Wolfspeed Inc (WOLF) 2021 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. And welcome to the Cree, Inc. Second Quarter fiscal year '21 Earnings Conference Call. (Operator Instructions) I would now like to hand the conference to your speaker today, Tyler Gronbach, Vice President of Investor Relations. Please go ahead, sir.

女士們，先生們，謝謝你們的支持。歡迎參加 Cree, Inc. 第二季度財年 '21 收益電話會議。 （操作員說明）我現在想將會議交給您今天的演講者，投資者關係副總裁 Tyler Gronbach。請繼續，先生。

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

謝謝大家，大家下午好。歡迎參加 Cree 2021 財年第二季度電話會議。今天，Cree 的首席執行官 Gregg Lowe； Cree 的首席財務官 Neill Reynolds 將報告 2021 財年第二季度的業績。

Please note that we will be presenting non-GAAP financial results during today's call, which is consistent with how management measures 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 in the Investor Relations section of our website, along with a historical summary of other key metrics.

請注意，我們將在今天的電話會議上展示非公認會計原則的財務業績，這與管理層在內部衡量 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 spread and 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 大流行的傳播和影響相關的風險。 （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. Thank you for joining us today. I hope you and your families are staying healthy and safe as we begin the new year. Our team continues to do an exceptional job of building relationships with customers and winning new business. In the second quarter, we achieved revenue from continuing operations above the high end of guidance range, fueled by strong demand for our silicon carbide solutions.

謝謝，泰勒，大家下午好。感謝您今天加入我們。我希望您和您的家人在新的一年開始時保持健康和安全。我們的團隊繼續在與客戶建立關係和贏得新業務方面做得非常出色。在第二季度，由於對我們的碳化矽解決方案的強勁需求，我們的持續運營收入高於指導範圍的高端。

The momentum we're seeing in silicon carbide reinforces our confidence in our growth strategy as we execute on our long-term plan. In addition, we are making solid progress on the divestiture of our LED assets and expect to close this transaction during our fiscal third quarter. Once the divestiture of Cree's LED is complete, we will have achieved a major milestone in our transformational journey to establish our company as a pure-play global semiconductor powerhouse, well positioned to lead the industry transition from silicon to silicon carbide.

在我們執行長期計劃時，我們在碳化矽方面看到的勢頭增強了我們對增長戰略的信心。此外，我們在剝離我們的 LED 資產方面取得了穩步進展，並預計將在我們的第三財季完成這項交易。一旦完成對 Cree 的 LED 的剝離，我們將在我們的轉型之旅中實現一個重要的里程碑，將我們的公司打造為一家純粹的全球半導體巨頭，並有能力引領行業從矽到碳化矽的過渡。

Now to further amplify this transition, we are changing the name of our company to Wolfspeed. We believe this is a natural progression that builds on our strong reputation of developing silicon carbide solutions over the last 30 years, while at the same time, capitalizing on the competitive positioning that the Wolfspeed brand has in the market. We have more to share on these efforts over the next several months and expect the name change to be complete sometime in the next few quarters.

現在，為了進一步擴大這種轉變，我們將公司名稱更改為 Wolfspeed。我們相信這是一個自然的進步，建立在我們過去 30 年開發碳化矽解決方案的良好聲譽的基礎上，同時利用了 Wolfspeed 品牌在市場上的競爭地位。在接下來的幾個月裡，我們有更多關於這些努力的內容要分享，並預計名稱更改將在未來幾個季度的某個時候完成。

Our 200-millimeter team has made solid progress, and in fact, has made substantial breakthroughs in 2020. As a result, we have decided to forgo our original plan to initially open up the Mohawk Valley Fab at 150 millimeters. And instead, we'll begin ramping Mohawk Valley directly with 200-millimeter silicon carbide substrates in the first half of calendar '22, establishing the world's first 200-millimeter silicon carbide fab and further differentiating us from the competition.

我們的200毫米糰隊取得了紮實的進展，實際上在2020年已經取得了實質性的突破。因此，我們決定放棄最初在150毫米開放莫霍克谷Fab的計劃。相反，我們將在 22 年上半年開始使用 200 毫米碳化矽襯底直接提升莫霍克谷，建立世界上第一個 200 毫米碳化矽晶圓廠，並進一步使我們在競爭中脫穎而出。

Based on these important developments, we are raising our fiscal 2021 CapEx spend to approximately $550 million, which reflects a greater percentage of completion of Mohawk Valley versus our previous CapEx plan as well as increased investments in 200-millimeter wafer and epi capacity.

基於這些重要的發展，我們將 2021 財年的資本支出提高到約 5.5 億美元，這反映了莫霍克谷的完成百分比高於我們之前的資本支出計劃，以及對 200 毫米晶圓和外延產能的投資增加。

The higher completion rate of the fab construction and fit-out this year and the increased investment in 200-millimeter capacity will give us the ability to ramp the fab solely at 200 millimeters in the first half of the calendar year '22. We see this as better positioning the company to address what many are now expecting to be a steepening demand curve for silicon carbide beyond 2024.

今年晶圓廠建設和裝修的更高完成率以及對 200 毫米產能的投資增加將使我們能夠在 22 日曆年的上半年將晶圓廠的產能提高到 200 毫米。我們認為這是公司更好的定位，以解決許多人現在預計的 2024 年以後碳化矽需求曲線趨陡的問題。

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

我現在將把它交給尼爾，他將概述我們的財務業績和 2021 財年第三季度的前景。尼爾？

Thank you, Gregg, and good afternoon, everyone. We delivered solid results during the second quarter as demand for devices and materials continues to improve despite the ongoing uncertainty in the macroeconomic environment.

謝謝你，格雷格，大家下午好。儘管宏觀經濟環境持續存在不確定性，但由於對設備和材料的需求持續改善，我們在第二季度取得了穩健的業績。

Revenues from continuing operations for the second quarter of fiscal 2021 were $127 million, above the high end of our guidance, representing an increase of 10% sequentially and an increase of 5% year-over-year. Our non-GAAP net loss was $26.6 million or $0.24 per diluted share. Our second quarter non-GAAP earnings exclude $27.7 million of expense, net of tax, or $0.25 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 Lextar investment and other items outlined in today's earnings release.

2021 財年第二季度的持續運營收入為 1.27 億美元，高於我們指引的高端，環比增長 10%，同比增長 5%。我們的非公認會計原則淨虧損為 2660 萬美元或每股攤薄收益 0.24 美元。我們第二季度的非公認會計原則收益不包括 2770 萬美元的稅後費用或每股攤薄後 0.25 美元的非現金股票薪酬、收購的無形資產攤銷、可轉換票據的增值、項目轉型和交易成本、工廠優化成本、變更我們的 Lextar 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. In power, momentum continues to build as our customers have a demonstrated need for our solutions. In particular, we're pleased with our 650-volt MOSFET platform, which continues to gain strong traction across a number of industry sectors. While our supply levels remain below normal due to COVID-19 safety measures, we made progress in the quarter and expect to continue to improve as we execute our capacity expansion plan.

轉向我們的產品線表現。當我們的客戶對我們的解決方案有明顯的需求時，動力不斷增強。特別是，我們對我們的 650 伏 MOSFET 平台感到滿意，該平台繼續在多個行業領域獲得強大的吸引力。儘管由於 COVID-19 安全措施，我們的供應水平仍低於正常水平，但我們在本季度取得了進展，並希望隨著我們執行產能擴張計劃而繼續改善。

Turning to RF. Our performance was better due to increased 5G activity during the quarter with communications infrastructure providers. Our backlog continues to grow, underscoring the growing opportunity we have as the 5G rolls out across the globe.

轉向射頻。由於本季度與通信基礎設施提供商的 5G 活動增加，我們的表現更好。我們的積壓工作繼續增長，突顯出隨著 5G 在全球推出，我們擁有的機會越來越多。

Moving to materials. We saw a modest uptick in order flow in the quarter, which we expect to continue throughout the remainder of fiscal 2021. Wolfspeed gross margin was 38.5% compared to 36.6% last quarter. The sequential increase was driven by yield and cost improvements in our device product lines. Gross margin performance also continues to be dampened by our continued COVID-19 safety measures. Cree's Q2 non-GAAP gross margin for continuing operations was 35.4% compared to 34.5% last quarter and includes the impact of $4 million of corporate items.

轉向材料。我們看到本季度的訂單量小幅上升，我們預計這一趨勢將在 2021 財年剩餘時間內持續增長。Wolfspeed 毛利率為 38.5%，而上一季度為 36.6%。連續增長是由我們的設備產品線的良率和成本改進推動的。我們持續採取 COVID-19 安全措施也繼續抑制毛利率表現。 Cree 第二季度非 GAAP 持續經營毛利率為 35.4%，而上一季度為 34.5%，其中包括 400 萬美元企業項目的影響。

Non-GAAP operating expenses for Q2 were $78 million, but our non-GAAP tax rate was 23%. While we remain prudent in our cost control, we continue to expect heightened operating costs while we invest to expand our leadership position. For the second quarter, days sales outstanding was 49 days, and inventory days on hand was 134 days. Inventory days on hand excludes inventory related to the future wafer supply agreements in connection with the LED divestiture.

第二季度非 GAAP 運營費用為 7800 萬美元，但我們的非 GAAP 稅率為 23%。雖然我們在成本控制方面保持謹慎，但在我們投資擴大領導地位的同時，我們繼續預計運營成本會增加。第二季度，未結銷售天數為 49 天，庫存天數為 134 天。現有庫存天數不包括與未來與 LED 剝離相關的晶圓供應協議相關的庫存。

Cash generated from operations was negative $29 million and capital expenditures were $145 million, resulting in negative free cash flow of $174 million.

運營產生的現金為負 2900 萬美元，資本支出為 1.45 億美元，導致自由現金流為負 1.74 億美元。

We have a strong and healthy balance sheet with $970 million 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. We continue to expect fiscal 2021 to be our peak investment year. And as Gregg mentioned earlier, we now anticipate capital expenditures of approximately $550 million versus the $400 million previously communicated. This higher CapEx spend reflects a greater percentage of completion of the fit-out of our Mohawk Valley Fab and assumed in the $400 million CapEx plan as well as higher investment in 200-millimeter capacity to support the fab ramp.

我們擁有強大而健康的資產負債表，擁有 9.7 億美元的流動性來支持我們的增長戰略，我們的信用額度和可轉換債務為 0 提取，總面值為 10 億美元。我們繼續預計 2021 財年將是我們的投資高峰年。正如 Gregg 之前提到的，我們現在預計資本支出約為 5.5 億美元，而之前傳達的為 4 億美元。較高的資本支出支出反映了我們莫霍克谷工廠裝修完成的百分比更大，並假設在 4 億美元的資本支出計劃中，以及對 200 毫米產能的更高投資以支持工廠斜坡。

This is important because as many of you know, our current operations are not optimized to support our ambitious long-term growth plans. To achieve the necessary operating scale to support the steepening demand curve in the automotive, 5G and other critical industrial sectors out beyond 2024 and meet the needs of our customers, we determined it's better for us to invest now.

這一點很重要，因為正如你們許多人所知，我們目前的運營並未優化以支持我們雄心勃勃的長期增長計劃。為了實現必要的運營規模，以支持 2024 年以後汽車、5G 和其他關鍵工業領域日益陡峭的需求曲線並滿足客戶的需求，我們認為現在投資比較好。

It's also important to remember we will now be running 150-millimeter to support our current book of business, while at the same time building out our 200-millimeter asset sooner than we originally planned, which calls for additional 200-millimeter equipment.

同樣重要的是要記住，我們現在將運行 150 毫米以支持我們當前的業務，同時比我們最初計劃的更快地構建我們的 200 毫米資產，這需要額外的 200 毫米設備。

While we currently have ample liquidity to fuel our investment plans, we will continue to monitor the capital markets and evaluate ways we may continue to maximize our financial flexibility as we expand our leadership position. It is important to note that our CapEx and cash flow during 2021 continue to be subject to variability depending on our Mohawk Valley construction progress as well as reimbursement timing from the state of New York.

雖然我們目前有充足的流動性來推動我們的投資計劃，但我們將繼續監控資本市場並評估我們在擴大領導地位時可能繼續最大限度地提高財務靈活性的方式。重要的是要注意，我們在 2021 年的資本支出和現金流量繼續受制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 third quarter of fiscal 2021. We are targeting revenue from continuing operations to be in the range of $127 million to $133 million. We expect the momentum we're seeing in our power product line to continue and our RF product line to ramp as we enter the back half of the year. Our materials product line is expected to post modest improvements supported by a better order flow. Cree's Q3 non-GAAP gross margin from continuing operations is expected to be between 34.5% and 36.5%. We are targeting non-GAAP operating expenses from continuing operations between $80 million and $81 million for the third quarter. The gradual ramp in our operating expenses is fueled by our investments in R&D, including development projects at our Mohawk Valley Fab and supporting 200-millimeter wafer development as well as increased sales and marketing expenses as we pursue new business opportunities.

現在轉向我們對 2021 財年第三季度的展望。我們的目標是持續運營的收入在 1.27 億美元至 1.33 億美元之間。我們預計，隨著我們進入下半年，我們在電源產品線中看到的勢頭將繼續，我們的射頻產品線將增加。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 第三季度持續經營業務的非公認會計原則毛利率預計在 34.5% 至 36.5% 之間。我們的目標是第三季度持續運營的非公認會計原則運營費用在 8000 萬美元至 8100 萬美元之間。我們在研發方面的投資推動了我們運營費用的逐步增加，包括我們在莫霍克谷工廠的開發項目和支持 200 毫米晶圓的開發，以及隨著我們尋求新的商機而增加的銷售和營銷費用。

We target Q3 non-GAAP operating loss from continuing operations to be between $37 million to $31 million, and we target nonoperating net loss from continuing operations to be approximately $1 million. We expect our non-GAAP effective tax rate to be approximately 25%. The non-GAAP effective tax rate decreased due to the jurisdictional mix of our forecasted earnings on a continuing operations basis.

我們的目標是持續運營產生的第三季度非公認會計準則營業虧損在 3700 萬美元至 3100 萬美元之間，我們的目標是持續運營產生的非經營性淨虧損約為 100 萬美元。我們預計我們的非公認會計原則有效稅率約為 25%。由於我們在持續經營基礎上的預測收益的管轄組合，非公認會計準則有效稅率下降。

We're targeting Q3 non-GAAP net loss from continuing operations to be between $28 million to $23 million, or a loss between $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.

我們將第三季度非公認會計原則的持續經營淨虧損定在 2800 萬美元至 2300 萬美元之間，或稀釋後每股虧損 0.25 美元至 0.21 美元之間。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、非現金股票補償、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 Q3 targets are based on several factors that could vary greatly, including the situation with COVID-19, overall demand, product mix, factory productivity and the competitive environment.

我們的第三季度目標基於幾個可能有很大差異的因素，包括 COVID-19 的情況、整體需求、產品組合、工廠生產力和競爭環境。

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

有了這個，我現在將討論轉回格雷格。

Thanks, Neill. We're pleased with our results for this quarter, which demonstrate the strength of our business and reinforces our confidence in our strategic priorities. Customers continue to give us feedback that the interest in and demand for silicon carbide continues to grow. The strength of our device opportunity pipeline, which currently stands at more than $10 billion, underscores the demand we're seeing, not only for automotive power, but also in RF, industrial and energy solutions.

謝謝，尼爾。我們對本季度的業績感到滿意，這證明了我們的業務實力並增強了我們對戰略重點的信心。客戶不斷向我們反饋，對碳化矽的興趣和需求持續增長。我們目前超過 100 億美元的設備機會管道的實力突顯了我們所看到的需求，不僅是汽車電源，還有射頻、工業和能源解決方案。

The cadence at which our sales team is converting these opportunities continues to be impressive, with approximately $600 million of design-ins awarded during the previous quarter. A significant portion of these were for automotive products and the rest spread across industrial, communications, infrastructure, energy and aerospace and defense. Further, our engineering team is constantly innovating to bring new products to market.

我們的銷售團隊轉換這些機會的節奏仍然令人印象深刻，上一季度獲得了大約 6 億美元的設計投入。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。此外，我們的工程團隊不斷創新，將新產品推向市場。

Earlier this month, we announced the launch of the Wolfspeed WolfPACK family of power modules, which supports a wide range of solutions for power markets, including EV fast charging, renewable energy and energy storage and industrial power applications. This 1,200-volt Wolfspeed MOSFET module technology delivers maximum efficiency in packages that allow customers to significantly increase efficiency and performance with smaller, more scalable power systems. Once again, we're working closely with the team at Arrow Electronics to successfully launch this new offering.

本月早些時候，我們宣布推出 Wolfspeed WolfPACK 系列電源模塊，該系列支持廣泛的電力市場解決方案，包括電動汽車快速充電、可再生能源和儲能以及工業電源應用。這種 1,200 伏 Wolfspeed MOSFET 模塊技術在封裝中提供最高效率，使客戶能夠通過更小、更可擴展的電源系統顯著提高效率和性能。我們再次與艾睿電子的團隊密切合作，以成功推出這一新產品。

While the automotive industry continues to anchor our business, merits of silicon carbide are being recognized across other industries, and we are well prepared to serve the different needs and applications of these businesses.

雖然汽車行業繼續鞏固我們的業務，但碳化矽的優點正在其他行業得到認可，我們已做好充分準備來滿足這些業務的不同需求和應用。

In materials, we are pleased to announce that we signed an extension and expansion of an existing long-term wafer supply agreement with a major semiconductor provider during this past quarter. The extended agreement now represents approximately $250 million in materials and provides the customer with Wolfspeed's 150-millimeter silicon carbide bare and epitaxial wafers over the next several years. The extension is yet another example of how the industry at large is shifting towards silicon carbide and how we are best positioned to lead this transition.

在材料方面，我們很高興地宣布，我們在上個季度與一家主要半導體供應商簽署了現有長期晶圓供應協議的延期和擴展協議。擴展協議現在涉及價值約 2.5 億美元的材料，並在未來幾年內為客戶提供 Wolfspeed 的 150 毫米碳化矽裸片和外延片。該擴展是整個行業如何轉向碳化矽以及我們如何最有能力引領這一轉變的又一個例子。

Looking towards the macroeconomic environment, while it remains volatile in the near term, we are pleased with the number of recent developments that signal long-term growth in the markets we serve. Globally, more than 20 countries have communicated their intentions to invest in renewable energy and limit the sale of new internal combustion engine cars over the next few decades as they look towards rebuilding the economy post COVID-19. Massachusetts, California and New Jersey have taken steps to restrict or ban sales of new internal combustion engine vehicles by 2035.

展望宏觀經濟環境，儘管它在短期內仍然不穩定，但我們對近期發展的數量感到滿意，這些發展表明我們所服務的市場的長期增長。在全球範圍內，20 多個國家已經表達了他們在未來幾十年內投資可再生能源並限制新內燃機汽車銷售的意圖，因為他們希望在 COVID-19 之後重建經濟。馬薩諸塞州、加利福尼亞州和新澤西州已採取措施，到 2035 年限製或禁止銷售新型內燃機汽車。

Turning to 5G. While China continues to lead the world in infrastructure and mobile rollout, we are encouraged by signs of progress in other regions. And although we're still in the early stages, we expect 5G and GaN on silicon carbide to be a multiyear growth opportunity as momentum continues to build.

轉向5G。儘管中國在基礎設施和移動部署方面繼續引領世界，但我們對其他地區取得進展的跡象感到鼓舞。儘管我們仍處於早期階段，但我們預計 5G 和碳化矽上的 GaN 將成為一個多年的增長機會，因為勢頭繼續增強。

Overall, we are successfully capitalizing on the opportunities in front of us today as well as ensuring we expand our leadership position in the years ahead. By divesting our LED assets, we have established ourselves as a global pure-play semiconductor powerhouse with a sharpened focus on carbide and GaN solutions.

總體而言，我們成功地利用了今天擺在我們面前的機會，並確保我們在未來幾年擴大我們的領導地位。通過剝離我們的 LED 資產，我們已將自己確立為全球純粹的半導體巨頭，並更加專注於碳化物和 GaN 解決方案。

We are changing our name to Wolfspeed, which capitalizes on our 30-year heritage of working with silicon carbide and speaks to our ambitious plans to compete and win in the rapidly expanding marketplace. We are moving the industry forward with the shift from 150 millimeter to 200 millimeter, and we'll begin production of the Mohawk Valley 200-millimeter fab in early '22, supporting greater adoption across a wide range of industry sectors.

我們將更名為 Wolfspeed，這充分利用了我們 30 年與碳化矽合作的傳統，並體現了我們在快速擴張的市場中競爭和取勝的雄心勃勃的計劃。隨著從 150 毫米到 200 毫米的轉變，我們正在推動行業向前發展，我們將在 22 年初開始生產莫霍克谷 200 毫米晶圓廠，以支持更廣泛的行業採用。

We're pulling in our CapEx plans and increasing our spend in 2021 to $550 million because we believe it is in the best interest of our customers to have the Mohawk Valley Fab and the Durham crystal growth facilities up and running at 200 millimeter, saving a qualification cycle, and allowing for a quicker adoption in the industry. We believe we have a strong future ahead of us, and we look forward to continuing to deliver long-term value for our shareholders.

我們正在推進我們的資本支出計劃，並將 2021 年的支出增加到 5.5 億美元，因為我們相信讓莫霍克谷工廠和達勒姆晶體生長設施以 200 毫米的速度投入運行符合我們客戶的最大利益，從而節省了資格週期，並允許在行業中更快地採用。我們相信我們有一個強大的未來，我們期待繼續為我們的股東創造長期價值。

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

有了這個，我會把它交給接線員，我們可以開始我們的問答環節。

(Operator Instructions) Our first question comes from Craig Irwin with ROTH Capital Partners.

（操作員說明）我們的第一個問題來自 ROTH Capital Partners 的 Craig Irwin。

So Gregg, congratulations on the success with 8 inch. It's going to be really exciting to see production launch at 8 inch in Niagara, I always had a hunch. Can you maybe update us as far as where you stand on the technology development necessary to actually execute that in early 2022? Do you feel that the reactor technology that Cree has in hand is ready for prime time there? Do you have MOSFET production processes that you think will be more transferable than when we made the move from 4 inch to 6 inch? Are there any other potential areas of risk while we look at this potentially massive breakpoint down in cost that you will probably execute on?

所以 Gregg，祝賀 8 英寸的成功。看到尼亞加拉 8 英寸的產品推出真的很令人興奮，我一直有預感。您能否就在 2022 年初實際執行所需的技術開發方面的立場向我們提供最新信息？您是否覺得 Cree 掌握的反應堆技術已準備好迎接黃金時段？與我們從 4 英寸向 6 英寸的轉變相比，您是否有 MOSFET 生產工藝更易於轉移？在我們著眼於您可能會執行的這個潛在的巨大成本突破點時，是否還有其他潛在的風險領域？

Well, thanks for the question, Craig. A couple of things that I would note. One is, I've been pretty extensively involved in the updates we've been having on 200 millimeter over the last couple of years and have been very engaged with the team. Our team has made numerous breakthroughs and continuous progress on it. And we felt collectively as a team that we were ready to go with Mohawk Valley at 200 millimeter. Now Craig, we're going to be ramping that in early '22. So we are 11 months away. So you can bet the team did a pretty thorough review of where we're at on the reactors, where we're at on the technology, where we're at with the quality of crystals and so forth, and we've got a thumbs up, and we're moving forward. So we feel real good about that.

好吧，謝謝你的問題，克雷格。我要注意幾點。一是，在過去的幾年裡，我非常廣泛地參與了我們在 200 毫米上進行的更新，並且與團隊非常互動。我們的團隊在這方面取得了無數的突破和不斷的進步。我們作為一個團隊集體感到，我們已經準備好在 200 毫米處與莫霍克山谷合作。現在，克雷格，我們將在 22 年初增加這一點。所以我們還有 11 個月的時間。所以你可以打賭，團隊對我們在反應堆上的位置、我們在技術上的位置、我們在晶體質量等方面的位置進行了非常徹底的審查，我們有一個豎起大拇指，我們正在前進。所以我們對此感覺很好。

Obviously, some of the incremental CapEx spending is actually associated with building more 200-millimeter crystal growers. So that's obviously in the plan as well.

顯然，一些增量資本支出實際上與建造更多 200 毫米晶體生長器有關。所以這顯然也在計劃中。

And then finally, on silicon carbide on the material side of it, we build our own crystal growers at all of our wafer diameter sizes. So we feel real good about where we're at on 200 millimeter.

最後，在材料方面的碳化矽上，我們在所有晶圓直徑尺寸上構建了自己的晶體生長器。所以我們對我們在 200 毫米上的位置感覺非常好。

As it relates to MOSFET, recall that part of the deal with New York when we built this fab was a pilot line in New York. And that was actually at the SUNY, Albany site. We, a while ago, converted that pilot line to 200 millimeter, to begin running prototype pilot line type activities at 200 millimeter. We feel real good about that -- where we're at in terms of that process as well. And so we feel real good about that.

由於它與 MOSFET 相關，請回想一下，當我們建造這家工廠時，與紐約的部分交易是在紐約的一條試驗線。那實際上是在紐約州立大學奧爾巴尼分校。不久前，我們將該試驗線轉換為 200 毫米，開始在 200 毫米處運行原型試驗線類型的活動。我們對此感覺非常好——就該過程而言，我們也所處的位置。所以我們對此感覺很好。

Now that doesn't mean there's 0 risk. But what I would tell you, Craig, is that it's now a complete and total focus on 1 thing, and that's ramping 200 millimeter versus ramping 150 and then converting to 200 and having customers go through those cycles, et cetera. So the feedback that we'll be getting from customers, obviously, from this announcement, we're anticipating to be very positive because it's a significant savings for them in terms of the amount of work they would need to do to qualify this factory. So great question, Craig. We've spent an enormous amount of energy on this, and we're feeling really good about this move.

現在這並不意味著風險為零。但我要告訴你的是，克雷格，現在它完全專注於一件事情，那就是增加 200 毫米，而不是增加 150 毫米，然後轉換為 200 毫米，讓客戶經歷這些週期，等等。因此，我們將從客戶那裡得到的反饋，顯然，從這個公告中，我們預計是非常積極的，因為就他們需要做的工作量而言，這對他們來說是一個顯著的節省來獲得這家工廠的資格。這麼好的問題，克雷格。我們為此付出了巨大的努力，我們對這一舉措感覺非常好。

Excellent. Excellent. Then my follow-up question. It's been actually more than a year since I've seen the lead semi-cap engineers of your major customers and maybe we can call them competitors on the chip side. And as far as I understand, even today, none of them have had the major budgets released necessary to do 8 inch that they were all waiting for the availability of wafers. Do you anticipate that you could have commercial sales of 8-inch wafers make a material contribution in '22? I mean external commercial sales rather than internal consumption.

出色的。出色的。然後是我的後續問題。自從我見到您的主要客戶的首席半電容工程師以來，實際上已經一年多了，也許我們可以稱他們為芯片方面的競爭對手。據我了解，即使在今天，他們都沒有發布完成 8 英寸所需的主要預算，他們都在等待晶圓的供應。您是否預計 8 英寸晶圓的商業銷售會在 22 年做出重大貢獻？我的意思是外部商業銷售，而不是內部消費。

I think for '22, no. I think the focus is really going to be on ramping that up inside of our factory and getting all of that moving. And we've got quite a number of long-term agreements that we have with a variety of different semiconductor players. We've announced many of those. I think we've said previously that something like 3/4 of our materials business is subject to these long-term agreements.

我認為'22，沒有。我認為重點真的是在我們的工廠內部提高這一點，並讓所有這些都動起來。我們已經與各種不同的半導體廠商達成了相當多的長期協議。我們已經宣布了其中的許多。我想我們之前已經說過，我們 3/4 的材料業務受這些長期協議的約束。

We've expanded and extended one of them a while ago with ST. And then more recently, we've expanded and extended another one of these as well. So what I would say is the materials customers are really in a variety of different stages in terms of where they're at from an R&D perspective, where they're at from a ramp perspective. And so I think at this point, they're sort of absorbing the ramp at 150.

不久前，我們使用 ST 擴展和擴展了其中一個。最近，我們還擴展和擴展了其中的另一個。所以我想說的是，從研發角度來看，材料客戶實際上處於各種不同的階段，從坡道角度來看，他們所處的位置。所以我認為在這一點上，他們在某種程度上吸收了 150 的斜坡。

Well, congratulations, that's a big announcement.

好吧，恭喜，這是一個重大的公告。

Thank you, Craig.

謝謝你，克雷格。

Our next question comes from Jed Dorsheimer with Canaccord Genuity.

我們的下一個問題來自 Canaccord Genuity 的 Jed Dorsheimer。

I'll echo Craig's congratulations. It's big news on the 200 millimeter. I guess first question, Gregg. Just with respect to yields and kind of thinking of the business in 2 separate components between crystal and then Mohawk. It seems pretty straightforward in terms of area benefit, particularly up in Mohawk and what yields could do there. On the crystal side, that was always -- it seemed like that was a greater risk in terms of MPD for that wafer. Clearly, you've seen something that's caused you to kind of go with this. Should we assume then from a cost perspective, there's kind of a faster ramp back on the margin side in terms of long-term targets?

我會回應克雷格的祝賀。這是 200 毫米的大新聞。我想第一個問題，格雷格。就產量和商業思維而言，水晶和莫霍克之間的兩個獨立組件。就地區效益而言，這似乎非常簡單，特別是在莫霍克地區以及那裡的產量可以做什麼。在晶體方面，這總是 - 就該晶片的 MPD 而言，這似乎是一個更大的風險。顯然，您已經看到了一些導致您選擇這樣做的東西。那麼我們是否應該從成本的角度假設，就長期目標而言，利潤率方面會出現更快的回升？

No, I wouldn't do that. I'll let Neill go through a little bit more detail on that. We feel very good about where we're at in terms of the quality of the crystal, quality of the materials and so forth. We've got a little work to do on getting the cost down on 200 millimeter, but we feel like at this point, it's the right move for us. But I'll let Neill maybe elaborate a little bit more on that.

不，我不會那樣做。我會讓尼爾詳細介紹一下。我們對我們在水晶質量、材料質量等方面所處的位置感覺非常好。我們需要做一些工作來降低 200 毫米的成本，但我們覺得在這一點上，這對我們來說是正確的舉措。但我會讓尼爾詳細說明一下。

Yes, Jed. So if you think about it, there's -- if you look at the long-term model, we laid out a plan for $1.5 billion of revenue in 2024 with 50% gross margin as our target. I think the time line that we've talked about previously in terms of both the revenue transition and the margin transition are going to be kind of the same. And the reason for that is kind of exactly what Gregg said. So I think in the earlier periods, you can think about the 200 being a little bit of a higher cost but going to offset some of the diameter benefits you would see. And interestingly, there's a lot of puts and takes in there, but you end up kind of back where we were before.

是的，傑德。因此，如果您考慮一下，如果您看一下長期模型，我們制定了一項計劃，在 2024 年實現 15 億美元的收入，並將 50% 的毛利率作為我們的目標。我認為我們之前討論過的收入過渡和利潤率過渡的時間線將是相同的。其原因正是格雷格所說的。所以我認為在早期，你可以認為 200 的成本有點高，但會抵消你會看到的一些直徑優勢。有趣的是，那裡有很多投入和投入，但你最終會回到我們以前的位置。

So over time, we'll end up with a model out in '24, $1.5 billion of revenue, 50% gross margin, 25% OpEx and a 25% EBIT, but we'll get there a little bit differently. And then secondly, what I'll say is when we get out to '24, we're, in our view, much better position. We'll run the 200 for a couple -- several more years in advance of what we expect to be a steeper ramp out beyond 2024. On top of that, as Gregg said, removes that 1 qualification cycle for the automotive customers, which I think is going to be well received by the customer base.

因此，隨著時間的推移，我們最終會在 24 年推出一個模型，收入 15 億美元，毛利率為 50%，運營支出為 25%，息稅前利潤為 25%，但我們會有所不同。其次，我要說的是，當我們到 24 年時，在我們看來，我們的位置要好得多。我們將運行 200 次，比我們預計 2024 年以後更陡峭的斜坡提前幾年。最重要的是，正如 Gregg 所說，取消了汽車客戶的第一個資格認證週期，我認為將受到客戶群的好評。

Got it. As just my follow-up. I guess going back -- thanks, Neill, going back to Gregg. You pointed out there's a lot of benefits going right to 200, in particular not having to ramp 150, recall. But there is sort of the how are you thinking about transitioning over sort of the existing 150 and -- because I would assume all your customers are going to want 200 in terms of that benefit. So how practically, are you thinking about sort of the pragmatic approach to this process?

知道了。就像我的後續行動一樣。我想回去 - 謝謝，尼爾，回到格雷格。您指出，直接到 200 有很多好處，尤其是不必提高到 150，回想一下。但是，您如何考慮過渡到現有的 150 個，因為我假設您的所有客戶都希望獲得 200 個這樣的好處。那麼實際上，您是否正在考慮對這個過程採取務實的方法？

Well, Jed, recall, we're expanding right now our wafer fab in Durham. As we move LED out, we're ramping up the 150 in Durham. So I would anticipate that we would be selling and producing out of Durham for some time. And then there is no intention to shift the Durham factory from 150 to 200. It will remain a 150-millimeter factory. And really, as we begin to ramp Mohawk Valley, it will become a greater and greater percentage of the total output by 2024. It will be greater than 50% of the output and then as we ramp it beyond '24, it will be substantially greater than 50% of the output. And the Durham factory, while it remains at 150, will be smaller and smaller as a percentage, obviously.

好吧，傑德，回想一下，我們現在正在擴大我們在達勒姆的晶圓廠。當我們將 LED 移出時，我們正在達勒姆增加 150 個。因此，我預計我們將在達勒姆之外銷售和生產一段時間。然後沒有打算將達勒姆工廠從 150 人轉移到 200 人。它將保持 150 毫米工廠。真的，隨著我們開始提升莫霍克山谷，到 2024 年，它將成為總產量的越來越大的百分比。它將超過產量的 50%，然後隨著我們將其提升到 24 年之後，它將大大增加大於輸出的 50%。達勒姆工廠雖然保持在 150 家，但顯然會越來越小。

So the go-forward plan would be continue expanding -- expand the Durham factory as we move LED out at 150, have no intention to try to move that to 200. The fab, it just -- it's a relatively small fab and we'd be way better off just simply expanding our capability in what is an enormously larger space in New York versus what we have here in Durham.

因此，前進的計劃將繼續擴大——擴大達勒姆工廠，因為我們將 LED 移出 150 個，無意嘗試將其移至 200 個。工廠，它只是——它是一個相對較小的工廠，我們與我們在達勒姆（Durham）相比，僅僅在紐約更大的空間中擴展我們的能力會更好。

And then finally, what I would say is, recall, this is going to be a modern factory, it's going to be highly automated. There's going to be a substantial increase in terms of its raw capability and so that's why we're putting all the emphasis on 200 in Mohawk Valley.

最後，我想說的是，回想一下，這將是一個現代化的工廠，它將是高度自動化的。其原始能力將大幅增加，這就是為什麼我們將所有重點放在莫霍克山谷的 200 上。

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。

Gregg, maybe just to shift gears a little bit into the industrial market. And specifically, I know you've had a lot of momentum with the Arrow partnership. Just want to get an update on your sense of just timing because I know it takes time for kind of industrial products to get designed and to ramp. How should we think about that in terms of revenue related to that partnership in the coming quarters?

格雷格，也許只是為了稍微轉向工業市場。具體來說，我知道您與 Arrow 合作夥伴關係有很大的發展勢頭。只是想了解一下您對時間的把握，因為我知道某種工業產品的設計和量產需要時間。在未來幾個季度與該合作夥伴關係相關的收入方面，我們應該如何看待這一點？

So first off, thanks for the question, Craig. It's -- typically, industrial is a little like earlier than an automotive type cycle. So automotive is typically a 4-year type. You get designed into when you start ramping revenue, industrial is sort of 2 year to 4 year. It kind of depends a little bit on the industry, but it's quite fragmented. So I think you can kind of bake in sort of that 2 year to 4-year type range.

首先，感謝克雷格的提問。它 - 通常，工業周期比汽車週期早一點。所以汽車通常是4年的類型。當您開始增加收入時，您會被設計成工業是 2 年到 4 年。它有點取決於行業，但它非常分散。所以我認為你可以在 2 年到 4 年的類型範圍內烘烤。

And then the other point that I would make on that, Craig, is if you look at the $600 million of design-ins we were awarded this past quarter, about a little over half of it was automotive. But about 1/4 of it was industrial and energy. So we feel real good about the momentum that we have in that broader space. And again, that's one where we just don't have the sales footprint to really go after that. Arrow has been just a fantastic partner to work with. They've got a substantial capability there that we've been able to leverage. And it's why when we introduced this newest family of 1,200-volt modules, we looked right to Arrow, and they've already opted races on promoting that one as well.

然後我要說的另一點，克雷格，如果你看看我們在上個季度獲得的 6 億美元的設計收入，其中大約一半是汽車。但其中大約 1/4 是工業和能源。因此，我們對我們在更廣闊的空間中擁有的勢頭感到非常滿意。再說一次，這是我們沒有真正追求的銷售足跡。 Arrow 一直是一個很棒的合作夥伴。他們在那裡擁有我們能夠利用的強大能力。這就是為什麼當我們推出這個最新的 1,200 伏模塊系列時，我們選擇了 Arrow，他們也已經選擇了推廣該模塊的競賽。

Got it. And then just as a follow-up, as it relates to kind of the partnerships you have with a number of Tier 1 suppliers, just kind of interested in just how those are progressing and any kind of insights in terms of some of the traction that those partnerships are having from a design perspective on the automotive side.

知道了。然後作為後續行動，因為它與您與許多一級供應商建立的合作夥伴關係有關，只是對這些合作的進展方式以及任何關於牽引力方面的任何見解感興趣這些合作夥伴關係是從汽車方面的設計角度來看的。

Well, a couple of things I would point to. I mentioned it last quarter, but I think it's worth repeating. Our customers, the Tier 1 customers that are giving us feedback are pretty consistent across that Tier 1 customer base along several different factors. One is that the appetite and the percentage of cars that are going to become electric or the adoption rate of electric vehicles is definitely increasing and pulling it. Most pundits were looking at possibly by the end of this decade. So by 2030, maybe 20% of the cars would get to EV. That is now well past 30%. I've seen some customers thinking about a 40% adoption rate by the end of the decade. So they point to their end customer bases substantially increasing the adoption rate of electric vehicles. That's for the number of reasons that include governmental sort of incentives, but also consumer kind of push as well. So that's number one.

好吧，我要指出幾件事。我在上個季度提到過，但我認為值得重複。我們的客戶，即向我們提供反饋的 1 級客戶在該 1 級客戶群中在幾個不同的因素上非常一致。一是電動汽車的需求和比例或電動汽車的採用率肯定在增加並拉動它。大多數專家都在考慮可能在本世紀末。因此，到 2030 年，也許 20% 的汽車將使用電動汽車。現在已經遠遠超過 30%。我看到一些客戶考慮到本世紀末達到 40% 的採用率。因此，他們指出他們的最終客戶群大大提高了電動汽車的採用率。這是出於多種原因，包括政府的激勵措施，以及消費者的推動。所以這是第一名。

Number two is the success rate and the interest rate they're getting on their silicon carbide solutions is also increasing. And that cuts across a number of different car platforms, a number of different car types, whether it's higher end cars or more everyday vehicles. The ability to get a greater distance per charge and/or decrease the amount of the cost of battery really cuts across all the segments of vehicles. So they're seeing a lot of really strong interest there. So just recently, just last week, we had a presentation from one of our customers that kind of showed and layered the interest that they have from their customers on silicon carbide and it's really encouraging for us. And that's especially as they see the market beyond 2024.

第二是成功率，他們對碳化矽解決方案的利率也在增加。這跨越了許多不同的汽車平台，許多不同的汽車類型，無論是高端汽車還是日常用車。每次充電獲得更遠距離和/或降低電池成本的能力確實削減了所有車輛細分市場。所以他們在那裡看到了很多非常強烈的興趣。所以就在最近，就在上週，我們的一位客戶做了一個演示，展示了他們的客戶對碳化矽的興趣，這對我們來說真的很鼓舞人心。尤其是當他們看到 2024 年以後的市場時。

Our next question comes from Brian Lee with Goldman Sachs.

我們的下一個問題來自高盛的 Brian Lee。

I had a couple here. Just on the pull forward in CapEx and 200 millimeter at Mohawk Valley, I'll echo the sentiment of others, congratulations on that. But can you maybe give us a sense of what breakthroughs you're seeing to have made the move here to pull that forward and make Mohawk go 200 from the very get-go? And if it's something you can give us any sense of quantification around, I would imagine it has to do with yields. That would be helpful.

我在這裡有一對。就在資本支出和莫霍克山谷 200 毫米的進步，我會回應其他人的觀點，對此表示祝賀。但是，您能否讓我們了解一下您所看到的哪些突破已經在這裡推動了這一發展並使莫霍克從一開始就達到了 200？如果它是你可以給我們任何量化感的東西，我想它與產量有關。那會很有幫助。

And then just related to that, I know you said there's no real impact to the fiscal '24 targets in terms of revenue and margins, but can you talk about maybe the timing of funding from New York state, given the accelerated CapEx, sort of what we should expect on timing? And then also it sounded, Neill, like you're leaving the window open for potentially some additional capital given the accelerated CapEx. Maybe just share thoughts around that as well.

然後就與此相關，我知道你說在收入和利潤率方面對 24 財年的目標沒有真正的影響，但你能談談紐約州的融資時機嗎，考慮到資本支出的加速，有點我們應該期待什麼？然後聽起來，尼爾，考慮到資本支出的加速，你正在為潛在的額外資本敞開大門。也許也可以分享一下關於這個的想法。

Yes, Brian. So let me take the first part of that, and then Neill can address the back half of it. So first off, I've been pretty actively involved with the 200-millimeter program basically since I've been at the company. And what I would say, there's been a continuous progression of success and breakthroughs and so forth that we've had. So this wasn't Tuesday last week, somebody came in with a result, and all of a sudden, we flipped it. It's been a gradual move towards building confidence in this. And we've gotten to the point where our confidence is obviously quite high. We're making this announcement today, and we're talking about ramping it in 11 months. So we're feeling very good about that.

是的，布賴恩。所以讓我來談談第一部分，然後尼爾可以解決它的後半部分。所以首先，自從我在公司工作以來，我一直非常積極地參與 200 毫米計劃。我想說的是，我們一直在不斷取得成功和突破等等。所以這不是上週的星期二，有人帶著結果進來了，突然間，我們把它翻轉了。這是一個逐步建立信心的舉措。而且我們已經達到了我們的信心顯然非常高的地步。我們今天宣布了這一消息，我們正在談論在 11 個月內增加它。所以我們對此感覺很好。

In terms of the quality of materials coming out, it's exceptional at this point. And that includes the normal sort of defect density that customers really care about is exceptional at this point. So we feel quite good about that. There's still work to do. Obviously, there's always work to do in semiconductors, but we feel real good about where we've been. And again, I would describe it as a consistent drumbeat of positive progress that we've made over the last couple of years that has just really culminated into a decision that we've made that said, this is the right move for us going forward.

就出來的材料質量而言，它在這一點上是非常出色的。這包括客戶真正關心的正常缺陷密度在這一點上是非常特殊的。所以我們對此感覺很好。還有工作要做。顯然，半導體領域總是有工作要做，但我們對我們所處的位置感覺非常好。再一次，我將其描述為我們在過去幾年中取得的積極進展的持續鼓聲，這已經真正達到了我們已經做出的決定，這就是我們前進的正確舉措.

So with that, I'll turn -- in terms of the timing with New York and so forth, I'll let Neill address that.

因此，我將轉身——就紐約的時間安排等而言，我會讓尼爾解決這個問題。

Yes. Thanks, Brian. Let me -- I think maybe the best thing to do is maybe just unpack the CapEx a little bit first and then we can kind of get into the timing and the funding and those types of things. So the higher CapEx now is $550 million that we talked about is really a result of first of all, a higher completion rate in the Mohawk Valley Fab that we had anticipated in the $400 million. So this is what gives us confidence that we're going to ramp this kind of in the first half of 2022. So there is a large chunk of this that is timing. There's also an incremental spend on the 200 millimeter, again for handling tools, for materials expansion in Durham, that sort of thing. So just have to remember, we'll be supporting both business at 150 millimeter, while building out the 200 millimeter at the same time.

是的。謝謝，布賴恩。讓我 - 我認為也許最好的辦法是先稍微解開資本支出，然後我們可以進入時間和資金以及那些類型的事情。因此，我們所說的更高的資本支出現在是 5.5 億美元，這實際上首先是因為莫霍克谷工廠的完工率更高，我們曾預計 4 億美元。所以這讓我們有信心在 2022 年上半年增加這種規模。所以其中很大一部分是時機。還有 200 毫米的增量支出，同樣用於處理工具，用於達勒姆的材料擴展，諸如此類。所以只需要記住，我們將同時支持 150 毫米的業務，同時構建 200 毫米的業務。

So overall, while this is some timing in there, there is 200-millimeter investment that's coming a bit earlier. So 2021 will continue to be our peak investment year. '22, you'll still see a drop in the CapEx. I think it will be maybe higher level than what we anticipated before. And then drop off again in the '23-'24 time frame. So the slope is more or less the same, but I'd say, with higher requirements in '21 and '22.

所以總的來說，雖然這是一些時間安排，但 200 毫米的投資來得更早一些。所以2021年將繼續是我們的投資高峰年。 '22，你仍然會看到資本支出下降。我認為這可能會比我們之前預期的水平更高。然後在'23-'24 時間範圍內再次下降。所以斜率或多或少是相同的，但我想說的是，21 和 22 年的要求更高。

Now from a New York standpoint, we should start seeing some of those benefits come in relatively soon, although I would say the majority of that's out into next year at some point.

現在從紐約的角度來看，我們應該開始看到其中一些好處相對很快就會出現，儘管我想說其中大部分會在明年某個時候出現。

And then from a capital markets perspective, we kind of mentioned in the script, but I think the point is we're in a great shape from a liquidity standpoint right now. We've got $970 million of cash and liquidity. So we feel good about that. However, with the steepening ramp out beyond 2024, we're going to continue to make sure we can invest to meet that opportunity. So we'll continue to be opportunistic as we look forward here and look at those opportunities given kind of what we're seeing in the marketplace, particularly beyond that 2024 time frame.

然後從資本市場的角度來看，我們在劇本中提到過，但我認為關鍵是從流動性的角度來看，我們現在的狀態很好。我們有 9.7 億美元的現金和流動資金。所以我們對此感覺很好。然而，隨著 2024 年之後的急劇上升，我們將繼續確保我們能夠投資以迎接這一機會。因此，我們將繼續投機取巧，因為我們在這裡展望並考慮到我們在市場上看到的那些機會，特別是在 2024 年的時間框架之後。

All right. Great. That's super helpful. And then maybe if I can just squeeze in a second one here, and I'll pass it on. Just kind of shifting to the business. Wolfspeed revenue, you guys really have seen some improvement, modest improvement off the kind of June lows when you did $108 million in the quarter, you're sort of closing in on $130-plus million based on the guidance here. So -- and I think you peaked at $140 million in that segment in fiscal '19. So you're not really off even that level in the current environment. So just kind of wondering, can you maybe also unpack how much of the recent improvement in top line trends is just a normalization of COVID impacts on the business going away and then maybe how much is just organic growth? And then on the organic side, is it all EVN market? Is it coming from the materials volumes picking up again? Is it RF? Maybe just any sense of the drivers and where they're coming from.

好的。偉大的。這非常有幫助。然後也許我可以在這裡擠第二個，然後我會把它傳下去。只是有點轉向業務。 Wolfspeed 的收入，你們確實看到了一些改善，從 6 月份的低點有所改善，當你在本季度賺了 1.08 億美元時，根據這裡的指導，你接近 1.30 億美元。所以 - 我認為你在 19 財年的那個部分達到了 1.4 億美元的峰值。因此，即使在當前環境中，您也沒有真正脫離那個水平。所以只是想知道，您是否還可以解開最近收入趨勢的改善有多少只是 COVID 對業務影響的正常化消失，然後可能有多少只是有機增長？然後在有機方面，是否都是 EVN 市場？是來自材料量的回升嗎？是射頻嗎？也許只是對司機的任何感覺以及他們來自哪裡。

I think we have some audio trouble with Neill.

我認為我們與尼爾有一些音頻問題。

Okay. So maybe I'll take a crack at that as Neill is trying to get the audio back on again. Yes, I would say we're pretty enthused about the demand that we're seeing in the power business and the RF business, the device business really picking up pretty nicely from where we were. Obviously, if we had the factories humming the way we want it, we'd be able to -- to be able to service that even to a greater extent, but the teams are working really hard on that.

好的。所以也許我會嘗試一下，因為尼爾正試圖重新打開音頻。是的，我會說我們對我們在電力業務和射頻業務中看到的需求非常熱情，設備業務確實從我們所處的位置很好地回升。顯然，如果我們讓工廠按照我們想要的方式嗡嗡作響，我們將能夠 - 能夠在更大程度上為其提供服務，但團隊正在為此努力工作。

But what I would say is the progress is really based on design-ins and design win activity that we've had and things beginning to ramp and things going from idea to real fruition in terms of turning into revenue. That we're going to be on a trajectory for that for the next couple of years. That's really associated with initial ramps and early production for some of these design-ins that we have won over the last couple of years, that will really start to click in post '22 -- well into '22 and then post '22 and then really start to ramp as we hit the '24 time frame. So actually, we're feeling quite good about it, Brian. I think the -- it's mostly new stuff coming our way versus old things returning, I would say. And I don't know if Neill can ...

但我要說的是，進展實際上是基於我們已經擁有的設計和設計獲勝活動，事情開始加速，事情從想法到真正的成果轉化為收入。在接下來的幾年裡，我們將走上這條軌道。這確實與我們在過去幾年中贏得的一些設計的初始坡道和早期生產有關，這將真正開始在 '22 後點擊——進入 '22，然後在 '22 之後當我們達到 24 年的時間框架時，真正開始上升。所以實際上，我們對此感覺很好，布賴恩。我認為——我會說，主要是新事物出現在我們面前，而不是舊事物回歸。我不知道尼爾能不能...

Yes, Gregg, I was just going to -- hey, Brian, it's Tyler. The other thing I was just going to add, we saw some modest improvement in RF too, Brian. And that's just a function of there's -- the rollout continues throughout Asia and around the globe. So there's still good opportunity, but we're in the early stages of that. So that's -- there's a multigrowth period and as people work from home and start to experience greater productivity by leveraging technology that creates great opportunity for 5G. So as Gregg said, and I added here just a little bit of color on what's going on.

是的，格雷格，我正要——嘿，布賴恩，我是泰勒。我要補充的另一件事是，我們也看到了 RF 的一些適度改進，Brian。這只是那裡的一個功能 - 在亞洲和全球範圍內繼續推廣。所以仍然有很好的機會，但我們還處於早期階段。這就是 - 有一個多重增長時期，隨著人們在家工作並開始通過利用為 5G 創造巨大機會的技術來體驗更高的生產力。正如格雷格所說，我在這裡添加了一些關於正在發生的事情的顏色。

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

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

Gregg, congratulations on 200 millimeter, brilliant idea. But historically, Wolfspeed's device business has been kind of the premium power and module market, as we've discussed in the past, and your biggest customer/competitors in device is ST on addressing more diversified power markets. But once you get -- assuming once 200 millimeters up and running, get the cost down if that all shook out, that should make the New York fab one of the largest, if not the largest SiC device power fab anywhere. And given your capacity, which, if you can, maybe help us mark-to-market on what that would be with 200 millimeter. But given your capacity, doesn't that pull you into the same diversified power markets at some of your biggest customers are addressing? Or how should we think about that? And I have a follow-up, please.

格雷格，祝賀 200 毫米，絕妙的主意。但從歷史上看，Wolfspeed 的設備業務一直是高端電源和模塊市場，正如我們過去所討論的那樣，您在設備方面最大的客戶/競爭對手是 ST 致力於解決更多樣化的電源市場。但是一旦你得到 - 假設一旦啟動並運行 200 毫米，如果這一切都發生了，那就降低成本，這應該使紐約工廠成為最大的工廠之一，如果不是最大的 SiC 器件功率工廠的話。考慮到您的產能，如果可以的話，也許可以幫助我們按市場標準確定 200 毫米的產能。但是，考慮到您的能力，這是否會吸引您進入您的一些最大客戶正在解決的同樣多元化的電力市場？或者我們應該怎麼想？我有一個跟進，拜託。

Yes. Thanks a lot, Ed. I appreciate the question. So first off, that fab in New York is going to be a real big benefit for us because, obviously, it's substantially larger than what we have here in North Carolina. But equally important, it's a modern fab, highly automated with pretty significant expansion capability. So we're super excited about that.

是的。非常感謝，埃德。我很欣賞這個問題。所以首先，紐約的工廠對我們來說將是一個真正的大好處，因為很明顯，它比我們在北卡羅來納州的工廠要大得多。但同樣重要的是，它是一個現代化的晶圓廠，高度自動化，具有相當大的擴展能力。所以我們對此感到非常興奮。

In terms of addressing the broader, more diversified market, our challenge on that has been really more sales footprint related than technology related. And that's where this partnership with Arrow has been a huge positive for us, and we're very tightly coupled together with them, and it's worked out really well for us.

在應對更廣泛、更多樣化的市場方面，我們面臨的挑戰實際上更多是與銷售足跡相關，而不是與技術相關。這就是與 Arrow 的合作對我們來說是一個巨大的積極因素，我們與他們緊密結合在一起，對我們來說效果非常好。

In terms of the factory itself, Ed, I believe it's going to be the world's only 200-millimeter silicon carbide fab. It will be the world's first 200-millimeter silicon carbide fab. And we just believe that that's fundamentally going to give us a really good opportunity as we ramp that fab and start cranking the production in it.

就工廠本身而言，Ed，我相信它將成為世界上唯一的 200 毫米碳化矽工廠。這將是世界上第一座 200 毫米碳化矽晶圓廠。我們只是相信，當我們擴大工廠規模並開始在其中進行生產時，這將從根本上為我們提供一個非常好的機會。

Great. And I'd follow up if I could maybe, I don't know if Neill is on or Gregg, you can speak to it. But comments about the modest increase in orders in the material business driving growth in the next quarter and maybe out for the next couple of quarters kind of suggests that your material business, at least your epi business is no longer capacity limited so much as now you're just looking to fill orders.

偉大的。如果可以的話，我會跟進，我不知道是尼爾還是格雷格，你可以和它談談。但有關材料業務訂單溫和增長推動下一季度增長以及未來幾個季度可能出現增長的評論表明，您的材料業務，至少您的外延業務不再像現在這樣受到產能限制'只是想完成訂單。

So first of all, if we can get mark-to-market on that, are you up to capacity on epi and shipping to orders? And now that you are and if you look at some of the plans of some of your larger customers, for example, like X-Fab is almost done with their epi process and will be shifting probably increasingly to their own internal source for that. What is -- how do we look at the balance between what has been one of your fastest material growth areas, epi, and what is coming in the next year or so? Is native demand for your epi wafer still far enough, large enough to offset anything that people can take internally like X-Fab or help us get an idea of the balance if you could.

因此，首先，如果我們能夠在這方面實現按市場計價，那麼您是否能夠滿足 Epi 和按訂單發貨的能力？現在，如果您查看一些大客戶的一些計劃，例如，X-Fab 幾乎完成了他們的外延工藝，並且可能會越來越多地轉向他們自己的內部資源。什麼是——我們如何看待貴公司材料增長最快的領域之一 Epi 與明年左右的發展之間的平衡？對您的外延晶圓的本地需求是否仍然足夠大，足以抵消人們可以在內部使用的任何東西，例如 X-Fab，或者如果可以的話，幫助我們了解平衡。

Yes, maybe I'll start and then turn it over to Neill just for a little bit more color. I guess what I would say, Ed, is typically, what's been happening with our customer base in materials is a desire to take a certain percentage of the materials as bare and a higher percentage in epi. And I think as they get into it, there tends to be a trend of wanting more epi simply because we do epi pretty well and are pretty competitive, and the quality is actually quite high. Actually, we haven't seen that really change much at all. So I haven't seen much of a transition of that at all. Neill, I'll let you give a little bit more color.

是的，也許我會開始，然後把它交給尼爾，只是為了增加一點顏色。我想我會說，Ed，通常情況下，我們在材料方面的客戶群正在發生的事情是希望將一定比例的材料作為裸材料，並在 Epi 中獲得更高的百分比。而且我認為隨著他們進入它，往往會出現想要更多 Epi 的趨勢，這僅僅是因為我們的 Epi 做得很好並且很有競爭力，而且質量實際上相當高。實際上，我們根本沒有看到真正的變化。所以我根本沒有看到太多的轉變。尼爾，我會讓你多給點顏色。

Yes. I think we're caught up on the -- just on the demand side, Ed. But I think as we talk about the modest materials kind of pick up, I think that's just more of a supply and demand situation. We are seeing some pretty good strength in MOSFET. We're seeing a little bit more pickup on RF side and the device side. So I think it's just kind of ebb and flow of how supply and demand works within the materials market. And I think over time, what we'll see is we'll see that come back stronger. Right now, I think a little bit more modest. And as those things balance out, we'll manage through. But as Gregg said, I think there's still solid understanding from a customer standpoint of the quality of the epi that we've got. And we expect that to continue as we go forward.

是的。我認為我們趕上了 - 只是在需求方面，Ed。但我認為，當我們談論適度的材料回升時，我認為這更多的是供需情況。我們在 MOSFET 中看到了一些相當不錯的實力。我們在射頻端和設備端看到了更多的回升。所以我認為這只是材料市場供需如何運作的一種潮起潮落。我認為隨著時間的推移，我們會看到我們會看到更強大的回歸。現在，我覺得有點謙虛。隨著這些事情的平衡，我們將度過難關。但正如 Gregg 所說，我認為從客戶的角度來看，我們仍然對我們所擁有的 Epi 質量有充分的了解。我們希望隨著我們的前進，這種情況會繼續下去。

If I could maybe squeeze one real quick one in, I apologize. But can you remind us too on when LEDs will start moving out of Durham? If I remember, it's going to be there for a little while. So before you can expand significantly the wafer -- crystal wafer growth facility there, when will we see LED start to move out?

如果我可以擠一個真正快速的，我道歉。但是你能提醒我們什麼時候 LED 將開始從達勒姆移出嗎？如果我記得的話，它會在那裡待一會兒。因此，在您可以顯著擴大晶圓——那裡的晶體晶圓生長設施之前，我們什麼時候會看到 LED 開始遷出？

So yes, Ed, on the LED side, I think we've seen a big chunk of the crystal growth side already move out. We're really focused on the fab outsourcing at this point that's underway. And I think the -- or the real positives of the deal that we had done with SMART was that we'll continue that and will continue on the same time line that we had planned previously. So there's really no changes to the model. I think we've got -- I think we've made great progress on the crystal growth side, and we're working through the fab side right now.

所以是的，Ed，在 LED 方面，我認為我們已經看到晶體生長方面的很大一部分已經移出。在這一點上，我們真的專注於晶圓廠外包。我認為 - 或者我們與 SMART 達成的交易的真正積極因素是我們將繼續這樣做，並將繼續按照我們之前計劃的同一時間線。因此，模型實際上沒有任何變化。我認為我們已經 - 我認為我們在晶體生長方面取得了很大進展，我們現在正在通過晶圓廠方面進行工作。

Our next question comes from Paul Coster with JPMorgan.

我們的下一個問題來自摩根大通的 Paul Coster。

Neill, if I heard you correct, it sounds like you're going to get to the same kind of margin structure in '24 with 200 millimeter, as you might have done with the hybrid model. Can you explain that a little bit? Why is it not a better outcome? Or maybe I heard you wrong.

尼爾，如果我沒聽錯的話，聽起來您將在 24 年使用 200 毫米達到相同的邊距結構，就像您可能對混合模型所做的那樣。你能解釋一下嗎？為什麼不是更好的結果？或者我聽錯了。

No, that's right, Paul. I think what think about is when you're starting a new technology and you expand the diameter, there's a period of time where that's at a higher cost. So you don't get all the -- you don't get the full benefit of the bigger diameter until you've run it for a while, you have improved yields, you have improved cycle times as you work with the factory. And then eventually, there's kind of an intersection point. And it will take a couple of years for us to kind of work through that, ramp the fab, bring on utilization, et cetera. So I don't think it's a crossover point. And right now, there's a lot of puts and takes. We're adding some CapEx and depreciation. We're also adding in a new diameter. Like I said, there's a lot of moving pieces in there, but at the end of it all, when we get out to '24, we end up kind of back at the same spot.

不，沒錯，保羅。我認為，當您開始一項新技術並擴大直徑時，您會想到有一段時間成本更高。所以你不會得到所有——直到你運行了一段時間，你才能得到更大直徑的全部好處，你提高了產量，你在工廠工作時縮短了循環時間。然後最終，有一種交叉點。我們需要幾年的時間才能完成這項工作，增加晶圓廠的產能，實現利用率等等。所以我不認為這是一個交叉點。而現在，有很多看跌期權。我們正在增加一些資本支出和折舊。我們還增加了一個新的直徑。就像我說的那樣，那裡有很多移動的部分，但最終，當我們離開 24 歲時，我們最終會回到同一個地方。

Got you. And then the other question is, it sounds like judging by Gregg's prepared remarks at beginning that 2024 is the year of ramp. So what does '22 and '23 look like? Both -- is it a kind of step function? Is it smooth and accelerating adoption? And how the margins do you think -- how do you think they'll evolve over that 2-year period?

得到你。然後另一個問題是，從格雷格一開始準備的言論來看，2024 年是斜坡之年。那麼'22 和'23 是什麼樣的呢？兩者——它是一種階躍函數嗎？它是否順利並加速採用？你認為利潤率如何——你認為它們在這 2 年期間會如何發展？

I think it will be similar to what we talked about previously, Paul. So I think as you think about next year, kind of modest improvement, I think there's still an investment here as we think about that transition. And then it's really going to be function from a margin standpoint about how we look as you transition to Mohawk Valley. So it really isn't until the '23-'24 time frame where you're well north of 50% of the capacity coming out of Mohawk Valley. So the longer you're in Durham, the lower the margins are and the more capacity they move up the Mohawk Valley, the higher the margins will be.

我認為這將類似於我們之前談到的，保羅。所以我認為，當你考慮明年，適度的改進時，我認為在我們考慮這種過渡時，這裡仍然有投資。然後，從邊緣的角度來看，當你過渡到莫霍克山谷時，它真的會發揮作用。所以直到'23-'24 的時間框架，你才遠遠超過莫霍克山谷50% 的產能。因此，您在達勒姆停留的時間越長，利潤率就越低，他們向莫霍克山谷移動的容量越大，利潤率就越高。

So I think the trajectory of the business, as we've talked about it before, '21, '22, and that kind of inflection point, '23 are kind of the same as what we talked about before. The key difference is the CapEx plan will be a bit different, and we'll be much better positioned, in our view, with having 200 millimeter for several years.

所以我認為業務的發展軌跡，正如我們之前談到的，'21，'22，以及那種拐點，'23 和我們之前談到的一樣。關鍵區別在於資本支出計劃將有所不同，在我們看來，我們將擁有更好的定位，幾年內擁有 200 毫米。

Our next question comes from Colin Rusch with Oppenheimer.

我們的下一個問題來自 Colin Rusch 和 Oppenheimer。

As you look at ramping the 200 millimeter, is there a particular voltage that you're going to be focusing on? Is this all going to be 800-volt MOSFETs that you're ramping initially? Or are you going a little bit than that?

當您查看 200 毫米的斜升時，是否有您要關注的特定電壓？這一切都將是您最初正在斜坡上升的 800 伏 MOSFET 嗎？或者你會比那一點點？

It will be the range of our product technology. We've got driver products already understood and turn to what's going to go first. And -- but it will be the -- I don't know if it'll be the entire spectrum of products, but it will be the vast majority of what we do since we're targeting, Colin, to have greater than 50% of the output coming from Mohawk Valley in that 2024 time frame.

這將是我們產品技術的範圍。我們已經了解了驅動程序產品，並轉向首先要做什麼。而且 - 但它會是 - 我不知道它是否會是整個產品系列，但這將是我們所做的絕大多數事情，因為我們的目標是科林，擁有超過 50在 2024 年的時間範圍內，莫霍克谷的產出百分比。

Okay. That's helpful. And then in terms of the equipment suppliers on the deposition side, are you working with multiple suppliers? And are there any risks around those tools getting delivered on time with what you're seeing so far with your vendor?

好的。這很有幫助。然後就沉積方面的設備供應商而言，您是否與多家供應商合作？到目前為止，您在供應商處看到的這些工具是否存在按時交付的風險？

So far, things have gone okay on it in that regard. So -- and recall, I'll add back. We do have the pilot line in SUNY. So there's been some amount of delivery there. We're expanding the capability here in Durham. So there's been some of that. So I don't anticipate huge problem there. Neill, I don't know if you have any additional color you want to add on to that.

到目前為止，這方面的事情進展順利。所以 - 回想一下，我會補充一下。我們在紐約州立大學確實有試點線。所以那裡有一些交付。我們正在達勒姆擴大能力。所以有一些。所以我預計那裡不會有很大的問題。尼爾，我不知道你是否還有其他想要添加的顏色。

No, I think that's right. Again, we've been working on this for quite a while. These are long lead time type items. So we've a pretty good visibility as to what's going on. So I don't really see any disruption there.

不，我認為這是對的。同樣，我們已經為此工作了很長時間。這些是長交貨期類型的項目。所以我們對正在發生的事情有很好的了解。所以我真的看不到那裡有任何干擾。

Our next question comes from Joseph Osha with JMP Securities.

我們的下一個問題來自 JMP 證券公司的 Joseph Osha。

First, just a very simple question. I think all of us have been sort of tap dancing around. Now that Wolfspeed is our pure business, do you all have any plans to disclose the materials versus RF versus power breakdown? And I have a follow-up.

首先，只是一個非常簡單的問題。我想我們所有人都在跳踢踏舞。既然 Wolfspeed 是我們的純業務，你們是否都有計劃披露材料、射頻和功率故障？我有一個後續行動。

Joe, yes. So I think right now, we've decided to go with 1 segment moving forward. I think that's kind of how we run the business internally. And as you know, right now, we're kind of a $500 million run rate type business. So we think that makes sense for the time being.

喬，是的。所以我認為現在，我們決定繼續推進 1 個部分。我認為這就是我們在內部經營業務的方式。正如你所知，現在，我們是一家運營成本為 5 億美元的企業。所以我們認為這暫時是有道理的。

Okay. And then to follow up on a couple of the other questions, in particular, Colin's. You're seeing a lot of designs out there, especially for more performance vehicle platforms at 800 volts. And -- but then again, you've got some lower performance platforms out there still using IGBTs at lower power levels. I'm wondering if the economics of your products improve, could -- what's going to happen? Do you think those platforms sort of move up to 600 or 800 volts? Or do we see you trying to drive SSD power MOSFETs into some of those lower-voltage (inaudible) car platforms and whatnot?

好的。然後跟進其他幾個問題，特別是 Colin 的問題。您會看到很多設計，尤其是針對 800 伏特性能更高的車輛平台。而且——但話又說回來，你有一些性能較低的平台仍在使用較低功率水平的 IGBT。我想知道你們產品的經濟性是否會提高，會發生什麼？你認為這些平台的電壓會上升到 600 或 800 伏嗎？或者我們是否看到您試圖將 SSD 功率 MOSFET 驅動到一些低壓（聽不清）汽車平台等等？

H

H

Yes, Joe. So a couple of things, and let me start by reiterating what I've been saying basically for the last 3 years, which is we have been on a mission to transition the high-voltage power electronics market from silicon to silicon carbide. And part of the challenge to do that is to drive the cost of the fundamental silicon carbide technology, the substrates and the epi down. And so we've been marching on that and driving that with an intensity, like you wouldn't even imagine. Over the last 3 years, we've made tremendous amount of progress there, and we still see further opportunity for us to continue to make pretty decent progress ahead of us.

是的，喬。所以有幾件事，讓我首先重申我在過去 3 年中基本上一直在說的話，那就是我們一直致力於將高壓電力電子市場從矽過渡到碳化矽。實現這一目標的部分挑戰是降低基礎碳化矽技術、襯底和外延的成本。所以我們一直在朝著這個方向前進，並以你甚至無法想像的強度推動它。在過去的 3 年裡，我們在這方面取得了巨大的進步，我們仍然看到了進一步的機會，讓我們繼續在我們面前取得相當不錯的進步。

And so what we've been doing over the last 3 years is decreasing the gap between silicon and silicon carbide at that substrate level. Obviously, it never gets to be parity or anything like that. But we've been having some pretty good success at that. The fact that we're moving to 200-millimeter substrates, the fact that we're moving to a modern fab is going to give us continued opportunity there as well. So fundamentally, we've been on this mantra of driving the transition from silicon to silicon carbide via pretty substantial cost reductions of the fundamental technology.

因此，我們在過去 3 年中一直在做的事情是縮小襯底級別的矽和碳化矽之間的差距。顯然，它永遠不會是平價或類似的東西。但我們在這方面取得了一些相當不錯的成功。我們正在轉向 200 毫米基板的事實，我們正在轉向現代化工廠的事實也將為我們提供持續的機會。因此，從根本上說，我們一直致力於通過大幅降低基礎技術的成本來推動從矽向碳化矽的過渡。

Now the other thing we're seeing, and this is part of the feedback we're getting from our customers, is an increased look at silicon carbide across all the auto platforms, including 400 volts. So we're seeing customers at 400 volts see the advantage of silicon carbide and taking advantage of that and obviously, the higher voltage as well. So I think it's still to play out there, but we haven't been just sort of sitting around. On the cost side of things, we've been really driving it pretty hard. It's not for the faint of heart, but I think we've done a real good job of driving those costs down. And we still see pretty good line of sight for some pretty amazing cost reductions in the future. I think our customers are seeing that, too. They see that obviously, vis-à-vis what we quote, our economics that we offer to them, so I see it as a pretty big opportunity ahead of us, Joe.

現在我們看到的另一件事，這是我們從客戶那裡得到的反饋的一部分，是對所有汽車平台（包括 400 伏）的碳化矽的關注度增加。因此，我們看到 400 伏電壓的客戶看到了碳化矽的優勢，並利用了這一優勢，顯然，更高的電壓也是如此。所以我認為它仍然會在那裡發揮作用，但我們並不僅僅是坐在那裡。在成本方面，我們一直在努力推動它。這不適合膽小的人，但我認為我們在降低這些成本方面做得非常好。而且我們仍然看到了未來一些相當驚人的成本降低的良好前景。我認為我們的客戶也看到了這一點。他們很明顯地看到了這一點，相對於我們引用的內容，我們提供給他們的經濟，所以我認為這是擺在我們面前的一個相當大的機會，喬。

And I just want to sneak one more quick one in. Can you -- obviously, you've got existing obligations. But let's imagine it's the end of 2022, are you going to sign any more contracts to sell their wafers? Or would you rather just become a pure epi supplier in the materials market? And that's it for me.

我只是想再偷偷溜進去一個。你能 - 很明顯，你有現有的義務。但是讓我們想像一下現在是 2022 年底，您是否會簽署更多合同來銷售他們的晶圓？或者您更願意成為材料市場上的純外延供應商？對我來說就是這樣。

Yes. No, we work with customers. We obviously just signed an extension and expansion of a long-term agreement with a customer and that included bare and epi. We work with customers. We all understand that they have their own strategy. Some of them want to do more epi. So they ask for a higher percentage of bare and a lower percentage of epi. Some of them don't want to do that and ask for mostly epi. Some of them want to do epi and then find it difficult, so then come back and ask for higher percentages. So we're pretty flexible there, and we don't have a -- we don't bind ourselves to one particular model in that regard.

是的。不，我們與客戶合作。顯然，我們剛剛與客戶簽署了一項長期協議的延期和擴展，其中包括裸機和外延。我們與客戶合作。我們都明白他們有自己的策略。他們中的一些人想做更多的epi。所以他們要求更高比例的裸露和更低比例的外延。他們中的一些人不想那樣做，主要要求 Epi。他們中的一些人想做 Epi，然後覺得很難，所以然後回來要求更高的百分比。所以我們在這方面非常靈活，我們沒有 - 在這方面我們不會將自己綁定到一個特定的模型。

Our last question comes from David O'Connor with Exane BNP Paribas.

我們的最後一個問題來自 Exane BNP Paribas 的 David O'Connor。

Firstly, maybe on the 200 millimeter. So Gregg, the design wins you won in 2020, just to clarify, around $2.3 billion, will all that now be -- of the automotive part, will all that now be on 200 millimeters? And then on the MOSFET yield, the issues that you've had on 6 inch, are they now solved? And how should we reconcile the kind of move to 200 millimeter with the yield issues you had on 6, does that mean that they're solved on 8 inch already? Or do you need to go through that learning cycle down the road on the 8 inch as well? And I have a follow-up on the materials side.

首先，可能在 200 毫米上。因此，格雷格，您在 2020 年贏得的設計勝出，只是為了澄清一下，大約 23 億美元，現在所有的汽車零件，現在都在 200 毫米上嗎？然後是 MOSFET 良率，你在 6 英寸上遇到的問題，現在解決了嗎？我們應該如何協調移動到 200 毫米與您在 6 上遇到的良率問題，這是否意味著它們已經在 8 英寸上解決了？或者你是否也需要在 8 英寸的道路上經歷那個學習週期？我在材料方面進行了跟進。

Yes. Thanks a lot, David. So first off, in terms of ramping with customers, obviously, we have an existing facility in Durham. So we're shipping product at 150 millimeters. We'll begin production of 200 millimeter in Mohawk Valley in early next year, and then we'll have to qualify that and work with customers. So there's going to be a blend of -- there's going to -- it's initially going to be 150, and then it will be a blend of the 2, and then it will move towards mostly 200 over a period of time that is the designing cycle.

是的。非常感謝，大衛。因此，首先，就與客戶的合作而言，顯然，我們在達勒姆有一個現有的設施。因此，我們以 150 毫米的尺寸運送產品。我們將於明年初在莫霍克谷開始生產 200 毫米，然後我們必須對其進行認證並與客戶合作。所以將會混合——將會——它最初將是 150，然後它將是 2 的混合，然後它將在一段時間內接近 200，這就是設計循環。

And again, what's really important on that is the transition to Mohawk Valley now will be a single transition and added just simply a 200 millimeter versus a double transition of 150 in Mohawk Valley and then 200 millimeter.

再一次，真正重要的是，現在向莫霍克山谷的過渡將是一個單一的過渡，只增加一個 200 毫米，而莫霍克山谷的雙過渡是 150 毫米，然後是 200 毫米。

And then as it relates to the yield issues, I would really qualify those or characterize those yield issues as really a yield that we ramp up our Durham factory with MOSFETs. It happened to be in a transition to 150 millimeter, but the issues associated with that yield are really independent of the substrate and are really associated with the factory itself, it's a relatively small factory. It's a relatively dated factory. And there's lack of automation and things like that. We are making progress on the yields as we talk about.

然後，當它涉及到良率問題時，我真的會限定這些或將這些良率問題描述為真正的良率，我們用 MOSFET 提升我們的達勒姆工廠。它恰好在向 150 毫米過渡，但與該良率相關的問題實際上與基板無關，並且與工廠本身有關，它是一家相對較小的工廠。這是一個相對陳舊的工廠。而且缺乏自動化之類的東西。正如我們所說，我們在收益率方面取得了進展。

And as an example, this past quarter, our team achieved and actually exceeded a little bit the yield goals that we had for the quarter, and we've got obviously improvement goals for this quarter as well. But I think it's going to -- we're going to continue grinding on that. The factories are working the best they can, but they're relatively dated factories with not a lot of automation.

舉個例子，在上個季度，我們的團隊實現並實際上超過了我們在本季度設定的收益目標，而且我們在本季度也有明顯的改進目標。但我認為它會 - 我們將繼續努力。這些工廠正在盡其所能，但它們是相對過時的工廠，自動化程度不高。

As we move to Mohawk Valley, we're actually working through some of those issues right now because we have, at our disposal, a pilot line in SUNY, Albany. And again, David, as I mentioned earlier, we've actually converted that pilot line to 200 millimeter. So we're already beginning some preproduction running, we've had a number of learning cycles that we've run through there and the pilot line team was part of the overall organization that gave the go/no-go on let's move forward with 200 millimeter out of the -- right out of the chute in Mohawk Valley, and we got the thumbs up there, too.

當我們搬到莫霍克谷時，我們實際上正在解決其中的一些問題，因為我們在奧爾巴尼的紐約州立大學有一條試驗線可供我們使用。再說一次，大衛，正如我之前提到的，我們實際上已經將試驗線轉換為 200 毫米。所以我們已經開始了一些預生產運行，我們已經經歷了許多學習週期，並且試點團隊是整個組織的一部分，讓我們繼續前進200 毫米外——就在莫霍克山谷的滑道外，我們也豎起大拇指。

So I feel like that transition will be -- nothing is easy, but that transition is going to be better because we're going to be a highly automated factory. There is going to be very little human error intervention that we have typically out of our nonautomated factories. So hopefully, that helps with your question. And I think you had a follow-up.

所以我覺得這種轉變會是——沒有什麼是容易的，但這種轉變會更好，因為我們將成為一個高度自動化的工廠。我們通常在非自動化工廠中很少有人為錯誤干預。因此，希望這對您的問題有所幫助。我認為你有後續行動。

Yes, that's great color. And maybe quickly on the follow-up on the material side of things. So you've extended a long-term agreement with one of your customers. At the same time, we see someone like Infineon struck a deal with GT Advanced for silicon carbide boules. Does this change anything in the model when you look out a few years on the material side? Or how should we kind of think about those type of deals for the materials perspective going forward?

是的，這是很棒的顏色。也許很快就會跟進物質方面的事情。因此，您已與您的一位客戶延長了長期協議。與此同時，我們看到像英飛凌這樣的公司與 GT Advanced 達成了碳化矽晶錠的交易。當您在材料方面觀察幾年時，這是否會改變模型中的任何內容？或者我們應該如何考慮未來材料方面的此類交易？

Well, yes, a couple of things. So first off, it's -- I think it's pretty well-known in the industry that there is this big transition from silicon to silicon carbide. And many of our materials customers are -- have internal plans to try to have their own capability in terms of the materials. And that's very -- they've been very transparent about that with us and with the industry at large.

嗯，是的，有幾件事。所以首先，它是 - 我認為在行業中非常有名的是從矽到碳化矽的巨大轉變。我們的許多材料客戶都有內部計劃，試圖在材料方面擁有自己的能力。這非常 - 他們對我們和整個行業都非常透明。

There are tremendous barriers to entry that we've talked about. And -- but I think that's a strategy that they're pursuing and to be honest with you, kind of makes sense from my perspective. I think they'll find that the difficulties and the barriers are pretty challenging. We've got 30 years of work in this area. And we've got our set of battle scars, and all of those things have gone into putting us in the position that we're in today, which is we're now leading the industry transition to 200 millimeter. So we feel pretty good about that.

我們已經談到了巨大的進入壁壘。而且 - 但我認為這是他們正在追求的策略，老實說，從我的角度來看，這是有道理的。我想他們會發現困難和障礙是相當具有挑戰性的。我們在這個領域已經做了 30 年的工作。我們已經有了一系列的戰鬥傷痕，所有這些都使我們處於今天的位置，即我們現在正在引領行業過渡到 200 毫米。所以我們對此感覺很好。

So I don't think any of these announcements change anything from that perspective to the extent that customers want to sign up with us. We're very excited about that. The agreements that we have are not sort of how much for this year and this year only. There we don't give a lot of detail, but you can kind of think of them as kind of half-a-decade type time frame. And so these are long-term agreements that assure them of a supply of material and products and assure us a revenue stream and a scale that helps us from a learning cycle perspective.

因此，我認為這些公告中的任何一個都不會從這個角度改變任何客戶想要與我們簽約的程度。我們對此感到非常興奮。我們達成的協議不是今年有多少，而且僅限於今年。我們沒有提供很多細節，但你可以把它們想像成半個十年類型的時間框架。因此，這些是長期協議，可向他們保證材料和產品的供應，並向我們保證從學習週期的角度來看有助於我們的收入來源和規模。

This concludes the question-and-answer session. I would now like to turn the call back over to Gregg Lowe for closing remarks.

問答環節到此結束。我現在想將電話轉回給 Gregg Lowe 以結束髮言。

Well, thanks, everybody, for your interest in Wolfspeed, and we look forward to catching up with you on our next earnings call. Thank you.

好吧，謝謝大家對 Wolfspeed 的興趣，我們期待在下一次財報電話會議上與您聯繫。謝謝你。

Ladies and gentlemen, this concludes today's conference call. Thank you for participating. You may now disconnect.

女士們，先生們，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。