Wolfspeed Inc (WOLF) 2021 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Cree Third Quarter Fiscal Year 2020 Earnings Conference Call.

女士們，先生們，感謝您的支持，歡迎參加 Cree 2020 財年第三季度收益電話會議。

(Operator Instructions) Please be advised that today's conference may be recorded.

（操作員說明）請注意，今天的會議可能會被錄製。

(Operator Instructions)

（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.

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。

Please go ahead.

請繼續。

Thank you.

謝謝你。

And good afternoon, everyone.

大家下午好。

Welcome to Cree's Third Quarter Fiscal 2021 Conference Call.

歡迎參加 Cree 2021 財年第三季度電話會議。

Today, Cree's CEO, Gregg Lowe; and Cree's CFO, Neill Reynolds, will report on the results for the third quarter of fiscal year 2021.

今天，Cree 的首席執行官 Gregg Lowe； Cree 的首席財務官 Neill Reynolds 將報告 2021 財年第三季度的業績。

Please note that we will be presenting non-GAAP financial results during today's call, which is consistent with how management measures Cree'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，這與管理層在內部衡量 Cree 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 accordance with GAAP.

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。

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 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 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.

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。

(Operator Instructions) If you have any additional questions, please feel free to connect with us after the call.

（操作員說明）如果您有任何其他問題，請隨時與我們聯繫。

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

現在我想把電話轉給格雷格。

Thank you, Tyler, and good afternoon, everyone.

謝謝你，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 third quarter, we continued to execute and drive our business, delivering strong revenue ahead of our guidance range and non-GAAP diluted earnings per share at the high end of our guidance range.

我很高興地報告，在第三季度，我們繼續執行和推動我們的業務，在我們的指導範圍和非 GAAP 稀釋每股收益處於我們指導範圍的高端之前實現了強勁的收入。

Additionally, during the quarter, we completed the divestiture of the LED business, accomplishing a critical milestone in our journey to become a pure-play semiconductor powerhouse.

此外，在本季度，我們完成了 LED 業務的剝離，在我們成為純粹的半導體強國的旅程中實現了一個關鍵的里程碑。

Now innovation has defined our company since it was founded 30 years ago, and we are once again leading a significant shift in technology.

現在，自 30 年前成立以來，創新已經定義了我們公司，我們再次引領技術的重大轉變。

Our Wolfspeed solutions are driving change across the semiconductor market, enabling greater efficiency and performance, smaller systems and lower costs.

我們的 Wolfspeed 解決方案正在推動整個半導體市場的變革，實現更高的效率和性能、更小的系統和更低的成本。

As the world moves to efficiently power its vehicles, cities and communications infrastructure and the adoption of silicon carbide continues to build across a broad range of applications, we are well positioned to lead this industry transition and capitalize on tremendous long-term growth opportunities.

隨著世界轉向高效地為其車輛、城市和通信基礎設施供電，並且碳化矽的應用繼續在廣泛的應用中建立，我們已做好準備引領這一行業轉型並利用巨大的長期增長機會。

Already, we are seeing a strong adoption in automotive and industrials, which have recognized the impressive value proposition that silicon carbide has to offer.

我們已經看到汽車和工業領域的廣泛採用，它們已經認識到碳化矽必須提供的令人印象深刻的價值主張。

Across other industries, we are seeing demand build as we transition from silicon-based to silicon carbide-based high-power electronics.

在其他行業中，隨著我們從基於矽的大功率電子產品過渡到基於碳化矽的大功率電子產品，我們看到需求不斷增加。

This is reinforcing our conviction in our long-term prospects and the investments we are making now to ensure we capitalize on this transition.

這加強了我們對長期前景的信念，以及我們現在為確保我們利用這一轉變而進行的投資。

I'll now turn it over to Neill, who will provide an overview of our financial results and an outlook for the fourth quarter of fiscal 2021.

我現在將其交給尼爾，他將概述我們的財務業績和 2021 財年第四季度的展望。

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 third quarter as demand for devices and materials continued to build amid an evolving and dynamic market backdrop.

由於在不斷變化和充滿活力的市場背景下對設備和材料的需求持續增長，我們在第三季度取得了可觀的業績。

Revenues for the third quarter of fiscal 2021 were $137 million, above the high end of our guidance range, representing an increase of 8% sequentially and an increase of 21% year-over-year.

2021 財年第三季度的收入為 1.37 億美元，高於我們指導範圍的高端，環比增長 8%，同比增長 21%。

Our non-GAAP net loss was $24.7 million or $0.22 per diluted share.

我們的非公認會計原則淨虧損為 2470 萬美元或每股攤薄收益 0.22 美元。

Our third quarter non-GAAP earnings exclude $41.8 million of expense net of tax or $0.37 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 investment and other items outlined in today's earnings release.

我們第三季度的非公認會計原則收益不包括 4180 萬美元的稅後費用或每股攤薄後 0.37 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 投資和今天收益發布中概述的其他項目的價值。

Turning to our performance by product line.

轉向我們的產品線表現。

In power, we delivered a solid performance, driven by continued momentum of our solutions across a number of sectors.

在我們的解決方案在多個領域的持續發展勢頭的推動下，我們實現了穩健的業績。

Looking at RF, we are encouraged to see improving trends driven by increased 5G activity as communications infrastructures providers expand their activities.

在射頻方面，我們很高興看到隨著通信基礎設施提供商擴展其活動，5G 活動的增加推動了趨勢的改善。

And our backlog underscores the growing opportunity we have as 5G rolls out across the globe.

我們的積壓工作突顯了隨著 5G 在全球範圍內的推出，我們擁有越來越多的機會。

It's important to note that the strong demand across our device portfolio showed a notable year-over-year revenue increase of more than 50%.

值得注意的是，我們設備組合的強勁需求表明收入同比增長超過 50%。

In materials, we saw a modest uptick in order flow in the quarter, consistent with our expectations for the back half of fiscal 2021.

在材料方面，我們看到本季度的訂單流量小幅上升，與我們對 2021 財年下半年的預期一致。

Third quarter non-GAAP gross margin was 35.0% compared to 35.4% last quarter.

第三季度非公認會計原則毛利率為 35.0%，上一季度為 35.4%。

The sequential decrease in gross margin was due to temporarily higher factory costs as we ramped capacity in our Durham fab as well as ongoing COVID-19 safety measures.

毛利率的連續下降是由於工廠成本暫時升高，因為我們增加了達勒姆工廠的產能以及正在進行的 COVID-19 安全措施。

Non-GAAP operating expense for Q3 was $80 million, and our non-GAAP tax rate was 25%.

第三季度的非 GAAP 運營費用為 8000 萬美元，我們的非 GAAP 稅率為 25%。

As we invest in our operations to capitalize on the tremendous growth opportunity ahead, we will remain disciplined in our cost control across the business.

當我們投資於我們的運營以利用未來的巨大增長機會時，我們將在整個業務中保持嚴格的成本控制。

For the third quarter, day sales outstanding was 47 days, and inventory days on hand was 142 days.

第三季度，銷售天數為 47 天，庫存天數為 142 天。

Cash generated from operations was negative $27 million, and capital expenditures were $138 million, resulting in a negative free cash flow of $165 million.

運營產生的現金為負 2700 萬美元，資本支出為 1.38 億美元，導致自由現金流為負 1.65 億美元。

We have a strong and healthy balance sheet with approximately $1.3 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.

我們擁有強大而健康的資產負債表，擁有約 13 億美元的流動性來支持我們的增長戰略，我們的信用額度為 0 提取，以及總面值為 10 億美元的可轉換債券。

Importantly, we further bolstered our financial position this quarter with the successful completion of an at-the-market equity offering with gross proceeds of approximately $500 million.

重要的是，我們在本季度成功完成了總收益約為 5 億美元的市場股票發行，進一步鞏固了我們的財務狀況。

This equity offering provides us with additional liquidity as we grow the Wolfspeed business, particularly our capacity expansion efforts.

隨著我們發展 Wolfspeed 業務，特別是我們的產能擴張工作，此次股權發行為我們提供了額外的流動性。

We continue to expect fiscal 2021 to be our peak investment year with capital expenditures of approximately $550 million to support our capacity expansion plan, including the launch of our Mohawk Valley Fab at 200 millimeter.

我們繼續預計 2021 財年將是我們的投資高峰年，資本支出約為 5.5 億美元，以支持我們的產能擴張計劃，包括推出 200 毫米的莫霍克谷工廠。

We are making great and steady progress in this development, which will be critical to ensure we are able to support our long-term strategy, particularly given the steepening demand curve for silicon carbide that we are seeing in 2024 and beyond.

我們在這一發展中取得了巨大而穩定的進展，這對於確保我們能夠支持我們的長期戰略至關重要，特別是考慮到我們在 2024 年及以後看到的碳化矽需求曲線趨於陡峭。

It is important to note that our CapEx and cash flow during 2021 will continue to be subject to variability, depending on our Mohawk Valley construction progress as well as reimbursement timing from the state of New York.

需要注意的是，我們在 2021 年的資本支出和現金流量將繼續變化，這取決於我們的莫霍克谷建設進度以及紐約州的報銷時間。

Now turning to our outlook for the fourth quarter of fiscal 2021.

現在轉向我們對 2021 財年第四季度的展望。

We're targeting revenue to be in the range of $142 million to $148 million.

我們的目標是收入在 1.42 億美元到 1.48 億美元之間。

We expect the momentum we're seeing in our power and RF device product lines to continue as we enter the final quarter of the fiscal year.

隨著我們進入本財年的最後一個季度，我們預計我們在電源和射頻設備產品線中看到的勢頭將繼續下去。

Our materials product line is expected to post modest improvements supported by a better order flow.

我們的材料產品線有望在更好的訂單流的支持下實現適度的改進。

Cree's Q4 non-GAAP gross margin is expected to be between 32% and 34%.

Cree 的第四季度非公認會計原則毛利率預計在 32% 至 34% 之間。

The sequential decline is primarily due to some short-term impacts related to unfavorable product mix.

環比下降主要是由於與不利的產品組合相關的一些短期影響。

We view the gross margin impact as short term in nature due to the suboptimal production footprint we have in North Carolina and expect it to modestly improve going forward as we work through factory transitions and eventually shift production to our new Mohawk Valley Fab in calendar year 2022.

由於我們在北卡羅來納州的生產足跡欠佳，我們認為毛利率影響本質上是短期的，並預計隨著我們完成工廠過渡並最終在 2022 日曆年將生產轉移到我們的新莫霍克谷工廠，毛利率將適度改善.

We're targeting non-GAAP operating expenses between $82 million to $83 million for the fourth quarter.

我們的目標是第四季度的非 GAAP 運營費用在 8200 萬美元到 8300 萬美元之間。

The increase in our operating expenses is 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.

我們在研發方面的投資推動了我們運營費用的增加，包括在我們的莫霍克谷試驗線正在進行的開發項目，以支持我們的 200 毫米晶圓的推出，以及我們追求新業務時增加的銷售和營銷費用機會。

We target Q4 non-GAAP operating loss to be between $38 million to $32 million, and we target nonoperating net loss to be approximately $1 million.

我們的目標是第四季度非公認會計準則營業虧損在 3800 萬美元到 3200 萬美元之間，我們的目標是非營業淨虧損約為 100 萬美元。

We expect our non-GAAP effective tax rate to be approximately 24%.

我們預計我們的非公認會計原則有效稅率約為 24%。

The non-GAAP effective tax rate is expected to decrease due to the jurisdictional mix of our forecasted earnings.

由於我們預測收益的管轄權組合，非公認會計原則的有效稅率預計將下降。

We're targeting Q4 non-GAAP net loss to be between $30 million to $25 million, or a loss between $0.26 to $0.22 per diluted share.

我們的目標是第四季度非 GAAP 淨虧損在 3000 萬美元至 2500 萬美元之間，或每股攤薄收益在 0.26 美元至 0.22 美元之間。

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.

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。

Our Q4 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.

我們的第四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。

Our business continues to build momentum, which is evidenced by our results this quarter.

我們的業務繼續發展勢頭，我們本季度的業績證明了這一點。

Our device opportunity pipeline remains strong.

我們的設備機會管道仍然強勁。

And we are seeing more demand in our core automotive and RF markets as well as additional interest in new areas across energy, industrials and aerospace and defense.

我們看到核心汽車和射頻市場的需求增加，以及對能源、工業、航空航天和國防等新領域的更多興趣。

Our device pipeline stands at more than $10 billion, and our team is identifying more opportunities at a rapid pace.

我們的設備管道超過 100 億美元，我們的團隊正在快速發現更多機會。

Additionally, our sales team continues to generate new business, securing more than $580 million in design-ins during the quarter.

此外，我們的銷售團隊繼續創造新業務，在本季度獲得超過 5.8 億美元的設計收入。

A significant portion of these were for automotive products, and the rest were spread across industrial, communications infrastructure, energy and aerospace and defense.

其中很大一部分用於汽車產品，其餘則分佈在工業、通信基礎設施、能源和航空航天以及國防領域。

Now this represents an impressive total of approximately $2.5 billion in design-ins that we've secured over the last 5 quarters, including applications such as air conditioners, compressors, motor drives and a robotic arm.

現在，這代表了我們在過去 5 個季度中獲得的總計約 25 億美元的設計投入，其中包括空調、壓縮機、電機驅動器和機械臂等應用。

A year ago, we launched our portfolio of 650 volt silicon carbide MOSFET products exclusively with Arrow Electronics.

一年前，我們與艾睿電子獨家合作推出了 650 伏碳化矽 MOSFET 產品組合。

We are extremely pleased with the success of this partnership, which has since generated an opportunity pipeline of more than $800 million, with dozens already in the design-in stage and some even transitioning to design win.

我們對這種合作關係的成功感到非常高興，它已經產生了超過 8 億美元的機會管道，其中數十個已經處於設計階段，有些甚至過渡到設計獲勝。

Our sales team continues to partner closely with Arrow to execute on these opportunities, including the introduction of our 1,200 volt WolfPACK module portfolio.

我們的銷售團隊將繼續與 Arrow 密切合作以把握這些機會，包括推出我們的 1,200 伏 WolfPACK 模塊產品組合。

And we remain well positioned to continue to sell our superior solutions to customers across industrials and geographies through this partnership.

我們仍然處於有利地位，可以通過這種夥伴關係繼續向各個行業和地區的客戶銷售我們的卓越解決方案。

At the end of March, we launched 4 new multistage, high-efficiency X-Band GaN on silicon carbide devices, which are used in a diverse array of applications, including marine, weather surveillance and unmanned aerial system radars.

3 月底，我們推出了 4 款新的基於碳化矽器件的多級高效 X 波段 GaN，它們用於各種應用，包括海洋、氣象監視和無人機系統雷達。

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。

Now just a few months ago, the European Commission unveiled its mobility strategy as part of its $2 trillion Green Deal, aiming to have at least 30 million zero-emission cars in operation on European roads by 2030.

就在幾個月前，歐盟委員會公佈了其移動戰略，作為其 2 萬億美元綠色協議的一部分，目標是到 2030 年在歐洲道路上運行至少 3000 萬輛零排放汽車。

At the same time, European automakers are pushing for new taxes on gasoline and diesel vehicles to promote the competitiveness and the adoption of electric vehicles.

與此同時，歐洲汽車製造商正在推動對汽油和柴油汽車徵收新稅，以促進電動汽車的競爭力和採用。

Finally, new European regulations could also lead to the potential phasing out of plug-in hybrid vehicles, further benefiting full electric vehicles.

最後，新的歐洲法規也可能導致插電式混合動力汽車的逐步淘汰，進一步使純電動汽車受益。

In the U.S., the administration recently unveiled a proposed $2 trillion infrastructure plan, of which a significant portion has been directed towards electric vehicles, including sales rebates, tax credits and charging stations.

在美國，政府最近公佈了一項擬議的 2 萬億美元的基礎設施計劃，其中很大一部分直接用於電動汽車，包括銷售回扣、稅收抵免和充電站。

We anticipate this will have a significant impact on the adoption of electric vehicles.

我們預計這將對電動汽車的採用產生重大影響。

We are now seeing U.S. automakers make big commitments to ramp their EV efforts.

我們現在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, General Motors and LG Chem recently announced plans to invest $2.3 billion to build a battery cell plant to support the automaker's efforts to expand its electric vehicle portfolio.

例如，通用汽車和 LG 化學最近宣布計劃投資 23 億美元建設電池工廠，以支持該汽車製造商擴大其電動汽車產品組合的努力。

Now we've had a number of conversations with our customers regarding these developments.

現在，我們已經與客戶就這些發展進行了多次對話。

And the enthusiasm reinforces the long-term opportunity here as well as the necessity of our capacity expansion investments to ensure we can deliver on the increased demand that we are seeing.

這種熱情強化了這裡的長期機會以及我們進行產能擴張投資的必要性，以確保我們能夠滿足我們所看到的不斷增長的需求。

Additionally, in the U.S., the proposed infrastructure plan also includes $100 billion dedicated to increasing broadband access, with a special emphasis on 5G infrastructure.

此外，在美國，擬議的基礎設施計劃還包括 1000 億美元專門用於增加寬帶接入，特別強調 5G 基礎設施。

This development, combined with strong sales of 5G smartphones during the pandemic, underscores how 5G is continuing to gain momentum and offers a global opportunity in the years ahead.

這一發展，加上大流行期間 5G 智能手機的強勁銷售，突顯了 5G 如何繼續獲得動力，並在未來幾年提供全球機遇。

We remain well positioned to capitalize on these opportunities.

我們仍然有能力利用這些機會。

And importantly, we're on track with our investment plans to begin production in Mohawk Valley's 200 millimeter fab in early 2022, which will support increased adoption across a wide range of industry sectors.

重要的是，我們的投資計劃正在按計劃進行，即於 2022 年初在莫霍克谷的 200 毫米晶圓廠開始生產，這將支持在廣泛的行業領域中提高采用率。

We are very pleased with the strong progress we've made in our R&D projects that are fueling our 200 millimeter development as well.

我們對研發項目取得的巨大進展感到非常高興，這些項目也推動了我們 200 毫米的開發。

Additionally, with the equity raise we completed earlier in the quarter, we are further bolstering our financial position through this period of increased investment.

此外，隨著我們在本季度早些時候完成的股權融資，我們在這段增加投資的時期進一步鞏固了我們的財務狀況。

By making these investments in our operations now, we are securing our long-term leadership position in silicon carbide.

通過現在對我們的運營進行這些投資，我們正在確保我們在碳化矽領域的長期領導地位。

Overall, as we move forward as a pure-play semiconductor company, we will continue to execute our strategy to create a global powerhouse.

總體而言，隨著我們作為一家純粹的半導體公司向前發展，我們將繼續執行我們創建全球強國的戰略。

The need for our technology continues to be supported by developments in the macro environment.

宏觀環境的發展繼續支持對我們技術的需求。

And we are winning business at a very good pace, while making the necessary investments to deliver this next-generation technology to our customers.

我們正在以非常快的速度贏得業務，同時進行必要的投資以向我們的客戶提供這種下一代技術。

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

我們仍然對未來的機會感到非常興奮，並對我們的戰略和前進的道路充滿信心。

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

有了這個，我會把它交還給接線員，這樣我們就可以開始我們的問答了。

(Operator Instructions) Our first question comes from Jed Dorsheimer with Canaccord Genuity.

（操作員說明）我們的第一個問題來自 Canaccord Genuity 的 Jed Dorsheimer。

Congrats on the strong revenue this quarter.

祝賀本季度強勁的收入。

I guess first question, Gregg, if we look at the comparison to a silicon IGBT, many, including in the industry, not just on the financial side, look at the cost disparity between the silicon carbide versus the IGBT.

我想第一個問題，Gregg，如果我們看一下與硅 IGBT 的比較，包括行業在內的許多人，不僅僅是在財務方面，還要看看碳化矽與 IGBT 之間的成本差異。

And yet with Tesla -- and I know you can't talk specifically on customers, but if you look at what Tesla has done from a systems perspective, it really kind of changed the game from seeing the net benefit of 6% to 7% from this component.

然而對於特斯拉——我知道你不能專門談論客戶，但如果你從系統的角度來看特斯拉所做的事情，它確實改變了遊戲規則，從看到 6% 的淨收益到 7%從這個組件。

So I'm just curious in your conversations, if you could provide some of the context of how the discussions have changed over the past year, from sort of that procurement manager that's looking at hammering the price on one component, versus maybe a C-level that's looking at the systems design architecture from what we've seen out of Tesla and the industry for BEVs.

所以我只是對你的談話感到好奇，如果你能提供一些關於過去一年討論如何變化的背景，從那種正在考慮敲定一個組件的價格的採購經理，而不是一個 C-從我們從特斯拉和 BEV 行業中看到的系統設計架構來看。

And then I have a follow-up.

然後我有一個跟進。

Thanks a lot, Jed, for the question.

非常感謝，傑德，這個問題。

And what I would tell you is that the discussions 2 years ago were certainly very focused on the cost of a silicon carbide MOSFET versus a silicon MOSFET.

我要告訴你的是，兩年前的討論當然非常關注碳化矽 MOSFET 與硅 MOSFET 的成本。

That has completely transitioned, kind of as you indicated, to more at the system level.

正如您所指出的，這已經完全轉變為系統級別的更多內容。

And I would say that carmakers and the Tier 1s across the board have recognized that at the system level, the benefits of silicon carbide pay for themselves.

我想說的是，汽車製造商和所有的一級供應商已經認識到，在系統層面，碳化矽的好處是可以收回成本的。

Jed, I'm -- just last month, I spent about 3 weeks in Europe visiting with Tier 1s and OEMs.

傑德，我 - 就在上個月，我在歐洲花了大約 3 週時間拜訪一級供應商和原始設備製造商。

The first 5 days, by the way, were stuck in a hotel doing COVID sort of quarantining, but I visited with them after getting out of that.

順便說一句，前 5 天被困在一家酒店進行 COVID 類隔離，但我在離開之後就和他們一起去了。

And the decisions that they're making are really pointing towards moving in a direction of silicon carbide.

他們所做的決定實際上是朝著碳化矽的方向發展。

I had one OEM tell me that they're moving their entire platform there.

我有一個 OEM 告訴我，他們正在將整個平台轉移到那裡。

I've had another Tier 1 mention to me that the OEMs are telling them to not even quote silicon anymore.

我有另一個第 1 層向我提到，原始設備製造商告訴他們甚至不要再引用矽了。

Because they're convinced that across their platforms, high-end cars, entry cars, 800 volts, 400 volts, they want to go with silicon carbide because of the cost savings they see at the system level.

因為他們確信，在他們的平台上，無論是高端汽車、入門級汽車、800 伏、400 伏，他們都希望使用碳化矽，因為他們在系統級別看到了成本節約。

You combine that with the tremendous amount of intensity that were driving the cost reductions on silicon carbide, it's a big win-win.

將其與推動碳化矽成本降低的巨大強度結合起來，這是一個巨大的雙贏。

So I would say, Jed, that your kind of thesis that you have -- I guess I'm reading through the thesis in your question, of are folks really looking at this more at the system level is absolutely happening.

所以我想說，傑德，你所擁有的那種論文——我想我正在閱讀你的問題中的論文，人們真的在系統層面更多地關注這個問題是絕對發生的。

And the thing that I would add, Jed, is that it's permeated the organization.

Jed，我要補充的是，它已經滲透到整個組織中。

Maybe it started in the C-suite, but the rest of the organization is really starting to see it as well.

也許它始於最高管理層，但組織的其他人也真正開始看到它。

There's a tremendous amount of value and a tremendous amount of savings that these car companies see at the system level for silicon carbide.

這些汽車公司在碳化矽的系統級看到了巨大的價值和巨大的節省。

And they're starting to design their cars from the grounds up with silicon carbide in mind.

他們開始從一開始就考慮到碳化矽來設計他們的汽車。

That's great.

那太棒了。

Just as my next question, I guess.

就像我的下一個問題一樣，我猜。

I guess for Neill, one on the margin side.

我猜是尼爾，一個在邊緣的人。

So if I look at the margin, I guess my question is are you adjusting or changing sort of that 50%?

因此，如果我查看邊距，我想我的問題是您是否正在調整或更改那 50% 的類型？

And if not, how should we think about -- and I know in the near term here, you've got a bunch of different variables.

如果沒有，我們應該如何考慮——我知道在短期內，你有很多不同的變量。

But it might be helpful if you could sort of walk us through the cadence that we might be able to expect in terms of that margin ramp from the low 30s up to that 50%.

但是，如果您可以引導我們了解我們可能預期的節奏，即利潤率從 30 年代低點上升到 50%，這可能會有所幫助。

What are the give and takes on the expectations there?

那裡的期望是什麼？

Yes.

是的。

Thanks, Jed.

謝謝，傑德。

Yes, I'll take that one.

是的，我要那個。

So you see the margins now in Q3 kind of came in at the 35% zone or so.

所以你看到現在第三季度的利潤率大約在 35% 左右。

And it's a little bit lower than the guidance or maybe slightly below the midpoint of the guidance.

它比指導值略低，或者可能略低於指導值的中點。

And I guess you can call it more or less in line with what we expected.

我猜你可以或多或少地按照我們的預期來稱呼它。

Let me just kind of break down a little bit what's going on here in the short term.

讓我稍微分解一下短期內發生的事情。

And then I'll kind of bridge you back to kind of the long-term kind of margins.

然後我會在某種程度上把你帶回到那種長期的利潤率上。

As you start to think through the -- not just 4Q, but the second half of the year, there's a couple of things: One is, as you alluded to, the margins are going to drop roughly 200 basis points at the midpoint going into next quarter.

當你開始思考——不僅僅是第四季度，還有下半年，有幾件事：一是，正如你所提到的，利潤率將在中間點下降大約 200 個基點。下個季度。

And that's really a function of a couple of things.

這實際上是幾件事的功能。

One is there's some product mix.

一是有一些產品組合。

We talked about it in the prepared remarks.

我們在準備好的評論中談到了它。

The device businesses are seeing a lot of demand generation, a lot of growth right now.

設備業務現在看到了大量的需求，大量的增長。

And they are based on a higher cost footprint down in Durham, so that higher cost is kind of causing some mix challenges.

而且它們基於達勒姆較高的成本足跡，因此較高的成本會帶來一些混合挑戰。

So those product lines are lower profitability.

所以這些產品線的盈利能力較低。

So as those kind of surge ahead, we see some margin degradation here in the short term.

因此，隨著這種激增，我們在短期內看到這裡的利潤率有所下降。

You can call that about 150 basis points.

你可以稱之為大約 150 個基點。

The second piece of this is we're bringing capacity onto that footprint as we -- for the device businesses as we move forward.

第二部分是我們正在為我們前進的設備業務帶來容量。

And as we bring that on, we're hiring people, we're training people.

當我們實現這一點時，我們正在招聘人員，我們正在培訓人員。

And there's just some lower productivity in the early stages of bringing on that capacity.

在引入這種能力的早期階段，生產力會有所降低。

So as we start to get people on board, as we get that capacity corridor up and running and it gets to normalized levels in terms of velocity for the factory, you'd expect to see the margins pick up.

因此，隨著我們開始讓人們參與進來，隨著我們啟動並運行產能走廊並且工廠的速度達到正常水平，您會期望看到利潤率上升。

And I think you'd start to see that pick back up maybe to the mid-30s as you get to the second half of the year.

而且我認為隨著您進入下半年，您可能會開始看到這種回升可能到 30 年代中期。

So capacity expands, we start to see some more device pick up in the second half of the year.

因此產能擴大，我們開始看到更多設備在下半年回升。

And I think you start to see that probably in the mid-30s as you get to the second half of the calendar year.

我認為你可能在 30 年代中期開始看到這一點，因為你進入了日曆年的下半年。

And then from there -- that's really what you see in Durham.

然後從那裡 - 這就是你在達勒姆看到的。

And I think the next thing to really look at is more of like what's that structural change to kind of get to that mid-30s out to that 50% target.

而且我認為接下來真正要看的事情更像是結構性變化以達到 30 年代中期達到 50% 的目標。

And that's really all about Mohawk Valley.

這就是莫霍克谷的全部。

Getting to a cost footprint in a modern, automated factory is going to have a dramatic impact on our costs.

在現代化的自動化工廠中實現成本足跡將對我們的成本產生巨大影響。

We talked about it a little bit earlier.

我們之前談過一點。

We expect to start ramping that in early part of calendar year '22.

我們預計將在 '22 日曆年的早期開始增加這一點。

And as more and more capacity starts coming out of Mohawk Valley, you start to see that structural change in our margins and our costs, so we'll start to march towards that 50%.

隨著越來越多的產能開始從莫霍克谷湧現，您開始看到我們的利潤率和成本發生結構性變化，因此我們將開始向 50% 邁進。

And there's no change.

而且沒有任何變化。

We still see 50% as the goal and the target out in 2024.

我們仍將 50% 視為目標，並在 2024 年實現目標。

What I'd say also is that in Mohawk Valley, we are seeing some initial results.

我還要說的是，在莫霍克谷，我們看到了一些初步成果。

We've got a pilot line up there.

我們在那裡有一條試驗線。

The initial results there are very good.

那裡的初步結果非常好。

And I think we continue to feel strong about where that footprint is landing and achieving that 50% gross margin goal out in the 2024 time frame.

而且我認為我們繼續對這一足蹟的著陸和在 2024 年實現 50% 的毛利率目標感到強烈。

Our next question comes from Craig Hettenbach with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Craig Hettenbach。

Yes, just following up on gross margin.

是的，只是跟進毛利率。

With the RF side of things picking up, I would think that helps a bit.

隨著射頻方面的發展，我認為這會有所幫助。

Can you maybe just talk about that element of some of the mix on a near-term basis?

您能否在短期內談談其中一些組合的元素？

It does help a little bit, Craig.

它確實有一點幫助，克雷格。

But I think if you look overall, you got to think about the device businesses going through pretty substantial factory transitions.

但我認為，如果你從整體上看，你必須考慮設備業務正在經歷相當大的工廠轉型。

If you recall, we actually 2 factories in Durham.

如果你還記得，我們實際上在達勒姆有 2 家工廠。

There's a lot of movement between those factories.

這些工廠之間有很多流動。

The -- what we called our former kind of LED factory is being outsourced, and we're bringing up new products in that factory, including some of our RF products.

我們所說的以前的 LED 工廠正在外包，我們正在該工廠推出新產品，包括我們的一些射頻產品。

So as it's moving through those transitions, there's still some productivity challenges as you start to bring up new capacity corridors.

因此，當它正在經歷這些轉變時，當您開始建立新的產能走廊時，仍然存在一些生產力挑戰。

I'd say that would go for both power and RF.

我會說這適用於電源和射頻。

We're managing through that.

我們正在解決這個問題。

I think over time, you'll see better benefits, as kind of you alluded to.

我認為隨著時間的推移，你會看到更好的好處，就像你提到的那樣。

But I think in the shorter term, you kind of think of the device business as kind of being on more of a suboptimal footprint as things move forward.

但我認為，從短期來看，隨著事情的發展，你會認為設備業務的足跡更多的是次優。

Okay, and then just a follow-up for Gregg and maybe dovetailing off of some of the meetings that you've had recently.

好的，然後只是對 Gregg 的跟進，也許與你最近舉行的一些會議相吻合。

Can you maybe just touch on -- you have a number of interesting kind of Tier 1 partnerships that you're driving to, and you're also having these direct OEM engagements.

你能不能說一下——你有很多有趣的一級合作夥伴，你正在努力，而且你也有這些直接的 OEM 參與。

And just how are you viewing the opportunity set through both of those kind of channels in terms of growing the power device business?

您如何看待通過這兩種渠道帶來的發展功率器件業務的機會？

It's really interesting.

這真的很有趣。

The OEMs have a very, very strong amount of attention and interest in the supply chain for electric vehicles for a number of different reasons.

出於多種不同的原因，原始設備製造商對電動汽車的供應鏈有著非常非常強烈的關注和興趣。

One is that there's a tremendous amount of change obviously in the powertrain of the car, and they want to get their fingerprints on that.

一是汽車的動力系統顯然發生了巨大的變化，他們希望在這方面留下自己的印記。

Because, quite frankly, the engine, the internal combustion engine was sort of the personality of the car.

因為，坦率地說，發動機，內燃機有點像汽車的個性。

And the OEMs want to make sure that they put their "personality" into the electrified platform as well.

原始設備製造商希望確保他們也將自己的“個性”融入電氣化平台。

So there's been a lot of attention there.

所以那裡受到了很多關注。

And then the second thing is that's been amplified by all of what's going on in the silicon-based industry in the auto industry with all the supply shortages I'm sure you've read about, you've written about and so forth with.

然後第二件事是汽車行業的矽基行業發生的所有事情都放大了這一點，我相信你已經讀過，你寫過等等。

It seems like every car company has announced at some point that some vehicle manufacturing plant has been shut down.

似乎每家汽車公司都在某個時候宣布了一些汽車製造廠已經關閉。

I will tell you, I've been in the industry for over 30 years.

我會告訴你，我已經在這個行業工作了 30 多年。

And I can't recall a single time that anything I ever built shut down a plant, a car plant.

而且我不記得有一次我建造的任何東西都關閉了一家工廠，一家汽車廠。

So this is -- we're sort of in unprecedented territory today.

所以這是 - 我們今天處於前所未有的領域。

And so when I was meeting with those OEMs back in March, the discussion was all about the silicon carbide capability, the performance that we're seeing, et cetera, but also a substantial amount of time on how we're doing with the Mohawk Valley capacity ramp, and is that capacity coming on per schedule.

因此，當我在 3 月份與那些 OEM 會面時，討論的全部內容都是關於碳化矽的能力、我們所看到的性能等等，還有大量時間討論我們如何使用 Mohawk谷容量增加，並且該容量是否按計劃進行。

Because they wanted assurance that we were going to be there for them as we ramp up production for them.

因為他們想要保證我們會在我們為他們增加產量時為他們服務。

And obviously, I gave an update on that.

顯然，我對此進行了更新。

Things are going very well with Mohawk Valley.

莫霍克谷的事情進展順利。

We are on schedule to be in production in early '22.

我們計劃在 22 年初投入生產。

Neill alluded to the fact that we're seeing very promising results out of the pilot line.

尼爾提到了這樣一個事實，即我們從試驗線中看到了非常有希望的結果。

I would describe those results in terms of yield as on the very, very positive end of any expectation that we would expect out of those yields.

我會用收益率來描述這些結果，因為我們對這些收益率的期望是非常非常積極的。

They're very promising, and that's looking really good.

他們很有前途，而且看起來非常好。

And that yield on a percentage basis on a wafer that's going to output 70% more chips per wafer.

在每片晶圓上多產出 70% 的芯片的晶圓上，該產量按百分比計算。

So really bodes well for us, both from a capacity standpoint, and then obviously a margin standpoint when you start yielding nicely higher than you do.

所以對我們來說真的是個好兆頭，無論是從產能的角度來看，還是從利潤的角度來看，當你開始收益率遠遠高於你的時候。

And it's off of a 200 millimeter wafer.

它來自一個 200 毫米的晶圓。

It's really good news.

這真是個好消息。

So a lot of discussion about that.

所以對此進行了很多討論。

And then finally, the OEMs, the partnerships we have with the Tier 1s are very, very solid.

最後，原始設備製造商，我們與一級供應商的合作夥伴關係非常非常穩固。

Had a lot of really good discussions while I was over there for those 3 weeks.

在我在那裡的那 3 周里，進行了很多非常好的討論。

And the OEMs are also very interested in what's called directed buy or direct engagement with them.

原始設備製造商也對所謂的直接購買或直接參與非常感興趣。

They may not -- they might not actually build the inverters themselves, but they want to have sort of the decision for whose silicon carbide to put in there at their discretion.

他們可能不會——他們實際上可能不會自己製造逆變器，但他們希望自行決定將誰的碳化矽放入其中。

That's called kind of directed buy.

這就是所謂的定向購買。

And we're seeing a significant increase in the interest from the OEMs to engage in that level.

而且我們看到原始設備製造商參與該級別的興趣顯著增加。

Our next question comes from Edward Snyder with Charter Equity.

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

This is Jack Egan on for Ed Snyder.

這是埃德·斯奈德的傑克·伊根。

I have one and a follow-up, if that's okay.

我有一個和一個後續，如果可以的話。

So the Chinese 5G build-out since 2019 has been primarily focused on deploying MIMO base stations.

因此，自 2019 年以來，中國的 5G 建設主要集中在部署 MIMO 基站上。

But towards the end of last year, it seem their plans changed a bit, and now China is going to start deploying more macro 5G base station, which use fewer GaN power amplifiers just since there are fewer antennas.

但到去年年底，他們的計劃似乎發生了一些變化，現在中國將開始部署更多的宏 5G 基站，這些基站使用更少的 GaN 功率放大器，因為天線更少。

And so how would you expect a greater proportion of macro base stations might impact your GaN RF device business?

那麼，您預計更大比例的宏基站會如何影響您的 GaN 射頻器件業務呢？

I mean I know you're ramping your GaN devices soon, but could the shift to macro base stations be a bit of a headwind to growth over the next year or so?

我的意思是我知道你很快就會增加你的 GaN 器件，但是轉向宏基站是否會對未來一年左右的增長產生不利影響？

And then I have a follow-up.

然後我有一個跟進。

Yes, maybe I'll kick it off.

是的，也許我會開始。

And Neill, if you want to add any additional color.

還有尼爾，如果你想添加任何額外的顏色。

I guess what I would say whether it's massive MIMO, macro, et cetera, our engagement in the base station area in China is substantially limited.

我想我會說，無論是大規模 MIMO、宏等，我們在中國基站領域的參與都非常有限。

And that's primarily because we can't engage with the biggest player over there, which is Huawei.

這主要是因為我們無法與那裡最大的玩家——華為接觸。

And even other players over there have sort of a bias towards local efforts just simply because of the geopolitical situation.

甚至那裡的其他參與者也僅僅因為地緣政治局勢而對當地的努力有某種偏見。

So our really activity is driven primarily outside of that.

因此，我們真正的活動主要是在此之外驅動的。

We do obviously have some amount of business in China, but I think it's mostly driven outside of that.

顯然，我們在中國確實有一些業務，但我認為這主要是在中國之外。

We're actually seeing some pretty nice wins with customers outside of China.

實際上，我們在中國以外的客戶中看到了一些不錯的勝利。

Neill, is there any additional color you want to put on that?

尼爾，你有什麼額外的顏色嗎？

Yes, I would say that if you go back in time and think about when we stopped shipping to Huawei, there was a lot of uncertainty out there.

是的，我想說，如果你回到過去，想想我們什麼時候停止向華為發貨，那裡有很多不確定性。

We kind of laid out our expectations for that business.

我們對這項業務提出了我們的期望。

And I think we sized it appropriately for what the opportunity was.

而且我認為我們根據機會的大小適當地調整了它。

I would say versus then, things have gotten incrementally better, I would say, outside of China and whether that be macro or massive MIMO.

我想說的是，與那時相比，我想說的是，在中國以外，無論是宏 MIMO 還是大規模 MIMO，情況都變得越來越好。

So better than we'd expected, I think, in terms of what the opportunity is.

我認為，就機會而言，比我們預期的要好。

And as Gregg said, we're seeing our fair share of wins in that area as well.

正如格雷格所說，我們也看到了我們在該領域的公平份額。

But I think that again, better than expectations.

但我再次認為，比預期要好。

Okay.

好的。

So for my follow-up, there have been supply shortages affecting the semiconductor space and other sectors pretty broadly since last year.

因此，在我的後續行動中，自去年以來，供應短缺一直影響著半導體領域和其他行業。

And now this hasn't really had a direct impact on silicon carbides since the shortages are concentrated in other areas.

而現在這並沒有真正對碳化矽產生直接影響，因為短缺集中在其他領域。

But do you think some of your customers might be a bit hesitant to purchase devices right now, just because they're having difficulty finding the other necessary components for their products?

但是您是否認為您的一些客戶現在可能會因為難以為他們的產品找到其他必要的組件而對購買設備有點猶豫？

I know that can happen in normal supply environments as well, but I was just curious if it had become a bit more acute for you guys recently.

我知道這也可能發生在正常的供應環境中，但我只是好奇它最近對你們來說是否變得更加嚴重。

Jack, I don't see that.

傑克，我沒看到。

A lot of what we're doing right now is production ramps and prototype ramps and getting ready for a pretty big growth over the next couple of years.

我們現在正在做的很多事情是生產坡道和原型坡道，並為未來幾年的大幅增長做好準備。

So I think there's not a whole lot of that.

所以我認為沒有那麼多。

I would say that the supply issues that you're talking about are primarily focused around silicon-based chips for production vehicles today.

我想說的是，您所談論的供應問題主要集中在當今用於量產車輛的矽基芯片上。

And most of our activity is in preproduction vehicles and device -- cars that are going into production in '22, '23, '24, '25, et cetera.

我們的大部分活動都在試生產車輛和設備上——將在 22 年、23 年、24 年、25 年等時間投入生產的汽車。

So there is not a direct impact there.

所以那裡沒有直接影響。

What I would tell you, though, is the attention the car manufacturers and the Tier 1s have to our supply chain is very, very high and very, very acute.

不過，我要告訴你的是，汽車製造商和一級供應商對我們的供應鏈的關注非常、非常高、非常非常敏銳。

And so we announced in May of 2019 that we were going to substantially increase our capacity by building new materials factories and expanding our materials factories and building a new wafer fab.

因此，我們在 2019 年 5 月宣布，我們將通過建設新材料工廠、擴建材料工廠和新建晶圓廠來大幅提高產能。

We didn't anticipate in May of 2019 that we'd be in the situation -- that the carmakers would be in the situation that they're in today where they just can't get products, with car lines going down it seems like every week.

我們沒有預料到 2019 年 5 月我們會處於這種情況——汽車製造商會處於他們今天無法獲得產品的情況，汽車生產線似乎在下降每週。

What I would tell you is when I visited with those customers for those 3 weeks in Germany, and I show them a picture of a factory that a year ago was basically mud and earth, and today is a building.

我要告訴你的是，當我在德國拜訪那些客戶的那 3 週時，我給他們看一張一年前基本上是泥土的工廠的照片，而今天是一座建築物。

And that we're going to be going into production in really about 8 months from now, or 9 months from now, something like that, they're really enthusiastic about that.

我們將在大約 8 個月或 9 個月後投入生產，類似的，他們對此非常熱情。

Quite frankly, we look really smart because we're going into production with the world's largest silicon carbide fab right in the middle of all this supply issue.

坦率地說，我們看起來真的很聰明，因為我們將在所有這些供應問題的中間投入生產世界上最大的碳化矽工廠。

Quite frankly, it was -- it just happened to be luck, I think, because we made this decision in May of 2019.

坦率地說，我認為這只是碰巧，因為我們在 2019 年 5 月做出了這個決定。

We weren't predicting this.

我們沒有預料到這一點。

But the capacity coming online and in a relatively short period is certainly a very nice light at the end of the tunnel for some of these guys as they start placing bets on silicon carbide.

但是對於這些人中的一些人來說，在相對較短的時間內上線的產能無疑是一個非常好的曙光，因為他們開始押注碳化矽。

Our next question comes from Craig Irwin with ROTH Capital Partners.

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

Gregg, I'm really interested to hear a little bit more detail about the 4 new GaN on silicon carbide products you just recently released.

Gregg，我真的很想听聽您最近發布的 4 款新型 GaN on碳化矽產品的更多細節。

Have you sampled these already to key customers?

您是否已經向主要客戶採樣了這些產品？

Are they maybe in sampling now or low rate production?

他們現在可能是樣品還是低速率生產？

What's the timing on full rate commercial production?

全速率商業生產的時間是什麼時候？

And would you expect them to be margin accretive before the end of the year?

您是否希望它們在年底前實現利潤增長？

Craig, I believe we are sampling those products.

克雷格，我相信我們正在對這些產品進行抽樣。

We -- when we announce new products, we typically have done qualification and so forth.

我們——當我們宣布新產品時，我們通常已經完成了資格認證等等。

So I believe we are sampling those to customers.

所以我相信我們正在向客戶提供樣品。

I won't talk specifically about those particular devices.

我不會專門談論那些特定的設備。

But I would tell you just in general, as we announce new products, they tend to be margin accretive just simply because they're the more newer products that we have.

但我一般會告訴你，當我們宣布新產品時，它們往往會增加利潤，這僅僅是因為它們是我們擁有的更新產品。

I can't specifically -- I don't want to specifically talk about those, but the -- what I would tell you is that we're seeing a lot of interest in our RF products across a number of different areas.

我不能具體 - 我不想具體談論這些，但是 - 我要告訴你的是，我們在許多不同領域看到對我們的射頻產品很感興趣。

And the team is, I think, doing a pretty good job of bringing new products to bear in the market.

我認為，該團隊在將新產品推向市場方面做得很好。

The same is happening, and by the way, Craig, in our power business.

同樣的事情也在發生，順便說一下，克雷格，在我們的電力業務中。

Don't remember the exact number.

不記得確切的數字。

You might have that, Tyler.

你可能有，泰勒。

But the number of new products we're introducing this year in our power business is certainly an all-time high since I've been here.

但今年我們在電力業務中推出的新產品數量肯定是我來這里以來的歷史最高水平。

And it seems like every year, we're doubling the number of new products that we're introducing.

似乎每年，我們推出的新產品數量都翻了一番。

As my follow-up question, I wanted to ask a little bit about the device pipeline, your $10 billion device pipeline you mentioned in the prepared remarks.

作為我的後續問題，我想問一些關於設備管道的問題，你在準備好的評論中提到的 100 億美元的設備管道。

Of the portion that is automotive or transportation-related, can you maybe characterize for us approximately what the share is that's coming from emerging EV producers?

在與汽車或運輸相關的部分中，您能否為我們大致描述一下來自新興電動汽車生產商的份額是多少？

And maybe we could lump Tesla in that group.

也許我們可以將特斯拉歸為一類。

I guess they're not emerging.

我猜他們沒有出現。

They're wildly successful, right, versus conventional, legacy, combustion engine, automotive OEMs that are now spending money and ramping.

與現在花錢大手大腳的傳統、傳統、內燃機、汽車原始設備製造商相比，它們非常成功。

I mean how does the mix work sort of legacy versus new economy players here?

我的意思是，這裡的傳統經濟參與者與新經濟參與者的混合如何運作？

Craig, I don't have the specific data in front of me, but I can tell you kind of just thinking through, we review the list of big opportunities and so forth.

克雷格，我沒有擺在我面前的具體數據，但我可以告訴你，只是想一想，我們會查看大機會列表等等。

And I would say a substantial portion of that are car manufacturers that you would know the name of, and they historically have been internal combustion engine manufacturers.

我會說其中很大一部分是你會知道名字的汽車製造商，他們在歷史上一直是內燃機製造商。

I can't give you the exact numbers because I don't have them.

我不能給你確切的數字，因為我沒有。

But it's a pretty nice portion is internal combustion engine companies that are shifting to electric vehicles and investing substantial amounts in electric vehicles or have made declarations that they're going to be all-electric by 2035 and so forth.

但相當不錯的部分是內燃機公司正在轉向電動汽車並在電動汽車上投入大量資金，或者已經宣佈到 2035 年將實現全電動汽車等等。

So it's a -- a big portion of that, Craig.

所以這是其中很大一部分，克雷格。

And again I apologize.

我再次道歉。

I just don't have the number in front of me.

我只是沒有我面前的號碼。

But I think a big portion of that is going to be from existing car companies that are transitioning from the internal combustion engine to electric vehicles.

但我認為其中很大一部分將來自從內燃機轉向電動汽車的現有汽車公司。

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

我們的下一個問題來自美國銀行的 Vivek Arya。

I had actually one for Neill and one for Gregg, please.

實際上，我有一份給尼爾，一份給格雷格，拜託。

One more on gross margins.

另一個是毛利率。

What will need to happen in the second half for you to get back to trend line on the gross margin side?

下半年需要做什麼才能讓毛利率回到趨勢線？

Do you already have those plans in place?

您是否已經制定了這些計劃？

Is it a mix issue?

是混合問題嗎？

What changes in the second half of this calendar year to bring gross margins back on track?

本日曆年下半年有哪些變化使毛利率重回正軌？

Yes, I don't think it's something -- there is always a mix as you look quarter to quarter, as you look out to the back half of the year.

是的，我不認為這是什麼——當你展望下半年時，你總是會看到一個季度到一個季度的混合情況。

I think this is really about bringing on new capacity and getting productivity off the new line.

我認為這實際上是為了增加新的產能並提高新生產線的生產力。

So as we bring on new capacity corridors in Durham -- and we've talked about it many times, the Durham footprint can be challenging to work with.

因此，當我們在達勒姆引入新的產能走廊時——我們已經多次討論過，達勒姆的足跡可能很難處理。

But it's an interim step between getting from where we are today in the second half of this year and into Mohawk Valley next year.

但這是在今年下半年從今天的位置到明年進入莫霍克山谷之間的過渡步驟。

So I think it's really just about driving the productivity on the new capacity corridors, which is a function of a lot of things.

所以我認為這實際上只是為了提高新產能走廊的生產力，這是很多事情的一個功能。

There's getting people online, bringing in resources and getting them trained up and getting a better velocity through the factory.

讓人們上網，引入資源並讓他們接受培訓，並提高工廠的速度。

So I don't think it's so much mix.

所以我不認為它有那麼多混合。

It's hard to call sometimes.

有時很難打電話。

We'll see how things play out.

我們將看看事情如何發展。

But I think it's really just about that.

但我認為這真的只是這樣。

And yes, we have plans in place.

是的，我們已經制定了計劃。

We've been seeing improved yields.

我們一直看到產量有所提高。

We saw them last quarter.

我們上個季度看到了他們。

So the underlying elements, I think are in place.

因此，我認為基本要素已經到位。

And like I said, I think we'll kind of get back to that kind of mid-30s.

就像我說的，我想我們會回到那種 30 多歲的中期。

We could be a little bit more or less depending on what happens.

根據發生的情況，我們可能會或多或少。

But we're not that far away from transitioning to Mohawk Valley.

但我們離過渡到莫霍克山穀不遠了。

So I think that's a reasonable level to kind of target here during the second half until we start really focusing our efforts on bringing up Mohawk Valley, where as we've said, we'll see a lot more structural change in the cost footprint.

所以我認為這是一個合理的目標水平，直到我們開始真正集中精力建設莫霍克山谷，正如我們所說，我們將看到成本足蹟的更多結構性變化。

And that should flow through the margins over time.

隨著時間的推移，這應該會流過邊緣。

I see.

我知道了。

And Gregg, what's your sense of the competitive landscape that is developing, right?

Gregg，您對正在發展的競爭格局有何看法，對嗎？

Obviously, EV is a very, very large market opportunity.

顯然，電動汽車是一個非常非常大的市場機會。

How do you view GaN as a competing material to silicon carbide?

您如何看待 GaN 作為碳化矽的競爭材料？

And separately, are you seeing any new competition from other materials or device companies that might be looking to build their own silicon carbide capability?

另外，您是否看到來自其他可能正在尋求建立自己的碳化矽能力的材料或設備公司的新競爭？

I mean how many competitors can this market really support, given the heavy CapEx investment and IP that is required to be successful?

我的意思是，考慮到成功所需的大量資本支出和知識產權，這個市場能真正支持多少競爭對手？

Well, first off, it's a huge growth market.

嗯，首先，這是一個巨大的增長市場。

So as a substantial growth opportunity and even if you just kind of pin it down to electric vehicles, you're talking about a very, very substantial growth opportunity that probably, by all accounts, is going to last at least a decade.

因此，作為一個巨大的增長機會，即使你只是將其歸結為電動汽車，你所說的也是一個非常、非常可觀的增長機會，從各方面來說，它可能會持續至少十年。

So any time you see a growth like that, it's going to attract attention and investment and new competitors and so forth.

所以任何時候你看到這樣的增長，它都會吸引註意力、投資和新的競爭對手等等。

So we fully anticipate that and expect that.

因此，我們完全預期並期待這一點。

From a GaN perspective, I think what we're seeing with GaN is there's -- it seems to be playing more in the space of onboard charging and substantially less in the space of inverters.

從 GaN 的角度來看，我認為我們在 GaN 中看到的是——它似乎在車載充電領域發揮得更多，而在逆變器領域發揮得更少。

In fact, several of the customers that I've met with have actually discontinued any evaluation of GaN for the inverter itself.

事實上，我遇到的幾個客戶實際上已經停止對逆變器本身的 GaN 進行任何評估。

They are looking at GaN for onboard charging.

他們正在將 GaN 用於車載充電。

So we're seeing GaN mostly in that area.

因此，我們主要在該領域看到 GaN。

And really, the battle on the inverter is really whose silicon carbide they're going to go with.

真的，逆變器的戰鬥真的是他們將與誰的碳化矽一起去。

And in that respect, it's really the main players that you've seen in silicon carbide before.

在這方面，它確實是您之前在碳化矽中看到的主要參與者。

We don't see substantially new players coming in at the device level.

我們沒有看到大量新玩家進入設備級別。

From a materials perspective, we see -- obviously, there is a number of different companies that are out there doing materials, and we fully expect them to try to work real hard to get a footing here.

從材料的角度來看，我們看到 - 顯然，有許多不同的公司在做材料，我們完全希望他們努力工作以在這里站穩腳跟。

And our job as the leader is to really continue driving that business and to not be satisfied with where we're at.

作為領導者，我們的工作是真正繼續推動這項業務，而不是對我們所處的位置感到滿意。

And so we continue driving cost efficiency.

因此，我們繼續提高成本效率。

Obviously, the transition to 200-millimeter is a big deal for us.

顯然，過渡到 200 毫米對我們來說意義重大。

So we are not blind to the fact that there's going to be other folks coming into this market, and we are just intensively driving our business to make it hard.

因此，我們並沒有對將有其他人進入這個市場的事實視而不見，我們只是在集中推動我們的業務使其變得艱難。

And that's going to make it easier for customers to choose to go with us.

這將使客戶更容易選擇與我們合作。

And then the final thing that I would say is any time a car manufacturer makes a decision on who to go with, they look at a myriad of different things.

然後我要說的最後一件事是，每當汽車製造商決定與誰合作時，他們都會考慮無數不同的事情。

They look at the device performance.

他們著眼於設備性能。

And we always come out kind of in the top category there, sometimes tied with somebody, sometimes by ourselves.

我們總是在那裡排名第一，有時與某人並列，有時我們自己。

But we always come out very good from a device performance perspective.

但從設備性能的角度來看，我們總是表現得非常好。

They look at the knowledge and the capability you have in silicon carbide.

他們著眼於您在碳化矽方面的知識和能力。

And there at the device level, we really stand alone.

在設備層面，我們真的很獨立。

We have substantially more knowledge of silicon carbide than anybody else.

我們對碳化矽的了解比其他任何人都多。

And so we always end up the top player there.

所以我們總是在那裡成為頂級球員。

They look at knowledge and capability in the auto industry.

他們著眼於汽車行業的知識和能力。

And here, we don't fare so well.

在這裡，我們的表現並不好。

We have other competitors at the device level that have been in the auto industry for 30, 40 years and have more knowledge of the auto industry.

我們在設備層面還有其他競爭對手，他們已經在汽車行業工作了 30 年、40 年，並且對汽車行業有更多的了解。

And so that's an area that we need to beef up.

所以這是我們需要加強的領域。

And we do that by hiring folks from the industry and joining us, and we've got dozens and dozens of people that we brought in with that background.

我們通過僱用業內人士並加入我們來做到這一點，我們已經聘請了數十名具有這種背景的人。

And that gives our customers a great deal of satisfaction seeing that we're able to attract folks.

看到我們能夠吸引人們，這讓我們的客戶非常滿意。

And then the final thing they look at is from a supply -- obviously, they look at competitiveness too from a cost perspective.

然後他們看到的最後一件事是從供應方面——顯然，他們也從成本的角度來看待競爭力。

But the other thing they look at is supply continuity and supply assurance, and what are you doing from an investment perspective to ensure that you're able to support them as their production ramps.

但他們關注的另一件事是供應連續性和供應保證，以及從投資的角度來看，您正在做什麼以確保您能夠在他們的產量增加時為他們提供支持。

And boy, I'll tell you, they looked at the world's largest silicon carbide fab going into production in 8 or 9 months, and we get a big check the box on that one as well.

男孩，我告訴你，他們看著世界上最大的碳化矽晶圓廠在 8 或 9 個月內投產，我們也得到了一個大大的檢查框。

Our next question comes from Pierre Ferragu with New Street Research.

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

Gregg, I would have like a follow-up question on the evolution of your competitive landscape, on a more specific topic in the -- in your substrate position.

格雷格，我想要一個關於您的競爭格局演變的後續問題，關於您的基板位置中更具體的主題。

So you know there are like a couple of companies in Europe who are working on innovative ways to split wafers, to split BEOLs.

因此，您知道歐洲有幾家公司正在研究拆分晶圓和拆分 BEOL 的創新方法。

And there is, of course, some way to go before we see any of that becoming something tangible and industrial.

當然，在我們看到其中任何一種變成有形的和工業化的東西之前，還有一段路要走。

But my question really is if one of these technologies becomes like mainstream and easy to ramp from an industrial standpoint, I'm kind of wondering if it's a positive or a negative for you guys.

但我的問題是，如果這些技術中的一種成為主流並且從工業的角度來看很容易推廣，我有點想知道這對你們來說是積極的還是消極的。

Because on one hand, of course, it's going to compete with your sawing business.

因為一方面，當然，它會與您的鋸切業務競爭。

But on the other hand, it would accelerate the market, like brings more supply of wafers.

但另一方面，它會加速市場，比如帶來更多的晶圓供應。

It will increase the value per BEOL.

它將增加每 BEOL 的價值。

It would drive growth in the device business.

它將推動設備業務的增長。

So I was wondering if you ever thought about it and if you have a sense whether on a net basis, it will be a positive or a negative.

所以我想知道你是否考慮過它，如果你有一種感覺，無論是在淨基礎上，它是積極的還是消極的。

I think it's a great question, Pierre.

我認為這是一個很好的問題，皮埃爾。

And I think your viewpoint -- I'm kind of extrapolating your viewpoint on it, is probably pretty good.

我認為你的觀點——我是在推斷你的觀點，可能非常好。

The more interest there is in the market, the more excitement, investment there is in the market, the more it's going to drive the market adoption and growth and so forth.

對市場的興趣越多，市場的興奮和投資就越多，它就越能推動市場的採用和增長等等。

And that is a typical reaction to a market with more investment coming in.

這是對有更多投資進入的市場的典型反應。

And then conversely, it's a typical reaction to the investment with the market growing the way it is.

然後相反，這是對投資的典型反應，市場正在以這種方式增長。

So they're kind of mutually -- they mutually kind of build on themselves.

所以他們是相互的——他們相互建立在自己的基礎上。

I will tell you that we obviously keep up with all of these various different developments.

我會告訴你，我們顯然跟上了所有這些不同的發展。

And I think you used the word easy or straightforward or something in there.

而且我認為您在其中使用了“簡單”或“直接”或其他詞。

And there's not a whole lot of about silicon carbide that's either easy or straightforward.

而且，關於碳化矽的很多事情都不是簡單直接的。

So there's a lot of hard work to -- that goes into some of this kind of stuff.

所以有很多艱苦的工作 - 這涉及到一些這樣的東西。

But we are not blind to any of it, and we keep an eye on all of it.

但我們並非對其中任何一個視而不見，我們會密切關注所有這些。

And again, as a leader in the industry, driving scale and driving costs down is something we're continuing to do.

同樣，作為行業的領導者，擴大規模並降低成本是我們將繼續做的事情。

So any of these new entrants coming into the market are chasing 30 years of experience.

因此，這些進入市場的新進入者中的任何一個都在追逐 30 年的經驗。

And they're chasing a cost curve that's moving pretty quickly.

他們正在追逐一條快速移動的成本曲線。

So I think your thesis is actually very solid, though.

所以我認為你的論文實際上非常紮實。

I think that the more investment, the more interest, the more excitement there is about silicon carbide.

我認為投資越多，興趣越大，對碳化矽就越興奮。

Yes, it does create the potential for more competition for us, but it also drives more adoption of the industry.

是的，它確實為我們創造了更多競爭的潛力，但它也推動了該行業的更多采用。

So I think that's actually a pretty good thesis.

所以我認為這實際上是一個非常好的論文。

Our next question comes from Colin Rusch with Oppenheimer.

我們的下一個問題來自 Colin Rusch 和 Oppenheimer。

Guys, as you're talking to customers, what can you say about system design trends in the mix of 400 volt, 600 volt or 800 volt architectures?

伙計們，當您與客戶交談時，您對 400 伏、600 伏或 800 伏混合架構中的系統設計趨勢有何看法？

And how is that impacting customer comfort with the move to 200 millimeters where we understand, as you've got higher voltages, it's a little bit harder to get the thickness on some of the deposition?

在我們理解的情況下，隨著電壓升高到 200 毫米，在某些沉積層上獲得厚度會有點困難，這對客戶的舒適度有何影響？

We don't anticipate any problems at all at 200 volts on -- excuse me, on 200 millimeter with higher voltage.

我們預計在 200 伏電壓上根本不會出現任何問題——對不起，在 200 毫米電壓下，電壓更高。

So we're feeling pretty good about that and don't anticipate any problems at all in that regard.

所以我們對此感覺很好，並且在這方面根本不會出現任何問題。

I think we've got things pretty well understood, so I feel very, very good about that.

我認為我們已經很好地理解了一些事情，所以我對此感覺非常非常好。

I think the most important trend, at least that I see, in the industry is the realization from the car manufacturers and the Tier 1s that there is a substantial advantage with silicon carbide.

我認為，至少在我看來，行業中最重要的趨勢是汽車製造商和一級供應商意識到碳化矽具有實質性優勢。

And they obtain that substantial advantage by designing the inverter from the start as a silicon carbide-based inverter.

他們從一開始就將逆變器設計為基於碳化矽的逆變器，從而獲得了巨大的優勢。

A year ago, 2 years ago, we talked to customers, and there was a little bit of a, "Well, I'll design the inverter and then decide later whether I'm going to put silicon carbide in or silicon." And you only get -- I mean you definitely get an advantage, but it's only so much.

一年前，兩年前，我們和客戶談過，有一點點，“好吧，我會設計逆變器，然後再決定是放碳化矽還是矽。”你只會得到——我的意思是你肯定會得到優勢，但也只有這麼多。

When they start with an attitude of this is going to be a silicon carbide-based inverter platform, there are so many other things that they can do that get substantial cost improvements, weight improvement, size, et cetera.

當他們以這種態度開始時，這將是一個基於碳化矽的逆變器平台，他們可以做很多其他的事情來顯著改善成本、改善重量、改善尺寸等。

And I think that's a trend that I've definitely seen transition over the last couple of years.

我認為這是我在過去幾年中肯定看到的一種趨勢。

So I'd say that's probably the most substantial trend.

所以我想說這可能是最重要的趨勢。

Okay.

好的。

Great.

偉大的。

And then just a more practical one around the Mohawk Valley and some material costs.

然後只是在莫霍克山谷周圍更實用的一個和一些材料成本。

Obviously, inflation is impacting a lot of basic materials, and we're also seeing a fair amount of labor tightness around the construction space.

顯然，通貨膨脹正在影響許多基本材料，我們也看到建築空間周圍的勞動力相當緊張。

What can you say -- or what sort of impacts are you seeing so far in terms of your expectations around CapEx on the facility and how that may flow through some of your cash flow?

你能說什麼 - 或者到目前為止，就你對設施資本支出的期望以及這可能如何流經你的一些現金流而言，你看到了什麼樣的影響？

Yes.

是的。

Maybe, Neill, if you want to cover the CapEx, that would be great.

也許，尼爾，如果你想覆蓋資本支出，那就太好了。

Yes.

是的。

On the CapEx front, we really haven't seen any change.

在資本支出方面，我們真的沒有看到任何變化。

So we talked about the $550 million for this year.

所以我們談到了今年的 5.5 億美元。

I think everything that we have seen to date is in line with that and really haven't seen any issues on that front.

我認為我們迄今為止所看到的一切都符合這一點，並且在這方面確實沒有看到任何問題。

Next year, it will come down a bit.

明年，它會下降一點。

But still higher than what we had projected previously just because we're going to be doing 200 millimeter.

但仍高於我們之前的預測，因為我們要做 200 毫米。

There's also some timing on the fab and construction.

晶圓廠和建設也有一些時間安排。

But I would say from a CapEx standpoint, we're in good shape in terms of the plans that we've previously talked about.

但我想說，從資本支出的角度來看，就我們之前討論過的計劃而言，我們處於良好狀態。

And our next question comes from Gary Mobley with Wells Fargo.

我們的下一個問題來自富國銀行的 Gary Mobley。

I want to ask about your silicon carbide materials business.

我想問一下你們的碳化矽材料業務。

It sounds like it's showing very modest sequential gains.

聽起來它顯示出非常溫和的連續收益。

And maybe I'm reading into this wrong, but perhaps not living up to expectations in terms of growth.

也許我讀錯了，但也許在增長方面沒有達到預期。

But I'm wondering if you can give us some clarity on maybe what some of the impediments are to growth, whether it be competition, capacity constraints, general demand, pricing.

但我想知道你是否可以讓我們清楚地了解增長的一些障礙，無論是競爭、產能限制、一般需求還是定價。

Or whether or not it's a conscious decision to sort of pare back in the materials market.

或者是否有意識地決定削減材料市場。

Yes, maybe I'll kick it off and see if Neill can -- wants to add any additional color to it.

是的，也許我會啟動它，看看尼爾是否可以——想給它添加任何額外的顏色。

So thanks for the question, Gary.

所以謝謝你的問題，加里。

And just recall, most of our materials business is really done through long-term agreements.

回想一下，我們的大部分材料業務都是通過長期協議完成的。

I think it's somewhere north of 70%, around 75% of the materials business with long-term agreements.

我認為它在 70% 以上，大約 75% 的材料業務有長期協議。

And they're basically behaving as we expected.

他們的行為基本上符合我們的預期。

And so -- and quite frankly, we prefer to have long-term agreements.

所以——坦率地說，我們更喜歡簽訂長期協議。

We're not really into the spot market kind of thing so much.

我們並沒有真正進入現貨市場之類的東西。

And so the pricing and the capacity and the demand and so forth is all kind of laid out with these long-term agreement customers.

因此，定價、容量和需求等都是與這些長期協議客戶一起制定的。

We try to treat them very well.

我們試圖很好地對待他們。

I think if you talk to any of our long-term agreement partners, they'd probably substantiate that as well.

我認為，如果您與我們的任何長期協議合作夥伴交談，他們可能也會證實這一點。

And they're basically working as they go.

他們基本上在工作。

We're not really big into the spot market.

我們對現貨市場的興趣並不大。

So we don't play the -- what's happening today with the cost of silicon carbide per wafer and what could we get tomorrow on the open market.

所以我們不玩 - 今天發生了什麼，每個晶圓的碳化矽成本以及我們明天在公開市場上能得到什麼。

We're much -- we'd much rather have long-term agreements and have a good understanding of what our capacity needs to be to supply those guys out in time.

我們非常 - 我們更願意簽訂長期協議，並且很好地了解我們需要什麼能力才能及時供應這些人。

We do about 60 -- we're about 60% market share in materials right now in the merchant market.

我們做大約 60 個——我們現在在商業市場的材料市場份額約為 60%。

And through our time frame, through our LRP time frame, our anticipation is that we hold that market share.

通過我們的時間框架，通過我們的 LRP 時間框架，我們的預期是我們擁有該市場份額。

So I don't know, Neill, if you want to add any additional color to that or not.

所以我不知道，尼爾，你是否想添加任何額外的顏色。

Yes, I think when you think about the materials business, it's still early days in terms of silicon carbide.

是的，我認為當您考慮材料業務時，就碳化矽而言仍處於早期階段。

We originally signed up a lot of the LTAs a couple of years ago.

幾年前，我們最初簽署了很多長期協議。

Different customers are going to have different inventory positions in terms of ordering.

就訂購而言，不同的客戶將有不同的庫存位置。

But if you look at silicon carbide over the long-term adoption of electric vehicles, I anticipate that will pick up at some point as well.

但如果你看一下碳化矽在電動汽車的長期採用中，我預計它也會在某個時候回升。

There's just ebb and flow in between these different periods.

在這些不同時期之間只有潮起潮落。

So I think as adoption rates pick up for silicon carbide, expect the materials business to grow and I think right now, in line with the expectations that we've had both short term.

因此，我認為隨著碳化矽的採用率上升，預計材料業務將會增長，我認為現在符合我們對兩者的短期預期。

And I don't think our long-term plan has changed at all.

而且我認為我們的長期計劃根本沒有改變。

Appreciate that color.

欣賞那個顏色。

As my follow-up, I just had a housekeeping question.

作為我的後續行動，我只是有一個家政問題。

Neill, with the recent equity offering, can you confirm that shares will go up to, what, roughly slightly more than 115 million?

尼爾，在最近的股票發行中，您能否確認股票將上漲至，大約略高於 1.15 億股？

That's correct.

這是正確的。

Right around 116 million, yes.

大約 1.16 億，是的。

Our next question comes from Karl Ackerman with Cowen.

我們的下一個問題來自 Karl Ackerman 和 Cowen。

Two questions from myself.

來自我自己的兩個問題。

Neill, so the first one for you.

尼爾，所以第一個給你。

I was hoping you could walk through what sort of milestones your team has in front of you until Mohawk begins to manufacturer wafers.

在莫霍克開始製造晶圓之前，我希望你能了解你的團隊在你面前有什麼樣的里程碑。

I ask because lead times on most semi cap equipment appears to have extended to 9 months or more.

我問是因為大多數半帽設備的交貨時間似乎已延長至 9 個月或更長時間。

So I'm curious if that has been a challenge for you as you seek to ramp Mohawk 9 to 12 months from today.

所以我很好奇這是否對您來說是一個挑戰，因為您希望從今天起 9 到 12 個月內將 Mohawk 提升到 12 個月。

And I have a follow-up.

我有一個後續行動。

Yes.

是的。

Thanks, Karl.

謝謝，卡爾。

I don't think we're seeing a big impact there.

我不認為我們在那裡看到了很大的影響。

We've had these plans in place for quite a while now in terms of building the factory.

在建造工廠方面，我們已經制定了相當長一段時間的這些計劃。

Obviously, we're watching the cap equipment space closely.

顯然，我們正在密切關注上限設備空間。

And we place lead time orders, I think, appropriately given the time frame we knew we were going to be needing the equipment.

我認為，考慮到我們知道我們將需要設備的時間框架，我們會適當地下達交貨時間訂單。

And so right now, so far, so good.

所以現在，到目前為止，非常好。

So as you think about milestones, as Gregg talked about earlier, we're seeing some positive signs on the yields off our pilot line.

因此，正如 Gregg 之前所說，當您考慮里程碑時，我們看到我們的試點生產線的收益率出現了一些積極跡象。

And then as you get out into next year, we'll be able to kind of ramp in our qualifying parts.

然後當你進入明年時，我們將能夠增加我們的排位賽部分。

So I think right now, everything is kind of working to plan, and don't see any of those types of issues affecting us at this point.

所以我認為現在，一切都在按計劃進行，目前還沒有看到任何類型的問題影響我們。

Got it.

知道了。

And then Gregg, during your prepared remarks, you did indicate, I think, $580 million of incremental design-ins.

然後格雷格，在你準備好的評論中，我認為你確實指出了 5.8 億美元的增量設計。

It sounded like a large amount of them are now coming from non-EV and non-5G applications.

聽起來其中很大一部分現在來自非 EV 和非 5G 應用。

I was hoping you could discuss I guess why you're seeing this broadening of use cases.

我希望你能討論一下我猜你為什麼會看到這種擴大的用例。

And are these new designs entirely on 200 millimeter?

這些新設計是否完全基於 200 毫米？

And then perhaps, if I could, maybe the timing of when these go into production.

然後也許，如果可以的話，也許是這些產品投入生產的時間。

I ask because as some investors I think have argued, silicon carbide will remain a niche application and that it won't scale perhaps outside of automotive or high-power industrial markets.

我之所以這麼問，是因為正如我認為的一些投資者所說，碳化矽仍將是一個利基應用，而且它可能不會擴展到汽車或大功率工業市場之外。

But it sounds to be perhaps not the case with your recent design-ins.

但聽起來您最近的設計可能並非如此。

Yes.

是的。

So -- thank you.

所以謝謝。

And if you take a look at our total opportunity pipeline, about half of it's automotive.

如果你看看我們的總機會管道，大約一半是汽車。

And then a pretty substantial portion of the rest of it is the broader industrial, aerospace and defense kind of business.

然後剩下的相當大一部分是更廣泛的工業、航空航天和國防業務。

The $580 million worth of design-in is part of the $2.5 billion of design-ins that we've had in the last 5 quarters.

價值 5.8 億美元的設計投入是我們過去 5 個季度所擁有的 25 億美元設計投入的一部分。

Obviously, automotive is a big portion of that, but we're seeing a lot of adoption across a number of different end equipments.

顯然，汽車是其中的重要組成部分，但我們看到許多不同的終端設備被大量採用。

I mentioned an air conditioning system that we were designed into.

我提到了我們設計的空調系統。

We got designed into a forklift, a 3D laser printer, a wind tunnel application.

我們被設計成叉車、3D 激光打印機、風洞應用。

And then probably my 2 favorite are we're now in a beer truck and a flying vehicle.

然後可能我最喜歡的兩個是我們現在在一輛啤酒卡車和一輛飛行器中。

So it's -- if you look at the -- just the applications and the opportunities that we got with Arrow, it's across wide variety of different applications as well.

所以 - 如果你看一下 - 只是我們通過 Arrow 獲得的應用程序和機會，它也涉及各種不同的應用程序。

So I guess what it's coming down to is we're starting to see a very nice adoption of silicon carbide, obviously in the auto industry, but outside auto as well.

所以我想歸根結底是我們開始看到碳化矽得到很好的採用，顯然是在汽車行業，但在汽車之外也是如此。

And the beauty there is that this is a market that we normally wouldn't be able to go after.

美妙之處在於，這是一個我們通常無法進入的市場。

But because of our partnership with Arrow, they have -- we have a very small sales force.

但是由於我們與 Arrow 的合作，他們擁有——我們的銷售隊伍非常小。

They have a very substantial sales force.

他們有一個非常強大的銷售隊伍。

And their footprint out in the field and their enthusiasm for going after this market is very, very solid.

他們在該領域的足跡以及他們對這個市場的熱情是非常非常堅實的。

It's a fantastic partnership, and it's driving the adoption into all these different kinds of end equipment that quite frankly, we just wouldn't have the bandwidth to go cover.

這是一個很棒的合作夥伴關係，它推動了所有這些不同類型的終端設備的採用，坦率地說，我們只是沒有足夠的帶寬去覆蓋。

So great opportunity inside of automotive and a very nicely growing opportunity outside of automotive in this broader industrial base.

汽車內部有如此巨大的機會，而在這個更廣泛的工業基礎中，汽車之外的機會也在不斷增長。

And I'll tell you, growing that broader industrial base is a key priority for me.

我會告訴你，發展更廣泛的工業基礎是我的首要任務。

I obviously visit with a lot of the automotive customers directly, but I'm on a very frequent call with the Arrow team, talking about that broader base as well and very happy with the results there.

我顯然直接拜訪了很多汽車客戶，但我經常與 Arrow 團隊通話，談論更廣泛的基礎，並對那裡的結果感到非常滿意。

Thank you.

謝謝你。

That concludes our Q&A session.

我們的問答環節到此結束。

I would now like to turn the call back over to Gregg Lowe for any closing remarks.

我現在想將電話轉回給 Gregg Lowe，以聽取任何結束語。

Well, thanks a lot, everybody, for your participation and interest in Cree.

好的，非常感謝大家對 Cree 的參與和關注。

We've got a lot of exciting stuff going on here.

我們在這裡發生了很多令人興奮的事情。

And we look forward to chatting with you next quarter.

我們期待在下個季度與您聊天。

Thank you.

謝謝你。

Thank you.

謝謝你。

Ladies and gentlemen, this concludes today's conference call.

女士們，先生們，今天的電話會議到此結束。

Thank you for participating.

感謝您的參與。

You may now disconnect.

您現在可以斷開連接。