Wolfspeed Inc (WOLF) 2020 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，感謝大家的支持，歡迎參加 Cree 2020 財年第三季財報電話會議。

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

（操作員指示）請注意，今天的會議正在錄製中。

(Operator Instructions) I would now like to hand the conference over to your speaker today, Tyler Gronbach, Vice President, Investor Relations.

（操作員指示）我現在想將會議交給今天的發言人，投資者關係副總裁泰勒·格隆巴赫（Tyler Gronbach）。

Thank you.

謝謝。

Please go ahead, sir.

請繼續，先生。

Thank you, and good afternoon, everyone.

謝謝大家，大家下午好。

Welcome to Cree's Third Quarter Fiscal 2020 Conference Call.

歡迎參加 Cree 2020 財年第三季電話會議。

Today, Cree's CEO, Gregg Lowe; and Cree's CFO, Neill Reynolds, will report on the results for the third quarter of fiscal year 2020 and discuss current circumstances related to the COVID-19 outbreak.

今天，Cree 執行長 Gregg Lowe； Cree 財務長 Neill Reynolds 將報告 2020 財年第三季的業績，並討論與 COVID-19 爆發相關的當前情況。

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公佈非 GAAP 財務業績，這與管理層內部衡量 Cree 業績的方式一致。

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

非 GAAP 結果不符合 GAAP，且可能無法與其他公司提供的非 GAAP 資訊進行比較。

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

非公認會計原則資訊應被視為根據公認會計原則編制的財務報表的補充，而不是替代。

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.

我們的新聞稿中提供了與最直接可比較的公認會計準則衡量標準的對賬，並與其他關鍵指標的歷史摘要一起發佈在我們網站的投資者關係部分。

Today's discussion includes forward-looking statements about our business outlook, and we may make other forward-looking statements during the call.

今天的討論包括有關我們業務前景的前瞻性陳述，我們可能會在電話會議期間做出其他前瞻性陳述。

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

此類前瞻性陳述面臨眾多風險和不確定性。

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.

我們今天的新聞稿和新聞稿中提到的 SEC 文件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。

During the Q&A session, we would ask that you limit yourself to one question and one follow-up so that we can accommodate as many questions as possible during today's call.

在問答環節中，我們會要求您將自己限制在一個問題和一個後續問題上，以便我們在今天的電話會議中能夠容納盡可能多的問題。

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

如果您還有任何其他問題，請在通話後隨時與我們聯繫。

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

現在我想把電話轉給格雷格。

Thank you, Tyler, and good afternoon, everyone, and thank you for joining us today.

謝謝泰勒，大家下午好，謝謝您今天加入我們。

Before we get started, our thoughts go out to those affected by COVID-19 and to those working on the front lines to keep us safe during this pandemic.

在我們開始之前，我們向那些受新冠肺炎 (COVID-19) 影響的人們以及在這場大流行期間保護我們安全的前線工作人員表示慰問。

I'd also like to give a heartfelt thank you to all Cree employees for their extraordinary efforts.

我還要對所有 Cree 員工的非凡努力表示衷心的感謝。

I've been working at our headquarters here in North Carolina since the beginning of the outbreak to do my day job and also help out in the mornings and the afternoons with our health screening process as people arrive on campus for their shifts.

自從疫情爆發以來，我一直在北卡羅來納州的總部工作，從事日常工作，並在早上和下午當人們到達校園輪班時幫助我們進行健康檢查。

I cannot express enough how proud I am of our people for their dedication to keeping our business running and serving our customers during this difficult time.

我無法表達我對我們員工的自豪之情，他們在這個困難時期致力於維持我們的業務運作並為我們的客戶提供服務。

Our manufacturing facilities in the U.S. continue to operate as essential businesses.

我們在美國的製造工廠繼續作為重要業務運作。

And we are closely monitoring the guidelines from local, state and federal officials.

我們正在密切關注地方、州和聯邦官員的指導方針。

While the COVID-19 situation is rapidly evolving, we remain steadfast in our commitment to the following key priorities.

儘管 COVID-19 情況正在迅速發展，但我們仍然堅定地致力於以下關鍵優先事項。

First, the health and safety of our employees, customers and partners remains our highest priority.

首先，員工、客戶和合作夥伴的健康和安全仍然是我們的首要任務。

We have instituted stringent safety measures, including robust screening, social distancing and cleaning protocols in all of our facilities.

我們在所有設施中製定了嚴格的安全措施，包括嚴格的篩選、社交距離和清潔規程。

We also have deferred all business travel and instituted work-from-home policies whenever feasible to protect our people as well as the partners we interact with.

我們也推遲了所有商務旅行，並在可行的情況下制定了在家工作政策，以保護我們的員工以及與我們互動的合作夥伴。

Second, we are focused on maintaining business continuity across our global operations.

其次，我們致力於維持全球營運的業務連續性。

To that end, we have implemented plans to ensure we can continue to deliver for our customers while managing our diverse supply chain.

為此，我們實施了計劃，以確保我們能夠繼續為客戶提供服務，同時管理我們多元化的供應鏈。

Our sales teams have embraced the use of digital platforms and remain in constant contact with our customers and partners along with our dedicated engineering and support staff.

我們的銷售團隊已經接受了數位平台的使用，並與我們的客戶和合作夥伴以及我們專門的工程和支援人員保持持續聯繫。

Lastly, we are working hard to ensure that when this crisis subsides, we will be ready to emerge even as an even stronger business and well positioned to capitalize on the long-term opportunities for silicon carbide.

最後，我們正在努力確保當這場危機消退時，我們將做好準備，成為一家更強大的企業，並做好充分利用碳化矽長期機會的準備。

We continue to believe that we stand before a multi-decade growth opportunity for silicon carbide adoption and remain committed to investing in our capacity to meet this long-term demand.

我們仍然相信，我們面臨著碳化矽採用的數十年成長機會，並繼續致力於投資我們的產能，以滿足這一長期需求。

Importantly, many of our customers have indicated that their long-term plans remain in place, including our long-term wafer supply agreements, the delivery of electric vehicles to the market and the rollout of 5G.

重要的是，我們的許多客戶表示他們的長期計劃仍然存在，包括我們的長期晶圓供應協議、向市場交付電動車以及推出 5G。

We are recognized as a valued partner in these endeavors and continue to receive strong validation for our technology from our diverse customer base.

我們被公認為這些努力中的重要合作夥伴，並繼續從我們多元化的客戶群中獲得對我們技術的強有力的認可。

I'll now turn it over to Neill, who will provide an overview of our results for the third quarter of fiscal 2020 and an outlook for Q4.

我現在將其交給 Neill，他將概述我們 2020 財年第三季的業績以及第四季的前景。

Neill?

尼爾？

Thank you, Gregg.

謝謝你，格雷格。

Overall, our third quarter performance was negatively impacted by softening global demand and some disruptions to our manufacturing operations arising from the COVID-19 pandemic.

總體而言，我們第三季的業績受到全球需求疲軟以及 COVID-19 大流行造成的製造業務中斷的負面影響。

In line with our pre-announcement issued earlier this month, revenues for the third quarter of fiscal 2020 were $216 million, a decrease of 21% year-over-year.

根據我們本月稍早發布的預告，2020 財年第三季營收為 2.16 億美元，年減 21%。

Our LED segment revenue decreased 23% year-over-year, largely driven by the slowdown of the Chinese economy in light of the COVID-19 outbreak and associated disruption to our manufacturing facilities.

我們的 LED 部門收入年減 23%，這主要是由於 COVID-19 爆發導致中國經濟放緩以及我們製造設施的相關中斷。

While Wolfspeed revenue declined 19% year-over-year due to ongoing weakness in power and RF device sales and a temporary shutdown of our Morgan Hill facility, our non-GAAP net loss was $16 million or $0.14 per diluted share.

雖然由於電源和射頻設備銷售持續疲軟以及摩根山工廠暫時關閉，Wolfspeed 收入年減 19%，但我們的非 GAAP 淨虧損為 1,600 萬美元，即稀釋後每股虧損 0.14 美元。

Our third quarter non-GAAP earnings exclude $46 million of expense net of tax or $0.43 per diluted share for noncash stock-based compensation, acquired intangibles amortization, accretion on our convertible notes, transformation- and transaction-related costs, factory optimization restructuring costs and other items outlined in today's earnings release.

我們第三季的非公認會計準則收益不包括4,600 萬美元的稅後費用或稀釋後每股0.43 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、轉型和交易相關成本、工廠優化重組成本和今天的財報中概述的其他項目。

Let's review our third quarter performance by segment.

讓我們按部門回顧一下我們第三季的業績。

Wolfspeed quarterly revenue declined year-over-year and sequentially to $114 million.

Wolfspeed 季度營收年減至 1.14 億美元。

This is primarily due to ongoing softness in our power and RF businesses that have been negatively impacted by the lower China EV demand and slower-than-anticipated 5G base station appointments outside of China.

這主要是由於我們的電力和射頻業務持續疲軟，受到中國電動車需求下降以及中國境外 5G 基地台任命慢於預期的負面影響。

In our power business in the near term, we expect COVID-19 to impact our customers' operations, as overall auto sales will be weaker in calendar 2020.

在短期內我們的電力業務中，我們預計 COVID-19 將影響我們客戶的運營，因為 2020 年整體汽車銷售將疲軟。

But our customers tell us they remain committed to their EV investments and are planning to maintain their original ramp schedules.

但我們的客戶告訴我們，他們仍然致力於電動車投資，並計劃維持原來的增產計畫。

In addition, despite the uncertainty, we are currently seeing a strengthening in our backlog related to both power and RF customers.

此外，儘管存在不確定性，但我們目前看到與電源和射頻客戶相關的積壓訂單有所增加。

However, we remain cautious in our outlook, as it is not yet clear how the pandemic will impact end customer demand in the coming quarters.

然而，我們對前景仍持謹慎態度，因為尚不清楚疫情將如何影響未來幾季的最終客戶需求。

In our RF business, our third quarter performance was negatively impacted by a temporary shutdown of our Morgan Hill facility.

在我們的射頻業務中，我們第三季的業績受到摩根山工廠暫時關閉的負面影響。

The facility was closed for approximately 2 weeks in March to comply with county guidelines prior to receiving an essential business designation from the State of California.

在獲得加州的基本業務指定之前，該設施於 3 月關閉了大約兩週，以遵守縣指南。

The Morgan Hill facility resumed its operations on March 30 following the implementation of several measures prior to reopening to ensure employee safety.

摩根山工廠在重新開放前採取了多項措施以確保員工安全後，於 3 月 30 日恢復營運。

In 5G, we continue to be impacted by ongoing delays in infrastructure rollouts.

在 5G 領域，我們繼續受到基礎設施部署持續延遲的影響。

While there continues to be significant uncertainty in this market, customers who want to leverage the higher frequencies and higher efficiency output possible from GaN on silicon carbide solutions for their 5G infrastructure products remain very interested in our technology.

儘管該市場仍然存在很大的不確定性，但希望將碳化矽上氮化鎵解決方案的更高頻率和更高效率輸出用於其 5G 基礎設施產品的客戶仍然對我們的技術非常感興趣。

Overall, the situation remains very fluid.

總體而言，局勢仍然非常不穩定。

And as I mentioned earlier, we are encouraged to see early indications of improving demand for our products despite overall near-term headwinds.

正如我之前提到的，儘管近期整體面臨阻力，但看到我們產品需求改善的早期跡象，我們感到很鼓舞。

Our materials business continues to be fortified by our strategic long-term agreements, and the business performed as expected in the quarter.

我們的材料業務繼續透過我們的策略性長期協議得到加強，並且本季的業務表現符合預期。

Looking ahead, while we are seeing some normal variation within the confines of these agreements, we will see a decline in revenue in the short-term as one non-semiconductor customer was not designated as an essential business and is not operating at this time.

展望未來，雖然我們在這些協議的範圍內看到一些正常的變化，但由於一名非半導體客戶未被指定為重要業務且目前未運營，因此短期內收入將下降。

We have stopped shipping to them, which will cause revenue to decline in Q4.

我們已經停止向他們發貨，這將導致第四季度的收入下降。

Wolfspeed gross margin was 40%.

Wolfspeed 毛利率為 40%。

The year-over-year and sequential decline were primarily driven by lower utilization caused by the factory's shutdown in Morgan Hill and by lower-than-expected yields related to the ramp of our 150-millimeter MOSFET product.

年比和季比下降的主要原因是摩根山工廠關閉導致利用率下降，以及與我們的 150 毫米 MOSFET 產品的產能提升相關的產量低於預期。

LED product revenue was $102 million and decreased 15% sequentially.

LED 產品營收為 1.02 億美元，季減 15%。

While the third quarter is usually seasonally weak, this was further amplified by the extended Lunar New Year holiday in China and subsequent global development in response to COVID-19.

雖然第三季通常是季節性疲軟，但中國農曆新年假期的延長以及隨後對 COVID-19 的全球發展進一步加劇了這種疲軟。

Positively, we have started to see a recovery in LED demand, and we are encouraged by the improving order flow in the first few weeks of the fourth quarter, even though we expect the COVID-19 crisis to have a lingering effect on some customers.

積極的一面是，我們已經開始看到 LED 需求的復甦，並且我們對第四季度前幾週訂單流的改善感到鼓舞，儘管我們預計 COVID-19 危機將對一些客戶產生揮之不去的影響。

LED gross margin was 20%, primarily due to lower factory utilization, given the extended shutdown of our Chinese operations.

LED 毛利率為 20%，主要是由於我們中國業務的長期停工導致工廠利用率降低。

Unallocated costs totaled $2 million for the third quarter of fiscal 2020 and are included in our overall cost to reconcile the $64 million non-GAAP gross profit and 29.8% gross margin for the company.

2020 財年第三季的未分配成本總計 200 萬美元，已包含在我們的總體成本中，以協調公司 6,400 萬美元的非 GAAP 毛利和 29.8% 的毛利率。

Non-GAAP operating expenses for Q3 were $86 million, and our non-GAAP tax rate was 19%.

第三季的非 GAAP 營運費用為 8,600 萬美元，我們的非 GAAP 稅率為 19%。

In light of the ongoing COVID-19 situation, we are managing our operating expenses prudently, optimizing what needs to be done now to support future growth while deferring nonessential costs.

鑑於當前的 COVID-19 形勢，我們正在謹慎管理營運支出，優化現在需要做的事情以支持未來的成長，同時推遲不必要的成本。

Now I'd like to take a moment to discuss our balance sheet strength and ample liquidity, which we believe provides us the necessary flexibility to navigate the current environment, support our business operations and maintain our capital expenditure plans to support future growth.

現在我想花點時間討論一下我們的資產負債表實力和充足的流動性，我們相信這為我們提供了必要的靈活性來應對當前環境、支持我們的業務運營並維持我們的資本支出計劃以支持未來的成長。

We ended the quarter with $853 million in cash and short-term investments, $0 balance on our line of credit and convertible debt with a total face value of $575 million.

截至本季末，我們的現金和短期投資為 8.53 億美元，信貸額度餘額為 0 美元，可轉換債務面額總額為 5.75 億美元。

For the third quarter, days sales outstanding came in at 53 days, and inventory days on hand was 99 days.

第三季度，應收帳款天數為 53 天，庫存天數為 99 天。

Cash used in operations was $28 million and capital expenditures were $70 million in the third quarter, resulting in a negative free cash flow of $98 million.

第三季營運使用的現金為2,800萬美元，資本支出為7,000萬美元，導致自由現金流為負9,800萬美元。

For fiscal 2020, we are now targeting CapEx of approximately $240 million, a slight increase from what we have communicated previously, which reflects the purchase of some tools at favorable pricing that will be used as part of our capacity expansion.

對於 2020 財年，我們目前的目標資本支出約為 2.4 億美元，比我們之前溝通的略有增加，這反映出以優惠的價格購買了一些工具，這些工具將用作我們產能擴張的一部分。

While near-term market conditions are fluid, we haven't seen any changes on the long-term outlook at this time, which is why our long-term strategy to increase our silicon carbide capacity and related capital expenditure plans remain intact.

雖然近期市場狀況不穩定，但我們目前尚未看到長期前景發生任何變化，這就是為什麼我們增加碳化矽產能的長期策略和相關資本支出計畫保持不變。

Having our new New York Mohawk Valley Fab up and running by 2022 and expanding our materials factory in Durham, North Carolina is critically important to deliver on our customer commitments and win additional business currently in the pipeline.

到 2022 年，我們新的紐約莫霍克谷工廠建成並投入運營，並擴建我們位於北卡羅來納州達勒姆的材料工廠，對於履行我們的客戶承諾並贏得目前正在醞釀的其他業務至關重要。

Now considering the uncertainty surrounding the COVID-19 pandemic, we elected to maximize our financial flexibility with our successful convertible notes offering completed earlier this month.

現在考慮到 COVID-19 大流行的不確定性，我們選擇透過本月稍早成功完成的可轉換票據發行來最大限度地提高我們的財務靈活性。

We decided to take advantage of favorable market conditions to derisk all possible scenarios by securing extra capital to ensure we can meet our commitments regardless of the timing, pace and duration of recovery post-COVID-19.

我們決定利用有利的市場條件，透過獲取額外資本來降低所有可能情況的風險，以確保我們能夠履行我們的承諾，無論 COVID-19 後恢復的時間、速度和持續時間如何。

Importantly, our new convertible debt structure lowers and extends our maturities past our period of heavy CapEx investments at our Mohawk Valley Fab and Durham materials factory.

重要的是，我們新的可轉換債務結構降低並延長了我們的期限，超過了我們在莫霍克谷工廠和達勒姆材料工廠進行大量資本支出投資的時期。

Now turning to our outlook.

現在轉向我們的展望。

While we expect the COVID-19 crisis will continue to adversely affect our performance this quarter, it remains difficult to fully evaluate its impact on the overall demand environment and our manufacturing operations.

雖然我們預計 COVID-19 危機將繼續對我們本季的業績產生不利影響，但仍很難全面評估其對整體需求環境和我們製造業務的影響。

To account for this heightened level of uncertainty, we are providing a wider-than-usual guidance range for the fourth quarter of fiscal 2020 based on what we know today.

為了應對這種高度的不確定性，我們根據目前所知，為 2020 財年第四季提供了比平常更廣泛的指導範圍。

We're targeting revenue in a range of $185 million to $215 million based on the following segment trends.

根據以下細分市場趨勢，我們的目標收入在 1.85 億美元至 2.15 億美元之間。

Wolfspeed revenue is expected to be between $100 million to $115 million.

Wolfspeed 收入預計在 1 億至 1.15 億美元之間。

While the underlying demand for our power and RF devices is improving, we continue to navigate near-term headwinds, including the impact of COVID-19 related to more stringent safety measures that we implemented to protect our employees, which will lower factory utilization and productivity.

雖然對我們的電源和射頻設備的潛在需求正在改善，但我們繼續應對近期的不利因素，包括與我們為保護員工而實施的更嚴格的安全措施相關的COVID-19 的影響，這將降低工廠利用率和生產力。

LED revenue is expected to be between $85 million to $100 million, mainly due to supply constraints.

LED 收入預計在 8,500 萬美元至 1 億美元之間，主要由於供應限制。

We target Cree's Q4 non-GAAP gross margin to be between 25% to 28% based on the following segment trends.

根據以下細分市場趨勢，我們將 Cree 第四季非 GAAP 毛利率目標定在 25% 至 28% 之間。

We target Wolfspeed gross margin to be approximately 33% to 35%, mainly reflecting lower factory utilization and productivity due to the safety measures that I just mentioned.

我們的目標是 Wolfspeed 毛利率約為 33% 至 35%，主要反映了我剛才提到的安全措施導致工廠利用率和生產率下降。

As previously discussed, we are also still experiencing lower-than-expected yields on our 150-millimeter MOSFET product line, which have not yet fully returned to expected levels.

如同先前所討論的，我們的 150 毫米 MOSFET 產品線的良率仍然低於預期，尚未完全恢復到預期水準。

We target LED gross margin to be approximately 19% to 21% due to lower volumes.

由於產量較低，我們的 LED 毛利率目標約為 19% 至 21%。

We are targeting GAAP operating expenses to range between $83 million and $84 million, as we continue to prudently manage our costs while executing our planned investments in our Wolfspeed business, prepare products for production in our Mohawk Valley Fab, which we plan to ramp in 2022.

我們的目標 GAAP 營運費用在 8,300 萬美元至 8,400 萬美元之間，因為我們在執行 Wolfspeed 業務計劃投資的同時繼續謹慎管理成本，為莫霍克谷工廠的生產準備產品，我們計劃在 2022 年擴大產能。

We target Q4 non-GAAP operating loss to be between $23 million to $38 million.

我們的目標是第四季度非 GAAP 營運虧損在 2,300 萬美元至 3,800 萬美元之間。

And we target nonoperating income to be approximately $1 million.

我們的目標是營業外收入約 100 萬美元。

We expect our non-GAAP effective tax rate to be approximately 30%.

我們預計非 GAAP 有效稅率約為 30%。

We are targeting Q4 non-GAAP net loss to be between $25 million to $16 million or a loss between $0.23 to $0.15 per diluted share.

我們的目標是第四季非 GAAP 淨虧損為 2,500 萬美元至 1,600 萬美元，或稀釋後每股虧損 0.23 至 0.15 美元。

Our non-GAAP EPS target excludes acquired intangibles amortization, noncash stock-based compensation, gain on debt extinguishment, accretion on our convertible notes, transformation- and transaction-related costs, factory optimization restructuring costs and other items.

我們的非公認會計準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、債務清償收益、可轉換票據增值、轉型和交易相關成本、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.

我們第四季的目標是基於幾個可能存在很大差異的因素，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.

說到這裡，我現在將討論轉回格雷格身上。

Thanks, Neill.

謝謝，尼爾。

Picking up on what Neill was just talking about, I'd like to provide additional color on the latest trends we're seeing as we navigate the near-term environment.

接續尼爾剛才談論的內容，我想就我們在應對近期環境時所看到的最新趨勢提供更多資訊。

While we cannot predict when COVID-19 will start to subside, we expect to maintain the health measures that we have put in place for the next several months.

雖然我們無法預測 COVID-19 何時開始消退，但我們預計將在未來幾個月維持我們已採取的衛生措施。

We are also planning to stagger the return of those employees working from home and don't expect to be back to a more normal operating environment until sometime late this summer.

我們也計劃錯開那些在家工作的員工的返回時間，預計要到今年夏末的某個時候才能恢復到更正常的營運環境。

This measured, cautious approach is being done to help protect the safety of our people.

採取這種謹慎、謹慎的方法是為了幫助保護我們人民的安全。

Our more stringent safety measures, coupled with the overall operating environment, will present some challenges for us in the near term, but we believe the long-term demand remains robust.

我們更嚴格的安全措施，加上整體營運環境，將在短期內為我們帶來一些挑戰，但我們相信長期需求仍然強勁。

As we previously mentioned, we are expecting decisions on a significant portion of our roughly $9 billion pipeline in the coming 12 months.

正如我們之前提到的，我們預計在未來 12 個月內就我們約 90 億美元的管道中的很大一部分做出決定。

As we remain closely engaged with our customers, we are very encouraged by the positive sentiment we're hearing from them, with many of them reconfirming the need for silicon carbide technology.

由於我們與客戶保持密切聯繫，我們對他們的正面情緒感到非常鼓舞，其中許多人再次確認了對碳化矽技術的需求。

We've also been extremely pleased with how our teams have quickly adapted to the current environment, embracing the use of digital platforms to pursue and win business.

我們也對我們的團隊如何快速適應當前環境、利用數位平台來尋求和贏得業務感到非常滿意。

The level of engagement is impressive with meetings on our digital collaboration hub totaling more than 1,000 a day, conference calls up fourfold and sales pitches per week up 7x in the last 5 weeks.

在過去 5 週內，我們的數位協作中心每天舉行的會議總數超過 1,000 場，電話會議數量增加了四倍，每週的銷售推介增加了 7 倍，參與度令人印象深刻。

This has led to increased sales productivity as our sales team has secured more than 500 design-in awards totaling approximately $400 million in the quarter.

這提高了銷售效率，因為我們的銷售團隊在本季獲得了 500 多個設計獎項，總金額約為 4 億美元。

We also continue to identify attractive design opportunities and projects at a similar pace as in the prior quarters.

我們也繼續以與前幾季相似的速度尋找有吸引力的設計機會和專案。

This connects nicely with the work we're also doing with Arrow Electronics to build a silicon carbide pipeline, leveraging their massive digital sales footprint.

這與我們與 Arrow Electronics 合作建立碳化矽管道、利用其龐大的數位銷售足跡的工作緊密相連。

Arrow's digital media operations are the world's largest, connected to 80% of the global engineering community through 30-plus media sites that attract 15 million monthly users and generate more than 50 million page views per month.

Arrow 的數位媒體業務是全球最大的，透過 30 多個媒體網站與全球 80% 的工程界建立聯繫，每月吸引 1,500 萬用戶，每月產生超過 5,000 萬次頁面瀏覽量。

Additionally, we recently announced with Arrow the release of our new 650-volt silicon carbide MOSFET that will deliver higher efficiency for a wide range of industrial applications and help foster the next generation of onboard EV charging, data centers, energy storage solutions to reshape our cloud and renewable energy infrastructures.

此外，我們最近與Arrow 宣布推出新型650 伏特碳化矽MOSFET，該產品將為廣泛的工業應用提供更高的效率，並有助於培育下一代車載電動車充電、資料中心、能源儲存解決方案，從而重塑我們的雲端和再生能源基礎設施。

This partnership is helping drive the transition from traditional silicon to silicon carbide in the power electronics market, and the initial feedback on this new product launch is very encouraging.

這種合作關係正在幫助推動電力電子市場從傳統矽向碳化矽的轉變，並且對此次新產品發布的初步反饋非常令人鼓舞。

We also remain encouraged by the tremendous opportunity in recent developments in the electric vehicle market, which makes up about half of our pipeline.

我們也對電動車市場近期發展的巨大機會感到鼓舞，該市場約占我們產品線的一半。

The most recent report from Goldman Sachs suggests a 4x increase in the total number of EVs sold in 2025 versus 2019 and that silicon carbide can be a crucial enabling technology, given the cost and range benefits at the system level.

高盛的最新報告表明，2025 年電動車銷售總量將比 2019 年增加 4 倍，考慮到系統層面的成本和續航里程優勢，碳化矽可能成為一項關鍵的支援技術。

Aside from these considerations, there's also been considerable discussion about how the stay-at-home orders around the world have significantly reduced pollution in many major urban markets.

除了這些考慮因素之外，關於世界各地的居家令如何顯著減少許多主要城市市場的污染也存在大量討論。

This could be another catalyst for EV adoption as countries look to reduce automotive CO2 emissions.

隨著各國尋求減少汽車二氧化碳排放，這可能成為電動車採用的另一個催化劑。

For example, several environmental ministers from EU countries have circulated an open letter, recommending that any COVID-19 stimulus package must have a green component, specifically referencing sustainable mobility.

例如，歐盟國家的幾位環境部長散發了一封公開信，建議任何 COVID-19 刺激方案都必須包含綠色成分，特別是提到永續交通。

If such a measure is enacted, it could accelerate or increase the demand of EVs in that region.

如果頒布這樣的措施，可能會加速或增加該地區電動車的需求。

Further, we've been maintaining an ongoing dialogue with our customers to support them through this crisis.

此外，我們一直與客戶保持持續對話，以支持他們度過這場危機。

While our automotive customers are addressing near-term challenges including some temporary shutdowns of their operations due to the outbreak, most have indicated they remain committed to delivering electric vehicles to the market with silicon carbide on their original timelines.

雖然我們的汽車客戶正在應對近期的挑戰，包括因疫情爆發而暫時關閉其業務，但大多數客戶表示，他們仍然致力於按原定時間表向市場提供碳化矽電動車。

Additionally, design-in activity for the longer-term programs remains very robust.

此外，長期專案的設計活動仍然非常活躍。

In 5G, rollouts continue to be delayed, but the current crisis has underscored the critical need for strong communications infrastructure and expanded bandwidth.

5G 的推出繼續被推遲，但當前的危機凸顯了對強大通訊基礎設施和擴大頻寬的迫切需求。

While some countries have delayed 5G frequency auctions in the near term, we firmly believe the global implementation of 5G capabilities is forthcoming and are well positioned to support this transition.

儘管一些國家在短期內推遲了 5G 頻率拍賣，但我們堅信 5G 能力的全球實施即將到來，並且有能力支持這一過渡。

Importantly, our pipeline is extremely diversified across automotive, communications, aerospace and defense, energy and many other end markets.

重要的是，我們的產品線極其多元化，涵蓋汽車、通訊、航空航太和國防、能源以及許多其他終端市場。

We are continuously growing our product portfolio.

我們正在不斷擴大我們的產品組合。

As we release new products, we are further expanding the possibilities for us across industries and markets.

隨著我們發布新產品，我們正在進一步擴大我們跨行業和市場的可能性。

Lastly, we have a number of long-term material supply agreements in place and are well positioned to continue winning new device business.

最後，我們簽訂了多項長期材料供應協議，並有能力繼續贏得新設備業務。

While we are currently navigating a difficult short-term operating environment like all other businesses, our long-term strategy remains intact.

儘管我們目前正像所有其他企業一樣面臨困難的短期營運環境，但我們的長期策略仍然完好無損。

Maintaining our capital expenditure plan underscores our confidence in our vision and ability to emerge as an even stronger business, well positioned to capitalize on the long-term opportunities for silicon carbide.

維持我們的資本支出計畫強調了我們對成為更強大的企業的願景和能力的信心，我們有能力充分利用碳化矽的長期機會。

We have an experienced leadership team that has implemented rigorous business continuity plans, allowing us to effectively balance employee safety with meeting the needs of our customers.

我們擁有經驗豐富的領導團隊，實施了嚴格的業務連續性計劃，使我們能夠有效平衡員工安全與滿足客戶需求。

Our financial position remains strong with a healthy balance sheet and ample liquidity to fund our current operations and invest for future growth.

我們的財務狀況依然強勁，擁有健康的資產負債表和充足的流動性，為我們目前的營運提供資金並為未來的成長進行投資。

Our market-leading position is grounded in more than 30 years of IT and experience.

我們的市場領先地位是基於 30 多年的 IT 和經驗。

And we firmly believe we are best positioned to lead the market as we drive the transition to silicon carbide and build long-term shareholder value.

我們堅信，在推動碳化矽轉型並建立長期股東價值的過程中，我們最有能力引領市場。

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

這樣，我會將其轉回給操作員，然後我們將開始問答環節。

(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。

Just one and a follow-up, I guess.

我想，只有一個和一個後續。

And I guess, first one, I know this is always hard, but if you -- have you analyzed the business to see -- to better quantify the impact of COVID on Wolfspeed?

我想，第一，我知道這總是很困難，但是如果您 - 您是否分析過業務以更好地量化新冠病毒對 Wolfspeed 的影響？

In other words, if you didn't have that, how should we be thinking about fab load in that business, if that's a fair way to assess?

換句話說，如果沒有，我們應該如何考慮該業務的晶圓廠負載（如果這是一個公平的評估方法）？

Yes.

是的。

Maybe I'll kick it off, and then Neill can give you a little bit more detail.

也許我會先開始，然後尼爾可以給你更多細節。

I think, Jed, certainly, there's been an impact.

我想，傑德，當然，這是有影響的。

You heard we've had our Morgan Hill facility, which shut down for 2 weeks.

您聽說我們的摩根山工廠已關閉兩週。

We've got new protocols in place that are taking productivity basically out of our manufacturing plants.

我們已經制定了新的協議，基本上降低了我們製造工廠的生產力。

Some of those protocols, as an example -- I'll give you one example.

作為一個例子，其中一些協議——我給你舉一個例子。

We're bringing people into our wafer fabs in staggered shifts.

我們正在將人員輪流帶入我們的晶圓廠。

So what would normally be a 10-minute shift change now takes an hour.

因此，通常需要 10 分鐘的換班現在需要一個小時。

And we have 2 12-hour shifts a day.

我們每天有 2 個 12 小時輪班。

So twice a day, we're spending an hour each time, so 2 hours out of 24 changing shifts, if you will.

所以每天兩次，每次要花一個小時，所以如果你願意的話，24 次輪班中有 2 小時。

This is substantially helping us from a protocol perspective.

從協議的角度來看，這對我們有很大幫助。

Inside of North Carolina, we've had just a couple of cases of COVID from our employees, but we've had no further transmission across the rest of the employee base here.

在北卡羅來納州，我們的員工中只有幾例感染了新冠病毒，但這裡的其他員工沒有進一步傳播。

And so obviously, these protocols are working well.

顯然，這些協議運作良好。

Neill talked about the strength in the bookings that we're seeing, both in power and in RF.

尼爾談到了我們所看到的預訂量的強勁勢頭，無論是在功率方面還是在射頻方面。

And so I think it goes without stating that this is definitely having an impact on us or has had an impact on us.

因此，我認為不言而喻，這肯定對我們產生了影響，或者已經對我們產生了影響。

So I'll turn it over to Neill for a little bit more color on that.

所以我會把它交給尼爾，讓他對此有更多的了解。

Yes.

是的。

I think that's right, Gregg.

我認為這是對的，格雷格。

I mean if you look at 3Q for Wolfspeed, I think the quarter -- while the revenue was down, it largely played out as we kind of had expected when we gave the guidance last quarter.

我的意思是，如果你看看 Wolfspeed 的第三季度，我認為這個季度——雖然收入下降了，但它基本上按照我們在上季度給出指導時所預期的那樣發揮了作用。

Of course, Gregg had mentioned that the -- we got the shutdown in Morgan Hill for approximately 2 weeks at the end of the quarter.

當然，格雷格提到，我們在本季末摩根山工廠關閉了大約兩週。

So if you look at the change versus our original guidance in 3Q, it was COVID-related, and it was really related to the Morgan Hill facility.

因此，如果你比較我們在第三季的原始指引，你會發現這項變化與新冠病毒有關，而且確實與摩根山工廠相關。

Everything else, I would say, turned out as planned.

我想說，其他一切都按計劃進行。

As you look forward, and Gregg talked about it, the order book actually picked up, and we're seeing it strengthen.

當你展望未來時，格雷格談到了這一點，訂單實際上有所增加，而且我們看到它正在加強。

So the lower revenue in 4Q isn't really a function of the order book as much as it is the factories and the safety protocols that we put in place that are driving lower productivity.

因此，第四季收入的下降實際上並不是訂單的影響，而是工廠和我們制定的安全協議導致了生產力的下降。

So we have been designated an essential business for all of our U.S. factories.

因此，我們被指定為我們所有美國工廠的重要業務。

So they are open, but the protocols are putting some stress on the system in terms of output, and we'll just have to manage through that as we go forward.

所以它們是開放的，但協議在輸出方面給系統帶來了一些壓力，我們只需要在前進的過程中解決這個問題。

Got it.

知道了。

That's helpful.

這很有幫助。

And then as my follow-up, I was wondering if you could talk strategically, Gregg, if we think about the GaN on silicon business for 5G, it's unlikely that we're going to see -- I mean hopefully, we see some trade resolution, but it seems somewhat unlikely at this point.

然後，作為我的後續行動，我想知道你是否可以策略性地談談，格雷格，如果我們考慮5G 的矽基氮化鎵業務，我們不太可能看到——我的意思是希望我們能看到一些貿易決議，但目前看來不太可能。

The stress test from COVID would suggest, as you had alluded to in the prepared remarks, is a -- is potentially a catalyst for infrastructure build-out.

正如您在準備好的演講中提到的那樣，來自新冠病毒的壓力測試表明，它是基礎設施建設的潛在催化劑。

I was wondering if you could just elaborate on how you're thinking whether or not you think -- how you're thinking about the GaN business for -- or not GaN on silicon, but the GaN on silicon carbide and the GaN business for next year?

我想知道您是否可以詳細說明您的想法，無論您是否認為——您如何考慮 GaN 業務——或者不是矽基 GaN，而是碳化矽基 GaN 和 GaN 業務明年？

How should we be thinking about that?

我們該如何思考這個問題？

Is -- expectations have largely been taken down to pretty low levels as a function of the Huawei trade issues.

由於華為貿易問題，預期在很大程度上已降至相當低的水平。

Yes.

是的。

And we don't anticipate that particular item resolving anytime soon.

我們預計該特定問題不會很快解決。

So recall, in our Investor Day, we've said that we have a nice opportunity across China, but in terms of the long-term plan, we have -- less than 10% of our revenue in 2025 is overall China-related and none of it is Huawei-related, as we just don't see any kind of path towards closure on that.

回想一下，在我們的投資者日，我們說過我們在中國有一個很好的機會，但就長期計劃而言，我們到 2025 年的收入中只有不到 10% 與中國相關，並且這些都與華為無關，因為我們看不到任何結束此事的途徑。

I think the -- most of the rest of the world has slowed down the deployments.

我認為世界其他大部分地區已經放慢了部署速度。

There've been -- they've delayed the licensing of the various different frequency spectrums and so forth, primarily because a lot of these companies are either shut down or in some kind of constrained environment and so forth.

他們已經推遲了各種不同頻譜的許可等等，主要是因為許多這些公司要么被關閉，要么處於某種受限的環境中等等。

But I think as we said, this work-from-home situation that's kind of run across the board here is certainly showing a need for an increase in bandwidth, and we feel real good about the long-term prospects here.

但我認為正如我們所說，這種在家工作的情況在這裡普遍存在，這無疑表明需要增加頻寬，我們對這裡的長期前景感到非常良好。

And obviously, that would be without Huawei.

顯然，這將沒有華為。

Our next question comes from Brian Lee with Goldman Sachs.

我們的下一個問題來自高盛的布萊恩李。

Hope everyone is doing well.

希望每個人都做得很好。

I had 2 questions on gross margins.

我有兩個關於毛利率的問題。

Just the first one is maybe a bit more near-term focused on the 33% to 35% guidance for Wolfspeed for Q4.

第一個可能更近期地關注 Wolfspeed 第四季 33% 至 35% 的指導。

I know you talked about some of the new protocols in place.

我知道您談到了一些現有的新協議。

But if you could quantify a bit more for us, just bridging from the 40% you reported in Q3, it sounded like that already had some COVID impacts embedded there, but there's a 5 percentage decline in revenues.

但如果您能為我們進行更多量化，僅從您在第三季度報告的 40% 開始，聽起來好像已經產生了一些新冠疫情影響，但收入下降了 5%。

You got the midpoint for Wolfspeed, but then a 600 basis point decline in margins.

您得到了 Wolfspeed 的中點，但隨後利潤率下降了 600 個基點。

It doesn't seem like it's all volume.

看起來並不全是音量。

I don't know if it's all the new protocols and maybe lack of productivity.

我不知道這是否是新協議的原因，也許是生產力不足的原因。

But if you could just kind of walk us through a couple of the pieces here.

但如果你能引導我們瀏覽這裡的幾個部​​分。

It's a pretty meaningful Q-on-Q decline in margins.

利潤率較上月下降幅度相當大。

And I know you had talked about scrap issues and utilization.

我知道您已經談到了廢料問題和利用率。

But just with all that's going on, maybe if you can kind of help bridge a little bit between the 40% and the new guidance here for Q4.

但就目前情況而言，也許您可以幫助在 40% 和第四季度的新指導之間架起一座橋樑。

And then I had a follow-up.

然後我進行了跟進。

Yes.

是的。

Thanks, Brian.

謝謝，布萊恩。

This is Neill.

這是尼爾.

I'll take a shot at that one.

我會嘗試一下。

And first of all, I think it is primarily volume-related.

首先，我認為這主要與數量有關。

I think Gregg will probably give you a number of things we're doing in the factory that kind of will explain that.

我認為格雷格可能會給你一些我們在工廠正在做的事情，這樣可以解釋這一點。

But let me just kind of walk you through the pieces here.

但讓我來帶您了解這裡的各個部分。

So first of all, as you mentioned, the Wolfspeed gross margin will decline.

所以首先，正如您所提到的，Wolfspeed 的毛利率將會下降。

The lower gross margin, I think like revenue, is driven by the lower factory productivity and the utilization.

我認為毛利率較低，就像收入一樣，是由工廠生產力和利用率較低所造成的。

So again, while we think we've been designated as essential businesses and we put a number of safety measures in place for our employees, these are going to lower the utilization levels, and that's going to drive down the gross margin.

因此，雖然我們認為我們已被指定為重要企業，並且我們為員工採取了許多安全措施，但這些措施將降低利用率，從而降低毛利率。

And the second thing is, we continue to make progress on the 150-millimeter MOSFET yields.

第二件事是，我們在 150 毫米 MOSFET 良率方面繼續取得進展。

However, as it relates to the volumes going through the factory, access to labs and those types of things, I think the progress on that has been muted a little bit.

然而，由於它涉及工廠的數量、進入實驗室和這些類型的事情，我認為這方面的進展已經有點減弱。

So we'll have to think through that.

所以我們必須考慮清楚。

So as we move forward, I think there's a couple of factors to consider here.

因此，當我們前進時，我認為這裡有幾個因素需要考慮。

And the first relates to how we manage the safety procedures that we've got in place right now.

第一個涉及我們如何管理現有的安全程序。

And regardless of what the government outcome is, and Gregg mentioned it in the prepared remarks, we'd kind of expected those gross margins to be somewhat muted for a period of time until we get back to normal levels.

無論政府的結果如何，格雷格在準備好的演講中提到了這一點，我們都預計這些毛利率會在一段時間內有所下降，直到我們恢復到正常水平。

And then I talked again about the 150-millimeter kind of MOSFET challenges that we've got as time moves forward.

然後我再次談到了隨著時間的推移我們所面臨的 150 毫米 MOSFET 挑戰。

I would expect, though, as volumes come back, as eventually when we get back to more kind of a normal operating rhythm, we'd see them come back up to that kind of normalized basis we had been talking about previously.

不過，我預計，隨著銷量的回升，最終當我們恢復到更正常的營運節奏時，我們會看到它們恢復到我們之前討論過的那種正常化基礎。

But those are going to have a pretty substantial impact on the business in the near term.

但這些將在短期內對業務產生相當大的影響。

And just to add maybe a little bit of color to that, and I know you have a follow-up.

只是為了增加一點色彩，我知道你有後續。

On basically a daily basis, our factories will see somewhere between 45% and 65% of the normal workforce coming in.

基本上每天，我們的工廠都會看到 45% 到 65% 的正常勞動力進來。

And so obviously, with that, it lowers the output that we get for that.

顯然，這樣就降低了我們為此獲得的輸出。

We've been very strong and strongly encouraging people who are sick to stay home.

我們一直非常強烈地鼓勵生病的人留在家裡。

And so you have people who would normally sort of just kind of deal with a cold are staying home.

因此，有些通常會感冒的人都待在家裡。

And that's obviously a positive thing, because it continues to limit the spread of the disease any further.

這顯然是一件積極的事情，因為它繼續限制了疾病的進一步傳播。

We do have some people that are staying at home, because they are at higher risk, they have diabetes or some other respiratory condition.

我們確實有一些人待在家裡，因為他們患有糖尿病或其他呼吸道疾病的風險較高。

We have some folks that are staying at home because they're primary caretaker of the elderly folks -- of their elderly parents and so forth.

我們有些人待在家裡，因為他們是老年人的主要照顧者——他們年邁的父母等等。

So we've got some of that kind of stuff.

所以我們有一些這樣的東西。

We are bringing in -- we are hiring some people as a replacement there, but we're being very, very -- not slow, we're being very, very measured in terms of doing that because with 45% to 65% of the workforce in, we don't want to just swamp it with a whole bunch of people that don't know how to utilize the machines and the equipment.

我們正在引進——我們正在僱用一些人作為那裡的替代者，但我們非常非常——不慢，我們在這樣做方面非常非常謹慎，因為有 45% 到 65% 的人勞動力，我們不想讓一大堆不知道如何使用機器和設備的人淹沒。

And we're taking the people that do know how to do that and putting them in as trainers and so forth.

我們正在招募那些知道如何做到這一點的人，並讓他們擔任培訓師等。

So we're bringing them in at a very, very measured pace.

因此，我們正在以非常非常謹慎的速度引入它們。

In fact, I was in one of the fabs just the other day and I met a new employee that's kind of kicked off and moving forward on one of the machines and so forth.

事實上，前幾天我在一家工廠裡，遇到了一位新員工，他正在一台機器上開始工作，等等。

But -- so it's -- there's a number of different things that are impacting this.

但是，確實如此，有許多不同的因素正在影響這一點。

Bottom line is that all the things are having a positive impact on us stopping the spread of the disease, but they're certainly having an impact on utilization.

底線是，所有事情都對我們阻止疾病的傳播產生積極影響，但它們肯定會對利用率產生影響。

Okay.

好的。

Yes, fair enough.

是的，很公平。

That's all very helpful.

這一切都非常有幫助。

Maybe moving to more of a longer-term question, because hopefully, all of this does normalize sooner rather than later.

也許轉向更長期的問題，因為希望這一切都能盡快正常化。

But as we think about the longer-term margin targets, I would assume they're not changed here.

但當我們考慮長期利潤目標時，我認為它們在這裡沒有改變。

But how should we think about some of the mix implications?

但我們應該如何考慮一些混合影響呢？

So as the $9 billion device pipeline as you start to see more of the mix of power devices in sales, what are the margins -- or I guess, the implications on margins from that increasing mix?

因此，隨著 90 億美元的裝置管道開始在銷售中看到更多的功率元件組合，利潤率是多少——或者我猜，這種不斷增加的組合對利潤率的影響是多少？

The reason I ask being, if you look at other power semis categories, those peers tend to have margins that are more in the 30s and 40s, and you guys are obviously targeting a much higher margin profile in the long-term time frame.

我問的原因是，如果你看看其他功率半導體類別，這些同行的利潤率往往在 30 多歲和 40 多歲，而你們顯然在長期目標是更高的利潤率。

So just wondering how the increasing mix of silicon carbide power devices should impact the Wolfspeed gross margins and why they'd be higher than traditional power semis, if that's your view?

那麼，只是想知道碳化矽功率裝置的不斷增加將如何影響 Wolfspeed 的毛利率，以及為什麼它們會高於傳統的功率半導體裝置，如果這是您的觀點的話？

Yes.

是的。

Maybe I'll kick it off and then turn it over to Neill for some additional color and so forth.

也許我會先把它開始，然後把它交給尼爾，以獲得一些額外的顏色等等。

I guess what I would say is, number one, our long-term view and the goal that we have of running this business north of 50% hasn't changed at all.

我想我想說的是，第一，我們的長期願景和我們經營這項業務超過 50% 的目標根本沒有改變。

I think we've got pretty good line of sight to get there, and we've got a pretty good -- I think we have got a pretty solid plan in place, that is, I don't want to say mix independent, but all 3 of the businesses are targeting at that or higher margins.

我認為我們有很好的視野可以到達那裡，而且我們有一個很好的 - 我認為我們已經制定了一個非常可靠的計劃，也就是說，我不想說混合獨立，但所有3 個業務的目標都是達到該水準或更高的利潤率。

So the mix over a longer period of time shouldn't be an issue.

因此，較長一段時間內的混合應該不是問題。

Obviously, in the near term, we've got all of these issues that we're dealing with, but it really hasn't changed the longer-term target.

顯然，在短期內，我們已經解決了所有這些問題，但這確實沒有改變長期目標。

Maybe I'll hand it over to Neill for a little bit more color.

也許我會把它交給尼爾，讓他多一點顏色。

Yes.

是的。

And I think the other thing, as we've talked about it before, we've got a nice scale opportunity in the materials business, I think, which fortifies us from a margin standpoint.

我認為另一件事，正如我們之前討論過的，我們在材料業務中擁有很好的規模機會，我認為，從利潤的角度來看，這增強了我們的實力。

I think the second piece is we're -- we've got relatively inefficient factories even in kind of a normal operating cadence down in North Carolina.

我認為第二點是我們的工廠效率相對較低，即使在北卡羅來納州的正常運作節奏下也是如此。

So when we get to the Mohawk Valley Fab, that starts to come back together.

因此，當我們到達莫霍克谷工廠時，一切都開始恢復正常。

As I've said before, we've got pretty good line of sight to that.

正如我之前所說，我們對此有很好的了解。

We've got some long-term agreements.

我們達成了一些長期協議。

We understand that pricing.

我們了解定價。

We have pretty good line of sight to what the Mohawk Valley costs are going to be.

我們對莫霍克山谷的成本有很好的了解。

So when you put those things together, I think the long-term margin profile, both from a pricing standpoint for what wins in a market and for what we think that cost base is going to be is pretty well understood.

因此，當你把這些東西放在一起時，我認為長期利潤狀況，無論是從定價的角度來看，在市場上獲勝，還是從我們認為的成本基礎來看，都是很好理解的。

And then the final thing maybe just to add in there is that everybody knows silicon carbide substrates are more expensive than silicon substrates.

最後可能要補充的是，每個人都知道碳化矽基板比矽基板更昂貴。

And we're obviously driving pretty substantial cost reductions on both the substrate and the epitaxial layer on top of that.

顯然，我們正在推動基板和其上的外延層的成本大幅降低。

But the substrate as a percentage of COGS for a power semiconductor chip, that's silicon carbide, is going to be more weighted towards the substrate.

但作為功率半導體晶片 COGS 的百分比，碳化矽基板將更偏重於基板。

So as the -- as we have our own internal operations on that, I think we can see some upside there.

因此，由於我們對此有自己的內部運作，我認為我們可以看到一些好處。

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。

A question for Gregg just on the design-in activity that you talked about and especially with the focus on the next 12 months.

問 Gregg 一個關於您談到的設計活動的問題，尤其是對未來 12 個月的關注。

Can you maybe just talk about in instances where you're seeing success and winning?

您能否談談您看到成功和獲勝的例子？

What's kind of leading to that?

是什麼導致了這種情況？

And then also in business where you're competing, that you're not winning it, what are the kind of the hurdles at this point?

然後，在你正在競爭的商業領域，如果你沒有獲勝，那麼目前遇到的障礙是什麼？

Yes.

是的。

I could highlight some of that.

我可以強調其中的一些內容。

We just reviewed some of that the other day.

前幾天我們剛回顧了其中的一些內容。

So obviously, this past quarter, we had several hundred customers went from opportunity to design-in, where they've kind of committed to using us.

顯然，上個季度，我們有數百名客戶從機會轉向設計，他們在某種程度上承諾使用我們。

And super-excited about that and it's totaling around $400 million.

我對此感到非常興奮，總金額約 4 億美元。

Now obviously, all of those won't eventually go into production.

顯然，所有這些最終都不會投入生產。

There's always kind of some percentage of that that goes away.

總會有一定比例的消失。

But it's a great indication of success.

但這是成功的一個很好的標誌。

And basically, when customers do evaluations of this technology, they look at a number of different things.

基本上，當客戶評估這項技術時，他們會考慮許多不同的因素。

They look at the device performance.

他們關注的是設備的性能。

We always come out very much on top when it comes to device performance.

在設備效能方面，我們總是名列前茅。

They look at the supply capability.

他們看的是供應能力。

And obviously, with the expansion that we have in silicon carbide manufacturing capacity, we come out pretty good there too.

顯然，隨著我們碳化矽製造能力的擴大，我們在這方面也取得了不錯的成績。

From an automotive perspective, they look at durability in automotive.

從汽車的角度來看，他們著眼於汽車的耐用性。

Here, we're coming up the learning curve, I would say on that.

我想說的是，我們正在走上學習曲線。

We've added a substantial amount of capability inside of our team in terms of folks that understand automotive.

我們在團隊內部增加了大量了解汽車的人才。

That has been a big help in terms of securing things like Delphi and ZF.

這對於確保德爾福和採埃孚等公司的安全有很大幫助。

So as an example, the woman that runs our quality organization used to run automotive quality for a very large semiconductor company focused on automotive.

舉個例子，負責我們品質組織的女士曾經為一家專注於汽車的大型半導體公司負責汽車品質工作。

So we're bringing that skill set in.

因此，我們正在引入該技能。

So that's been on the positive side.

所以這是正面的一面。

Obviously, we're not going to win everything, and I don't anticipate that we're going to win everything in our $9 billion pipeline.

顯然，我們不會贏得一切，我也不認為我們會贏得 90 億美元管道中的一切。

In fact, we'll probably lose a sizable amount of that at the device level.

事實上，我們可能會在設備層面損失相當大的一部分。

What I would say is, in terms of losses, sometimes it's not having exactly the right part at the right time.

我想說的是，就損失而言，有時並不是在正確的時間擁有正確的零件。

There are times where customers are looking for a ramp that's faster than we're able to handle because of our capacity situation where it is today.

有時，由於我們目前的產能狀況，客戶正在尋找比我們能夠處理的更快的坡道。

And so it goes to somebody else at the device level.

因此，它會轉移到設備級別的其他人身上。

What I would tell you is that all of the device losses that I've seen have basically gone to folks that we have very good relationships with in terms of materials.

我要告訴你的是，我所看到的所有設備損失基本上都流向了與我們在材料方面有良好關係的人。

So if we don't win at the device, we tend to win it at the materials side of things.

因此，如果我們在設備方面沒有獲勝，我們往往會在材料方面獲勝。

I don't know if, Neill, you have any additional color you want to put in there?

尼爾，我不知道你是否還有想要添加任何其他顏色？

The only thing I would add there, Gregg, is that that's why it's so critical that we get the Mohawk Valley Fab up in New York built between now and 2022.

Gregg，我唯一要補充的是，這就是為什麼我們從現在到 2022 年在紐約建立莫霍克谷工廠如此重要。

I think that really changes our device business from a competitive standpoint and for quality capability and all those other things you kind of just talked about.

我認為，從競爭的角度、品質能力以及您剛才談到的所有其他方面來看，這確實改變了我們的設備業務。

So -- and that's why we've got to absolutely stay focused on making sure that's kind of our longer-term plan going forward.

因此，這就是為什麼我們必須絕對專注於確保這是我們未來的長期計劃。

Got it.

知道了。

And then just as a follow-up, Neill, you mentioned kind of the OpEx and kind of measured spending in this environment.

然後，尼爾，作為後續行動，您提到了這種環境下的營運支出和可衡量的支出。

How does this play through kind of maybe the next couple of quarters?

在接下來的幾個季度中，情況會如何？

I know visibility isn't great, but just what are some things you're able to kind of curtail and then when do things kind of get back to normal?

我知道能見度不太好，但是您可以減少哪些事情，然後什麼時候事情才能恢復正常？

Yes.

是的。

Thanks, Craig.

謝謝，克雷格。

So look, we're going to be managing things prudently.

所以看，我們將謹慎管理事情。

And what that means is we'll look at all the variable type of opportunities in the portfolio, incentives and those types of things.

這意味著我們將關注投資組合中所有可變類型的機會、激勵措施和此類事物。

And any discretionary expenses, obviously, we're going to pull back on and manage.

顯然，任何可自由支配的開支，我們都會縮減並進行管理。

And I think you can see that in the outlook we just provided.

我想您可以在我們剛剛提供的展望中看到這一點。

However, similar to driving our CapEx expenditure over the next couple of years, we're going to have to invest in Wolfspeed.

然而，與未來幾年推動我們的資本支出支出類似，我們將不得不投資 Wolfspeed。

And that means in R&D resources to ensure we've got the capability to design and get parts out.

這意味著研發資源要確保我們有能力設計和生產零件。

It also means sales and marketing resources to be out there and get feet on the street to be selling our parts.

這也意味著銷售和行銷資源要到位，並走上街頭銷售我們的零件。

So I think for the near term, I think we'll have a bit of a pullback.

所以我認為短期內我們會有所回調。

But I would expect that OpEx, as time goes on to -- regardless of the scenario, to start to tick back up again as we start to get into 2021.

但我預計，隨著時間的推移，無論情況如何，隨著進入 2021 年，營運支出將開始再次回升。

Our next question comes from Edward Snyder with Charter Equity.

我們的下一個問題來自 Charter Equity 的愛德華·斯奈德 (Edward Snyder)。

A couple of questions, if I could, on RF to begin with.

如果可以的話，首先請教幾個關於 RF 的問題。

5G rollout outside of China has never been really particularly stellar, especially in the products that would use GaN, if you look at millimeter wave, et cetera, and Verizon, they don't use any of it.

中國以外的 5G 部署從來都不是特別出色，特別是在使用 GaN 的產品中，如果你看看毫米波等，而 Verizon 則沒有使用任何一種。

And now that you don't have Huawei, has the mix moved back towards defense, which you've always been big in?

既然你沒有了華為，那麼組合是否又回到了你一直很重視的防禦領域？

And is it fair to assume that, especially given that you're an essential business, that most of the business you're running through Wolfspeed on the RF side of it is for the defense business at this point?

可以公平地假設，特別是考慮到您是一項重要業務，目前您透過 Wolfspeed 在 RF 方面運行的大部分業務都是國防業務，這是否公平？

And if you could maybe as a prospect for what you see 5G going without Huawei in the next year or so?

您能否展望一下明年左右沒有華為的情況下 5G 的發展？

And then I have a follow-up.

然後我有一個後續行動。

Yes.

是的。

No problem.

沒問題。

So first off, we do still see pretty good excitement for GaN on silicon carbide in the 5G space outside of Huawei.

首先，我們仍然看到華為以外的 5G 領域對碳化矽上的 GaN 感到非常興奮。

So we're engaged with most -- all of the players that you would think you'd want to engage with outside of Huawei.

因此，我們正在與大多數——所有你認為你想與華為之外的參與者接觸的參與者接觸。

And that's been going well.

一切進展順利。

And they like what they see in terms of technology.

他們喜歡他們所看到的技術。

And we're in various different phases of design-in effect.

我們正處於設計效果的各個不同階段。

Some of the design-ins that we got last quarter were indeed in the RF space for GaN on silicon carbide.

我們在上個季度獲得的一些設計確實屬於碳化矽上氮化鎵的射頻領域。

But you're right, Ed, we also have a good aerospace and defense business.

但你是對的，艾德，我們也有很好的航空航太和國防業務。

We've got customers in that area still engaged with us as well, and we see good long-term outlook.

該地區的客戶仍然與我們保持聯繫，我們看到了良好的長期前景。

But I wouldn't characterize the GaN on silicon carbide outside of Huawei as -- I would characterize it as a great opportunity.

但我不會將華為以外的碳化矽氮化鎵描述為——我會將其描述為一個巨大的機會。

We've got a lot of customers evaluating the technology.

我們有很多客戶正在評估該技術。

And I think they see the benefit of that technology, especially as it relates to massive MIMO.

我認為他們看到了該技術的好處，特別是它與大規模 MIMO 有關。

If I could, it sounds like the 150-millimeter MOSFET yields fell below expectations again this period.

如果可以的話，聽起來這段時間 150 毫米 MOSFET 的產量再次低於預期。

And this problem has persisted, I believe, now for 3 quarters.

我相信這個問題已經持續了三個季度。

I was hoping maybe for some color on the causes, given -- and correct me if I'm wrong here, but aren't you in production with that same part in the RTP campus before you're duplicating in Durham?

我希望也許能對原因有一些了解，如果我在這裡錯了，請糾正我，但在達勒姆複製之前，你們不是在 RTP 園區生產相同的部件嗎？

Is it a crystal wafer, an epi?

是晶圓還是外延？

It sounds like it's a device problem.

聽起來像是設備問題。

But I'm just curious, are you sourcing the crystal and the epi from the same line that was supplying RTP?

但我只是好奇，您是否從供應 RTP 的同一條生產線上採購晶體和外延？

Or is it an entirely new line, so the problems could show up in any one of the 3 steps and that's why it's taking so long to correct?

或者它是一條全新的生產線，因此問題可能會出現在 3 個步驟中的任何一個步驟中，這就是為什麼需要很長時間才能糾正？

Any color would be helpful.

任何顏色都會有幫助。

It's definitely -- yes, it's a wafer diameter move as well.

這絕對是——是的，這也是晶圓直徑的移動。

So the RTP factory is 100-millimeter and the Durham factory is 150.

所以RTP工廠是100毫米，達勒姆工廠是150毫米。

So there is a change in diameter.

所以直徑發生了變化。

But I think it's really fab related and not the underlying technology related.

但我認為這確實與晶圓廠有關，而不是與底層技術有關。

As Neill mentioned, we have made progress on that, and so yields are improving.

正如尼爾所提到的，我們在這方面取得了進展，因此產量正在提高。

They're just not improving at the rate that we'd like them to or the rate we'd like to get it back up to.

他們只是沒有按照我們希望的速度或我們希望恢復的速度進步。

Part of that, over the last quarter and through this quarter, is just simply the output that we're getting through the factory.

其中一部分，在上個季度和本季度，只是我們透過工廠獲得的產出。

We're getting less turns through the factory, which is not allowing us to get enough learning and in terms of the yield improvement.

我們在工廠的周轉次數越來越少，這使得我們無法獲得足夠的學習和提高產量。

I did just sit through a yield review just earlier today.

今天早些時候我剛剛參加了一次收益率審查。

There's lots of good things that are going on.

有很多好事正在發生。

We are making improvements.

我們正在做出改進。

We have improvements baked in for this quarter, but it's sort of one step at a time versus a giant leap or bigger steps at a time.

我們在本季度進行了改進，但這有點像一次一小步，而不是一次巨大的飛躍或更大的步驟。

Just recall, these are relatively older factories.

請記住，這些都是相對較舊的工廠。

And so there's not a whole lot of automation.

因此，自動化程度並不高。

So turning the knobs and making the improvements requires a lot of handholding.

因此，轉動旋鈕並進行改進需要大量的指導。

As we move to the Mohawk Valley Fab, this is going to be a highly automated, sophisticated, modern wafer fab.

當我們搬到莫霍克谷工廠時，這將是一個高度自動化、複雜的現代化晶圓工廠。

And so when you have issues like this, there'll be all sorts of process automation that is going to help you.

因此，當您遇到此類問題時，各種流程自動化都會為您提供協助。

There's going to be data that's going to help you and get through these things in a much faster, in a much quicker manner.

將會有數據幫助您以更快、更快的方式完成這些事情。

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

我們的下一個問題來自羅斯資本合夥公司的克雷格歐文。

So Gregg, the design-in metrics, 500 designs, $400 million in revenue is a really important and useful metric to share.

所以 Gregg，設計指標、500 種設計、4 億美元的收入是一個非常重要且有用的分享指標。

So thank you for that.

非常感謝你的幫忙。

Can you maybe comment how this compares to the preceding couple of quarters?

您能否評論一下這與前幾季相比如何？

And with COVID-19 out there, have you seen any change in this new business velocity that you're seeing on the design-in side and duration, right?

隨著 COVID-19 的出現，您是否在設計方面和持續時間上看到了這種新業務速度的任何變化，對嗎？

Are any of these likely to contribute to short-term revenue?

其中任何一個可能有助於短期收入嗎？

Or are these things that are likely to contribute over the next few years as we look at the bigger revenue ramp?

或者當我們考慮更大的收入成長時，這些事情可能會在未來幾年做出貢獻？

Thanks for the question, Craig.

謝謝你的提問，克雷格。

And what I would say is the design-in activity and the addition of new programs to the pipeline and so forth is continuing at the same pace that we saw before, which is really good.

我想說的是，設計活動以及向管道中添加新程序等正在以我們之前看到的相同速度繼續進行，這非常好。

The fact that we've got 500 design-ins, roughly $400 million this past quarter, I think, is amazing to me, despite the fact that people have been in lockdown and so forth.

事實上，我們在上個季度有 500 個設計項目，大約價值 4 億美元，我認為這對我來說是令人驚訝的，儘管人們一直處於封鎖狀態等等。

And just as a -- just a little factoid, about 60%, 6-0 of those wins were automotive-related and about 60% were power-related, and that obviously goes together, because it's automotive and power.

就像一個小事實一樣，大約 60%、6-0 的勝利與汽車相關，大約 60% 與動力相關，這顯然是在一起的，因為它是汽車和動力。

But -- so we're pretty excited about that.

但是——所以我們對此感到非常興奮。

In terms of in near term versus longer term, I would say there's no change on that.

就近期與長期而言，我想說這沒有改變。

Nothing has turned into it's a nearer-term opportunity versus a longer-term opportunity.

沒有什麼會變成近期機會與長期機會的差異。

Most of the things that we work on, especially in the automotive space, are sort of 2022, 2023 related as we've talked about before with the production ramps for Delphi and ZF in that kind of time frame as well.

我們所做的大部分工作，特別是在汽車領域，都與 2022 年、2023 年相關，正如我們之前討論過的那樣，德爾福和採埃孚也在該時間範圍內提高產量。

The only near-term impact that we've seen from any of our customers is their ability to get into labs can sometimes be hindered, because they're shut down.

我們從任何客戶那裡看到的唯一近期影響是他們進入實驗室的能力有時會受到阻礙，因為他們被關閉了。

And so maybe the pace of evaluation might be a little bit longer.

因此，評估的速度可能會更長一些。

But I tell you, I've been on calls with many different customers and engaged with many different customers.

但我告訴你，我曾與許多不同的客戶通話並與許多不同的客戶接觸。

And they -- I have asked them about, do you think this is going to cause a delay in your ramp of production.

我已經問過他們，你們認為這會導致你們的生產進度延遲嗎？

And almost to a person, they've said, no, not only will it not cause a delay, but it's probably going to steepen the ramp, because they're focused more on -- and their customers are focused more on the electrification of the powertrain.

他們幾乎對一個人說，不，這不僅不會造成延誤，而且可能會使坡道變得陡峭，因為他們更關注——而且他們的客戶更關注電動化動力總成。

There's nobody going back and doubling down on internal combustion engine or anything like that.

沒有人會回頭加倍努力開發內燃機或類似產品。

And in fact, the automotive customers that I've talked to have said, when they look at prioritizing their R&D, they obviously have to make some decisions on that because of what's happening.

事實上，我採訪過的汽車客戶表示，當他們考慮研發的優先順序時，他們顯然必須根據正在發生的情況做出一些決定。

They're prioritizing electric vehicles and deprioritizing things like autonomous vehicles, at least for the near term, because that's sort of -- autonomous vehicles are further out in time than EVs.

他們優先考慮電動車，而不是自動駕駛汽車等產品，至少在短期內是如此，因為自動駕駛汽車的出現時間比電動車更遠。

And then the final thing I would say is the comments I've heard from customers, it's really not lost on people that cities like Los Angeles have blue skies, no pollution for the first time in a long time.

最後我要說的是我從顧客那裡聽到的評論，人們確實沒有忘記像洛杉磯這樣的城市有藍天，很長一段時間以來第一次沒有污染。

People living in different parts of the world that are sort of teenagers are seeing blue skies for the first time in their lives.

生活在世界不同地區的青少年有生以來第一次看到藍天。

And with the EU push of trying to make any kind of stimulus package associated with a green sort of recovery and stimulus for electric charging stations and so forth, I think all of our automotive customers are hearing all that, seeing all that and thinking this is going to be an opportunity for them.

隨著歐盟試圖制定任何與綠色復甦和刺激充電站等相關的刺激方案，我認為我們所有的汽車客戶都聽到了這一切，看到了這一切，並認為這是對他們來說將是一個機會。

Great.

偉大的。

My follow-up is on 8-inch.

我的後續是8吋的。

Has your thinking about 8-inch maybe shifted or evolved over the last number of months?

在過去的幾個月裡，您對 8 英寸的想法是否發生了轉變或演變？

Given the issues encountered on the scale-up on the MOSFET line, are there lessons that you can take on future scale up from 150 millimeters?

考慮到 MOSFET 生產線放大時遇到的問題，您在未來從 150 毫米開始放大時是否可以吸取一些經驗教訓？

What's your current thinking on 8-inch?

您目前對 8 吋有何看法？

Yes.

是的。

It hasn't changed at all, by the way.

順便說一句，它根本沒有改變。

So we're still kind of full systems ahead on that.

因此，我們在這方面仍然處於領先地位。

As it relates to the 150 to -- 100 to 150, it really has nothing to do with the diameter itself or the materials or the underlying epi or any of that kind of stuff.

由於它涉及 150 至 - 100 至 150，因此它實際上與直徑本身或材料或底層外延或任何此類材料無關。

All of that is rock solid.

這一切都堅如磐石。

We're talking about a change in a fab that's kind of a dated fab.

我們正在討論對一家已經過時的工廠進行改造。

Its ability to -- our ability to fine-tune it is hindered by the lack of automation and so forth.

由於缺乏自動化等因素，我們對其進行微調的能力受到了阻礙。

And then it just happened to come at a time when there's a pandemic, where we have 45% to 65% of the people coming in.

然後它恰好發生在大流行期間，我們有 45% 到 65% 的人進來。

We're prioritizing material to get to customers and so forth.

我們正在優先考慮向客戶提供材料等。

So I'd say, Craig, there's no change at all in the 8-inch, the intensity at which we're driving 8-inch as well.

所以我想說，克雷格，8 英寸和我們駕駛 8 英寸的強度沒有任何變化。

Our next question comes from Joseph Osha with JMP Group.

我們的下一個問題來自 JMP Group 的 Joseph Osha。

Thanks for taking my questions.

感謝您回答我的問題。

I have 2. The first just relates to the way the semiconductor business works.

我有兩個。

One of the things you can do, if demand is soft and you're still trying to ramp, is just kind of absorb costs to inventory well.

如果需求疲軟而您仍在努力增加，您可以做的一件事就是很好地吸收庫存成本。

So I'm wondering if we might see you perhaps choose to let the inventory go up here for a couple of quarters while we wait for the post-COVID world to catch up?

所以我想知道，在我們等待後疫情時代迎頭趕上的同時，你們是否會選擇讓庫存增加幾個季度？

And then I have a follow-up.

然後我有一個後續行動。

Yes.

是的。

Maybe I'll kick it off.

也許我會把它踢掉。

And just to make sure you understand it, our demand book is actually pretty decent.

為了確保您理解它，我們的需求手冊實際上相當不錯。

It's really trying to get the -- the buyout is more the challenge for us.

收購對我們來說是更大的挑戰。

So -- and that's COVID-related and somewhat these yields that we're talking about, but also 45% to 65% of the folks coming in.

所以——這與新冠病毒有關，在某種程度上我們正在談論這些收益率，但也有 45% 到 65% 的人進來。

If we were able to build an inventory buffer, I think our customers would be pretty excited about that.

如果我們能夠建立庫存緩衝，我認為我們的客戶會對此感到非常興奮。

I'll let Neill talk a little bit about inventory strategy in general.

我將讓尼爾談談一般的庫存策略。

Yes.

是的。

I think that's right, Gregg.

我認為這是對的，格雷格。

So overall, this is obviously an unusual situation that we've got on our hands here with the way that the safety protocols are impacting the factories, Joe.

總的來說，這顯然是一個不尋常的情況，我們在這裡遇到了安全協議影響工廠的情況，喬。

So I think that if we get more out and get more inventory through, I think that's exactly what we would do.

因此，我認為，如果我們獲得更多庫存並獲得更多庫存，我認為這正是我們要做的。

In fact, one of the areas we're focused on is assurance of supply, making sure the full supply chain is supporting the factory.

事實上，我們關注的領域之一是供應保證，確保整個供應鏈為工廠提供支援。

So while the utilization is coming down, I wouldn't say that's necessarily by choice.

因此，雖然利用率正在下降，但我並不認為這一定是出於選擇。

But I think we'll just have to manage through this.

但我認為我們必須設法解決這個問題。

And should the inventories come down a little bit in that case, so be it.

在這種情況下，如果庫存稍微下降，那就這樣吧。

We're just going to have to try and manage as best we can through what we've got in front of us right now.

我們必須盡力應對目前所面臨的情況。

Okay.

好的。

That's clear.

很清楚。

And then the second question, we spent lots and lots of time talking about RF and Huawei.

然後第二個問題，我們花了很多很多時間談論RF和華為。

I'm just kind of curious about how the -- given all of the trade and political considerations that we're thinking about, what the picture looks like for your EV -- your EV power MOSFET business into Chinese OEMs and what the sort of trajectory of bookings has been there?

我只是有點好奇——考慮到我們正在考慮的所有貿易和政治因素，你的電動車的情況如何——你的電動車功率 MOSFET 業務如何進入中國 OEM 廠商，以及是什麼樣的情況預訂軌跡一直有嗎？

Yes.

是的。

We've got good engagements with customers.

我們與客戶有良好的互動。

And the Chinese are shifting their incentives to more longer-range cars.

中國人正在將激勵措施轉向續航里程更長的汽車。

So I'd say, most of the EVs in China are relatively short-range vehicles.

所以我想說，中國的大多數電動車都是相對短程的汽車。

So they're shifting those to longer-range vehicles, and we've got good engagement with a number of different customers over there.

因此，他們正在將這些轉向遠端車輛，並且我們與那裡的許多不同客戶進行了良好的互動。

In fact, I was over visiting them late December and had some really good meetings with the customers over there.

事實上，我在 12 月底拜訪了他們，並與那裡的客戶進行了一些非常好的會議。

So I think it's just a matter of them turning their cars from something on paper to something they'd be producing.

所以我認為這只是他們將汽車從紙上的東西變成他們要生產的東西的問題。

I think the interest in silicon carbide is really high because of the fact that it helps with range.

我認為人們對碳化矽的興趣非常高，因為它有助於增加射程。

All that being said, I'll kind of repeat what I said earlier, Joe, which is we don't see a clear line of sight to trade resolution anytime soon.

話雖這麼說，喬，我會重複我之前所說的話，那就是我們短期內看不到貿易解決方案的明確視線。

It seemed like over the last year, every other month, there was kind of an indication that right around the corner, there's going to be something resolved, and then it wasn't.

似乎在過去的一年裡，每隔一個月，就有一種跡象表明，即將有一些事情得到解決，但後來卻沒有解決。

So we've kind of just -- we've kind of been in a mode now of, it's just going to be an issue for quite some time.

所以我們現在處於一種模式，這將在相當長的一段時間內成為一個問題。

And as it relates to our longer-term outlook, the 2025 plan that we talked about at our Investor Day, while we have a substantial opportunity for China, the amount of revenue that we're going to get in 2024, actually it was, is less than 10% dependent on China-based revenue.

因為它與我們的長期前景有關，我們在投資者日討論的 2025 年計劃，雖然我們在中國有很大的機會，但我們在 2024 年將獲得的收入實際上是，對中國收入的依賴度不到10%。

So we've just sort of muted that assuming that there's going to be a longer-term -- that this trade resolution won't -- well, the trade issue won't resolve itself anytime soon.

因此，我們只是沉默地假設，從長遠來看，這項貿易解決方案不會——嗯，貿易問題不會很快自行解決。

Our next question comes from Sidney Ho with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Sidney Ho。

I have 2. The first one is more related to near term.

我有 2 個。

You talk about seeing some strengthening demand in power and RF customers.

您談到看到電力和射頻客戶的需求有所增強。

Can you maybe add some color around what you're seeing there?

你能在你所看到的周圍添加一些顏色嗎？

Any particular end market geography that you will point to?

您會指出任何特定的終端市場地理嗎？

Or is it just a function of factories are reopening and people coming back to work?

或者這只是工廠重新開放和人們重返工作崗位的結果？

And are you suggesting that the Wolfspeed revenue would have been up quarter-over-quarter if it weren't for the supply issues impacting the factory's utilization and throughput?

您是否認為，如果不是供應問題影響了工廠的利用率和吞吐量，Wolfspeed 的收入會比去年同期成長？

Yes.

是的。

A couple of things.

有幾件事。

So near term, things like servers and power supplies for servers and some of the industrial markets that we play in, we're definitely seeing some amount of -- of comeback from that, primarily because of what's happening with everyone working from home.

因此，從短期來看，諸如伺服器和伺服器電源以及我們所涉足的一些工業市場之類的東西，我們肯定會看到一定程度的復甦，這主要是因為每個人在家工作所發生的情況。

We've got customers definitely interested in that.

我們的客戶肯定對此感興趣。

I'll let Neill kind of give a little bit more color on that.

我會讓尼爾對此給出更多的解釋。

Yes.

是的。

I think we're seeing, Sidney, that across a couple of different areas.

西德尼，我認為我們在幾個不同的領域中看到了這一點。

So both between industrial energy, there's some automotive applications actually that are picking up, although those remain relatively small in terms of the book of business we have right now.

因此，在工業能源領域，一些汽車應用實際上正在復蘇，儘管就我們目前的業務而言，這些應用仍然相對較小。

But we're seeing, I'd say, relatively broad-based pickup in the business at this time, which is -- but it's good to see.

但我想說的是，我們目前看到該業務相對廣泛的回升，但很高興看到。

Would that have given us a higher revenue number in the following quarter?

這會讓我們在下個季度獲得更高的收入嗎？

It's hard to say.

很難說。

Based on the backlog, I think that's probably true.

根據積壓的情況，我認為這可能是真的。

But we're happy about the backlog, obviously, but the challenge continues to be getting output to the factories.

但顯然，我們對積壓訂單感到高興，但挑戰仍然是如何向工廠輸出產品。

Okay.

好的。

That's helpful.

這很有幫助。

My follow-up question is, staying with the Wolfspeed business, can you help us understand how much of your Wolfspeed revenue today, maybe pick a quarter, is tied to automotive?

我的後續問題是，繼續處理 Wolfspeed 業務，您能否幫助我們了解您今天（也許選擇一個季度）的 Wolfspeed 收入中有多少與汽車相關？

And within that, how much is tied to current production volume versus maybe some R&D programs of future production?

其中，有多少與當前的產量相關，而與未來生產的一些研發計劃有關？

Just trying to understand what we hear -- globally, SARs estimates are coming down.

只是想了解我們所聽到的——在全球範圍內，SAR 的估計值正在下降。

Well, one of your key customers talked about lower expectations for the silicon carbide revenue?

那麼，您的一位主要客戶談到了對碳化矽收入的較低預期？

How does that impact you?

這對你有何影響？

Yes.

是的。

And Neill, correct me if I'm wrong, but I think in terms of power, sort of high single-digit percentage of the revenue, low double-digit percentage of your revenue is going to be automotive-related.

尼爾，如果我錯了，請糾正我，但我認為就功率而言，收入的高個位數百分比、低兩位數百分比的收入將與汽車相關。

Today, it's pretty heavily -- well, it's pretty diverse across a whole bunch of different customer bases.

今天，它的規模相當大——嗯，它在一大堆不同的客戶群中非常多樣化。

As we go through the coming years and grow our book of business in automotive, it obviously grows substantially faster than anything else and becomes a very large percentage of our business out in 2024.

隨著我們在未來幾年中汽車業務的成長，它的成長速度顯然比其他任何業務都快得多，並將在 2024 年占我們業務的很大一部分。

But today, call it, 10-ish percent of the revenue in power, and so relatively small.

但今天，可以說，電力收入的 10% 左右，因此相對較小。

In terms of how much is production and how much is kind of ramping and so forth, obviously, most of what we shipped in the previous couple of quarters would be more, I would say, production.

就生產量和產量增加量等而言，顯然，我想說，我們在前幾個季度發貨的大部分產品將更多地是生產量。

But as we move forward, we're seeing an increased demand for some of these preproduction runs and prototype builds and things like that.

但隨著我們的前進，我們發現對一些預生產運行和原型構建等的需求不斷增加。

And that -- we talked about that in an earlier call a couple of quarters, I guess, it was last quarter, where customers are indicating that they believe the ramp of their end equipment is actually going to be steeper.

我們在幾個季度之前的一次電話會議中談到了這一點，我想是上個季度，客戶表示他們相信他們的終端設備的成長實際上會更加陡峭。

And so therefore, looking for more prototypes earlier.

因此，儘早尋找更多原型。

So Neill, I don't know if you want to add any color on that?

那麼尼爾，我不知道你是否想對此添加任何顏色？

Yes.

是的。

The only thing is, look, we're talking a lot about the order book.

唯一的事情是，看，我們談論了很多關於訂單的事情。

And I think one of the things that we don't know is -- as it relates to the COVID-19 is how is that going to impact end customer demand 3 months from now, 6 months from now.

我認為我們不知道的一件事是，因為它與 COVID-19 有關，它將如何影響 3 個月後、6 個月後的最終客戶需求。

And that's the one thing we don't know.

這是我們不知道的一件事。

So I think we're just being a little bit cautious in our outlook despite the strong order book.

因此，我認為儘管訂單強勁，但我們對前景持謹慎態度。

We're happy to have the strong order book.

我們很高興擁有強勁的訂單。

But again, it's a very fluid and dynamic situation that we're dealing with.

但同樣，我們正在處理的是一個非常不穩定和動態的情況。

And we'll just have to continue to monitor that.

我們只需要繼續監控這一點。

I think we're seeing what the right levers are to pull, how to kind of manage through this situation that we're in right now.

我認為我們正在了解應該採取什麼正確的手段，以及如何應對我們現在所處的這種情況。

But we're just going to have to wait and see in terms of how this kind of pans out and see how the new order backlog kind of fills in as we move between this quarter and next quarter.

但我們只能等待，看看這種情況會如何發展，並看看當我們在本季和下季之間移動時，新的積壓訂單將如何填補。

Our next question comes from David O'Connor with Exane.

我們的下一個問題來自 Exane 的 David O'Connor。

I know there's been a lot of questions on the orders, but maybe just one more.

我知道人們對訂單有很多疑問，但也許只有一個。

So just to be clear, Neill, you're saying that you have already seen a trough in orders and that things are going to improve from here.

因此，需要明確的是，尼爾，您是說您已經看到了訂單的低谷，並且情況將從這裡開始有所改善。

And maybe I know someone asked it earlier, but I didn't hear the answer.

也許我知道早些時候有人問過這個問題，但我沒有聽到答案。

Geographically, can you give us any kind of color there on what you're seeing from an order perspective geographically?

從地理角度來看，您能否從地理訂單的角度給我們一些關於您所看到的情況的資訊？

Yes.

是的。

Thanks, David.

謝謝，大衛。

I think if you go back to last quarter and then even through the first few weeks of this quarter, we have seen some strengthening of the backlog in the device businesses.

我認為，如果你回到上個季度，甚至到本季的前幾週，我們都會看到設備業務的積壓有所加強。

However, I think as I just had mentioned, I think we're just being a bit cautious about that, because we just don't know how that's going to play out.

然而，我認為正如我剛才提到的，我認為我們對此有點謹慎，因為我們只是不知道事情會如何發展。

You start deconstructing the backlog into this kind of early ordering or whatever that might be.

你開始將積壓的訂單解構為這種提前訂購或任何可能的形式。

So we're just playing it a little bit cautious as we start to understand what end market is going to look like.

因此，當我們開始了解終端市場將會是什麼樣子時，我們只是有點謹慎。

As China is coming back and Asia is coming back a bit, we've seen a little bit of a pickup there.

隨著中國的復甦和亞洲的復甦，我們看到那裡的經濟回升。

I wouldn't call it big, but we are seeing it from the other regions from a Wolfspeed perspective.

我不會說它很大，但我們從 Wolfspeed 的角度從其他地區看到了它。

So like I said earlier, it's broad-based.

正如我之前所說，它具有廣泛的基礎。

I'd say, it's both from an industrial energy standpoint as well as automotive.

我想說，無論是從工業能源的角度還是從汽車的角度來看。

We are seeing a little bit of a pickup.

我們看到了一些回升。

But again, it's a dynamic situation, and we'll see how -- we'll just continue to monitor it and see how it plays out.

但同樣，這是一個動態的情況，我們將看到如何 - 我們將繼續監視它並看看它如何發揮作用。

Okay.

好的。

That's quite helpful.

這很有幫助。

And then maybe just as a follow-up, going back to the kind of 500 wins, total $400 million that you mentioned earlier, Gregg, were any of these attributed to Arrow?

然後也許只是作為一個後續，回到你之前提到的那種 500 場勝利，總價值 4 億美元，格雷格，這些都歸功於阿羅嗎？

Or how -- when does the Arrow part of the equation come in, in terms of sales?

或者就銷售額而言，等式中的箭頭部分何時出現？

Yes.

是的。

I don't have the specific breakout.

我沒有具體的突破。

What I would tell you is they're always doing a fantastic job for us.

我要告訴你的是，他們總是為我們做得非常好。

And when we launched the 650-volt MOSFET program, we did that -- I believe we kicked it off April 1 or 2, and we are way above linearity in terms of where -- what our goal is together in terms of new opportunities and design-ins and so forth.

當我們推出 650 伏特 MOSFET 計畫時，我們就這麼做了——我相信我們是在 4 月 1 日或 2 日啟動的，而且我們在新機會和目標方面遠遠高於線性。

It has just taken off like a rocket.

它就像火箭一樣剛剛起飛。

They're doing a great job.

他們做得很好。

And this is obviously a really key thing for us, because we have a relatively small sales footprint.

這顯然對我們來說非常關鍵，因為我們的銷售規模相對較小。

We're certainly subscale when it comes to sales and application engineering footprint.

在銷售和應用工程足跡方面，我們確實是規模較小的。

And they are definitely not.

但他們絕對不是。

They have massive scale and also a great digital footprint as well.

它們規模龐大，數位足跡也很大。

So we're really pleased with that.

所以我們對此非常滿意。

I'm sure the -- I'd love to break out -- specifically, I don't have it.

我確信——我很想突破——具體來說，我沒有。

I do know that inside of our distribution channel, they had a substantial percentage of our design wins -- or design-ins for the quarter.

我確實知道，在我們的分銷管道內部，他們在我們的設計獲勝或本季的設計中佔有很大比例。

So really good progress there.

所以這方面的進展確實很好。

Our next question comes from Paul Coster with JPMorgan.

我們的下一個問題來自摩根大通的保羅·科斯特。

Just following up on that last one.

只是跟進最後一個。

I assume that the $400 million, the 500 design wins, this is not part of the $9 billion of pipeline.

我假設 4 億美元、500 個設計獲勝，這不屬於 90 億美元的管道的一部分。

This is more a kind of turns type business, is that a correct statement?

這更像是一種輪流的生意，這樣的說法正確嗎？

Or is this how we should see the pipeline being kind of whittled down over the course of the next couple of years?

或者說，我們該如何看待未來幾年管道的縮減？

Yes.

是的。

The pipeline -- we have a pipeline that goes -- basically a methodology that most companies use, where you have an opportunity where there's just an opportunity out there.

管道——我們有一條持續的管道——基本上是大多數公司使用的方法，你有機會，那裡就有機會。

And when you look at our total pipeline, that's where it starts.

當您查看我們的總管道時，您會發現這就是它的起點。

And then you have a design-in where the customer has chosen to use you.

然後你就可以進行設計，客戶選擇使用你。

And then we flip it to design win when they give us their first production order.

然後，當他們給我們第一個生產訂單時，我們就將其轉變為設計勝利。

For an automotive company, design-in is probably the most important metric.

對汽車公司來說，設計可能是最重要的指標。

You obviously want to flip it to production, but it flips to production 3 or 4 years later.

你顯然想將其投入生產，但它在三、四年後才投入生產。

So you really need to be getting those design-ins early.

因此，您確實需要儘早進行這些設計。

I wouldn't describe any of the design-ins we've got as kind of turns business.

我不會將我們的任何設計描述為一種輪流業務。

They're all part of that pipeline.

它們都是該管道的一部分。

So some of them are going to be shorter term.

因此，其中一些將是短期的。

A power supply for a server is going to happen faster than an industrial motor, which is going to happen faster than an automotive chip, which is going to happen faster than something in aerospace.

伺服器電源的運行速度將比工業馬達快，工業馬達將比汽車晶片快，汽車晶片將比航空航天領域的設備快。

So it's all part of the pipeline.

所以這都是管道的一部分。

We have things that come in and out of the pipeline all the time.

我們一直都有東西進出管道。

And like I said, not 100% of the things that we get a design-in will go into production, but increasing the number of design-ins is a really positive thing.

就像我說的，我們獲得設計的東西並不是 100% 都會投入生產，但增加設計的數量是一件非常正面的事情。

Right.

正確的。

Got it.

知道了。

And then maybe this is picking up on a nuance that wasn't mentioned there.

然後也許這會涉及到那裡沒有提到的細微差別。

But at one point, you said that all of the conversations you've had with the auto industry are confirming their intentions to proceed as planned.

但你曾說過，你與汽車行業進行的所有對話都證實了他們按計劃進行的意圖。

But at another point, you just mentioned that most of the EV industry is proceeding.

但在另一方面，您剛才提到大多數電動車產業正在進行中。

I'm just wondering if there are any of your potential customers out there that are bulking at the prospects of making a big CapEx plunge into EVs, given the experience they're currently having with the COVID-19.

我只是想知道，考慮到您目前在 COVID-19 方面的經歷，是否有任何潛在客戶對將大量資本支出投入電動車的前景抱有信心。

In short.

簡而言之。

Is there any -- do you want to kind of differentiate at all those conversations and...

有沒有——你想在所有這些對話中有所區別嗎？

Yes, sure.

是的，當然。

And yes, good catch, Paul.

是的，很好，保羅。

And it's very, very simple.

這非常非常簡單。

In terms of production, there's -- nobody is changing their plans in terms of if it's going to push out a year or what have you.

在製作方面，沒有人會改變他們的計劃，無論是推遲一年還是其他什麼。

What's happening is some of the customers have labs that are shut down.

發生的情況是一些客戶的實驗室被關閉。

So their ability to take our part, put it in an inverter, evaluate it and give us feedback has been diminished, because they can't get into the lab.

因此，他們參與我們的工作、將其放入逆變器、對其進行評估並向我們提供反饋的能力已經減弱，因為他們無法進入實驗室。

That doesn't mean they're changing their production date.

這並不意味著他們正在改變生產日期。

It's just -- their decision is going to happen a little bit later because of that.

只是——因此，他們的決定會晚一點做出。

So that's the nuance in that.

這就是其中的細微差別。

And that hasn't hit everybody, but it has hit a couple of different customers.

這並沒有影響到所有人，但影響了一些不同的客戶。

And I would view that as kind of a 1-month, 2-month kind of thing for the evaluation.

我認為評估需要 1 個月、2 個月的時間。

Some customers actually have their labs open, which is great.

有些客戶實際上開放了他們的實驗室，這很棒。

But no, they -- I would say that all the customers that I've talked to have said that their plans haven't changed.

但不，他們 - 我想說的是，我交談過的所有客戶都表示他們的計劃沒有改變。

And some of the customers that we've talked to just simply can't get into their labs.

我們採訪過的一些客戶根本無法進入他們的實驗室。

Does that make sense?

那有意義嗎？

Our next question comes from Ambrish Srivastava with BMO Capital.

我們的下一個問題來自 BMO Capital 的 Ambrish Srivastava。

I just wanted to come back to your gross margin -- kind of completing the loop here from the first question.

我只是想回到你的毛利率——有點完成第一個問題的循環。

There are many factors.

有很多因素。

But if we were -- and obviously, the COVID-related stuff is very hard to plan for and account for.

但如果我們是——顯然，與新冠病毒相關的事情就很難規劃和解釋。

But if you think about utilization, which is the biggest factor, what is the fall-through to the margin from incremental revenues?

但如果考慮利用率（這是最大的因素），增量收入對利潤率的影響是多少？

That was my question.

這就是我的問題。

And then I was a little bit confused about the question -- or the comment on the strengthening in the order book.

然後我對這個問題或訂單簿中關於加強的評論有點困惑。

It doesn't seem that, that's -- it doesn't seem it's near term that would give you the confidence to say that, yes, calendar 2Q would be the bottom in the utilization.

看起來，短期內似乎不會讓你有信心說，是的，日曆第二季將是利用率的底部。

Thanks, Ambrish.

謝謝，安布里什。

I'm not sure exactly what the answer on the fall-through is, only because we have a pretty dynamic portfolio going on right now with a lot of moving pieces with what's in there.

我不確定失敗的確切答案是什麼，只是因為我們現在有一個非常動態的投資組合，裡面有很多移動的部分。

What I would say is, though, that the -- if you look at the margins where we were in 3Q and moving to 4Q that the difference between that 40% and kind of midpoint guide we had is really COVID-related.

不過，我想說的是，如果你看看我們在第三季和第四季的利潤率，你會發現 40% 和我們的中點指南之間的差異確實與新冠病毒相關。

And there's different elements to that, whether it be how the employees show up to work.

其中有不同的因素，無論是員工的工作表現。

Like I kind of mentioned, kind of 45% to 65% are showing up on any given day.

就像我提到的，每天都有 45% 到 65% 的人出現。

We've changed some of the compensation for different people to ensure things -- people are doing different types of work.

我們改變了針對不同人員的一些薪酬，以確保人們從事不同類型的工作。

And we're managing -- and the staggering of the employees coming in is kind of challenging as well.

我們正在管理——大量的員工進來也是一種挑戰。

So I would think of the gross margins as being very much COVID-related.

所以我認為毛利率與新冠疫情有很大關係。

And once we're able to get back to one stable operating situation, those will kind of come back up to the normal basis of where we're at now.

一旦我們能夠恢復到一種穩定的營運狀況，這些狀況就會恢復到我們現在所處的正常基礎。

As it relates to the order book, I mean, look, we've got pretty good line of sight to what the backlog looks like.

由於它與訂單簿相關，我的意思是，看，我們對積壓訂單的情況有了很好的了解。

And certainly, the backlog, particularly in the device businesses, have strengthened.

當然，積壓的訂單，尤其是設備業務的積壓，已經增加。

Now as you point out, with the COVID situation and the uncertainty around recovery, how are those orders going to play out, how is end customer demand going to look 2 or 3 months from now, that's very difficult to call.

現在，正如您所指出的，鑑於新冠疫情的情況和復甦的不確定性，這些訂單將如何發揮，從現在起 2 或 3 個月後最終客戶的需求將如何，這些都很難預測。

But clearly, we have visibility to seeing the backlog improve.

但顯然，我們可以看到積壓的情況有所改善。

And we saw that prior to the situation getting more dire here over the last couple of months.

我們在過去幾個月的情況變得更加嚴峻之前就看到了這一點。

So I think, overall -- look, we've got some improvement in the backlog.

所以我認為，總的來說，我們在積壓工作方面取得了一些進展。

But again, we're just going to have to play it by the ear here until we get out to and see how this things recovers a bit over the next couple of months.

但同樣，我們只能隨機應變，直到我們出去看看接下來的幾個月事情會如何恢復。

Okay.

好的。

That's helpful.

這很有幫助。

And for my quick follow-up, could you just -- you said in the prepared remarks, Gregg, that the capacity plans -- expansion plans are on track.

對於我的快速跟進，格雷格，您在準備好的演講中說過，產能計劃、擴張計劃正在按計劃進行。

What is the capital outlay for expansion for the next fiscal year, please?

請問下一財年的擴張資本支出是多少？

Yes.

是的。

Neill, why don't you guide him?

尼爾，你為什麼不引導他呢？

Yes.

是的。

Let me just say, Ambrish, we normally give out the annual CapEx, I think, in our next call, Ambrish, as we get into our next fiscal year.

我只想說，安布里什，我認為，當我們進入下一個財政年度時，我們通常會在下一次電話會議中公佈年度資本支出，安布里什。

But if you go back to the Investor Day, what we had said is that 2020 will be -- as we just said, it will be roughly $240 million and our highest investment year from a CapEx standpoint as part of our longer-term plan will be 2021.

但如果你回到投資者日，我們所說的是，正如我們剛才所說，2020 年將是大約2.4 億美元，從資本支出的角度來看，作為我們長期計劃的一部分，我們的最高投資年份將是到2021年。

I think that's why it's really important for us to have the ample liquidity to kind of drive that plan regardless of kind of what the outcome is in terms of the recovery from COVID-19.

我認為這就是為什麼擁有充足的流動性來推動該計劃對我們來說非常重要，無論 COVID-19 的復甦結果如何。

So you can think of a significantly higher CapEx investment coming in '21.

因此，您可以想像 21 年的資本支出投資將會大幅增加。

And then beyond that, it starts coming down as we start seeing the benefits from the deal we have, the partnership we have with the state of New York.

除此之外，當我們開始看到我們與紐約州的協議和夥伴關係帶來的好處時，它開始下降。

Yes.

是的。

And just a follow-up on that.

這只是後續行動。

Obviously, I'm in contact with a lot of customers.

顯然，我與許多客戶保持聯繫。

We've had great customer meetings during this time despite the fact that we can't fly anywhere.

儘管我們不能飛到任何地方，但我們在這段時間舉行了一次很棒的客戶會議。

And there is a strong desire from our customers to understand what's happening with our plans from a CapEx -- not a CapEx, from a capital expansion perspective.

我們的客戶強烈希望從資本支出（而不是從資本擴張的角度來看）了解我們的計劃發生了什麼。

And so one of the things we do is we show them pictures of earth being moved around, concrete being poured.

因此，我們所做的一件事就是向他們展示地球被移動、混凝土被澆築的圖片。

I think this past week, it was, if I recall correctly, it was 3,000 tons of concrete was poured on the site.

我想上週，如果我沒記錯的話，現場澆築了 3000 噸混凝土。

So you show them that picture and you say, hey, we just met with our Board and everyone is committed to this plan.

所以你給他們看那張照片，然後說，嘿，我們剛剛與董事會會面，每個人都致力於這個計劃。

So the capacity that you were banking on us having when you chose us as your supplier is continuing.

因此，當您選擇我們作為供應商時，您所指望我們擁有的能力仍在繼續。

And then we talk about as well that not only is it -- is our Board just not just saying that, but we also have the liquidity to make it happen in almost any scenario that we can kind of contemplate in terms of what this crisis recovery could look like.

然後我們也討論，我們的董事會不僅僅是這麼說的，而且我們還擁有流動性，可以在幾乎任何我們可以考慮的危機復甦情況下實現這一目標可能看起來像。

This is a very bizarre situation in terms of what's happening in the world.

就世界上正在發生的事情而言，這是一個非常奇怪的情況。

You've got 180 countries are impacted by it.

有 180 個國家受到影響。

You've got a consensus GDP forecast for Q2 at a contraction that's 3 to 4x stronger than any in modern history.

你們對第二季的 GDP 收縮率達成了一致預測，收縮幅度是現代歷史上任何一次收縮的 3 到 4 倍。

In all of the downturns that I've been in, in the semiconductor industry, in my career, I've been able to watch a sports event, go out to a restaurant, get a haircut, have my kids go to school.

在我經歷過的半導體行業和職業生涯的所有低迷時期，我都能夠觀看體育賽事，去餐館，理髮，讓我的孩子上學。

None of that's happening.

這些都沒有發生。

And so I think it's -- what it really translates to us is the near term is going to be super-uncertain.

所以我認為，這對我們來說真正意味著短期內將非常不確定。

And so what we're trying to do with our customers is give them certainty that when they chose us as a supplier to ramp up in 2022 and 2023, we're going to be there.

因此，我們試圖與客戶一起做的是讓他們確信，當他們選擇我們作為 2022 年和 2023 年產能擴張的供應商時，我們將在那裡。

And that message has really been well received by our customer base.

這項訊息確實受到了我們客戶群的好評。

I'm showing no further questions at this time.

我目前沒有提出任何進一步的問題。

I'd like turn the call back over to Gregg Lowe for closing remarks.

我想將電話轉回格雷格·洛 (Gregg Lowe) 作結束語。

Well, thanks, everyone, for your interest in Cree.

好的，謝謝大家對 Cree 的興趣。

We wish you all the good health during this COVID crisis and look forward to updating you on our next earnings call.

我們祝福您在這場新冠病毒危機期間身體健康，並期待在下一次財報電話會議上向您通報最新情況。

Thank you.

謝謝。

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.

您現在可以斷開連線。