Wolfspeed Inc (WOLF) 2021 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Cree, Inc. Fourth Quarter Fiscal 2021 Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions)

美好的一天，感謝您的支持。歡迎來到 Cree, Inc. 2021 財年第四季度電話會議。 （操作員說明）請注意，今天的會議正在錄製中。 （操作員說明）

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

我現在想把會議交給你今天的演講者，投資者關係副總裁 Tyler Gronbach。請繼續。

Thank you, and good afternoon, everyone. Welcome to Cree's Fourth Quarter Fiscal 2021 Conference Call. Today, Cree's CEO, Gregg Lowe; and Cree's CFO, Neill Reynolds, will report on the results for the fourth quarter and full year of fiscal year 2021.

謝謝大家，大家下午好。歡迎參加 Cree 2021 財年第四季度電話會議。今天，Cree 的首席執行官 Gregg Lowe； Cree 的首席財務官 Neill Reynolds 將報告 2021 財年第四季度和全年的業績。

Please note that we will be presenting non-GAAP financial results during today's call, which is consistent with how management measures Cree'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 on 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，這與管理層在內部衡量 Cree 業績的方式是一致的。非公認會計原則的結果不符合公認會計原則，可能無法與其他公司提供的非公認會計原則信息相比較。非公認會計原則信息應被視為對根據公認會計原則編制的財務報表的補充而非替代。與最直接可比的 GAAP 措施的對賬在我們的新聞稿中，並發佈在我們網站的投資者關係部分，以及其他關鍵指標的歷史摘要。

Today's discussion includes forward-looking statements about our business outlook, and we may make other forward-looking statements during the call. Such forward-looking statements are subject to numerous risks and uncertainties. Our press release today and the SEC filings noted in the release mention important factors that could cause actual results to differ materially, including risks related to the impact of the COVID-19 pandemic. (Operator Instructions) If you have any additional questions, please feel free to contact us after the call.

今天的討論包括關於我們業務前景的前瞻性陳述，我們可能會在電話會議期間發表其他前瞻性陳述。此類前瞻性陳述受到眾多風險和不確定性的影響。我們今天的新聞稿和新聞稿中提到的 SEC 文件都提到了可能導致實際結果出現重大差異的重要因素，包括與 COVID-19 大流行影響相關的風險。 （操作員說明）如果您有任何其他問題，請在來電後隨時與我們聯繫。

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

現在我想把電話轉給格雷格。

Thanks, Tyler, and good afternoon, everyone. Thanks for joining us today, and I hope you and your families are in good health.

謝謝，泰勒，大家下午好。感謝您今天加入我們，希望您和您的家人身體健康。

I'm pleased to report that during the fourth quarter, we continued to execute and drive our business, delivering strong revenue in line with our guidance and non-GAAP diluted earnings per share at the high end of our guidance range.

我很高興地報告，在第四季度，我們繼續執行和推動我們的業務，根據我們的指導和非公認會計準則攤薄每股收益在我們指導範圍的高端提供強勁的收入。

As we continue our transformational journey, we are excited to officially change the name of our company to Wolfspeed in the coming months. This represents a pivotal step in our company history as we are now a pure-play global semiconductor powerhouse, well positioned to lead the industry transition from silicon to silicon carbide.

隨著我們繼續我們的轉型之旅，我們很高興在未來幾個月內正式將公司名稱更改為 Wolfspeed。這代表了我們公司歷史上的關鍵一步，因為我們現在是一家純粹的全球半導體巨頭，有能力引領行業從矽到碳化矽的過渡。

During fiscal 2021, we made formidable progress. We completed the divestiture of our LED business to Smart Global Holdings. We went from moving dirt to installing equipment in the clean room of the world's largest silicon carbide fab in upstate New York, which will begin processing 200-millimeter wafers in the first half of calendar 2022. We also expanded our crystal growth and wafer production capacity on our North Carolina campus. And finally, we quickly adapted to the new operating environment because of the global pandemic, keeping our factories running, while at the same time, staying connected with customers to convert opportunities in our growing device pipeline.

在 2021 財年，我們取得了令人矚目的進展。我們完成了將 LED 業務剝離給 Smart Global Holdings。我們在紐約州北部世界上最大的碳化矽晶圓廠的潔淨室從搬運泥土到安裝設備，該晶圓廠將於 2022 年上半年開始處理 200 毫米晶圓。我們還擴大了晶體生長和晶圓生產能力在我們北卡羅來納州的校園裡。最後，由於全球大流行，我們迅速適應了新的運營環境，讓我們的工廠保持運轉，同時與客戶保持聯繫，在我們不斷增長的設備管道中轉化機會。

These are just a few of the many important developments that we achieved in the last 12 months as we see an acceleration of the demand for silicon carbide-based solutions across a range of industries. We are at the beginning of a multi-decade secular shift to silicon carbide. And we now believe the demand curve is steeper for devices than we originally expected, further bolstering our confidence in our long-term outlook. The investments we are making today will position us well to capitalize on the tremendous opportunities ahead and firmly establish our industry leadership position.

這些只是我們在過去 12 個月中取得的眾多重要進展中的一小部分，因為我們看到各行各業對基於碳化矽的解決方案的需求正在加速增長。我們正處於向碳化矽的數十年長期轉變的開始。而且我們現在認為設備的需求曲線比我們最初預期的要陡峭，這進一步增強了我們對長期前景的信心。我們今天所做的投資將使我們能夠很好地利用未來的巨大機遇並牢固確立我們的行業領導地位。

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

我現在將把它交給尼爾，他將概述我們的財務業績和 2022 財年第一季度的前景。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 fourth quarter as we saw increased demand for our devices and materials. Revenues for the fourth quarter of fiscal 2021 were $146 million, slightly above the midpoint of our guidance range, representing an increase of 6.2% sequentially and 34.5% year-over-year.

由於我們看到對我們的設備和材料的需求增加，我們在第四季度取得了可觀的業績。 2021 財年第四季度的收入為 1.46 億美元，略高於我們指導範圍的中點，環比增長 6.2%，同比增長 34.5%。

Our non-GAAP net loss was $26.9 million or $0.23 per diluted share, just above the midpoint of our guidance range. Our fourth quarter non-GAAP earnings exclude $118 million of expense net of tax, or $1.02 per diluted share for noncash stock-based compensation, acquired intangibles amortization, accretion on our convertible notes, project transformation and transaction costs, factory optimization costs, changes in the value of our previously held ENNOSTAR investments, a restructuring expense related to a modification of our long-term plan regarding a portion of our Durham campus, and other items outlined in today's earnings release.

我們的非 GAAP 淨虧損為 2690 萬美元或每股攤薄收益 0.23 美元，略高於我們指導範圍的中點。我們第四季度的非公認會計原則收益不包括 1.18 億美元的稅後費用，或每股攤薄收益 1.02 美元的非現金股票補償、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、工廠優化成本、我們之前持有的 ENNOSTAR 投資的價值、與修改我們對達勒姆校區的一部分的長期計劃有關的重組費用，以及今天收益發布中概述的其他項目。

Moving on to our fourth quarter performance by product line. We delivered our fourth consecutive quarter of sequential growth for Wolfspeed. We continue to see strong demand in our power product line. But the strong demand was partially offset by supply constraints due to the temporary closure of a contract manufacturing facility we use in Malaysia, which was shut down for approximately 7 days during the quarter due to the COVID-19 outbreak and has been operating at lower staffing levels due to pandemic-related restrictions imposed by the local government. Despite the challenges with the production in Malaysia, power saw device revenue grew 46% versus the prior year.

繼續我們按產品線劃分的第四季度業績。我們為 Wolfspeed 實現了連續第四個季度的連續增長。我們繼續看到我們的電源產品線的強勁需求。但由於我們在馬來西亞使用的合同製造工廠暫時關閉，強勁的需求被供應限制部分抵消，該工廠因 COVID-19 爆發而在本季度關閉了大約 7 天，並且一直以較低的人員配置運營由於當地政府施加的與大流行相關的限制，水平。儘管馬來西亞的生產面臨挑戰，但電鋸設備收入與去年相比增長了 46%。

In RF, revenue increased largely due to increased 5G activity as communications infrastructure providers continue to support the rollout by carriers. For materials, we saw better order flow in the quarter, consistent with our expectations for the back half of fiscal 2021.

在射頻領域，收入增長主要是由於通信基礎設施提供商繼續支持運營商推出的 5G 活動增加。對於材料，我們在本季度看到了更好的訂單流，這與我們對 2021 財年下半年的預期一致。

Fourth quarter non-GAAP gross margin was 32.3% compared to 35% last quarter. The sequential decline was primarily due to the growth in our device products at unfavorable margins due to higher Durham manufacturing costs in the short term. In addition, we were negatively impacted by the production shutdown at our contract manufacturer in Malaysia, which resulted in gross margin being at the lower end of our guidance range.

第四季度非美國通用會計準則毛利率為 32.3%，上一季度為 35%。環比下降主要是由於短期內達勒姆製造成本較高，我們的設備產品以不利的利潤率增長。此外，我們受到馬來西亞合約製造商停產的負面影響，導致毛利率處於我們指導範圍的下限。

As previously discussed, we view the gross margin impact as short term in nature due to the suboptimal device production footprint we have in North Carolina, and expect it to modestly improve going forward as we work through factory transitions and eventually ship production to our new Mohawk Valley fab in calendar year 2022.

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，並預計隨著我們進行工廠過渡並最終將生產運送到我們的新莫霍克2022 日曆年的山谷晶圓廠。

Non-GAAP operating expenses for Q4 were $82 million, and our non-GAAP tax rate was 25%. As anticipated, the increase in our operating expenses was fueled by our investments in R&D, including development projects that are well underway at our Mohawk Valley pilot line in order to support our 200-millimeter wafer launch as well as an increased sales and marketing expense as we pursue new business opportunities.

第四季度非 GAAP 運營費用為 8200 萬美元，我們的非 GAAP 稅率為 25%。正如預期的那樣，我們在研發方面的投資推動了我們運營費用的增加，包括在莫霍克谷試驗線進行的開發項目，以支持我們推出 200 毫米晶圓，以及增加的銷售和營銷費用。我們追求新的商機。

During the quarter, we also recorded a $74 million write-down for an unfinished facility that was built to support the LED business back in 2015, which is no longer viable to support our future growth plans. For fiscal 2021, revenue was $526 million, representing a 12% increase when compared to fiscal 2020 due to growth in our device businesses, partially offset by lower materials revenue.

在本季度，我們還為 2015 年為支持 LED 業務而建造的未完工設施記錄了 7400 萬美元的減記，該設施不再適用於支持我們未來的增長計劃。由於我們的設備業務增長，2021 財年的收入為 5.26 億美元，與 2020 財年相比增長 12%，但部分被材料收入的下降所抵消。

Non-GAAP net loss from continuing operations was $104.7 million or $0.93 per diluted share. Non-GAAP loss excludes $237 million of adjustments net of tax or $2.11 per diluted share. We ended the fourth quarter with a strong and healthy balance sheet with approximately $1.2 billion in liquidity to support our growth strategy, 0 withdrawn on our line of credit and convertible debt with a total face value of $1 billion.

持續經營的非公認會計原則淨虧損為 1.047 億美元或每股攤薄收益 0.93 美元。非公認會計原則虧損不包括 2.37 億美元的稅後調整或每股攤薄收益 2.11 美元。我們在第四季度結束時擁有強勁而健康的資產負債表，擁有約 12 億美元的流動性來支持我們的增長戰略，我們的信貸額度和可轉換債務為 0 提取，總面值為 10 億美元。

For fourth quarter, days sales outstanding was 52 days and inventory days on hand was 147 days. Cash generated from operations was negative $54 million and capital expenditures were $168 million, resulting in negative free cash flow of $222 million.

第四季度，未結銷售天數為 52 天，庫存天數為 147 天。運營產生的現金為負 5400 萬美元，資本支出為 1.68 億美元，導致自由現金流為負 2.22 億美元。

As we expected, fiscal 2021 required a significant amount of investment in CapEx, totaling a net amount of $566 million. We expect this to represent the most significant period of investment between now and 2024 as we execute our capacity expansion plan, including the launch of our Mohawk Valley fab at 200-millimeter in the first half of 2022.

正如我們預期的那樣，2021 財年需要對資本支出進行大量投資，淨額總計 5.66 億美元。隨著我們執行產能擴張計劃，包括在 2022 年上半年推出 200 毫米的莫霍克谷工廠，我們預計這將是從現在到 2024 年最重要的投資時期。

As Gregg mentioned earlier, we are experiencing a significantly steeper demand curve from our customers for silicon carbide devices than we had previously anticipated. This has resulted in supply constraints where some customer orders will not be fulfilled in fiscal year 2022 and channel inventory levels will remain low until capacity comes online in our Mohawk Valley fab. In the meantime, we are; working to accelerate capacity CapEx investments, improved output in our Durham facilities, and manage through the COVID-related challenges with our contract manufacturer in Malaysia. As we remain in the midst of a rapid capacity expansion for both materials and our wafer fabs, we anticipate CapEx, net of expected reimbursements from the state of New York, to be approximately $475 million in fiscal 2022. We expect CapEx to be more heavily weighted to the first half of the fiscal year, with Q1 representing the peak investment period as we ensure our ramp of Mohawk Valley remains on track.

正如 Gregg 之前提到的，我們的客戶對碳化矽器件的需求曲線比我們之前預期的要陡峭得多。這導致供應限制，一些客戶訂單將無法在 2022 財年完成，渠道庫存水平將保持低水平，直到我們的莫霍克谷工廠產能上線。與此同時，我們是；努力加快產能資本支出投資，提高我們達勒姆工廠的產出，並與我們在馬來西亞的合同製造商一起應對與 COVID 相關的挑戰。由於我們仍處於材料和晶圓廠產能快速擴張的階段，我們預計 2022 財年資本支出（扣除紐約州的預期報銷）約為 4.75 億美元。我們預計資本支出將更加龐大加權到本財年上半年，第一季度代表投資高峰期，因為我們確保莫霍克谷的坡道保持在正軌上。

We are still on schedule to operationalize the world's largest silicon carbide fab in the first half of calendar year 2022. Access to capacity in semiconductors is top of mind for many of our customers, and we want to be ready to meet that demand given the steeper ramps that we are now experiencing for devices.

我們仍按計劃在 2022 日曆年上半年投入運營全球最大的碳化矽晶圓廠。獲得半導體產能是我們許多客戶的頭等大事，我們希望準備好滿足這一需求我們現在正在為設備體驗的坡道。

Now turning to our outlook. In the first quarter of fiscal 2022, we are targeting revenue in the range of $144 million to $154 million. We expect revenue to be driven by momentum in power, partially offset by the current supply constraints and some lower productivity as our Malaysian contract manufacturer continues to ramp activities following the recent COVID-19 outbreak.

現在轉向我們的前景。在 2022 財年第一季度，我們的目標收入在 1.44 億美元至 1.54 億美元之間。我們預計收入將受到電力動力的推動，部分被當前的供應限制和生產力下降所抵消，因為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。

Our Q1 non-GAAP gross margin is expected to be in the range of 31.5% to 33.5%, which is flat to slightly up versus 4Q as modest improvements in productivity in our Durham site are offset by higher costs in Malaysia as the team works through COVID-19-related challenges. As previously noted, lower yields and factory transitions in our Durham fabs will continue to present some short-term challenges on gross margin performance and will remain a headwind as we shift our production to our new Mohawk Valley fab.

我們的第一季度非公認會計原則毛利率預計將在 31.5% 至 33.5% 之間，與第四季度持平或略有上升，因為我們達勒姆工廠的生產力適度提高被團隊努力解決的馬來西亞成本上升所抵消COVID-19 相關挑戰。如前所述，我們達勒姆工廠的較低產量和工廠轉型將繼續對毛利率表現帶來一些短期挑戰，並且隨著我們將生產轉移到新的莫霍克谷工廠，這仍將是一個不利因素。

Starting this quarter, we plan to start reporting start-up costs related to the ramp at Mohawk Valley. We anticipate start-up costs for fiscal 2022 will be approximately $80 million, of which $60 million will be cash-related costs. We anticipate more than 50% of these costs will be incurred in the second half of fiscal year 2022 as we qualify and ramp the fab.

從本季度開始，我們計劃開始報告與莫霍克谷坡道相關的啟動成本。我們預計 2022 財年的啟動成本將約為 8000 萬美元，其中 6000 萬美元將是與現金相關的成本。我們預計超過 50% 的這些成本將在 2022 財年下半年產生，因為我們獲得了晶圓廠的資格和產能。

We're targeting non-GAAP operating expenses of $85 million for the first quarter. The sequential increase in our operating expenses is due to R&D, including planned growth at Mohawk Valley to support our 200-millimeter wafer launch. We target Q1 non-GAAP operating loss to be between $40 million to $34 million, and nonoperating net loss of approximately $1 million. We expect our non-GAAP effective tax rate to be approximately 27%.

我們的目標是第一季度的非 GAAP 運營費用為 8500 萬美元。我們運營費用的連續增長是由於研發，包括在莫霍克谷的計劃增長，以支持我們的 200 毫米晶圓發射。我們的目標是第一季度非公認會計準則營業虧損在 4000 萬美元到 3400 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有效稅率約為 27%。

We're targeting Q1 non-GAAP net loss to be between $29 million to $25 million, or a loss of $0.25 to $0.21 per diluted share. Our non-GAAP EPS target excludes acquired intangibles amortization, noncash stock-based compensation, accretion on our convertible notes, project transformation and LED transaction-related costs, factory optimization restructuring costs and other items. Our Q1 targets are based on several factors that could vary greatly, including the situation with COVID-19, overall demand, product mix, factory productivity and the competitive environment.

我們的目標是第一季度非 GAAP 淨虧損在 2900 萬美元至 2500 萬美元之間，或稀釋後每股虧損 0.25 美元至 0.21 美元。我們的非公認會計原則每股收益目標不包括收購的無形資產攤銷、基於非現金股票的薪酬、可轉換票據的增值、項目轉型和 LED 交易相關成本、工廠優化重組成本和其他項目。我們的第一季度目標基於幾個可能有很大差異的因素，包括 COVID-19 的情況、整體需求、產品組合、工廠生產力和競爭環境。

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. As we look at our performance during fiscal fourth quarter and the full year, I'm very proud of what the team has accomplished. Demand in the automotive and RF markets continues to be very good, while at the same time, we are encouraged by growing interest across a variety of industrial and energy customers. And thanks to the hard work and unwavering commitment of our sales organization, our device opportunity pipeline is now above $15 billion, and the team is continuing to uncover new opportunities at a very good pace.

謝謝，尼爾。當我們審視我們在第四財季和全年的表現時，我為團隊所取得的成就感到非常自豪。汽車和射頻市場的需求仍然非常好，與此同時，我們對各種工業和能源客戶日益增長的興趣感到鼓舞。由於我們銷售部門的辛勤工作和堅定不移的承諾，我們的設備機會渠道現已超過 150 億美元，並且團隊正在繼續以非常快的速度發現新的機會。

At the same time, the team is also doing a solid job of converting opportunities. During the fourth quarter, we secured our highest total to date for design-ins, posting slightly more than $1 billion of design-ins. With this record-setting performance in Q4, the sales team posted approximately $2.9 billion of design-ins during fiscal 2021, which is an amazing accomplishment by our team and demonstrates that we are well positioned to compete and win in devices. The design-ins for the full year 2021 represents more than 1,100 customer projects.

同時，團隊也在做著紮實的機會轉換工作。在第四季度，我們獲得了迄今為止最高的設計收入總額，發布的設計收入略高於 10 億美元。憑藉第四季度創紀錄的業績，銷售團隊在 2021 財年發布了約 29 億美元的設計投入，這是我們團隊的一項驚人成就，表明我們已做好在設備領域競爭和取勝的準備。 2021 年全年的設計方案代表了 1,100 多個客戶項目。

Automotive represents roughly 2/3 of the design-ins, including major awards from a leading global automotive manufacturer, while the rest is spread across a wide variety of applications, including an electric farm tractor, residential energy storage systems, and an electrical vertical takeoff and landing aircraft for passenger and cargo transport.

汽車約佔設計組件的 2/3，包括來自全球領先汽車製造商的主要獎項，而其餘則分佈在各種應用中，包括電動農用拖拉機、住宅儲能係統和電動垂直起飛以及用於客運和貨運的著陸飛機。

Our massive pipeline and record design-ins give us further confidence in our ability to achieve our target revenue for fiscal 2024 of $1.5 billion based on the steepening demand curve for silicon carbide devices through 2024 and beyond.

基於到 2024 年及以後的碳化矽器件需求曲線趨於陡峭，我們龐大的管道和創紀錄的設計讓我們更加相信我們有能力實現 2024 財年 15 億美元的目標收入。

Looking towards the macro environment, we're encouraged to see our strategy continues to be supported by several recent developments that indicate long-term growth. Last month, European Union countries gave their final approval to a law to make the block's greenhouse gas emission targets legally binding. The climate law sets 2030 targets to reduce net EU emissions by 55% from the 1990 levels and to completely eliminate them by 2050.

展望宏觀環境，我們很高興看到我們的戰略繼續得到一些表明長期增長的近期發展的支持。上個月，歐盟國家最終批准了一項法律，使該區塊的溫室氣體排放目標具有法律約束力。氣候法設定了 2030 年的目標，將歐盟的淨排放量在 1990 年的基礎上減少 55%，並在 2050 年之前完全消除它們。

On July 14, The European Commission released its new climate agenda, which effectively requires all new cars to be emission-free by 2035, removing any flexibility for automakers to continue selling some gasoline or diesel vehicles, including hybrids. In addition, a few weeks ago, the White House issued an executive order, setting a target for electric vehicles, hydrogen fuel cell and plug-in hybrids to make up to 50% of U.S. sales by 2030. This action comes at the same time as many U.S. automakers have increased their commitments to ramp their electric vehicle production activities. For instance, earlier this summer, General Motors announced its plans to boost global spending on electric vehicles and autonomous vehicles to $35 billion through 2025, which is a 30% increase over its most recent forecast.

7 月 14 日，歐盟委員會發布了新的氣候議程，該議程實際上要求所有新車在 2035 年之前實現零排放，從而消除了汽車製造商繼續銷售包括混合動力車在內的一些汽油或柴油汽車的任何靈活性。此外，幾週前，白宮發布了一項行政命令，設定了到 2030 年電動汽車、氫燃料電池和插電式混合動力汽車在美國銷量中佔比達到 50% 的目標。由於許多美國汽車製造商增加了增加電動汽車生產活動的承諾。例如，今年夏天早些時候，通用汽車宣布計劃到 2025 年將全球電動汽車和自動駕駛汽車的支出提高到 350 億美元，比其最近的預測增加 30%。

A key element to support the increased adoption of silicon carbide in the automotive sector and across several other industries is the expansion of manufacturing capacity. Our Mohawk Valley 200-millimeter fab is on track to begin device qualification production runs in the first half of calendar 2022. The facility is shaping up nicely and has shown very well during recent customer visits to the fab.

支持在汽車行業和其他幾個行業中更多地採用碳化矽的一個關鍵因素是擴大製造能力。我們的莫霍克谷 200 毫米晶圓廠有望在 2022 年上半年開始設備認證生產運行。該設施的建設狀況良好，在最近的客戶參觀晶圓廠期間表現良好。

On our campus here in Durham, we expanded our materials operations to a second building on our Durham campus, which is part of the previously announced plan to increase materials capacity by 30x. On a related note, a few weeks ago, we announced the expansion of our operations leadership team to support our expected growth and the retirement of Rick McFarland who currently leads Global Operations. Rex Felton, who is currently directing the Mohawk Valley build, will now oversee the company's fab operations, planning functions and quality efforts, reporting directly to me. And until he retires next summer, Rick will continue to lead the company's materials and back-end operations, along with facilities and procurement activities, and will, of course, assist Rex with the transition. When Rick leaves us next summer, Rex will assume leadership responsibilities for all global operations.

在我們位於達勒姆的校園內，我們將材料業務擴展到達勒姆校園的第二座大樓，這是先前宣布的將材料容量提高 30 倍的計劃的一部分。在相關的說明中，幾週前，我們宣布擴大我們的運營領導團隊，以支持我們的預期增長和目前領導全球運營的 Rick McFarland 的退休。目前負責 Mohawk Valley 建設的 Rex Felton 現在將監督公司的晶圓廠運營、規劃職能和質量工作，直接向我匯報。在明年夏天退休之前，Rick 將繼續領導公司的材料和後端運營，以及設施和採購活動，當然，他還將協助 Rex 進行過渡。當 Rick 明年夏天離開我們時，Rex 將承擔所有全球業務的領導責任。

In addition, we continue to attract incredible leadership talent to the organization. Recently, Missy Stigall joined us to serve as the new Vice President of Fab operations here in North Carolina. Missy was most recently with Texas Instruments where she spent the last 20 years building extensive expertise in large-scale manufacturing operations.

此外，我們繼續為組織吸引令人難以置信的領導人才。最近，Missy Stigall 加入我們，擔任北卡羅來納州 Fab 運營的新副總裁。 Missy 最近在德州儀器工作，在過去 20 年裡，她在大規模製造業務方面積累了豐富的專業知識。

Additionally, Laura Russell is now part of our team, serving as our VP for Finance for Global Operations. Laura joins us from NXP, where she was most recently VP of Finance for the radio power business unit. Laura has over 20 years of experience in the semiconductor industry.

此外，Laura Russell 現在是我們團隊的一員，擔任我們的全球運營財務副總裁。 Laura 從 NXP 加入我們，她最近擔任無線電功率業務部門的財務副總裁。 Laura 在半導體行業擁有超過 20 年的經驗。

These recent additions further demonstrate our ability to attract and retain top talent in the semiconductor space, and folks who are keenly interested in helping drive the paradigm shift in power electronics in the marketplace. I'd like to thank Rick for his commitment and continued contributions to the organization and wish Rex, Missy and Laura continued success in their new roles.

這些最近增加的內容進一步證明了我們吸引和留住半導體領域頂尖人才的能力，以及對幫助推動市場電力電子範式轉變非常感興趣的人們。我要感謝 Rick 的承諾和對組織的持續貢獻，並希望 Rex、Missy 和 Laura 在他們的新角色中繼續取得成功。

In summary, we are successfully capitalizing on opportunities in front of us today, while continuing to make investments to deliver this next-generation technology to customers. We are growing our device opportunity pipeline and winning our fair share, as evidenced by the recent quarter with $1 billion of design-ins. Our balance sheet remains healthy to support our operations.

總而言之，我們成功地利用了今天擺在我們面前的機會，同時繼續投資以向客戶提供這種下一代技術。我們正在擴大我們的設備機會渠道並贏得我們的公平份額，最近一個季度的設計投入為 10 億美元就證明了這一點。我們的資產負債表保持健康以支持我們的運營。

We are excited about the future prospects as we expand our leadership position and make the necessary investments to address what we now believe to be a steeper-than-originally-expected demand curve for silicon carbide devices.

隨著我們擴大領導地位並進行必要的投資以解決我們現在認為比最初預期的碳化矽器件需求曲線更陡峭的問題，我們對未來前景感到興奮。

In late fall, we plan to hold an Investor Day in New York to further discuss the strong progress we've made on our transformation strategy and share more detail about the exciting long-term outlook.

秋末，我們計劃在紐約舉辦投資者日，進一步討論我們在轉型戰略方面取得的巨大進展，並分享有關令人興奮的長期前景的更多細節。

With that, I'll turn it over to the operator, and we can begin Q&A.

有了這個，我把它交給接線員，我們可以開始問答了。

(Operator Instructions)

（操作員說明）

Thanks, Gigi. And as you collect the questions, I did want to comment on the announcement we made at the close of the market today with STMicro. We're pleased to have reached an agreement that expands our multiyear, long-term 150-millimeter silicon carbide materials contract with ST. The amended agreement, which is now worth more than $800 million, calls for us to supply 150-millimeter silicon carbide bare and epi wafers to ST into the second half of the decade.

謝謝，吉吉。當你收集問題時，我確實想評論我們今天在市場收盤時與 STMicro 發布的公告。我們很高興與 ST 達成一項延長多年、長期 150 毫米碳化矽材料合同的協議。修改後的協議現在價值超過 8 億美元，要求我們在本世紀下半葉向 ST 供應 150 毫米碳化矽裸片和外延片。

Our long-term 150-millimeter wafer supply agreements with all device manufacturers now total more than $1.3 billion and help support our efforts to drive the industry transition from silicon to silicon carbide. This latest extension demonstrates how the industry at large is shifting towards silicon carbide, and that we will continue to be an important partner for many of our current customers over the next several years. I want to thank Jean-Marc and the team at ST for their continued partnership, and we look forward to continuing to work with them.

我們與所有設備製造商簽訂的長期 150 毫米晶圓供應協議現在總額超過 13 億美元，有助於支持我們推動行業從矽到碳化矽的過渡。這一最新的擴展展示了整個行業如何轉向碳化矽，並且我們將在未來幾年繼續成為我們許多現有客戶的重要合作夥伴。我要感謝 Jean-Marc 和 ST 團隊的持續合作，我們期待繼續與他們合作。

And with that, Gigi, I'll turn it back to you so we can begin the Q&A.

有了這個，Gigi，我會把它轉給你，這樣我們就可以開始問答了。

Our first question comes from the line of Jed Dorsheimer from Canaccord Genuity.

我們的第一個問題來自 Canaccord Genuity 的 Jed Dorsheimer。

Gregg, thanks for pointing that out with STMicro. Kind of along those lines, I think that probably sums up your position on the material side of the the business pretty well. And I guess my first question is a bit more granular in terms of the $1 billion of design-ins.

Gregg，感謝您向 STMicro 指出這一點。沿著這些思路，我認為這可能很好地總結了您在業務的物質方面的立場。而且我想我的第一個問題在 10 億美元的設計投入方面更加細化。

If we think about the device side of your business and the design-ins, and in particular, automotive, can you give us some more clarity in terms of the '23 model year, and how many models or platforms we should expect to see the Wolfspeed MOSFET in either directly or with your partners? And then I have a follow-up.

如果我們考慮您的業務的設備方面和設計，特別是汽車，您能否就 '23 車型年更清楚地告訴我們，以及我們應該期望看到多少模型或平台Wolfspeed MOSFET 是直接使用還是與您的合作夥伴一起使用？然後我有一個跟進。

Okay, Jed. So just to remind everybody on the call, the $1 billion of design-ins are all device design-ins, and the $15 billion opportunity pipeline that we talk about is all device opportunity pipeline. So we don't mix that with the materials. I know you know that, Jed, but I just wanted to remind everybody on that, to be clear.

好的，傑德。所以提醒大家，10 億美元的設計導入都是設備設計導入，我們談論的 150 億美元的機會管道都是設備機會管道。所以我們不會把它和材料混在一起。我知道你知道，傑德，但我只是想提醒大家，要清楚。

Basically, the $1 billion that we posted in this recent quarter, I think around 2/3 of it was automotive. And the typical time line for going from when you get a design-in to when it goes into production is typically 4 years, maybe 5 years sometimes. For electric vehicles, it's turning out to be a little bit shorter than that. And obviously, that's why we're seeing kind of a steepening ramp.

基本上，我們在最近一個季度發布的 10 億美元，我認為其中大約 2/3 是汽車。從設計到投入生產的典型時間線通常是 4 年，有時可能是 5 年。對於電動汽車，它比這要短一點。顯然，這就是為什麼我們看到了一種陡峭的斜坡。

So the -- I can't give you the exact number of models, I don't have that data right handy here, Jed. But what I can tell you is that we've got a number of different customers that are going to be ramping -- that are ramping right now and ramping in '23, and then obviously supporting the $1.5 billion in '24. And that's what we're referring to as being steeper right now. There's a -- there's just a demand from the customer that's steeper than we were originally anticipating, and that's what we're trying to catch up with.

所以--我不能給你確切的模型數量，我手頭沒有這些數據，Jed。但我可以告訴你的是，我們有許多不同的客戶正在增加——現在正在增加，並在 23 年增加，然後顯然支持 24 年的 15 億美元。這就是我們現在所說的更陡峭。有一個 - 只是客戶的需求比我們最初預期的要陡峭，這就是我們試圖趕上的。

Got it. That's helpful. And maybe just a segue to my follow-up, and this might be better for Neil. I'm assuming that you're keeping your long-term targets, the 50% plus or minus in terms of gross margin. And a lot of clients are asking us whether or not this 30% where you've been at for a while is sort of the new normal. And I was wondering if you might be able to help us bridge that understanding of what gives you the confidence in keeping that 50% out there? Maybe that also touches on, I guess, what I was asking in terms of, Gregg, for the shift from materials to devices a bit, too?

知道了。這很有幫助。也許只是我後續行動的一個延續，這對尼爾來說可能更好。我假設你保持你的長期目標，即毛利率加減 50%。很多客戶都在問我們，這 30% 是否已經成為新常態。我想知道你是否能幫助我們理解是什麼讓你有信心保持這 50% 的存在？也許這也涉及到，我想，我問的是，格雷格，關於從材料到設備的轉變，也是嗎？

Yes. Thanks, Jed, for the question. I think as you look at the current margins, we're impacted by about 1 point in 4Q and 1Q from the Malaysia situation. So I think in both quarters, you think about that driving us down about 1 point from where we would have been kind of normally. And I think as you look at the rest of the year, the margin will be a function of how things play out in Malaysia.

是的。謝謝，傑德，這個問題。我認為當您查看當前的利潤率時，我們在 4Q 和 1Q 受到馬來西亞局勢的影響大約 1 個百分點。所以我認為在這兩個季度中，你認為這會使我們從正常情況下下降大約 1 個百分點。而且我認為，當您查看今年餘下的時間時，利潤率將取決於馬來西亞的情況。

If you step back and think about achieving kind of mid-30s, I think plus or minus as you get to the back half of the fiscal year, we'll need to just improve execution out of the North Carolina factories. I think some of the management changes we discussed should bring in what I would think of as more high-quality expertise and experience kind of drive to those levels in the back half of the year.

如果您退後一步，考慮實現 30 多歲左右，我認為隨著您進入本財年的後半段，我們將需要提高北卡羅來納州工廠的執行力。我認為我們討論的一些管理變革應該會在今年下半年帶來更多高質量的專業知識和經驗，從而推動這些水平。

Now if you shift from kind of midterm to long term, as you mentioned, that's kind of what a hit on our long-term target model for that 50% plus gross margin by 2024. And as we've stated previously, the key to that transition from kind of the low 30s from where we're at today to 50% plus, kind of lies heavily on the kind of fab cost footprint transition from North Carolina to Mohawk Valley.

現在，如果你從中期轉向長期，正如你所提到的，這對我們的長期目標模型（到 2024 年實現 50% 以上的毛利率）來說是一種打擊。正如我們之前所說，關鍵是從我們今天的 30 多歲到 50% 以上的轉變，很大程度上取決於從北卡羅來納州到莫霍克谷的晶圓廠成本足跡轉變。

And as we transition kind of that new footprint and qualify the factory in 2022, if you think about fiscal 2023 kind of the beginning of that and beyond, we'll see some very big and significant differences between what we're running today in North Carolina and what we'll be running in Mohawk Valley.

當我們過渡到新的足跡並在 2022 年對工廠進行認證時，如果您考慮到 2023 財年以及以後的開始，我們將看到我們今天在北方運行的一些非常大和顯著的差異卡羅來納州以及我們將在莫霍克谷開展的活動。

Let me just kind of spell that out a little bit in further detail. I think If you think about the differences between North Carolina and Mohawk Valley, wafer cost, for instance, in Mohawk Valley will be more than 50% lower than what we currently have in Durham. And that's not completely including the full benefit of moving from 150-millimeter to 200-millimeter at diameter change. Cycle times in Mohawk Valley will be 50% greater or better than what we have -- so 50% better than what we have in Durham. And then lastly, the yield in Mohawk Valley will be 20% to 30% -- sorry, 20 to 30 points higher than what we have currently in Durham.

讓我更詳細地說明一下。我認為，如果您考慮北卡羅來納州和莫霍克谷之間的差異，例如，莫霍克谷的晶圓成本將比我們目前在達勒姆的成本低 50% 以上。這並不完全包括在直徑變化時從 150 毫米移動到 200 毫米的全部好處。莫霍克谷的循環時間將比我們擁有的多 50% 或更好——比我們在達勒姆擁有的多 50%。最後，莫霍克谷的產量將是 20% 到 30%——抱歉，比我們目前在達勒姆的產量高 20 到 30 個百分點。

So all of those benefits can be really derived as a function of moving from, as you know, is a very manual and I think a small footprint in North Carolina to kind of highly automated state-of-the-art facility that would be running up in New York. And we've already seen good evidence of that from our Mohawk Valley pilot line to support some of the insertions. And we anticipate a heavy margin transition as we move from North Carolina into the new fab in Mohawk Valley.

因此，所有這些好處都可以真正作為一個函數來獲得在紐約。我們已經從我們的莫霍克谷試驗線看到了很好的證據來支持一些插入。當我們從北卡羅來納州搬到莫霍克谷的新工廠時，我們預計利潤將發生重大轉變。

Our next question comes from the line of Edward Snyder from Charter Equity.

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

Gregg, you said you added a second building for materials. Materials has been growing very nicely. I know you're kind of throttled on devices, given not only in Malaysia but your footprint in Durham or in execution. Is it safe to assume that materials continues to grow as a percentage of your total revenue? And can we expect that would be the case until New York comes on? Or is there something else going on? Maybe we can give it -- maybe just bucket it if you can...

格雷格，你說你為材料添加了第二座建築。材料的增長非常好。我知道您在設備上受到了限制，不僅在馬來西亞，而且您在達勒姆或執行中的足跡。假設材料佔總收入的百分比繼續增長是否安全？在紐約到來之前，我們可以期待這種情況嗎？還是有其他事情發生？也許我們可以給它——如果可以的話，也許只是把它扔掉……

Thanks, Ed. So we are expanding into a different building here on campus. In fact, I just went through the facility today. And so that is happening here on campus, and that will be for our materials factory. And what I would say is we're also expanding, obviously, the wafer fab here in North Carolina for our devices as we move the LED business out of that as well.

謝謝，埃德。所以我們正在校園裡擴建到不同的建築。事實上，我今天剛通過設施。這就是在校園裡發生的事情，這將發生在我們的材料工廠。我想說的是，很明顯，我們也在擴大北卡羅來納州的晶圓廠，用於我們的設備，因為我們也將 LED 業務移出。

I would anticipate, Jed -- or Ed, I'm sorry, that when we look at our plans for 2024 at $1.5 billion, we were projecting that roughly $600 million of that was going to be devices and about $900 million of that was going -- excuse me, $600 million was going to be materials and $900 million was going to be devices. So we actually are anticipating that our device business will be growing faster than the materials business through that time frame of 2024. And it will most likely accelerate as a percentage of the business beyond '24 as we start seeing customers ramp with the $1 billion of device wins that we just posted this previous quarter. Does that make sense, Ed?

我預計，傑德——或者艾德，我很抱歉，當我們查看 2024 年 15 億美元的計劃時，我們預計其中大約 6 億美元將用於設備，其中大約 9 億美元將用於——對不起，6億美元將是材料，9億美元將是設備。因此，我們實際上預計，到 2024 年，我們的設備業務增長速度將超過材料業務。隨著我們開始看到客戶以 10 億美元的規模增長，它很可能會在 24 年之後加速增長。我們剛剛在上一季度發布的設備勝利。這有意義嗎，埃德？

Yes, it makes sense. Once New York comes on, device is going to grow much faster.

是的，這是有道理的。一旦紐約出現，設備將增長得更快。

It's kind of a chicken and the egg issue. I mean, you've got a lot of demand out there, and there's obviously -- or a lot of potential demand out there. We'll see how those EVs sell. I know industrial and RF are doing quite well, too. But it seems like based on -- especially on the STMicro agreement here and what we've been hearing from the food chain is that it's really a materials limited business to some degree, and Cree is still the largest.

這是雞和蛋的問題。我的意思是，你有很多需求，而且很明顯 - 或者有很多潛在的需求。我們將看看這些電動汽車的銷售情況。我知道工業和射頻也做得很好。但它似乎是基於——尤其是這裡的 STMicro 協議，我們從食物鏈中聽到的是，它在某種程度上確實是一個材料有限的業務，而 Cree 仍然是最大的。

I know there's been a lot of talk, and we've gotten a lot of calls from folks who are kind of concerned about some of the press releases coming out of Infineon's internal efforts. STMicro made an announcement of a 200 millimeter. You got [Jeep] out there talking about shipping stuff. The reality though seems to be quite a bit different on the ground. You've got about $1.3 million in -- or $1 billion in long-term supply agreements. Has the competitive dynamic in materials, both crystal wafers, bare wafers and epis, changed much? And if it has, is it safe to say it's favoring the incumbents, maybe you, 2 Six, little bit of ROHM? Or are we seeing more people come on board because the demand is so strong?

我知道有很多討論，我們接到了很多人的電話，他們有點擔心英飛凌內部努力發布的一些新聞稿。意法半導體發布了 200 毫米的公告。你讓 [Jeep] 在那裡談論運輸東西。不過，實際情況在地面上似乎有很大不同。你有大約 130 萬美元——或 10 億美元的長期供應協議。材料的競爭動態，無論是晶體晶圓、裸晶圓和外延片，是否發生了很大變化？如果有，可以肯定地說它有利於現任者，也許是你，2 六，一點點 ROHM？還是因為需求如此強勁，我們看到更多人加入？

No. I think, Ed, what I would say is certainly, from our perspective, there's a huge growth in the opportunity for silicon carbide. And so you see a lot of folks attempting to get into this business. But it has a lot of pretty tough barriers to entry and meet our technical barriers that you can't just kind of solve with money. So some of this is very, very difficult stuff to work with.

不。我認為，Ed，我想說的是，從我們的角度來看，碳化矽的機會有巨大的增長。所以你看到很多人試圖進入這個行業。但是它有很多非常嚴格的進入壁壘，並且滿足我們的技術壁壘，你不能用金錢來解決這些壁壘。所以其中一些是非常非常難以處理的東西。

And I think the fact that we've got $1.3 billion worth of long-term supply agreements pretty solid with pretty much the who's who in the market, really kind of shines a light on our fundamental capability. And as we talk to customers in this area, this is a really important thing for them to know that we've got a very, very strong materials business.

而且我認為，我們擁有價值 13 億美元的長期供應協議，市場上的名人錄非常穩固，這一事實確實對我們的基本能力有所啟發。當我們與該領域的客戶交談時，讓他們知道我們擁有非常非常強大的材料業務是一件非常重要的事情。

So -- and then finally, what I would say is we are absolutely not resting on our laurels in terms of our materials capability. We drive it every single quarter, whether that's the transition, the 200-millimeter reductions in cost, improvements in yield, all of that kind of stuff, is a very, very intense activity for us. And so basically, it's just creating an even more difficult environment to try to jump into because learning and scale is really important for silicon carbide. We've got 30 years of learning and the largest scale, and we're growing that scale pretty rapidly now as well. So I think it's just going to create -- it's going to continue to have kind of really tough barriers for entering this market. But again, we don't rest on that at all. We're driving this like crazy every day of the week.

所以——最後，我要說的是，就我們的材料能力而言，我們絕對不會固步自封。我們每個季度都在推動它，無論是過渡，成本降低 200 毫米，產量提高，所有這些，對我們來說都是非常非常激烈的活動。所以基本上，它只是創造了一個更加困難的環境來嘗試進入，因為學習和規模對於碳化矽來說非常重要。我們有 30 年的學習經驗和最大的規模，而且我們現在也在迅速擴大規模。所以我認為它只會創造——它會繼續為進入這個市場設置一些非常艱難的障礙。但同樣，我們根本不依賴於此。我們一周中的每一天都在瘋狂地開車。

Our next question comes from the line of Joe Moore from Morgan Stanley.

我們的下一個問題來自摩根士丹利的喬摩爾。

I wonder if you could talk about the start-up costs that you mentioned in the second half of fiscal '22, $60 million. How do you see that rolling through, just in general. Obviously, a lot higher margin out of the new fab. But what happens to your overall cost of sales? Do you sort of maintain both fabs? And do you have to grow into a revenue level to sort of support some of these incremental costs coming in?

我想知道您能否談談您在 22 財年下半年提到的啟動成本，即 6000 萬美元。總的來說，您如何看待這種情況。顯然，新工廠的利潤率要高得多。但是您的總體銷售成本會發生什麼變化？你會維護這兩個晶圓廠嗎？您是否必須提高收入水平才能支持其中一些增量成本？

Joe, thanks for the question. This is Neill. So first of all, yes, so Mohawk Valley start-up costs, we anticipate being about $80 million. That was for the year. And $60 million of that was roughly in cash costs. And you can think about more than 50% of that being kind of in the back half of the year. So as you move into fiscal year 2023, that will start to fall off pretty significantly as we start to ramp the fab, and you'll start to see that fall away. So I don't think it's about -- I think it's very much in line with our long-term plan. i don't think there's any real change to it. I think this is something we kind of anticipated as you bring up a new factory.

喬，謝謝你的問題。這是尼爾。首先，是的，莫霍克谷的啟動成本，我們預計約為 8000 萬美元。那是一年。其中 6000 萬美元大約是現金成本。你可以認為，其中超過 50% 是在今年下半年。因此，當您進入 2023 財年時，隨著我們開始增加晶圓廠的產能，這將開始顯著下降，您將開始看到這種下降。所以我不認為這是關於 - 我認為這非常符合我們的長期計劃。我不認為它有任何真正的改變。我認為這是我們在您開設一家新工廠時所預料到的。

So I think this is right in line with the trajectory we need to hit the $1.5 billion of revenue. And I think it's on track to where we need to get to.

所以我認為這符合我們實現 15 億美元收入所需的軌跡。我認為它正朝著我們需要到達的地方前進。

And again, as you said, as you look at the cost numbers, the cycle time differences and the yield differences between what we're currently seeing today and what we anticipate seeing in Mohawk Valley, that all of that will then underpin pretty significant transitions in margin. I just start to bring up the fab as you get out into more significantly into '20 -- fiscal year '23, you start to bring that revenue on.

再次，正如您所說，當您查看成本數字、週期時間差異以及我們目前看到的與我們預期在莫霍克谷看到的之間的產量差異時，所有這些都將支撐相當重要的轉變在邊際。當你進入 20 財年——23 財年，你開始帶來收入時，我才開始建立工廠。

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

我們的下一個問題來自 New Street Research 的 Pierre Ferragu。

So I've been following this earnings season, and I was actually very impressed to see how many people are talking about silicon carbide and how positive comments are. And I had in mind STMicro reiterating that they want to increase the front end -- I mean, the front end capacity by 10x between 2017, 2024. I think that Infineon was not that specific, but 2 Six talked about spending $1 billion in CapEx on silicon carbide over the next decade. ROHM Is talking about growing capacity 5x between 2020 and 2025.

因此，我一直在關注這個財報季，看到有多少人在談論碳化矽以及有多麼積極的評論給我留下了深刻的印象。我想到意法半導體重申他們希望增加前端——我的意思是，在 2017 年和 2024 年之間，前端容量增加了 10 倍。我認為英飛凌並沒有那麼具體，但 2 Six 談到在資本支出上花費 10 億美元未來十年的碳化矽。 ROHM 正在談論在 2020 年至 2025 年之間將產能提高 5 倍。

And so my question to you -- my first question to you, Gregg, was, I guess you guys are following that very closely as well. And how does that stack up when you add up all like the capacity for cars that are being made public by your potential competitors, and when you compare that to what you see in terms of end demand and what you see in terms of potential market and what you guys are planning for and winning, do you feel like the whole thing is stacking up to a healthy market in which you'd be 1 of the top 3 players, and you see these other players taking their fair share as well? Or do you feel there is a level of dilution in the market, and some of them might be too optimistic and maybe underappreciating the difficulty of getting into silicon carbide and scaling out?

所以我要問你的問題——Gregg，我問你的第一個問題是，我想你們也非常密切地關注這個問題。當你把所有的東西加起來，比如你的潛在競爭對手公開的汽車容量，當你把它與你看到的最終需求和你看到的潛在市場和你們正在計劃和贏得什麼，你是否覺得整個事情都在建立一個健康的市場，在這個市場中你將成為前 3 名球員中的一名，並且你看到其他球員也獲得了他們應得的份額？或者您是否覺得市場存在一定程度的稀釋，其中一些人可能過於樂觀，可能低估了進入碳化矽和橫向擴展的難度？

Yes. I guess I'd answer that from a couple of different vectors. First off, the demand is definitely there, and the appetite for silicon carbide just continues to grow. Neill and I were just in Europe a month ago or so, for a couple of weeks visiting with OEMs and with Tier 1s and so forth. And all of the indications we got from pretty much all the customers we saw is what they thought was going to be demand, it's now higher than what they originally thought and faster than they originally thought across multiple different end equipments, and certainly, automotive being a pretty key part of that. So I think the demand is definitely rapidly expanding, and that's obviously a good thing.

是的。我想我會從幾個不同的向量中回答這個問題。首先，需求肯定存在，而且對碳化矽的需求還在繼續增長。尼爾和我大約一個月前剛剛在歐洲，有幾個星期拜訪原始設備製造商和一級供應商等等。我們從幾乎所有我們看到的客戶那裡得到的所有跡像都是他們認為的需求，現在比他們最初認為的要高，並且比他們最初在多種不同終端設備上的想法要快，當然，汽車正在其中一個非常關鍵的部分。所以我認為需求肯定在迅速擴大，這顯然是一件好事。

In terms of the market itself, I think from a materials perspective, we're obviously growing our capability pretty strong in that area. And the $1.3 billion of materials long-term agreements that we have, I think, is just an indication that this stuff is pretty hard to do. And everyone -- we have a lot of people that are trying to do internal efforts, but I think with $1.3 billion worth of long-term agreements, it's kind of an indication that maybe it's a little bit more challenging than most people originally think.

就市場本身而言，我認為從材料的角度來看，我們顯然正在增強我們在該領域的能力。我認為，我們擁有的 13 億美元的材料長期協議只是表明這些東西很難做到。每個人——我們有很多人在努力做內部努力，但我認為價值 13 億美元的長期協議，這表明它可能比大多數人最初想像的更具挑戰性。

So I would say, I think having the experience and having this capability is one thing that I talk to customers quite a lot about. When they look at making this transition to silicon carbide, the company that's been in it for the longest amount of time that has the most experience, and it is us. And so I think it does kind of shine a light on us as someone that has a lot of capability. And obviously, there are other folks that are entering the market as well.

所以我想說，我認為擁有經驗並擁有這種能力是我與客戶經常談論的一件事。當他們考慮向碳化矽過渡時，參與其中時間最長、經驗最多的公司就是我們。所以我認為它確實讓我們成為一個有很多能力的人。顯然，還有其他人也在進入市場。

But it feels to me like the demand is -- it's way past any kind of tipping point right now. And the automotive market certainly has said goodbye to the internal combustion engine. I mean, the number of companies that just are no longer developing any plans for internal combustion engine cars by 2030, 2035 and so forth has grown. And now, we're seeing industrial customers. We talked about vertical takeoff and landing, cargo, transport, electric tractors, motor drives, compressors. We're just seeing a lot of industrial customers jumping on this silicon carbide bandwagon. And when you see the benefit of 10x the electron mobility or 10x the performance from an electron mobility perspective, the lower energy costs and so forth for operating these equipment, the transition is pretty solid.

但在我看來，需求是——它現在已經超過了任何類型的臨界點。汽車市場當然已經告別了內燃機。我的意思是，到 2030 年、2035 年等不再製定任何內燃機汽車計劃的公司數量已經增加。現在，我們看到了工業客戶。我們談到了垂直起降、貨物、運輸、電動拖拉機、電機驅動、壓縮機。我們剛剛看到很多工業客戶加入了這種碳化矽潮流。當您從電子遷移率的角度看到 10 倍的電子遷移率或 10 倍的性能、運行這些設備的更低能源成本等方面的好處時，這種轉變是非常穩固的。

Our next question comes from the line of Craig Irwin from ROTH Capital Partners.

我們的下一個問題來自 ROTH Capital Partners 的 Craig Irwin。

Congratulations on that design-in momentum. Impressive. Gregg, I wanted to ask a little bit about the industrial market since this is something we haven't talked a whole lot about on the last couple of calls. I don't remember if it was your prior Analyst Day or the one before that, where you had the gentleman from ABB who discussed the potential in some of their utility equipment, and there was a conversation about high-power MOSFETs. I think 3,500-volt, 5,000-volt MOSFETs.

祝賀這種設計勢頭。感人的。格雷格，我想問一些關於工業市場的問題，因為這是我們在最近幾次電話會議上沒有談過很多的事情。我不記得是你之前的分析師日還是之前的那一天，ABB 的那位先生討論了他們的一些公用設備的潛力，並且討論了大功率 MOSFET。我認為是 3,500 伏、5,000 伏 MOSFET。

Can you maybe frame out for us the importance of these future devices to your 2024, 2025 outlook? Is this in the guidance that you give us? And how would you rank this as a priority for the industrial markets and the development that's available there?

您能否為我們說明這些未來設備對您 2024、2025 年展望的重要性？這在您給我們的指導中嗎？您如何將其列為工業市場和那裡可用的開發的優先事項？

Great question, Craig. And what I would tell you, the industrial market, I obviously have a ton of experience in with my time at TI. The one thing about it that's really very different is that it's very, very fragmented. You have thousands of customers, and all the individual different sockets that you're trying to win are relatively small individually, but collectively, it's very, very large. And so the real key there is having an ability to engage with those customers. And since we are -- we have a relatively small footprint, this is where the partnership we have with Arrow has really played very, very well for us.

好問題，克雷格。我要告訴你的是，工業市場，我在 TI 的這段時間顯然擁有豐富的經驗。關於它的真正非常不同的一件事是它非常非常分散。你有成千上萬的客戶，你試圖贏得的所有不同的插座單獨相對較小，但總的來說，它非常非常大。所以真正的關鍵是有能力與這些客戶互動。既然我們是——我們的足跡相對較小，這就是我們與 Arrow 的合作夥伴關係對我們來說非常非常好的地方。

They've gotten engagements with thousands of different customers with their massive sales channel that they have. We've got a great relationship with them. In fact, Neill and I and some of our other execs were out there 1.5 months ago, I think, and meeting with them. And the subject line of the meeting was, how do we take this to the next level? It's already gone great. How do we continue building that relationship and capitalizing on each other's progress.

他們已經通過他們擁有的龐大銷售渠道與成千上萬不同的客戶建立了聯繫。我們和他們的關係很好。事實上，我認為，尼爾和我以及我們的其他一些高管在 1.5 個月前就在那裡，並與他們會面。會議的主題是，我們如何將其提升到一個新的水平？它已經很棒了。我們如何繼續建立這種關係並利用彼此的進步。

So it's a very important market for us. And the good news is we've got a great partner in helping us reach that, and that's going very, very well.

所以這對我們來說是一個非常重要的市場。好消息是我們有一個很好的合作夥伴幫助我們實現這一目標，而且進展非常非常好。

I think as it relates to 2024, it's kind of baked into the plan. But obviously, the steepening demand that we're seeing into '24 and then beyond gives us a lot of comfort for what the growth trajectory looks like beyond that, Craig.

我認為因為它與 2024 年有關，所以它已經融入了計劃。但顯然，我們在 24 年及以後看到的日益增長的需求讓我們對超出此範圍的增長軌跡感到非常安慰，克雷格。

Our next question comes from the line of Brian Lee from Goldman Sachs..

我們的下一個問題來自高盛的 Brian Lee。

One thing I just wanted to clarify, Neill, you mentioned the $80 million of start-up costs in fiscal 2022 with more than half of that in the back half due to the Mohawk Valley ramp. Is that all flowing through -- I'm assuming it's all flowing through COGS. And when we look at your non-GAAP gross margin guidance of 31.5% to 33.5% for Q1 here, does that reflect inclusion of those start-up costs? Or are you stripping those out? Just wanted to clarify that. And then I had a follow-up.

我只是想澄清一件事，尼爾，你提到了 2022 財年 8000 萬美元的啟動成本，其中一半以上是由於莫霍克山谷坡道造成的。這一切都流過嗎？我假設它都流過COGS。當我們在這裡查看你們第一季度 31.5% 至 33.5% 的非 GAAP 毛利率指導時，這是否反映了這些啟動成本？還是你把那些去掉？只是想澄清一下。然後我進行了跟進。

No, good question, Brian. No, just to be clear, we're going to exclude those costs from our non-GAAP results going forward. And those are just going to represent things like you've got depreciation and labor and facilities and other things. Now we're at a point where the base build is just about complete with the fab or into the clean room. So there will be a lot of costs that really won't be related to our current revenues.

不，好問題，布賴恩。不，為了清楚起見，我們將在未來的非公認會計原則結果中排除這些成本。這些只是代表你有折舊、勞動力、設施和其他東西。現在我們正處於基本構建與晶圓廠或潔淨室差不多完成的地步。所以會有很多成本與我們目前的收入無關。

So we'll pro forma those out going forward, just to kind of give a better view of what the margins look like in the business. As we progress through the year, what you'll see is more of a kind of Durham-based kind of margin model as we get through fiscal year '22 as you think about ramping the fab and qualifying it in the first half of next year calendar year. And then as we move forward from there, we'll start bleeding that in a kind of an apple-to-apples basis once we start to impact that kind of ramp-up phase.

因此，我們將對未來的情況進行預估，以便更好地了解業務中的利潤情況。隨著我們這一年的進展，隨著我們在 22 財年的到來，您將看到更多的是一種基於達勒姆的利潤率模型，因為您考慮在明年上半年擴大晶圓廠並使其合格公曆年。然後，隨著我們從那裡向前推進，一旦我們開始影響那種加速階段，我們就會開始以一種蘋果對蘋果的方式流血。

Our next question comes from the line of Samik Chatterjee from JPMorgan.

我們的下一個問題來自摩根大通的 Samik Chatterjee。

So I had a couple. The first one, I wanted to see if you can give me a bit more visibility about fiscal '22 revenues and how material the Mohawk ramp will be to it. And particularly, if you compare to the second half versus first half, what we've seen this year in fiscal '21 of about like 17% increase half on half. Like how different or how similar does it look to this year? And how material is Mohawk in that? And I have a follow-up as well.

所以我有一對。第一個，我想看看你能否讓我更多地了解 22 財年的收入以及莫霍克坡道對它的重要性。特別是，如果你將下半年與上半年進行比較，我們今年在 21 財年看到的大約 17% 同比增長。就像今年看起來有多大不同或有多相似？莫霍克在這方面有多重要？我也有後續行動。

Yes. Thanks for the question. And let me just be clear on Mohawk Valley. So in Mohawk Valley, we're going to be ramping the fab in the first half of the calendar year as you get into calendar 2022. And what that means in the first part of that, we kind of think about that kind of March quarter sort of an internal qualification. And then as you move into the June period, then you start to view about doing customer qualifications and then transitioning to revenue out beyond that. So as you think about 2022, there's kind of de minimis impact from revenue from Mohawk Valley.

是的。謝謝你的問題。讓我清楚地了解莫霍克山谷。因此，在莫霍克谷，隨著您進入 2022 年日曆，我們將在日曆年的上半年增加晶圓廠的產能。這在第一部分意味著什麼，我們會考慮那種 3 月季度某種內部資格。然後，當您進入 6 月份期間，您開始考慮進行客戶資格認證，然後過渡到超出此範圍的收入。因此，當您考慮 2022 年時，莫霍克谷的收入會產生微乎其微的影響。

But I think just kind of getting down to a few things here, I think you should clarify a little bit on the revenue, let me just unpack how this kind of plays out. You kind of mentioned a few pieces there. So first of all, as you look at just 4Q just looking back, the revenue in the quarter came in just above the midpoint of the guidance range. And while demand continues to accelerate in some of these businesses, particularly in power, we were slowed by the COVID-19 outbreak in Malaysia, and it was roughly $3 million to $5 million of revenue that was left unfulfilled in the quarter, okay? So we would have done $3 million to $5 million more had it not been for the COVID-19 outbreak at our contract manufacturer in Malaysia. And despite that, I thought we saw pretty good growth.

但我認為這裡只談幾件事，我認為你應該澄清一下收入，讓我來解釋一下這種情況是如何發生的。你在那裡提到了幾件。因此，首先，當您回顧第四季度時，該季度的收入剛好高於指導範圍的中點。雖然其中一些業務的需求繼續加速，尤其是電力行業，但我們因馬來西亞爆發的 COVID-19 疫情而放緩，本季度大約有 300 萬至 500 萬美元的收入未實現，好嗎？因此，如果不是我們在馬來西亞的合同製造商爆發 COVID-19，我們會多做 300 萬到 500 萬美元。儘管如此，我認為我們看到了相當不錯的增長。

As you look into -- looking forward into 1Q, the demand continues to be strong, particularly in devices and power, which will continue to fuel, I think, strong quarter-over-quarter and year-over-year growth. However, at the midpoint of what we've baked in, another kind of $5 million to $7 million of revenue impact from Malaysia. So said another way, we probably could have committed to more revenue in Q1 period had it not been to the Malaysia situation. So we also widened our revenue range for that as well. So again, even with that, we do expect to see some good revenue growth.

展望第一季度，需求繼續強勁，特別是在設備和電源方面，我認為這將繼續推動強勁的季度環比和同比增長。然而，在我們所做的中點，來自馬來西亞的另一種 500 萬至 700 萬美元的收入影響。所以換一種說法，如果不是馬來西亞的情況，我們可能會在第一季度承諾增加收入。因此，我們也為此擴大了收入範圍。因此，即便如此，我們確實希望看到一些不錯的收入增長。

Now with that, I also think it's important that we kind of step back and just kind of look at the macro level here Gregg kind of talked a little bit earlier. As we discussed in the prepared remarks, the slope of the demand curve for silicon carbide solutions, particularly on devices, has dramatically increased, and it's ahead of what we previously thought. We thought the inflection point, as we talked about Investor Day and since then, was kind of '23, kind of '24 time frame. And right now, we're seeing that pulling all the way into fiscal 2022.

現在有了這個，我也認為重要的是我們退後一步，看看這裡的宏觀層面，格雷格早點談了一點。正如我們在準備好的評論中所討論的，碳化矽解決方案的需求曲線的斜率，特別是在設備上，已經顯著增加，並且超出了我們之前的想法。當我們談到投資者日時，我們認為拐點是 23 年，24 年的時間框架。現在，我們看到這種情況一直持續到 2022 財年。

And to give you an idea, this year alone, we'll see more than $100 million of customer demand on the revenue line unfulfilled in this year. And the demand levels we're seeing in '23 and '24 plus have steepened as well. And I'll say it -- you heard a couple of questions on industrial and automotive. This demand, I'd say, is relatively broad-based. For instance, while automotive devices continues to be relatively small, the revenue for that in Q4 alone grew more than 100% versus last year.

並且給你一個想法，僅今年一年，我們將看到超過 1 億美元的客戶需求在今年未實現的收入線上。我們在 23 年和 24 年以上看到的需求水平也變得陡峭。我會說——你聽到了幾個關於工業和汽車的問題。我想說，這種需求是相對廣泛的。例如，雖然汽車設備仍然相對較小，但僅第四季度的收入就比去年增長了 100% 以上。

So I think this device situation has really shifted to a supply side type of channel. So we just need to drive more capacity out of our current footprint in North Carolina just to keep up with the demand inflection that's really pulled all the way into this year and until we get Mohawk Valley kind of up and running. So I think the revenue markers that we're seeing now, as evidenced by the pipeline, the design-in, is really pulling in pretty heavily right into the current period.

所以我認為這種設備情況已經真正轉變為供應方類型的渠道。因此，我們只需要從我們目前在北卡羅來納州的足跡中增加產能，以跟上今年一直拉動的需求拐點，直到我們讓莫霍克谷開始運轉。因此，我認為我們現在看到的收入指標，正如管道和設計所證明的那樣，在當前時期確實非常重要。

Our next question comes from the line of Karl Ackerman from Cowen.

我們的下一個問題來自 Cowen 的 Karl Ackerman。

I have 2 questions, please. For my first question, I was curious -- it's more of a clarification. But much do you have remaining of the $1.3 billion in long-term materials contracts? Or I guess are we saying that the $1.3 billion is future orders?

我有2個問題，請。對於我的第一個問題，我很好奇——這更像是一個澄清。但是，您在 13 億美元的長期材料合同中剩下多少？或者我猜我們是說這 13 億美元是未來的訂單？

And then secondarily, on materials. Is the absence of material contracts on 200-millimeter today just driven by maybe more mature yields on 150 than 200? Just help me think about -- us think about the opportunity of 200-millimeter materials contracts as well.

其次，關於材料。今天沒有 200 毫米的材料合約僅僅是因為 150 的產量可能比 200 的更成熟嗎？請幫我想想——我們也想想 200 毫米材料合同的機會。

I'll take that. So first off, in terms of the $1.3 billion, I don't have an exact answer for you, but I would say most of it is future, is my guess. So I think that's pretty -- I think that's pretty solid. So we've gone through some of it, obviously, but we still have probably a substantial portion of the $1.3 billion is revenue to come, is -- I don't have the exact number, but I'm pretty sure that's pretty close.

我會接受的。所以首先，就 13 億美元而言，我沒有確切的答案給你，但我會說大部分是未來，這是我的猜測。所以我認為這很漂亮——我認為這很可靠。所以我們已經經歷了一些，很明顯，但我們仍然可能有很大一部分 13 億美元的收入是即將到來的，是 - 我沒有確切的數字，但我很確定這非常接近.

And then basically, that $1.3 billion is really all on 150-millimeter. So that's been the focus of that. And then in terms of 200, we're really just concentrating right now on ramping our own facility on that at this point.

然後基本上，這 13 億美元實際上都在 150 毫米上。所以這一直是重點。然後就 200 個而言，我們現在真的只是專注於在這一點上增加我們自己的設施。

Understood. Appreciate that. If I may, for my follow-up, you did record over a $70 million expense driven by the modification to your long-term plans for Durham. I was hoping you could discuss that. I guess, are you seeing less wafer capacity demand on 150-millimeter than previously expected? Or is it driven by the need to fill Mohawk or the desire to fill Mohawk sooner?

明白了。感謝。如果可以的話，在我的後續行動中，您確實記錄了超過 7000 萬美元的費用，這是因為您對達勒姆的長期計劃進行了修改。我希望你能討論一下。我想，您是否看到 150 毫米的晶圓產能需求比之前預期的要少？還是因為需要填補莫霍克或希望盡快填補莫霍克？

Yes. Thanks for the question. First of all, there's really no demand related to this. The demand is very, very strong. So the write-down of the building -- and first, let me say, we've actually found a different solution than that building that we currently have on campus. And we're currently expanding materials capacity for 200-millimeter in that new building as we speak. So there's a significant amount of investment going in.

是的。謝謝你的問題。首先，確實沒有與此相關的需求。需求非常非常強烈。因此，建築物的減記-首先，讓我說，我們實際上找到了與我們目前在校園內擁有的建築物不同的解決方案。正如我們所說，我們目前正在將新建築的材料產能擴大到 200 毫米。因此，有大量的投資進入。

As we said, in Q4, we just determined that we just no longer needed a shell. A lot of people are familiar with that, we had a shell on campus. And that's partially completed building was built to support the LED business back in 2015. So we look for a lot of different ways to use the facility, either from a wafer fab or materials perspective, but we found a more optimal kind of expansion plan for materials in Durham -- on the Durham side. And then with the addition of the assurance of supply being top of mind for our customers, we'll think about additional potential materials capacity down the line outside of the Durham campus.

正如我們所說，在第四季度，我們剛剛確定不再需要外殼。很多人都熟悉，我們在校園裡有一個貝殼。那是部分完工的建築，早在 2015 年就為支持 LED 業務而建造。因此，我們從晶圓廠或材料的角度尋找許多不同的方式來使用該設施，但我們找到了一種更優化的擴張計劃達勒姆的材料——達勒姆一側。然後，將供應保證作為我們客戶的頭等大事，我們將考慮在達勒姆校區以外的其他潛在材料產能。

(Operator Instructions) Our next question comes from the line of Gary Mobley from Wells Fargo.

（操作員說明）我們的下一個問題來自富國銀行的 Gary Mobley。

I know you haven't filed your 10-K yet, but in terms of trying to think about the materiality of STMicro as a customer and thinking about the $500 million in silicon carbide material supply agreement signed back in 2019. Has all of that $500 million been shipped in the last 18 to 24 months, and thus the need for an incremental $300 million to augment that relationship?

我知道你還沒有提交你的 10-K，但就試圖考慮 STMicro 作為客戶的重要性和考慮在 2019 年簽署的 5 億美元碳化矽材料供應協議而言。所有這 500 美元在過去 18 到 24 個月內出貨了 100 萬美元，因此需要增加 3 億美元來加強這種關係？

And then in terms of thinking about some of the capacity constraints that are limiting your power business, should we think about that as being perishable demand given that perhaps others can fill it? Or is this just going to continue to remain in your backlog until you can solve those capacity constraints?

然後在考慮限制您的電力業務的一些容量限制方面，我們是否應該將其視為易腐需求，因為也許其他人可以滿足它？或者這只是繼續留在你的積壓中，直到你能解決這些容量限制？

Thanks for the questions, Gary, and I'll take them. So first off, I don't want to get into a lot of detail on our contracts with any of our materials customers. I think I can just go back to the comment that I made earlier is if you take a look at the total pipeline or the total materials contracts, the long-term agreements of $1.3 billion, the vast majority of that is still to be fulfilled. And I'd probably just leave it that way. I don't want to get into any one specific customer, but I think you can kind of directionally understand that.

謝謝你的問題，加里，我會接受的。因此，首先，我不想詳細了解我們與任何材料客戶的合同。我想我可以回到我之前發表的評論，如果你看一下總管道或總材料合同，13 億美元的長期協議，其中絕大多數仍有待履行。我可能就這樣離開了。我不想接觸任何一個特定的客戶，但我認為你可以有方向地理解這一點。

And then in terms of the opportunity, of course, Neill mentioned there's $100 million worth of opportunity that will go unfulfilled this year. And of course, our customers would prefer to see that fulfilled. I've spent a lot of time talking to customers. And the thing that I think resonates with them the most is that in 5 months, we will be processing material in the world's largest silicon carbide fab. We will be processing material that will be going through the qualifications. And then they will be getting material to qualify, et cetera.

當然，就機會而言，尼爾提到今年將有價值 1 億美元的機會無法實現。當然，我們的客戶更願意看到這一點。我花了很多時間與客戶交談。我認為最能引起他們共鳴的是，在 5 個月內，我們將在世界上最大的碳化矽工廠加工材料。我們將處理將通過資格認證的材料。然後他們將獲得材料來獲得資格，等等。

Just recall, a lot of our really -- the demand really takes off in '23 and '24. So they see that we are expanding capacity, that we made a decision 2 years ago to expand capacity, and that capacity is coming online really just in 5 months now, when you think about it, first part of calendar 2022.

回想一下，我們的很多需求在 23 年和 24 年真正起飛。所以他們看到我們正在擴大產能，我們在 2 年前做出了擴大產能的決定，而現在，當你考慮到 2022 年日曆的第一部分時，這個產能真的會在 5 個月內上線。

We've had customers recently visit the New York factory, and the feedback we've gotten is super positive on that. They see the pilot line that we've got running up there, and they like that because it's sort of getting the production lines kind of ready to go with the pilot line and then kind of transitioning that to the factory as it begins to open. So I think the customers see that we've got this pretty substantial amount of investment we're doing. They appreciate it, and they're really sticking with us on that.

我們最近有客戶參觀了紐約工廠，我們得到的反饋對此非常積極。他們看到了我們在那裡運行的試驗線，他們喜歡這樣，因為它有點讓生產線準備好與試驗線一起使用，然後在它開始開放時將其轉移到工廠。所以我認為客戶看到我們正在進行大量的投資。他們對此表示讚賞，並且在這一點上非常支持我們。

And to kind of put things in perspective, we had a field of mud in March of 2020. And in the first quarter of '22, we will be producing product and qualifying product. That's pretty quick. And this is in a time where the semiconductor industry, in general, had a ton of capacity issues. And if you decided today to start with a field of mud and build a factory, I think there's 0 possibility you'd be up and running in 2 years. I would say it's at least a year in addition to that and maybe even longer.

從長遠來看，我們在 2020 年 3 月有一塊泥地。在 22 年第一季度，我們將生產產品和合格產品。這很快。這是一個半導體行業普遍存在大量產能問題的時代。如果你今天決定從一塊泥地開始建造工廠，我認為你在 2 年內啟動並運行的可能性為 0。我會說除此之外至少還有一年，甚至可能更長。

So I think the bottom line is that they see that we're making the investments, and that these investments are a big light at the end of the tunnel for them.

所以我認為底線是他們看到我們正在進行投資，這些投資對他們來說是隧道盡頭的一盞燈。

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

我們的下一個問題來自美國銀行證券公司的 Vivek Arya 使用線。

I had 2 as well. For the first one, I'm curious that you're seeing very strong demand signals, but how is that translating into the pricing environment, right, versus what you thought 90 days ago? Or asked differently, what is the level of confidence in achieving your long-term gross margin outlook, right? And as the customers come and tour the facilities and they look at what you'll be producing there, how are you doing that trade-off between the pricing versus having the certainty of these long-term contracts?

我也有2個。對於第一個問題，我很好奇您看到了非常強烈的需求信號，但是與您 90 天前的想法相比，這如何轉化為定價環境？或者換種方式問，實現長期毛利率前景的信心水平如何，對嗎？當客戶來參觀工廠並查看您將在那裡生產的產品時，您如何在定價與這些長期合同的確定性之間進行權衡？

Yes. I think in terms of pricing, what I would say is the vast majority of what we do are long-term deals, and that's both materials as well as on devices. And so the pricing is kind of set. So we have a pretty good view as to what's going on there. We obviously know what's happening with our cost models as well. And as Neil mentioned, there's pretty dramatic cost reductions coming online as we move into Mohawk Valley.

是的。我認為在定價方面，我想說的是我們所做的絕大多數都是長期交易，這既是材料，也是設備。所以定價是固定的。所以我們對那裡發生的事情有一個很好的看法。我們顯然也知道我們的成本模型會發生什麼。正如尼爾所提到的，隨著我們進入莫霍克山谷，在線成本會大幅降低。

We don't really price our business as a kind of a spot market kind of thing. So we don't really get into the -- into that kind of thing. And so we'd much rather have long-term agreements with folks, and they can count on us for putting the capacity in place and having an understood pricing curve. And then we can count on them for having the demand coming our way. So it's more like that, I would say.

我們並沒有真正將我們的業務定價為一種現貨市場之類的東西。所以我們並沒有真正進入 - 進入那種事情。因此，我們更願意與人們簽訂長期協議，他們可以指望我們將產能落實到位，並了解定價曲線。然後我們可以依靠他們來滿足我們的需求。所以它更像那樣，我會說。

Got it. And for my follow-up maybe for Neill, I believe you said you're looking at a higher CapEx level for fiscal '22. I was hoping you could give some more color around that. What is driving that higher CapEx? And then importantly, when does that translate into upside to your longer-term model? Like what is the benefit of this additional spending that you're planning to do next year?

知道了。對於我可能對尼爾的後續行動，我相信您說過您正在尋找 22 財年更高的資本支出水平。我希望你能給它更多的顏色。是什麼推動了更高的資本支出？然後重要的是，這何時會轉化為您的長期模型的優勢？比如你計劃明年做的額外支出有什麼好處？

Yes. First of all, as we said -- thanks for the question. First of all, as we said, the the demand as we kind of look at the slope of the demand curve, not just this year but into '23 and '24, has certainly steepened. And I think our revenue trajectory as we get out to those time frames is really just going to be a function of how much CapEx we can bring online and how fast we can translate that into revenue. So I do think, as you look out at the time, that's exactly what we're trying to do is kind of get out into and above where we're at today.

是的。首先，正如我們所說——感謝您的提問。首先，正如我們所說，需求曲線的斜率，不僅僅是今年，而是到 23 年和 24 年，需求肯定已經變陡。而且我認為我們在這些時間範圍內的收入軌跡實際上將取決於我們可以在線帶來多少資本支出以及我們可以多快將其轉化為收入。所以我確實認為，正如你當時所看到的那樣，這正是我們正在嘗試做的，就是走出我們今天所處的位置。

Now it's going to be a function of how well we can execute that and bring it online. So I'm not necessarily saying we can be the change in those numbers today, but I think we're anticipating and seeing the steeper demand curve. So if you look at 2021 fiscal, we spent $566 million of CapEx, which is our peak year. We're bringing that down to $475 million this year, but we'll also see a significant amount of reimbursements from the state of New York. And as the year moves on, given that steepening demand curve, we'll start to see some benefits from that, hopefully, as we get out into a year from now.

現在，它將成為我們如何執行它並將其上線的功能。所以我不一定說我們今天可以改變這些數字，但我認為我們正在預期並看到更陡峭的需求曲線。因此，如果您查看 2021 財年，我們花費了 5.66 億美元的資本支出，這是我們的高峰年。今年我們將其降至 4.75 億美元，但我們還將看到來自紐約州的大量報銷。隨著時間的推移，鑑於需求曲線的陡峭，我們將開始看到一些好處，希望，隨著我們從現在開始進入一年。

And what type of cost that is, I mean probably if you go back to January and the CapEx plan that we laid out when we launched 200-millimeter, this is largely the same plan. What we're trying to do is capture the capacity and the revenue in such a way by pulling in that same plan anywhere we can to drive more capacity. So some of that was going over '23 and '24. Some of that was materials expansion for facilities and things like that. So you can think about it as being -- maybe pulling in roughly $100 million maybe versus what we anticipated before. But with the expectation that as we get out to '23 and '24, we can meet a higher revenue level than we had anticipated previously in the $1.5 billion plan.

那是什麼類型的成本，我的意思是，如果您回到 1 月份以及我們在推出 200 毫米時制定的資本支出計劃，這在很大程度上是相同的計劃。我們正在嘗試做的是通過在我們可以推動更多容量的任何地方引入相同的計劃來以這種方式獲取容量和收入。所以其中一些是在 23 年和 24 年結束的。其中一些是設施和類似事物的材料擴展。所以你可以把它想像成——可能會吸引大約 1 億美元，這可能與我們之前的預期不同。但是，隨著我們到 23 年和 24 年的預期，我們可以達到比我們之前在 15 億美元計劃中預期的更高的收入水平。

Our next question comes from the line of Colin Rusch from Oppenheimer.

我們的下一個問題來自奧本海默的 Colin Rusch。

Can you just give us an update on the preparedness of the supply chain and your suppliers to support your ramp as you get into here in the back half of the next fiscal year?

您能否向我們提供有關供應鍊和供應商準備情況的最新信息，以支持您在下一財年下半年進入這裡時的坡道？

Yes. So I can probably hit that. Neill is very actively engaged in this as well. Basically, from the beginning of the pandemic, we've had a weekly supply chain update in terms of where things are and what crunch points are happening and so forth. Our team has done a fantastic job on this, and we've stayed close with all of our suppliers in the supply chain, obviously, throughout the pandemic.

是的。所以我可能會擊中那個。尼爾也非常積極地參與其中。基本上，從大流行開始，我們每週都會對供應鏈進行更新，以了解事情的位置以及正在發生的關鍵點等等。我們的團隊在這方面做得非常出色，顯然，在整個大流行期間，我們一直與供應鏈中的所有供應商保持密切聯繫。

The feedback we're getting from these folks is very positive in terms of how we've handled the situation, both from day 1 when everything went into lockdown and there was no business kind of going on, and how we were very even-handed in terms of dealing with them. And then as things have kind of roared back, they've been very, very supportive of us in this transition. Neill, I don't know if you want to add any additional color from your point?

我們從這些人那裡得到的反饋是非常積極的，就我們如何處理這種情況而言，從第一天開始，一切都進入封鎖狀態並且沒有任何業務在進行，以及我們是如何非常公平的在與他們打交道方面。然後隨著事情的恢復，他們在這個過渡過程中一直非常非常支持我們。尼爾，我不知道你是否想從你的角度添加任何額外的顏色？

Yes. So I think in terms of the supply base, one thing I think that we've been fortunate enough to have affected was growing that very early, knowing that the capacity expansion and the revenue requirements we need to draw there early. So I think we placed orders either on equipment or other things out in the long term to get those types of things in place. As Gregg mentioned earlier, I think that would be a difficult -- more difficult expansion if we were starting that today.

是的。因此，我認為就供應基礎而言，我認為我們很幸運能夠影響的一件事是很早就增長了，因為我們知道我們需要儘早吸引產能擴張和收入需求。所以我認為我們長期訂購設備或其他東西，以使這些類型的東西到位。正如格雷格之前提到的，我認為如果我們從今天開始，這將是一個困難的——更困難的擴張。

So as you look at working with the suppliers, I think, again, I think we've partnered with the suppliers very, very well. And I also think that we've gotten ahead, I think, in many cases, of maybe longer lead times that are out there right now. And so we don't really see an impact from it in terms of the scheduling of the capacity expansions we've been working on. In fact, as I mentioned earlier, we're actually pulling things in, in any area we can, and we are seeing the capability to do that.

因此，當您考慮與供應商合作時，我再次認為，我認為我們與供應商的合作非常非常好。而且我還認為我們已經取得了領先，我認為，在許多情況下，現在可能會有更長的交貨時間。因此，就我們一直在進行的產能擴張計劃而言，我們並沒有真正看到它的影響。事實上，正如我之前提到的，我們實際上在任何我們可以做的領域都在努力，並且我們看到了這樣做的能力。

Excellent. And then just following up in terms of the design-ins and the rate at which they're happening, can you just talk about the duration of working through those design-ins and that process? And are they accelerating any noticeable rate versus where we're at, call it, 6 months or a year ago?

優秀的。然後只是跟進設計和它們發生的速度，你能談談完成這些設計的持續時間和那個過程嗎？與我們在 6 個月或一年前的情況相比，它們是否加速了任何明顯的速度？

It seems -- well, first off, every opportunity kind of has a life of its own. And so you'll see -- obviously, the last quarter, we were super pleased with having $1 billion of design-in, but it's not one of these things where it's kind of always up into the right. Sometimes, a lot of decisions are made in a quarter. And sometimes, decisions get made for -- get delayed for whatever reason. Last quarter, obviously, was a super positive quarter for us. The last year was phenomenal at $2.9 billion. So we feel pretty good about that.

看起來——嗯，首先，每一個機會都有它自己的生命。所以你會看到 - 顯然，上個季度，我們對擁有 10 億美元的設計投入感到非常高興，但這並不是其中一種總是正確的。有時，很多決定都是在一個季度內做出的。有時，決策會因任何原因而延遲。顯然，上個季度對我們來說是一個非常積極的季度。去年是驚人的 29 億美元。所以我們對此感覺很好。

So if they kind of take a life of their own, what I would say though is we're certainly seeing the design-ins that we have, the expectation from the customers in terms of ramp, is what's been pulled in and is steeper than we originally anticipated. So it's obviously a good problem to have, and it's one we're working on pretty hard right now.

因此，如果他們有點過自己的生活，我想說的是，我們肯定會看到我們擁有的設計，客戶在坡道方面的期望，是被拉進來的，比我們更陡峭的我們原本預期的。所以這顯然是一個很好的問題，我們現在正在努力解決這個問題。

Our next question comes from the line of Edward Snyder from Charter Equity.

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

Gregg, I was a little confused by your answer on the question about perishable demand for materials. You've got a lot of large customers in the material business like ST Infineon, which are also competitors in device. I know you've had -- you must have had conversations about how they feel about you building the largest, most automated sync sick device fab that's not going to be competitive to them. Can you maybe you can characterize the tenor of those and help explain how they're going to benefit from the materials business? Because that's your Durham side of the business. You're not going to grow materials in New York, and that could ramp independent of your device business -- device fab New York. So, a, what's preventing the materials business from ramping faster if that's a limit to your customers. And b, how do they feel about this monster fab you're building?

格雷格，你對材料易腐爛需求問題的回答讓我有點困惑。像 ST Infineon 這樣的材料業務有很多大客戶，它們也是器件領域的競爭對手。我知道你已經 - 你一定已經討論過他們對你建造最大、最自動化的同步故障設備工廠的感受，這對他們來說不會有競爭力。您能否描述一下它們的基調並幫助解釋它們將如何從材料業務中受益？因為那是您在達勒姆的業務。你不會在紐約種植材料，這可能會獨立於你的設備業務——紐約設備工廠。那麼，如果這對您的客戶來說是一個限制，那麼是什麼阻止了材料業務的快速發展。 b，他們對你正在建造的這個怪物工廠感覺如何？

Ed, just a couple of things. First off, on the perishable demand. I thought I was answering that relative to devices. And as Neill kind of mentioned, it was the development business that has the the $100 million worth of unfulfilled demand for next year. So that's really from a device perspective. And so I think when those device manufacturers see what we're doing with New York -- when those device customers see what we're doing in New York, they're pretty pleased with the amount of activity that we've got going on there and the development and so forth.

埃德，只是幾件事。首先，關於易腐爛的需求。我以為我是在相對於設備回答這個問題。正如尼爾所說，開發業務在明年有價值 1 億美元的未滿足需求。所以這真的是從設備的角度來看。所以我認為，當這些設備製造商看到我們在紐約所做的事情時——當這些設備客戶看到我們在紐約所做的事情時，他們對我們正在進行的大量活動感到非常滿意那里和發展等等。

In terms of materials, as I mentioned, Ed, we anticipate by 2024, that our materials business will be somewhere in the order of $600 million, to device business $900 million. And so we know that a lot of folks are trying to build materials on their own. But I think the $1.3 billion and a couple of expansions and extensions that we've seen are kind of turning into -- I think it's -- I think people are just realizing this is more difficult than they originally anticipated.

在材料方面，正如我提到的，Ed，我們預計到 2024 年，我們的材料業務將達到 6 億美元左右，設備業務將達到 9 億美元。所以我們知道很多人都在嘗試自己製造材料。但我認為我們所看到的 13 億美元以及一些擴張和擴展正在變成——我認為是——我認為人們只是意識到這比他們最初預期的要困難得多。

And again, our attitude is we've got great relationships with these folks. I have ongoing conversations with them. We treat them as real customers. There's not sort of a bin 1 for what we do and bin 2 for everybody else. We try to give them the best materials we can. And that's primarily because we're trying to convert the power market from silicon to silicon carbide. And as a big supplier of materials, having a good relationship with folks that are going to help us do that is a really important thing.

同樣，我們的態度是我們與這些人建立了良好的關係。我正在與他們進行對話。我們將他們視為真正的客戶。對於我們所做的事情並沒有分類 1 和其他人的分類 2。我們盡力為他們提供最好的材料。這主要是因為我們正試圖將電力市場從矽轉變為碳化矽。作為一家大型材料供應商，與能夠幫助我們做到這一點的人保持良好的關係是非常重要的。

So I think the way I would characterize it, Ed, is I think people -- the materials customers see that their opportunity as a device supplier is growing very, very rapidly because the entire market is growing rapidly. And there's really no sign of it as some toting out anytime in the coming decade really. So I think it's mostly just a realization that this stuff is harder to do than they probably anticipate, and the fact that we treat them well as a customer.

所以我認為我的描述方式，Ed，我認為人們——材料客戶看到他們作為設備供應商的機會正在非常非常迅速地增長，因為整個市場都在快速增長。而且真的沒有跡象表明它在未來十年的任何時候都會出現。所以我認為這主要是意識到這些東西比他們可能預期的更難做，以及我們把他們當作客戶對待的事實。

Great. And maybe, Neill, if I could, a housekeeping. Did you say the $475 million in CapEx is gross or net of New York State payment?

偉大的。也許，尼爾，如果可以的話，做家務。您是說 4.75 億美元的資本支出是紐約州支付總額還是淨額？

That's a net of New York State payments.

這是紐約州支付的淨額。

Our next question comes from the line of Ambrish Srivastava from BMO.

我們的下一個問題來自 BMO 的 Ambrish Srivastava。

I had a question, Neill, on the start-up costs. And both you and Gregg are from the semi industry. It's kind of unusual to see start-up costs being pro forma-ed out, especially since $60 million out of the $80 million is cash charge. Can you just help us understand the thinking behind that? And then my kind of related follow-up question is, since you're performing -- pro forma-ing that cost out, does that imply then that gross margin bottoms out in the second quarter of the current fiscal year?

尼爾，我有一個關於啟動成本的問題。你和格雷格都來自半導體行業。預計啟動成本是不尋常的，特別是因為 8000 萬美元中有 6000 萬美元是現金費用。你能不能幫助我們理解這背後的想法？然後我的相關後續問題是，既然你正在執行 - 預估成本，這是否意味著毛利率在本財年的第二季度觸底？

Thanks, Ambrish. And of course, before we took that decision, we did some benchmarking on that. I think if you kind of study that, we've seen other companies do that as well. I think the second thing really is on the start-up cost is given the size of the company we are today versus what we're going to be out in the future, weighing down the margins and then trying to explain them to all of you with that start-up cost being in that was not really generating revenue in such a significant piece, that it'd just be easier to kind of report on it every quarter, let you know what we're doing, be very transparent about it, and then be able to kind of look and see where we go from there. And sorry, Ambrish, what was that second question?

謝謝，安布里什。當然，在我們做出決定之前，我們對此進行了一些基準測試。我認為，如果您對此進行研究，我們已經看到其他公司也這樣做了。我認為第二件事實際上是啟動成本，考慮到我們今天的公司規模與我們未來的規模，壓低利潤率，然後試圖向你們所有人解釋由於啟動成本並沒有真正產生如此重要的收入，因此每季度報告它會更容易，讓您知道我們在做什麼，對此非常透明，然後能夠有點看看我們從那裡去哪裡。抱歉，Ambrish，第二個問題是什麼？

Yes. The second question was, should we think that gross margin then bottoms out in the second quarter of the current fiscal year?

是的。第二個問題是，我們是否應該認為毛利率會在本財年的第二季度觸底？

Yes. Look, I think that we're going to see some improvement. A lot of this is going to be dependent upon what happens in -- with the Malaysia contract manufacturers. As I said earlier, about 1 point of impact happened in 4Q. We'll see another point of impact in the 1Q quarter just related to that. And we are making improvements in our Durham factory. So I think if you think about what's going on in Durham and its deepening demand that's happening right now, a lot of that's supply disconnect.

是的。看，我認為我們會看到一些改進。這在很大程度上將取決於馬來西亞合同製造商的情況。正如我之前所說，大約 1 個點的影響發生在第 4 季度。我們將在第一季度看到與此相關的另一個影響點。我們正在對我們的達勒姆工廠進行改進。所以我認為，如果你考慮一下達勒姆正在發生的事情以及現在正在發生的不斷加深的需求，其中很多都是供應脫節。

If you think about a revenue standpoint, we're not -- what we're saying here is if we can get more capacity online, we can do more revenue. So our revenue forecast for the year hasn't changed. It's just we've got higher demand and we want to get more output out of Durham in the meantime.

如果你從收入的角度考慮，我們不是——我們在這裡要說的是，如果我們可以在線獲得更多容量，我們就可以獲得更多收入。所以我們今年的收入預測沒有改變。只是我們有更高的需求，同時我們希望從達勒姆獲得更多的產出。

So I think what will happen here -- and if you take a step back, in Durham alone, we put in over 100 tools in the last year to support higher demand. And we just need to get to improve that factory output and kind of support that kind of demand curve.

所以我認為這裡會發生什麼——如果你退後一步，僅在達勒姆，我們在去年就投入了 100 多種工具來支持更高的需求。我們只需要提高工廠產量並支持這種需求曲線。

And as Gregg mentioned earlier, we've added new leadership to get better focus on that and really improved the North Carolina footprint. For example, Missy Stigall, who you heard in the prepared remarks, is someone we recently hired. She was running a day and chase set up for TI that produced a significant -- significantly more amount of wafers than our Durham fab does. So given that most of the capacity improvements, and you think about bottoming of the margin, that we've got to drive to fulfill that incremental demand will come through yield and cycle time performance in a footprint, as we drive to higher revenue, we anticipate that the margins will come along with it. So that kind of all goes together.

正如格雷格之前提到的，我們增加了新的領導層，以便更好地關注這一點，並真正改善了北卡羅來納州的足跡。例如，您在準備好的評論中聽到的 Missy Stigall 是我們最近聘請的人。她為 TI 進行了一天的追逐，生產的晶圓數量比我們的達勒姆工廠要多得多。因此，鑑於大部分產能改進，並且您考慮到利潤率的觸底，我們必須推動滿足增量需求將通過產量和周期時間性能在足跡中實現，因為我們推動更高的收入，我們預計利潤將隨之而來。所以這一切都在一起。

So fulfilling this additional demand, driving those things, it feels like we've kind of hit bottom. We should see some improvement as we get to 2Q. And then as you get in the back half of the year kind of hit that mid-30s, kind of plus or minus, that is excluding those start-up costs, as I mentioned earlier.

所以滿足這個額外的需求，推動這些事情，感覺就像我們已經觸底了。當我們進入第二季度時，我們應該會看到一些改進。然後當你在今年下半年進入 30 多歲時，有點正負，這不包括那些啟動成本，正如我之前提到的。

Our next question comes from the line of Harsh Kumar from Piper Sandler.

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

Congratulations on that strong design-in pipeline. Gregg, I had a quick question. I was -- I've seen a lot of companies define things differently. I was hoping that you could explain to us how you guys categorize design? And these are -- are these orders that are on the books that are just basically fully committed at this point? Or is there something else to it? And yes. I'll go with that and then come back for a second.

祝賀這個強大的設計輸入管道。格雷格，我有一個簡短的問題。我是——我見過很多公司對事物的定義不同。我希望你能向我們解釋你們是如何對設計進行分類的？這些是 - 這些訂單在此時基本上完全承諾了嗎？或者還有別的原因嗎？是的。我會同意的，然後再回來一會兒。

Yes. Typically, it's -- well, the way it works is it's something that flipped over to design-in when a customer has awarded us the business. Many times, that's in the form of an award letter or something like that. But it's an official document that comes from the customer that says, we have evaluated all of our different suppliers and you've won this particular project. And so it's a customer design award, if you will. And then they talk about the ramping of it and when they need initial qualification parts and all of that.

是的。通常，它是——嗯，它的工作方式是當客戶授予我們業務時，它會轉為設計。很多時候，這是以獎勵信或類似的形式。但這是一份來自客戶的官方文件，上面寫著，我們已經評估了我們所有不同的供應商，您已經贏得了這個特定的項目。因此，如果您願意，這是一個客戶設計獎。然後他們談論它的斜坡以及何時需要初始資格認證部分以及所有這些。

To go from that award letter to production depending on the end equipment can be several years. In automotive, it's typically 4 years. And during that time, you're shipping initial samples to them. They're putting them in their bills. They -- whatever challenges they have, you're working with them on it from an engineering perspective and so forth. That is pretty typical for what semiconductor companies define as design-ins. It's very familiar to me in terms of the other companies that I've worked at, and I think most people kind of consider it the same way.

根據最終設備的不同，從該獎勵信到生產可能需要數年時間。在汽車領域，通常為 4 年。在此期間，您將向他們運送初始樣品。他們把它們記在賬單上。他們——無論他們有什麼挑戰，你都從工程的角度與他們合作，等等。這對於半導體公司定義的設計插件來說是非常典型的。就我工作過的其他公司而言，這對我來說非常熟悉，而且我認為大多數人都有同樣的看法。

So I just wanted to follow up on that. But then the opportunity pipeline, do you know the number going in when you win a design line, how big that order is going to be? Or is that something you kind of estimate?

所以我只是想跟進。但是機會管道，你知道當你贏得設計線時進入的數量，這個訂單會有多大？或者這是你估計的東西？

No. It's -- the customer tells us it's going to be x millions of units, and then we multiply it by the price that we did. And so we know how much it turns into. And obviously, all of that is subject to the accuracy with which the customer thinks their product is going to ramp. And that can have some variability, but that's super normal, Harsh, in this environment. So I think what we're doing in terms of design-in is pretty much straight down the fairway with the way other people would describe it as well.

不，它是——客戶告訴我們它將是 x 百萬單位，然後我們將它乘以我們所做的價格。所以我們知道它變成了多少。顯然，所有這些都取決於客戶認為他們的產品將要升級的準確性。這可能會有一些變化，但在這種環境下，這是非常正常的，苛刻的。所以我認為我們在設計方面所做的幾乎是直截了當的，就像其他人描述的那樣。

Our next question comes from the line of David O'Connor from Exane BNP.

我們的下一個問題來自 Exane BNP 的 David O'Connor。

Great. Maybe, Gregg, if I can go back to the wafer supply agreement. Given the transition that we're seeing in the industry from the 150-millimeter to the 200-millimeter, I'm just wondering why 200 millimeters were not part of this expanded wafer supply agreement, given that it's going to stretch into the back part of the decade? And just in addition to that, the $1.3 billion in agreements, is still a 5-year time frame still the right way to think about that?

偉大的。也許，格雷格，如果我可以回到晶圓供應協議。鑑於我們在行業中看到的從 150 毫米到 200 毫米的轉變，我只是想知道為什麼 200 毫米不是這個擴大的晶圓供應協議的一部分，因為它將延伸到後面部分十年？除此之外，13 億美元的協議，5 年的時間框架仍然是正確的思考方式嗎？

Yes. So on the second question, yes, kind of half a decade is about the right ZIP code, if you will. Some of them are obviously a little bit longer. And the one we just announced then gets into the second part of this decade here with ST. And just in terms of -- just to remind everybody, all the deals that we've done are 150-millimeter. And we're really focused on just ramping our internal capability at this point on 200. So it's more of a decision just to stay focused on that.

是的。所以關於第二個問題，是的，如果你願意的話，大約五年是關於正確的郵政編碼。其中一些顯然更長一些。我們剛剛宣布的那個與 ST 一起進入了這個十年的第二部分。就 - 提醒大家，我們所做的所有交易都是 150 毫米。而且我們現在真的專注於在 200 點上提升我們的內部能力。所以更多的決定只是保持專注於此。

Got it. And maybe just one quick follow-up for Neill, on the OpEx, how we should model that into the next fiscal year. Anything that you have to call out there?

知道了。也許只是對尼爾的一個快速跟進，關於運營支出，我們應該如何在下一個財政年度進行建模。有什麼你必須在那裡打電話的嗎？

Yes. Thanks, David. As you get into the OpEx, I think similarly, you could think about that accreting at a couple of million dollars a quarter, and the investment areas remain the same. It's primarily in R&D as it relates to bringing new products to market in addition to the 200-millimeter development work that's going on. And in sales and marketing, where we're investing in to help us bring home more of these, grow the pipeline and grow the design-in levels as we continue to do. And those are the areas that we're investing in. So you can think about it maybe a couple of million a quarter as you get out to the end of the year.

是的。謝謝，大衛。當您進入運營支出時，我認為類似地，您可以考慮以每季度數百萬美元的速度增加，而投資領域保持不變。它主要用於研發，因為除了正在進行的 200 毫米開發工作之外，它還涉及將新產品推向市場。在銷售和營銷方面，我們正在投資以幫助我們將更多此類產品帶回家，隨著我們繼續做，增加管道並提高設計水平。這些是我們正在投資的領域。所以你可以考慮到今年年底可能每季度投資幾百萬。

At this time, I'm showing no further questions. I would like to turn the call back over to Gregg Lowe for closing remarks.

在這個時候，我沒有再提出任何問題。我想將電話轉回給 Gregg Lowe 以結束髮言。

Well, thanks, everybody, for your engagement and questions and participation in the call today, and we look forward to talking to you over the next quarter. Thank you.

好吧，謝謝大家，感謝你們今天的參與、提問和參與，我們期待在下個季度與你們交談。謝謝你。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。