID, visiting with customers, doing my 5-day quarantine to start that off, but then visiting with customers.

你們很多人都知道，即使在 COVID 期間，我也曾多次到過歐洲，拜訪客戶，進行為期 5 天的隔離以開始隔離，然後拜訪客戶。

And that's kept the level of engagement quite high.

這使參與度保持在相當高的水平。

Both Neill and I were in Europe a couple of months ago.

幾個月前，尼爾和我都在歐洲。

We're actually going back in the first week of -- first 2 weeks of December for more customer visits.

實際上，我們將在 12 月的第一周——前 2 週返回，以進行更多的客戶訪問。

And of course, the week before October 4, I was in Detroit, visiting with folks, including General Motors, and preparing for that announcement.

當然，在 10 月 4 日之前的一周，我在底特律拜訪了包括通用汽車在內的人們，並為該公告做準備。

So we've stayed high on the engagement list in terms of engaging with customers, both virtually and live with them.

因此，我們在與客戶互動方面一直名列前茅，無論是虛擬的還是與他們一起生活。

And we're feeling really good about the development of the relationships we have.

我們對我們所擁有的關係的發展感覺非常好。

They see the fact that 2 years ago, we made the decision to increase output in March of 2020.

他們看到了這樣一個事實，即 2 年前，我們決定在 2020 年 3 月增加產量。

We started moving dirt in Mohawk Valley.

我們開始在莫霍克山谷搬運泥土。

And they see that in a matter of a couple of months here, we're going to be running production -- well, qualification runs in the first half of 2022, calendar 2022.

他們看到，在這裡的幾個月內，我們將開始生產——嗯，資格認證將在 2022 年上半年，即 2022 年日曆上運行。

And then getting our first customer purchase order for specifically for Mohawk Valley 200-millimeter equipment is really encouraging.

然後獲得我們第一個專門針對 Mohawk Valley 200 毫米設備的客戶採購訂單確實令人鼓舞。

So all of that is tied up pretty nicely.

所以所有這些都很好地捆綁在一起。

I think that's helped us win the business at -- the $560 million that we discussed this last quarter, the $2.9 billion that we've got in fiscal '21.

我認為這幫助我們贏得了業務——我們上個季度討論的 5.6 億美元，我們在 21 財年獲得的 29 億美元。

That's all really positive.

這一切都非常積極。

And it's also helped us increase the pipeline.

它還幫助我們增加了管道。

And that device pipeline doubling in the last 2 years -- technically, it's more than doubled because the $9 billion that we referenced at our last Investor Day had LED in it, and obviously, it doesn't anymore.

該設備管道在過去 2 年中翻了一番——從技術上講，它翻了一番還多，因為我們在上一個投資者日提到的 90 億美元中有 LED，顯然，它不再是了。

So we're just feeling like there's a really nice transition happening with silicon carbide in the industry.

因此，我們只是覺得行業中的碳化矽正在發生非常好的轉變。

And the fact that we were pretty far ahead of anybody in terms of expanding capacity is proving to be a very positive thing for us.

事實證明，我們在擴大產能方面遠遠領先於任何人，這對我們來說是一件非常積極的事情。

The next question is from Ed Snyder with Charter Equity Research.

下一個問題來自Charter Equity Research 的Ed Snyder。

First off, if I could, Gregg, looking at all the math, you go through all the details of where you are in both the device fab in North Carolina and the materials business and your plans for Mohawk Valley.

首先，如果可以的話，格雷格，看看所有的數學，你會詳細了解你在北卡羅來納州的設備工廠和材料業務的所有細節，以及你在莫霍克谷的計劃。

It's hard to escape the reality that Mohawk won't be up and running in material revenue really until probably early 2023.

莫霍克可能要到 2023 年初才能真正實現物質收入，這是很難逃避的現實。

I know you're going to ramp.

我知道你會變本加厲。

I know the plans for ramping.

我知道爬坡的計劃。

But in terms of really starting to impact the top line, it doesn't show up until probably '23.

但就真正開始影響收入而言，它可能要到 23 年才會出現。

And that gives you about maybe 18 months to hit your financial targets.

這給了你大約 18 個月的時間來實現你的財務目標。

So I just want to check some reality.

所以我只想檢查一些現實。

You're going to need to be growing revenue at least, at least 50% year-on-year every quarter and maybe even as high as 100% in the early stages in order to get there.

您將需要至少增加收入，每個季度至少同比增長 50%，甚至在早期階段甚至可能高達 100% 才能達到目標。

And at the same time, isn't it also the case that the device business or the device fab in North Carolina is going to have to get their margins at least in the high 30s, probably even low 40s into fiscal year '24 to hit the targets you have laid out here?

同時，北卡羅來納州的設備業務或設備工廠是否也必須在 24 財年達到 30 多歲甚至低 40 多歲的利潤率才能達到你在這裡制定的目標？

Does that ballpark makes sense to you?

那個球場對你有意義嗎？

Well, our target remains $1.5 billion in 2024.

好吧，我們的目標仍然是 2024 年的 15 億美元。

And as we mentioned in the prepared remarks, we're feeling pretty good about that.

正如我們在準備好的評論中提到的那樣，我們對此感覺很好。

The steepening of the demand curve is certainly there.

需求曲線的陡峭肯定存在。

The demand isn't, I would say, an issue at all relative to that target.

我想說，與該目標相比，需求根本不是問題。

We're feeling very, very good about that.

我們對此感覺非常非常好。

We have obviously a lot of effort in terms of getting Mohawk Valley going.

顯然，我們在讓莫霍克谷發展方面付出了很多努力。

And just recall, we -- as part of the deal in New York, we got a pilot line.

回想一下，我們 - 作為紐約交易的一部分，我們有一條試生產線。

That pilot line was converted to 200-millimeter silicon carbide a long time ago, maybe a year ago or something like that.

很久以前，可能是一年前或類似的時間，那條試驗線被轉換為 200 毫米碳化矽。

So we've been running 200-millimeter wafers through that pilot line for quite some time.

因此，我們已經通過這條試驗線運行 200 毫米晶圓已經有一段時間了。

We're seeing the initial MOSFETs and Schottkys out there.

我們看到了最初的 MOSFET 和肖特基。

The yields are looking pretty good.

收成看起來相當不錯。

So we feel like when we get the fab up and running, it's going to be in -- it will kind of have a running start, so to speak.

所以我們覺得當我們讓晶圓廠啟動並運行時，它就會開始運行——可以這麼說，它會有一個運行的開始。

I think from a North Carolina perspective, we made the change with Missy joining the team.

我認為從北卡羅來納州的角度來看，我們在 Missy 加入團隊時做出了改變。

She has made a tremendous amount of progress in a very, very short amount of time in terms of changing how the factory operates, the metrics that they're looking at and so forth.

她在非常非常短的時間內在改變工廠的運作方式、他們正在關注的指標等方面取得了巨大的進步。

And initial indications are really positive.

初步跡象確實是積極的。

And so we've got good hope for some continued very strong progress out of that factory as we're ramping Mohawk Valley.

因此，隨著我們正在擴大莫霍克山谷，我們對那家工廠的一些持續非常強勁的進展充滿希望。

Let me just add to that, Ed.

讓我補充一下，埃德。

I think if you look at the North Carolina fab, while the cost footprint is higher, we've also transitioned the fab, and I've talked about it before, we need to stabilize it.

我認為如果你看看北卡羅來納州的晶圓廠，雖然成本足跡更高，但我們也對晶圓廠進行了過渡，我之前已經談到過，我們需要穩定它。

We put over 100 tools into it over the last year or so.

在過去一年左右的時間裡，我們投入了 100 多種工具。

And we haven't really seen all the benefits of that.

我們還沒有真正看到這樣做的所有好處。

So I think we'll get better -- more improvement out of North Carolina as we move through the remainder of the year.

所以我認為我們會變得更好——隨著我們度過今年剩餘的時間，北卡羅來納州會有更多的進步。

The difference is just that we're talking about a different diameter and a bigger scale factory in Mohawk Valley.

不同之處在於我們談論的是莫霍克山谷的不同直徑和更大規模的工廠。

But I think that Durham still plays a very important role for us and the improvement that we can see out of it between now and that time frame you're talking about.

但我認為達勒姆對我們來說仍然扮演著非常重要的角色，從現在到你所說的那個時間框架，我們可以從中看到進步。

Great.

偉大的。

If I could follow up with you, Neill.

如果我能跟進你，尼爾。

I mean you mentioned again this quarter, you'd get 50% lower wafer cost in Mohawk Valley than in Durham, and that didn't include the full benefit of 200-millimeter.

我的意思是你本季度再次提到，莫霍克谷的晶圓成本比達勒姆低 50%，這還不包括 200 毫米的全部優勢。

But you also said 50% lower cycle time and 20 to 30 points better yield.

但是您還說周期時間縮短了 50%，產量提高了 20 到 30 個百分點。

The 50% lower wafer cost has caused quite a bit of confusion, not just among us, but some of your larger investors.

晶圓成本降低了 50%，這引起了相當多的困惑，不僅在我們中間，而且在你們的一些較大的投資者中。

And we spent quite a bit of time in the quarter going through it and with IR.

我們在本季度花了很多時間來研究它和 IR。

So -- and really, you are the guy we've been trying to get a hold of in order to explain the specifics of that.

所以——真的，你是我們一直試圖抓住的那個人，以便解釋其中的細節。

So if I could just set the stage on the [beat] that's been raging all order is, if the 50% faster cycle time already captures the amortization of fixed cost across your wafers than you currently capture that in the 50% cycle time and its 20 to 30 percent point yield improvement captures the lower breakage and better process control that you're going to get in this automated fab, where does the 50% lower wafer cost come from?

因此，如果我可以為所有訂單的 [beat] 做好準備，如果 50% 更快的周期時間已經涵蓋了晶圓固定成本的攤銷，而不是您目前在 50% 的周期時間及其20% 到 30% 的良率提升體現了您將在這個自動化工廠中獲得的更低破損率和更好的工藝控制，那麼降低 50% 的晶圓成本從何而來？

In talking to Tyler through the quarter, he was maintaining -- didn't include any of this 150 millimeter versus 150 millimeter.

在整個季度與 Tyler 的談話中，他一直在堅持——不包括 150 毫米和 150 毫米中的任何一個。

But your comments seem to suggest there's something with 200 millimeter.

但是您的評論似乎表明有 200 毫米的東西。

And so maybe you could explain for us finally what goes into that 50%?

所以也許你可以最終為我們解釋一下這 50% 是什麼？

Is it 200 millimeter?

是200毫米嗎？

Is it something we're missing?

這是我們缺少的東西嗎？

Or is it captured in some of the other metrics?

或者它是否包含在其他一些指標中？

No.

不。

The cycle time obviously is part of the wafer processing cost, but there's a lot more cost in the model, obviously, than just the wafer processing cost, okay?

週期時間顯然是晶圓加工成本的一部分，但模型中的成本顯然比晶圓加工成本要高得多，好嗎？

So if you think about it going from 150 to 200, normally, wafer processing costs would go up just by the nature of it.

因此，如果您考慮它從 150 到 200，通常情況下，晶圓加工成本會因它的性質而上升。

In this case, we're saying, just on a nominal basis, it's going down.

在這種情況下，我們只是在名義上說，它正在下降。

And if you take into account the 200-millimeter benefit, it's well above 50%, significantly above 50%.

如果你考慮到 200 毫米的好處，它遠高於 50%，明顯高於 50%。

So I think more than 50% is a fair way to talk about it in that sense.

所以我認為從這個意義上講，超過 50% 是一種公平的討論方式。

And then, of course, then you have to add the yield benefit on top of that, right?

然後，當然，您必須在此之上添加收益收益，對嗎？

So the number of good die that we're getting off every wafer is 20 to 30 points higher.

因此，我們從每個晶圓上獲得的好芯片數量要高出 20 到 30 個百分點。

So just from a pure cost benefit standpoint, if you go down at the die level, that's well over 50% when you start putting those 2 things together.

因此，僅從純粹的成本效益的角度來看，如果您降低芯片級別，那麼當您開始將這兩件事放在一起時，這將超過 50%。

So I think greater than 50%, I think, is a reasonable way to talk about at this point.

所以我認為，在這一點上，我認為大於 50% 是一種合理的討論方式。

And I think [it'd be our line of sight] obviously to even better numbers than that in terms of the die level.

而且我認為[這將是我們的視線]顯然比就模具水平而言更好的數字。

So the 50% lower wafer cost does capture, to a large extent, the large amount of breakage that you have on 150 millimeter at Durham and how that won't occur in Mohawk Valley.

因此，降低 50% 的晶圓成本確實在很大程度上反映了在達勒姆 150 毫米上出現的大量破損，以及在莫霍克穀不會發生這種情況。

That's where a lot of it comes from.

很多都是從那裡來的。

So even with a bigger wafer, you're still getting better wafer costs on it?

因此，即使使用更大的晶圓，您仍然可以獲得更好的晶圓成本嗎？

That's right.

這是正確的。

The processing cost of 200 is better than 150, which -- that doesn't take into account the change, right?

200 的處理成本比 150 好，這 - 沒有考慮到變化，對吧？

So there's an improvement right there.

所以那裡有一個改進。

And then you get the benefit of going to 150 to 200 on top of that.

然後你會得到 150 到 200 的好處。

Not only do you get the bigger wafer with more die on it, you get the yield -- the yield of that die is better, so you get a better cost.

您不僅可以獲得更大的晶圓和更多的芯片，還可以獲得良率——該芯片的良率更好，因此您可以獲得更好的成本。

Your next question is from Craig Irwin with ROTH Capital Markets.

您的下一個問題來自 ROTH Capital Markets 的 Craig Irwin。

So Gregg, I was hoping you could help us understand the composition of the $560 million in awards in the quarter.

所以格雷格，我希望你能幫助我們了解本季度 5.6 億美元獎金的構成。

Can you maybe talk a little bit about how much of that is automotive versus distribution?

您能否談談其中有多少是汽車與分銷？

And how much of that is likely to turn as revenue within the next, let's say, maybe 12 months versus being a contribution to demand in the '24 or '24-plus time frame?

其中有多少可能會在接下來的 12 個月內轉化為收入，而不是在 24 年或 24 年以上的時間框架內對需求的貢獻？

Thanks, Craig.

謝謝，克雷格。

So let me hit the second question first.

所以讓我先回答第二個問題。

So a very small percentage of any of that $560 million will turn into revenue in the next 12 months.

因此，這 5.6 億美元中的一小部分將在未來 12 個月內轉化為收入。

And that's -- industrial applications are -- definitely have a longer gestation period from design-in to revenue ramp.

這就是 - 工業應用 - 從設計到收入增長肯定有更長的醞釀期。

And so it'll be -- maybe some, but it'll be relatively small.

所以它會 - 也許是一些，但它會相對較小。

The -- and so not much is what I'm saying.

- 我要說的並不多。

There's not a whole lot of sort of consumer applications.

沒有很多類型的消費者應用程序。

Industrial is definitely a couple of years.

工業肯定是幾年。

Automotive typically is 4 or 5 years, so a little bit longer period.

汽車通常是 4 或 5 年，所以周期長一點。

And then in terms of the design-ins, I don't have the exact numbers, but I recall it to be about half is automotive for the $560 million.

然後在設計方面，我沒有確切的數字，但我記得大約有一半是汽車，價值 5.6 億美元。

And then of the rest, we've got some nice RF design wins that we've gotten or design-ins that we've gotten and then a very strong industrial play.

然後在其餘部分中，我們已經獲得了一些不錯的 RF 設計勝利或我們已經獲得的設計，然後是非常強大的工業遊戲。

And I mentioned a couple of these industrial cooktop and induction cooktop, a wall charger, elevator and elevator application, things that we wouldn't normally be able to cover.

我提到了一些工業爐灶和電磁爐、壁式充電器、電梯和電梯應用，這些都是我們通常無法涵蓋的。

But with the partnership we've had with Arrow now for a couple of years, we're able to reach those customers as well.

但是，通過我們與 Arrow 建立了幾年的合作夥伴關係，我們也能夠接觸到這些客戶。

Great.

偉大的。

Now that actually bridges very well to my second question.

現在這實際上很好地連接到我的第二個問題。

Yes, you've had an excellent relationship with Arrow and your distribution partners over the last many, many years.

是的，在過去的許多年裡，您與 Arrow 和您的分銷合作夥伴有著良好的關係。

And it's helped you cost effectively serve emerging customers, emerging applications.

它還幫助您以經濟高效的方式為新興客戶和新興應用程序提供服務。

The EV charging application, I would not call that emerging.

電動汽車充電應用，我不會稱之為新興。

There's a super customer out there in charging, a real pioneer that you've served from day 1. And most of the hardware guys we talk to either have silicon carbide in their designs or coming into their next-generation designs.

有一個超級客戶在充電，一個真正的先驅，你從第一天就開始服務。我們交談過的大多數硬件人員要么在他們的設計中使用碳化矽，要么進入他們的下一代設計。

But when we talk to them, a lot of them really are buying through distribution.

但是當我們與他們交談時，他們中的很多人真的是通過分銷購買。

Do you expect this to play a major role in how the maturation of these relationships occurs?

您是否認為這會在這些關係的成熟過程中發揮重要作用？

And has there been sort of a process of companies getting to a certain size and then maybe being shared with distribution or moving over to direct purchases?

是否存在公司達到一定規模然後可能與分銷共享或轉向直接購買的過程？

How does this possibly evolve for you?

這對你來說可能如何發展？

I think we have a distribution strategy that's playing very well for us, and I don't see any change of that strategy.

我認為我們有一個非常適合我們的分銷策略，我認為該策略沒有任何變化。

I think we've got a really strong partnership.

我認為我們建立了非常牢固的伙伴關係。

And I think that plays very well for the strengths that Arrow brings to the party in terms of the channel and the strengths that we bring in terms of product breadth and so forth.

而且我認為這非常適合 Arrow 在渠道方面為派對帶來的優勢以及我們在產品廣度等方面帶來的優勢。

We -- so I don't see that changing.

我們——所以我沒有看到這種變化。

Some companies have changed their model to more of a -- they do their own demand creation across these thousands of customers.

一些公司已經將他們的模式轉變為更多——他們在成千上萬的客戶中創造自己的需求。

But Craig, our footprint is just so small, it just wouldn't be viable for us.

但是克雷格，我們的足跡太小了，對我們來說根本不可行。

We had an opportunity to have one of our sales folks in Europe actually present to our Board of Directors about an opportunity that she won with a customer in Spain.

我們有機會讓我們在歐洲的一位銷售人員實際向我們的董事會介紹她與西班牙客戶一起贏得的機會。

And they did that through Arrow.

他們通過 Arrow 做到了這一點。

And Arrow had -- Arrow's footprint in Spain, I believe, is larger than our footprint in Europe.

艾睿有 -- 我相信艾睿在西班牙的足跡比我們在歐洲的足跡還要大。

And we have 0 employees in Spain.

我們在西班牙有 0 名員工。

So it's just -- in fact, we don't have anybody to the left of France.

所以只是——事實上，我們沒有任何人站在法國的左邊。

So -- and I think there's only one person in France.

所以——我認為法國祇有一個人。

So our footprint is really, really quite small.

所以我們的足跡真的非常非常小。

So we're -- I think we've got a great strategy.

所以我們 - 我認為我們有一個很好的策略。

We're sticking with it.

我們堅持下去。

And I think we're going to have this partnership for quite some time.

我認為我們將在相當長的一段時間內建立這種夥伴關係。

The next question is from Samik Chatterjee with JPMorgan.

下一個問題來自摩根大通的 Samik Chatterjee。

I guess just to start off with one on competition that I've been getting from a few investors.

我想從我從幾個投資者那裡得到的競爭開始。

That's in relation to ON Semiconductor and their purchase of GTAT, a silicon carbide provider.

這與安森美半導體及其對碳化矽供應商 GTAT 的收購有關。

And just wanted to get your thoughts on how that changes the competitive landscape?

只是想了解一下這將如何改變競爭格局？

And where do you really see them in the -- in terms of capabilities?

就能力而言，您真正在哪裡看到它們？

And if you can just share your thoughts on -- that will be helpful.

如果您可以分享您的想法，那將很有幫助。

And I have a follow-up.

我有一個後續行動。

Sure.

當然。

So silicon carbide is obviously a super attractive space right now, and there's a lot of companies that are getting into this space.

所以碳化矽現在顯然是一個超級有吸引力的領域，有很多公司正在進入這個領域。

We are the largest provider of silicon carbide wafer materials to the customer base.

我們是客戶群中最大的碳化矽晶圓材料供應商。

And we have long-term agreements with many different customers in this space.

我們在這個領域與許多不同的客戶簽訂了長期協議。

And basically, all of our long-term agreements -- well, the vast majority of the long-term agreements that we have are with customers that also have some kind of internal capability or an internal desire or capability -- desire to have an internal capability.

基本上，我們所有的長期協議——嗯，我們與客戶簽訂的絕大多數長期協議也有某種內部能力或內部願望或能力——希望有一個內部能力。

And that's true with the vast majority of our long-term suppliers and I -- or customers.

這對我們絕大多數的長期供應商和我——或客戶來說都是如此。

And I think it -- strategically, it probably makes sense for them to try to do that.

我認為——從戰略上講，他們嘗試這樣做可能是有意義的。

I think what this business of silicon carbide materials tends to be a lot harder than a lot of people think.

我認為這個碳化矽材料的業務往往比很多人想像的要困難得多。

And so what we're finding typically happens is -- we've had a couple of instances already where we have a long-term agreement with a customer, and then they extend it and expand it and extend it and expand it again.

因此，我們發現通常會發生的情況是——我們已經有幾個例子，我們與客戶簽訂了長期協議，然後他們擴展它，擴展它，擴展它，再擴展它。

And as they see their -- the internal effort just really is difficult.

正如他們看到的那樣，內部努力真的很困難。

I don't think that changes at all.

我認為這根本不會改變。

I think if I were them, I would do the same thing, and I think their strategy makes sense.

我想如果我是他們，我會做同樣的事情，我認為他們的策略是有道理的。

But I think it's -- this growing of silicon carbide is not for the faint of heart.

但我認為是——這種碳化矽的生長並不適合膽小的人。

There's lots of tricky things associated with the technology.

有很多與技術相關的棘手問題。

We spent 30 years doing only this.

我們花了 30 年時間只做這件事。

And I think we've grown the scale pretty nicely.

而且我認為我們已經很好地擴大了規模。

Okay.

好的。

And a quick follow-up with Neill here.

並在這裡與尼爾進行快速跟進。

Neill, you mentioned some revenue push out on the RF side because of the slower ramp on the contract manufacturer there.

尼爾，你提到了射頻方面的一些收入增長，因為那裡的合同製造商增長較慢。

I didn't hear anything if you -- I don't know if you've mentioned it, but can you quantify the amount of revenue that's getting pushed out, in your estimate, because of that slower ramp?

如果您的話，我什麼也沒聽到——我不知道您是否提到過，但是您能否量化一下您估計由於增長速度較慢而推出的收入金額？

It was in 1Q.

那是在1Q。

We saw -- you think of it as just like a few million bucks, not a huge amount.

我們看到 - 你認為它就像幾百萬美元，而不是巨額。

However, I think we've caught that back up.

但是，我認為我們已經抓住了這一點。

And I think in the estimate that we're looking at, we're seeing some forward progress on RF kind of in line what we thought previously.

而且我認為在我們正在研究的估計中，我們看到射頻方面的一些前進進展與我們之前的想法一致。

So that kind of gets caught back up, I think, in the new estimate we've given.

所以我認為，在我們給出的新估計中，這種情況會被重新捕獲。

The next question is from the Karl Ackerman with Cowen.

下一個問題來自卡爾·阿克曼和考恩。

This is (inaudible) for Karl Ackerman.

這是（聽不清）卡爾·阿克曼的。

Can you hear me okay?

你能聽到我的聲音嗎？

Actually, no, it sounds very scrambled.

實際上，不，這聽起來很混亂。

There maybe something with your Bluetooth.

你的藍牙可能有問題。

Is this better?

這是否更好？

Yes, that's way better.

是的，這樣好多了。

Thank you.

謝謝你。

Okay.

好的。

Great.

偉大的。

I have 2 questions, please, the first one going back to the GM contract.

拜託，我有 2 個問題，第一個問題是關於 GM 合同的。

You mentioned some of the (inaudible) EV cars that it will be put into.

您提到了一些將投入使用的（聽不見的）電動汽車。

Could you provide a few more comments on the number of platforms or product design?

您能否就平台數量或產品設計提供更多評論？

And then as a follow-up to that, given the increasing amount of design-ins that you've been awarded, including GM, would you expect to more rapidly build out plant capacity at Mohawk?

然後作為後續行動，鑑於您獲得的設計項目數量不斷增加，包括通用汽車，您是否期望更快地在莫霍克建立工廠產能？

Thank you for the question.

感謝你的提問。

And we can't give any more detail on the GM announcement other than what was out in the press.

除了媒體發布的內容外，我們無法提供有關通用汽車公告的更多細節。

So I apologize for that.

所以我為此道歉。

We're excited about it.

我們對此感到興奮。

It is across a number of different vehicles, and it's a really solid announcement for us.

它涉及許多不同的車輛，這對我們來說是一個非常可靠的公告。

In terms of the ramp-up of capacity, maybe I'll let Neill talk to a little bit more.

在產能提升方面，也許我會讓尼爾多談一點。

Obviously, we're seeing a steepening of the demand right now, and we are working really hard to satisfy that demand.

顯然，我們現在看到需求急劇上升，我們正在努力滿足這種需求。

It's basically a pull-in and a steeper ramp than we originally had anticipated, and quite frankly, I think originally than anyone has anticipated with the demand growing very, very rapidly for not only electric vehicles, but for silicon carbide solutions and EVs and across the industrial market.

這基本上是一個比我們最初預期的更陡峭的斜坡，坦率地說，我認為最初的需求超出了任何人的預期，不僅對電動汽車，而且對碳化矽解決方案和電動汽車的需求增長非常非常快工業市場。

So maybe, Neill, if you want to give a little bit more color on that.

所以也許，尼爾，如果你想給它更多的色彩。

Yes.

是的。

Then in terms of like we think we can do in terms of bringing on capacity faster, one thing we've got to remember, and I said it earlier, is we're going to triple the business here just over a few year period.

然後就我們認為我們可以在更快地增加容量方面做的事情而言，我們必須記住的一件事，我之前說過，我們將在幾年內將這裡的業務增長三倍。

And if you think about bringing up new factories purely like Mohawk Valley, which is a brand new fab, just want to be really careful in terms of the time frame in which you bring those tools up and start to expand capacity.

如果你想像莫霍克谷那樣建立新工廠，這是一個全新的晶圓廠，只是想在啟動這些工具並開始擴大產能的時間範圍內非常小心。

So between now and 2024, we feel like the plan we've got is the right one and balances the risks in terms of bringing up a new fab, obviously, at a new diameter.

因此，從現在到 2024 年，我們認為我們制定的計劃是正確的，並且在建立新晶圓廠（顯然，以新的直徑）方面平衡了風險。

But clearly, as we look out beyond that, there is space in Mohawk Valley.

但很明顯，當我們放眼望去時，莫霍克山谷還有空間。

Just a little bit over 50% of the clean room kind of is utilized out in that 2024 time frame.

在 2024 年的時間範圍內，只有略高於 50% 的潔淨室被使用。

And obviously, we would look to fill in the rest of that capacity beyond that.

顯然，我們希望填補除此之外的其餘容量。

In the meantime, I think, as we talked about earlier, we've really got to look for ways to solution the capacity constraints within the 4 walls that we already have, and that's really where we're focused right now.

與此同時，我認為，正如我們之前談到的，我們真的必須尋找方法來解決我們已經擁有的 4 堵牆內的容量限制，這才是我們現在真正關注的地方。

Got it.

知道了。

And my second question, could you discuss some of the opportunities that you see to pass along pricing or mitigate (inaudible) of freight cost increases that we've seen across the industry, especially with your expanded relationship with Arrow?

我的第二個問題，您能否討論一下您看到的一些機會來傳遞定價或減輕（聽不清）我們在整個行業中看到的貨運成本增加，尤其是在您與 Arrow 擴大關係的情況下？

Yes.

是的。

So I would say there's minimal impact here, and we're in the very early phase of a pretty massive ramp.

所以我想說這裡的影響很小，而且我們正處於一個相當大的斜坡的早期階段。

Most of our design wins we have, either even with the LTA agreements that we have in place and so forth, our longer-term pricing agreements.

我們的大部分設計都贏得了我們的長期定價協議，即使我們已經簽訂了長期協議，等等。

So I'd say a minimal impact there.

所以我會說那裡的影響很小。

The next question is from Ambrish Srivastava with BMO.

下一個問題來自 BMO 的 Ambrish Srivastava。

Neill, I had a clarification on the depreciation impact, the positive impact from longer depreciation.

尼爾，我對折舊影響進行了澄清，即長期折舊帶來的積極影響。

Is that going to flow through for the next 2 quarters and beyond as well?

這是否會在接下來的兩個季度及以後繼續流行？

And then I had another clarification, please.

然後我有另一個澄清，請。

Yes, Ambrish, let me just reiterate so that we can be as clear as we can on that.

是的，Ambrish，讓我重申一下，這樣我們就可以盡可能地清楚這一點。

So Q1, roughly 30 basis points, an incremental 1 to 2 points as you get into 2Q, so think about 150 basis points, and then an additional 1 to 2 points that will bleed into the back half of the year.

所以第一季度，大約 30 個基點，隨著您進入第二季度，增加 1 到 2 個點，所以想想 150 個基點，然後再增加 1 到 2 個點，這將流向今年下半年。

Got it.

知道了。

Got it.

知道了。

And then I just wanted to come back to the CapEx and the capacity.

然後我只想回到資本支出和容量。

Just wanted to make sure I understood.

只是想確保我理解。

In the Durham fab, you're adding capacity as well, right?

在達勒姆工廠，你也在增加產能，對吧？

But the $475 million CapEx is primarily for Mohawk, and there's additional for Durham?

但 4.75 億美元的資本支出主要用於莫霍克，還有額外的達勒姆？

Or that's the total that you will be spending?

或者這就是你將花費的總數？

It wasn't very clear to me.

我不是很清楚。

It's $475 million in total.

總計4.75億美元。

A big piece of that is the final kind of, I'll call them, outlays for Mohawk Valley.

其中很大一部分是最後一種，我稱之為莫霍克谷的支出。

So remember, we outlay and then we get reimbursements.

所以請記住，我們先支出，然後才能得到報銷。

We've seen about $60 million or so of reimbursement of the $500 million so far.

到目前為止，我們已經看到了大約 6000 萬美元的 5 億美元的報銷。

In Durham, just remember, there are 2 pieces to this.

在達勒姆，請記住，這有兩件。

There's the materials factory expansion and then there's a Durham fab.

有材料工廠擴建，然後有達勒姆工廠。

In the Durham fab, we've largely completed that execution in terms of bringing up the factory from a MOSFET standpoint.

在達勒姆工廠，從 MOSFET 的角度來看，我們已經在很大程度上完成了工廠建設。

And the investment we're making now that's showing up for the remainder of the year is really around the materials expansion for 200 millimeter in the facility that Gregg mentioned earlier.

我們現在正在進行的在今年剩餘時間裡出現的投資實際上是圍繞著 Gregg 之前提到的設施中 200 毫米的材料擴展。

Got it.

知道了。

Got it.

知道了。

So by 2024, Durham would have -- what percent of capacity would be Mohawk Valley versus Durham?

因此，到 2024 年，達勒姆將擁有 - 莫霍克谷與達勒姆的產能百分比是多少？

And then -- and did I hear you say correctly that you would have 50% additional clean room space by then to hit the $1.5 billion?

然後——我是否聽到你說的正確，到那時你將擁有 50% 的額外潔淨室空間以達到 15 億美元？

You feel you have sufficient capacity.

你覺得你有足夠的能力。

But then beyond that, you have 50% additional clean room capacity, correct?

但除此之外，您還有 50% 的額外潔淨室容量，對嗎？

Yes.

是的。

I think it's a little more than 50%, I think, Ambrish, we'll have filled out.

我認為這比 50% 多一點，我想，Ambrish，我們會填寫的。

And we'll have a little less in that for the remainder of the fab in Mohawk Valley.

對於莫霍克谷工廠的其餘部分，我們會少一些。

So there is a period beyond, and we could fill in more tools into the clean room in Mohawk Valley.

所以還有一段時間，我們可以在莫霍克山谷的潔淨室裡裝更多的工具。

And then in Durham, we'll continue to try and drive as much capacity as we can through.

然後在達勒姆，我們將繼續努力推動盡可能多的容量。

We'd expect a little north of 70% of the device revenue, the total device revenue coming out of Mohawk Valley as you get out to that 2024 time frame.

我們預計設備收入的 70% 將略高於莫霍克谷，當您進入 2024 年的時間框架時，總設備收入將來自莫霍克谷。

Got it.

知道了。

Got it.

知道了。

And material?

和材料？

All materials will be -- is fully out of Durham.

所有材料都將——完全出自達勒姆。

So we have materials capacity that we have today.

所以我們有今天的材料能力。

And then we are building a new -- we're setting on a new facility here on campus, as we talked about in the prepared remarks, that will support essentially 200 millimeter.

然後我們正在建造一個新的——正如我們在準備好的評論中談到的那樣，我們正在校園裡的一個新設施上設置，它將基本上支持 200 毫米。

So when we're done, what we'll have is a 150 millimeter small amount of that fab work will be done here in Durham.

因此，當我們完成後，我們將在達勒姆這裡完成 150 毫米的少量晶圓廠工作。

But materials will be driven through 150 millimeter that we've got today, but a much larger expansion on 200 millimeter.

但是材料將被驅動到我們今天所擁有的 150 毫米，但在 200 毫米上的擴展要大得多。

So we'll have a pretty significantly sized 200-millimeter supply chain through materials in Durham and then fabbing through Mohawk Valley.

因此，我們將擁有一個相當大的 200 毫米供應鏈，通過達勒姆的材料，然後在莫霍克山谷進行製造。

The next question comes from the line of Colin Rusch with Oppenheimer.

下一個問題來自 Colin Rusch 與 Oppenheimer 的觀點。

Can you just give us a sense of the mix in that device opportunity number?

您能否讓我們了解一下該設備機會數字中的混合情況？

How much of that is 400-volt devices?

其中有多少是 400 伏設備？

And how much of that is 800-volt plus within that $18 million number that you're talking about?

在你所說的 1800 萬美元的數字中，有多少是 800 伏以上？

Yes.

是的。

So from an automotive perspective, what you're really talking about there, I believe, is the voltage for the car manufacturers bus, it's either a 400-volt bus or at 800-volt bus.

所以從汽車的角度來看，我相信你真正談論的是汽車製造商總線的電壓，它要么是 400 伏總線，要么是 800 伏總線。

And then our devices are actually higher than that to support those kinds of levels of devices.

然後我們的設備實際上比支持這些級別的設備更高。

They can be 750 volt or 1,200 volt or a variant thereof.

它們可以是 750 伏或 1,200 伏或其變體。

What I would say is we are winning a business both at 400 and 800 volts.

我想說的是，我們在 400 和 800 伏電壓下都贏得了業務。

And I would say that a lot of our customers are moving and transitioning from a 400-volt bus to an 800-volt bus for automotive applications.

我想說的是，我們的許多客戶正在從 400 伏總線遷移和過渡到用於汽車應用的 800 伏總線。

And that's primarily because they get better efficiency and they get way better charging capability as well.

這主要是因為它們獲得了更高的效率，並且它們也獲得了更好的充電能力。

So there's this kind of a transition going on.

因此，這種轉變正在發生。

But we've got wins in both those areas.

但我們在這兩個領域都取得了勝利。

Great.

偉大的。

And then just in terms of the qualification process, you guys gave us some detail on just starting to work with the tools.

然後就資格認證過程而言，你們給了我們一些關於剛開始使用這些工具的細節。

But in terms of full automotive-grade qualification on the factory, how far along are you guys with that?

但就工廠的完整汽車級資格而言，你們離這有多遠？

And how is that progressing here?

這裡進展如何？

Now when can we think about you guys really shipping the material out of Mohawk Valley that's been fully qualified for the customers?

現在我們什麼時候才能考慮你們真正將完全符合客戶要求的材料運出莫霍克山谷？

Yes.

是的。

So we will begin qualification -- our internal qualification will be in the first half of the year.

所以我們將開始資格認證——我們的內部資格認證將在今年上半年進行。

And when we do that internal qualification, that will pass the automotive qualification requirements.

當我們進行內部認證時，這將通過汽車認證要求。

So we'll be doing those internal qualifications to the automotive customers' requirements.

因此，我們將根據汽車客戶的要求進行這些內部認證。

And then in the back half of the year, the customers will do their own qualification.

然後在下半年，客戶自己做資質。

And that's where they take qualified devices and put them into their inverters or their equipment and run whatever test that they need to do on that.

這就是他們將合格的設備放入逆變器或設備中並運行他們需要做的任何測試的地方。

So that's kind of the process that we'll go through.

這就是我們將要經歷的過程。

I will now pass the call back over to Gregg Lowe with Wolfspeed for closing remarks.

我現在將把電話轉回給 Wolfspeed 的 Gregg Lowe 以結束髮言。

You may proceed, Mr. Lowe.

你可以繼續，洛先生。

Well, thanks a lot, everybody, for taking the time to visit with us today.

嗯，非常感謝大家今天抽出時間來拜訪我們。

And we look forward to continuing to work with you on November 17 at our Investor Day in New York.

我們期待在 11 月 17 日紐約投資者日繼續與您合作。

Thank you very much, and have a good evening.

非常感謝，祝您晚上愉快。

That concludes the Wolfspeed, Inc.

Wolfspeed, Inc. 到此結束。

First Quarter Fiscal Year 2022 Earnings Call.

2022 財年第一季度財報電話會議。

Thank you for your participation, and enjoy the rest of your day.

感謝您的參與，祝您度過愉快的一天。