Wolfspeed Inc (WOLF) 2020 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Cree, Inc.

女士們先生們，感謝你們的支持，歡迎來到 Cree, Inc.。

Second Quarter Fiscal Year 2020 Earnings Conference Call.

2020 財年第二季財報電話會議。

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

（操作員說明）請注意，今天的會議可能會被錄音。

(Operator Instructions)

（操作員說明）

I would now like to hand the conference over to your speaker today, Mr. Tyler Gronbach, VP of Investor Relations.

現在我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) 先生。

Thank you.

謝謝。

Please go ahead, sir.

請繼續，先生。

Thank you, Daniel, and good afternoon, everyone.

謝謝丹尼爾，大家下午好。

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

歡迎參加 Cree 2020 財年第二季電話會議。

Today, Cree's CEO, Gregg Lowe; and Cree's CFO, Neill Reynolds, will report on the results for the second quarter of fiscal year 2020.

今天，Cree 執行長 Gregg Lowe； Cree 財務長 Neill Reynolds 將報告 2020 財年第二季的業績。

Please note that we will be presenting non-GAAP financial results during today's call, which is consistent with how management measures Cree's results internally.

請注意，我們將在今天的電話會議上公佈非 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，並發佈在我們網站的投資者關係部分，以及其他關鍵指標的歷史摘要。

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

今天的討論包括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.

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。

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

（操作說明）如果您還有任何其他問題，請在通話後隨時與我們聯絡。

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

現在我想把電話轉給格雷格。

Thanks, Tyler, and good afternoon, everyone.

謝謝泰勒，大家下午好。

In the fiscal second quarter, we delivered revenue at the upper end of our guidance range.

在第二財季，我們的收入達到了指導範圍的上限。

We were recently notified by the Department of Commerce that our license to ship to Huawei would not be granted.

我們最近接到美國商務部的通知，我們將不會獲得向華為發貨的許可證。

As such, we have taken an inventory reserve on Huawei-related products.

因此，我們對華為相關產品進行了庫存儲備。

If you adjust for the impact of the reserve, we exceeded the midpoint of the guidance for revenue, gross margin percentage and EPS.

如果調整準備金的影響，我們就超過了收入、毛利率和每股盈餘指引的中點。

Neill will provide some additional context on the inventory reserve in a couple minutes.

尼爾將在幾分鐘內提供有關庫存儲備的一些額外背景資訊。

We continued our transformation to position Cree for the tremendous growth opportunities ahead of us.

我們繼續轉型，使 Cree 能夠抓住我們面前的巨大成長機會。

We are investing to support numerous growth opportunities across multiple industries, underscoring our confidence in our business and its prospects.

我們正在投資支持多個行業的眾多成長機會，這突顯了我們對我們的業務及其前景的信心。

Those of you who joined us at our November Investor Day were able to hear about some of these opportunities.

那些參加我們 11 月投資者日的人能夠聽到其中一些機會。

And in the short time since then, we've continued to see growing momentum for silicon carbide adoption.

此後的短時間內，我們繼續看到碳化矽的採用勢頭不斷增長。

Despite the Huawei license denial and the short-term headwinds related to the geopolitical and macroeconomic environment, the long-term outlet that we -- the long-term outlook that we outlined at our November Investor Day remains unchanged.

儘管華為許可證被拒絕以及與地緣政治和宏觀經濟環境相關的短期阻力，我們在 11 月投資者日概述的長期前景仍然沒有改變。

We continue to receive strong validation for our technology by many significant customers who are leaders in their respective industries.

我們的技術繼續得到許多在各自行業中處於領先地位的重要客戶的強烈認可。

Cree's expertise in silicon carbide is unmatched, and we're building on this leadership to accelerate the transition from silicon to silicon carbide.

Cree 在碳化矽方面的專業知識是無與倫比的，我們正在利用這一領先地位來加速從矽到碳化矽的過渡。

I'll now turn it over to Neill to provide some additional color on our second quarter financial results and the outlook for next quarter.

現在我將把它交給尼爾，為我們第二季的財務表現和下季的前景提供一些額外的資訊。

Thank you, Gregg.

謝謝你，格雷格。

For the second quarter of fiscal 2020, revenue decreased 14% year-over-year to $240 million due to 18% lower LED segment revenue amid ongoing soft market conditions, and Chinese trade and tariff issues.

2020 財年第二季度，由於持續疲軟的市場狀況以及中國貿易和關稅問題，LED 細分市場收入下降 18%，營收年減 14% 至 2.4 億美元。

Wolfspeed revenue declined 11% year-over-year due to ongoing weakness in power and RF device sales.

由於電源和射頻裝置銷售持續疲軟，Wolfspeed 營收年減 11%。

On a consolidated basis, non-GAAP gross margin was 26.8%, which includes the Huawei inventory reserve of approximately $8.3 million or 350 basis points of gross margin impact.

合併後，非公認會計準則毛利率為 26.8%，其中包括華為約 830 萬美元的庫存儲備，即對毛利率的影響為 350 個基點。

Let me take a moment to explain why we decided to take the reserve in the quarter.

讓我花點時間解釋為什麼我們決定在本季採取儲備金。

Recently, we received notice from the U.S. Department of Commerce that our license application to resume shipment of product to Huawei would not be granted.

近日，我們收到美國商務部的通知，表示我們恢復向華為出貨的許可申請未獲批准。

Considering this development and the fact that it has been 8 months since the ban has gone into effect, we don't see any opportunity at this time where we will resume shipping any product we currently have on hand to the customer.

考慮到這一事態發展以及禁令生效已有 8 個月的事實，我們目前看不到任何機會恢復向客戶運送目前手頭上的任何產品。

As such, we felt it was best to record the write-down.

因此，我們認為最好記錄減記。

We will continue to comply with the ban as it relates to Huawei and do not currently expect to record any RF revenue for this customer during fiscal 2020.

我們將繼續遵守與華為相關的禁令，目前預計 2020 財年不會為該客戶記錄任何射頻收入。

Our non-GAAP net loss was $10.4 million or negative $0.10 per diluted share, below the midpoint of our target range due to inventory reserve, which had a negative impact of approximately $0.05 per diluted share.

我們的非GAAP 淨虧損為1,040 萬美元，即每股攤薄後每股負0.10 美元，低於我們目標範圍的中點，原因是庫存儲備，這對攤薄後每股產生了約0.05 美元的負面影響。

Excluding the impact of the reserve, our EPS was above the midpoint at minus $0.05 per diluted share.

排除準備金的影響，我們的每股攤薄每股收益高於中點，為-0.05 美元。

Our second quarter non-GAAP earnings exclude $42.4 million of expense net of tax, or $0.39 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.

我們第二季的非公認會計準則收益不包括4,240 萬美元的稅後費用，或攤薄後每股0.39 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。

By segment, our results were as follows.

按細分市場劃分，我們的結果如下。

Wolfspeed quarterly revenue declined year-over-year and sequentially to $121 million, slightly below the midpoint of our target.

Wolfspeed 季度營收年增至 1.21 億美元，略低於我們目標的中點。

While we continue to see growth in our materials business, our power business continues to be impacted by softness in electric vehicle sales in China, with a sharp decline seen in the second half of calendar 2019, following the withdrawal of government EV subsidies.

雖然我們的材料業務持續成長，但我們的電力業務持續受到中國電動車銷售疲軟的影響，隨著政府電動車補貼的取消，2019 年下半年銷量急劇下降。

In our RF business, we are experiencing continued delays in purchasing activity as it relates to the rollout of 5G networks.

在我們的無線射頻業務中，我們的採購活動持續延遲，因為這與 5G 網路的推出有關。

Wolfspeed gross margin was 34.6%, which includes an $8.3 million impact due to the previously discussed inventory reserve related to Huawei.

Wolfspeed 毛利率為 34.6%，其中包括先前討論的與華為相關的庫存儲備造成的 830 萬美元的影響。

Excluding the Huawei reserve, our Wolfspeed gross margin was approximately 41%, within our targeted range.

不包括華為儲備，我們的 Wolfspeed 毛利率約為 41%，在我們的目標範圍內。

In addition, Wolfspeed's second quarter gross margin was also impacted by lower materials factory utilization and lower yields related to the ramp of our 150-millimeter MOSFET product.

此外，Wolfspeed 第二季度的毛利率也受到材料工廠利用率下降以及與 150 毫米 MOSFET 產品提升相關的產量下降的影響。

LED product revenue was above our target range at $119 million and grew 4% sequentially.

LED 產品營收高於我們 1.19 億美元的目標範圍，季增 4%。

LED gross margin was 22.2%, up 300 basis points sequentially, primarily due to improved factory utilization, lower impact from tariffs, improved product mix and ongoing cost measures.

LED 毛利率為 22.2%，比上一季成長 300 個基點，主要是由於工廠利用率提高、關稅影響降低、產品組合改善以及持續的成本措施。

Unallocated costs totaled $3.9 million for the second quarter of fiscal 2020 and are included in our overall cost to reconcile to our $64 million non-GAAP gross profit and 26.8% total gross margin for the company.

2020 財年第二季的未分配成本總計 390 萬美元，已包含在我們的總體成本中，以適應我們 6,400 萬美元的非 GAAP 毛利和公司 26.8% 的總毛利率。

Non-GAAP operating expenses for Q2 were $85 million, consistent with our target, and our non-GAAP operating loss was $21 million, which includes the impact of the inventory reserve.

第二季的非 GAAP 營運費用為 8,500 萬美元，與我們的目標一致，我們的非 GAAP 營運虧損為 2,100 萬美元，其中包括庫存儲備的影響。

Our non-GAAP tax rate was 43%.

我們的非 GAAP 稅率為 43%。

During the second quarter, cash generated from operations was $8 million, and capital expenditures were $61 million, resulting in a negative free cash flow of $53 million as we continue to invest for growth to expand capacity in our Wolfspeed business.

第二季度，營運產生的現金為 800 萬美元，資本支出為 6,100 萬美元，由於我們繼續投資成長以擴大 Wolfspeed 業務的產能，因此自由現金流為負 5,300 萬美元。

We ended the quarter with $952 million in cash and short-term investments, 0 balance on our line of credit, and convertible debt with a face value of $575 million.

截至本季末，我們的現金和短期投資為 9.52 億美元，信用額度餘額為零，可轉換債務面額為 5.75 億美元。

For the quarter, days sales outstanding came in at 39 days, and inventory days on hand improved to 84 days, driven by the inventory write-off compared to 98 days last quarter.

本季度，應收帳款週轉天數為 39 天，在庫存沖銷的推動下，現有庫存天數從上季度的 98 天改善至 84 天。

For fiscal 2020, we are now targeting capital investments of approximately $230 million, up from $200 million.

2020 財年，我們的資本投資目標從 2 億美元增加到約 2.3 億美元。

Power device customers have recently indicated that their production schedules may be earlier than originally anticipated, which will require more manufacturing capacity than we have in our current plan.

功率元件客戶最近表示，他們的生產計劃可能比最初預期的要早，這將需要比我們目前計劃更多的製造能力。

Given the time required to install and qualify these tools, we have decided to invest now to ensure we have maximum flexibility in the event our customers need us to ramp our production sooner.

考慮到安裝和鑑定這些工具所需的時間，我們決定立即投資，以確保在客戶需要我們更快提高產量的情況下擁有最大的靈活性。

These were tools we were planning to purchase in fiscal 2021, but have decided to invest now, so we have some additional buffer for our planned ramp.

這些是我們計劃在 2021 財年購買的工具，但現在決定進行投資，因此我們為計劃的產能擴張提供了一些額外的緩衝。

Our capital allocation priorities remain focused on expanding capacity in our Wolfspeed business.

我們的資本配置重點仍集中在擴大 Wolfspeed 業務的產能。

Turning to the outlook for the third quarter of 2020, we are now targeting revenue in a range of $221 million to $229 million based on the following segment trends: Wolfspeed revenue is expected to be flat to slightly down on a sequential basis, approximately $116 million to $120 million, as we continue to face external headwinds, softness in 5G network spending and lower electric vehicle sales in China.

談到 2020 年第三季的前景，我們現在的目標收入範圍為 2.21 億美元至 2.29 億美元，基於以下細分市場趨勢： Wolfspeed 收入預計環比持平或略有下降，約為 1.16 億美元由於我們繼續面臨外部阻力、5G 網路支出疲軟以及中國電動車銷量下降，我們的預算將增加至1.2 億美元。

In LED, on a sequential basis, we expect revenue at the lower end of a typical Q3 seasonality between $105 million and $109 million.

在 LED 領域，以環比計算，我們預計典型第三季季節性低端的營收將在 1.05 億至 1.09 億美元之間。

This range reflects the January 27 announcement by the Chinese government to extend the Lunar New Year holiday due to the coronavirus outbreak.

這一範圍反映了中國政府於 1 月 27 日宣布因冠狀病毒爆發而延長農曆新年假期。

The outlook does not account for any future measures taken by the Chinese government in response to the health crisis that could further delay business from returning to a normal operating schedule.

該展望並未考慮到中國政府未來為應對健康危機而採取的任何措施，這些措施可能會進一步推遲企業恢復正常運作的時間。

We target Cree's Q3 non-GAAP gross margin at approximately 30% based on the following segment trends.

根據以下細分市場趨勢，我們將 Cree 第三季非 GAAP 毛利率目標定為約 30%。

We target Wolfspeed gross margin to be between 39% to 42%.

我們的目標是 Wolfspeed 毛利率在 39% 至 42% 之間。

As previously communicated, we are working through temporarily lower-than-expected yields on our 150-millimeter MOSFET product line.

如同先前所傳達的，我們正在努力解決 150 毫米 MOSFET 產品線產量暫時低於預期的問題。

While we saw improvements during the previous quarter, yields have not yet fully returned to expected levels.

雖然我們在上一季看到了改善，但收益率尚未完全恢復到預期水準。

In addition, given lower 5G demand, we have lowered our utilization in our RF business, further impacting gross margin.

此外，鑑於 5G 需求下降，我們降低了射頻業務的利用率，進一步影響毛利率。

Therefore, we expect our gross margin percentage to remain roughly flat versus the prior period.

因此，我們預計我們的毛利率將與上一期大致持平。

As we have said previously, we see these issues as temporary in nature, and we expect to return to higher levels of gross margin once the yield improvements are implemented and the volumes increase.

正如我們之前所說，我們認為這些問題本質上是暫時的，一旦產量改善和銷售增加，我們預計毛利率將恢復到更高水準。

It may, however, take a full manufacturing cycle to see these results in our financial statements once the improvements take hold.

然而，一旦改進生效，可能需要一個完整的製造週期才能在我們的財務報表中看到這些結果。

We are targeting LED gross margin to be approximately 20% to 21%, down modestly quarter-over-quarter due to lower licensing revenue and lower volumes, partially offset by improved cost execution.

我們的 LED 毛利率目標為約 20% 至 21%，由於授權收入下降和銷量下降，環比小幅下降，部分被成本執行改善所抵銷。

We are targeting non-GAAP operating expenses to grow to $88 million from $85 million as we continue to invest in our Wolfspeed business, including an increased investment to prepare products for production in our Mohawk Valley fab, which we plan to ramp in 2022.

隨著我們繼續投資 Wolfspeed 業務，我們的目標是非 GAAP 營運費用從 8,500 萬美元增長到 8,800 萬美元，包括增加投資以準備在莫霍克谷工廠生產的產品，我們計劃在 2022 年擴大產能。

We have stated previously that changes in operating expenses can vary from quarter-to-quarter for a variety of reasons, including the timing of R&D projects, marketing spend around trade shows and when IP cases go to trial.

我們之前曾說過，由於多種原因，每季的營運費用變化可能有所不同，包括研發項目的時間表、圍繞貿易展覽的營銷支出以及知識產權案件的審理時間。

We target Q3 non-GAAP operating loss to be between $25 million to $17 million, and we target nonoperating income to be approximately $2 million.

我們的目標是第三季非 GAAP 營業虧損在 2,500 萬美元至 1,700 萬美元之間，我們的目標非營業收入約為 200 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 Q3 non-GAAP net loss to be between $16 million to $10 million or a loss between minus $0.15 to minus $0.09 per diluted share.

我們的目標是第三季非 GAAP 淨虧損為 1,600 萬美元至 1,000 萬美元，或稀釋後每股虧損為 -0.15 美元至 -0.09 美元。

Our non-GAAP EPS target is lower by approximately $0.02 due to the ongoing impact of the tariffs.

由於關稅的持續影響，我們的非 GAAP 每股盈餘目標降低了約 0.02 美元。

Our non-GAAP EPS target excludes acquired intangibles amortization, noncash stock-based compensation, 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、轉型和交易相關成本、工廠優化重組成本和其他項目。

Our GAAP and non-GAAP targets do not include the impact of any changes to the fair value of our Lextar investment.

我們的公認會計原則和非公認會計原則目標不包括隆達投資公允價值的任何變化的影響。

Our Q3 targets are based on several factors that could vary, including overall demand, product mix, factory execution and the competitive environment.

我們的第三季目標是基於多個可能變化的因素，包括整體需求、產品組合、工廠執行和競爭環境。

I will now turn the discussion back to Gregg.

我現在將討論轉回格雷格身上。

Thanks, Neill.

謝謝，尼爾。

I want to touch on some of the comments that Neill has made before I provide an update on our strategic transformation.

在提供有關我們戰略轉型的最新資訊之前，我想先談談尼爾發表的一些評論。

First, the operating environment remains challenging in the near term.

首先，短期內的經營環境仍充滿挑戰。

Our customers are cautious and awaiting further clarity with respect to future trade policy as the recent trade deal, while a positive development, didn't really do much for our sector.

我們的客戶持謹慎態度，等待未來貿易政策的進一步明確，因為最近的貿易協議雖然取得了積極的進展，但對我們的行業並沒有多大作用。

This lack of visibility, coupled with delays in -- on the 5G side and softer EV sales in China continues to impact us in the short term.

缺乏可見性，加上 5G 方面的延遲以及中國電動車銷售疲軟，在短期內繼續影響我們。

Now the CapEx acceleration that Neill mentioned earlier is a result of some of our power device customers indicating their production ramp schedules may be earlier than they originally anticipated, which would require more manufacturing than we currently have in the -- more manufacturing capacity than we currently have in the plan.

現在，尼爾之前提到的資本支出加速是我們的一些功率元件客戶表示他們的生產計劃可能比他們最初預期的要早的結果，這將需要比我們目前擁有的更多的製造能力——比我們目前更多的製造能力計劃中有。

In the last 60 days, we've met with several important customers and discussed their production time lines, which has led us to make these additional investments now.

在過去 60 天裡，我們會見了幾位重要客戶並討論了他們的生產時間表，這促使我們現在進行這些額外投資。

This is a positive development, and speaks to the growing demand for silicon carbide.

這是一個積極的發展，說明了對碳化矽的需求不斷增長。

The transformation of Cree remains firmly on track.

Cree 的轉型仍然堅定地走在正軌上。

We have a strong team in place to drive our company forward as we position ourselves for the multi-decade growth opportunities before us.

我們擁有一支強大的團隊來推動公司向前發展，為擺在我們面前的數十年的成長機會做好準備。

We are investing for future growth and seeing early returns on these investments as demonstrated by the critical design wins we recently announced with industry leaders.

我們正在為未來的成長進行投資，並看到這些投資的早期回報，正如我們最近與行業領導者宣布的關鍵設計勝利所證明的那樣。

Our $9 billion device pipeline is large and robust.

我們價值 90 億美元的設備管道規模龐大且穩健。

And we are working hard to convert these opportunities into wins.

我們正在努力將這些機會轉化為勝利。

Last quarter, we were awarded new design-ins for Wolfspeed products totaling hundreds of millions of dollars, further demonstrating our ability to compete and win in the marketplace.

上季度，我們獲得了價值數億美元的 Wolfspeed 產品新設計合同，進一步證明了我們在市場競爭和獲勝的能力。

As we've mentioned previously, customers tell us that they expect to make decisions on about half of our $9 billion device pipeline over the next 6 to 18 months.

正如我們之前提到的，客戶告訴我們，他們希望在未來 6 到 18 個月內對我們價值 90 億美元的設備管道中的大約一半做出決策。

This is a tremendous opportunity, and we're making the necessary investments to expand our capacity with our Mohawk Valley fab.

這是一個巨大的機會，我們正在進行必要的投資，以擴大莫霍克谷工廠的產能。

We selected a construction company.

我們選擇了一家建築公司。

Work is underway at the site, and we expect the initial production ramp to begin in calendar year 2022.

現場工作正在進行中，我們預計最初的生產將於 2022 年開始。

This highly automated facility will allow us to meet the growing demand for silicon carbide technologies with improved efficiency and scale.

這個高度自動化的設施將使我們能夠提高效率和規模，滿足對碳化矽技術不斷增長的需求。

In automotive, the industry is transforming, driven by the transition from internal combustion engines to electric vehicles and from silicon to silicon carbide.

在汽車領域，在從內燃機到電動車、從矽到碳化矽的轉變的推動下，該產業正在轉型。

In the beginning of January, I spent a few days at the Consumer Electronics Show, meeting with several of our OEM and Tier 1 automotive customers.

一月初，我在消費電子展上待了幾天，並會見了我們的幾家 OEM 和一級汽車客戶。

The benefits of silicon carbide are clear and create significant value for automakers and customers alike.

碳化矽的優勢顯而易見，為汽車製造商和客戶創造巨大的價值。

Our leadership and expertise in silicon carbide, coupled with our commitment to expanding capacity position us well to capitalize on this opportunity.

我們在碳化矽領域的領導地位和專業知識，加上我們對擴大產能的承諾，使我們能夠充分利用這個機會。

Additionally, while we've seen some near-term delays in the 5G rollout, the growth in mobile data is substantial and the speeds that are required for these applications are increasing every day, underscoring the market need for 5G.

此外，雖然我們看到 5G 的推出在短期內出現了一些延遲，但行動數據的成長非常可觀，而且這些應用程式所需的速度每天都在增加，凸顯了市場對 5G 的需求。

Beyond these markets, the applications for silicon carbide are broad across solar, aerospace and defense and industrials.

除了這些市場之外，碳化矽的應用也廣泛應用於太陽能、航空航太、國防和工業領域。

And we look forward to expanding our market-leading position as we drive the world's transition from silicon to silicon carbide.

我們期待擴大我們的市場領先地位，推動世界從矽轉向碳化矽的轉變。

There is a high level of optimism at Cree that we have the right product set, a strong engagement with our -- and strong engagement with our customers to continue to drive this transition.

Cree 非常樂觀地認為，我們擁有合適的產品組合、與客戶的密切合作以及與客戶的密切合作，以繼續推動這項轉型。

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

這樣，我會將其轉回給操作員，然後我們將開始問答部分。

(Operator Instructions) Our first question comes from Brian Lee with Goldman Sachs.

（操作員說明）我們的第一個問題來自高盛的 Brian Lee。

Maybe just a simple one to start off.

也許只是一個簡單的開始。

For the guidance for fiscal Q3, Neill, you're mentioning the Lunar New Year holiday, it was extended by 3 days, I believe.

對於第三財季的指導，尼爾，你提到了農曆新年假期，我相信它延長了三天。

So fair to assume the guide would have been something more like 230 to 237 or so to reflect about the 3 days of lost revenue.

公平地說，指南應該是 230 到 237 左右，以反映 3 天的收入損失。

Is that the way to think about it?

是這樣思考的嗎？

Yes, let me just kind of hit on that, Brian.

是的，讓我順便說一下，布萊恩。

I think you're hitting on the kind of the right point there.

我認為你說到了正確的地方。

So the LED revenue at the midpoint of the guide for 3Q is down approximately 10% quarter-over-quarter.

因此，第三季 LED 營收指南中位數較上季下降約 10%。

If you look at our LED business historically, seasonality runs down about 5% to 10% due to the Chinese New Year holiday.

如果你從歷史上看我們的 LED 業務，你會發現由於農曆新年假期，季節性下降了約 5% 至 10%。

So what we're seeing here is we've got notification from the Chinese government that they're going to extend the holiday and our fab -- our LED factory in China is not going to reopen until February 10.

所以我們現在看到的是，我們收到了中國政府的通知，他們將延長假期，而我們的工廠——我們在中國的 LED 工廠要到 2 月 10 日才會重新開工。

So what we've done there is we've taken the guidance down to kind of the low end of normal seasonality.

因此，我們所做的就是將指導方針降低到正常季節性的低端。

And that's kind of where we've ended up.

這就是我們最終的結局。

So the situation there remains fluid.

因此那裡的局勢仍然不穩定。

It's hard to say what would happen if additional actions were taken, but we'll continue to monitor the situation and respond accordingly.

很難說如果採取額外行動會發生什麼，但我們將繼續監控情況並做出相應反應。

Okay.

好的。

Fair enough.

很公平。

That's helpful.

這很有幫助。

And then on the Wolfspeed side, this -- the manufacturing cycle that you talked about.

然後在 Wolfspeed 方面，這就是您談到的製造週期。

Can you give us some sense or quantify that time line to any degree?

您能給我們一些概念或在一定程度上量化該時間線嗎？

I mean most people would take the past few quarters to mean that you're about just a few quarters into this.

我的意思是，大多數人會認為過去幾個季度意味著您只經歷了幾個季度。

And so are we to infer gross margins are in this high 30s to low 40s range in Wolfspeed for the remainder of fiscal 2020, if this is a kind of 1-year manufacturing cycle?

那麼，如果這是一種一年的製造週期，我們是否可以推斷 2020 財年剩餘時間內 Wolfspeed 的毛利率處於 30 多歲到 40 多歲的範圍內？

Or how should we be thinking about, I guess, the time line here before we start to see some real improvement on the margin side?

或者我想，在我們開始看到利潤方面出現一些真正的改善之前，我們應該如何考慮這裡的時間線？

It really depends on how the yields improve on the 150-millimeter MOSFET product line.

這實際上取決於 150 毫米 MOSFET 產品線的良率如何提高。

So I think if you go back to last quarter, we mentioned we had a scrap event there on that same product line.

所以我想如果你回到上個季度，我們提到我們在同一產品線上舉辦了一次報廢活動。

And we've since resolved that issue.

我們已經解決了這個問題。

So that is -- that has -- we fixed that, and we're heading in the right direction.

所以，我們已經解決了這個問題，並且正在朝著正確的方向前進。

Now what we're talking about is driving those yields back up.

現在我們談論的是推動這些收益率回升。

And we have seen improvement in the yield.

我們已經看到產量有所提高。

So throughout the quarter, the yields improved and a number of the fixes that we put in place, we saw the result of that.

因此，整個季度，收益率有所提高，我們採取了一些修復措施，我們看到了結果。

But it didn't get all the way back up to the level we had expected.

但它並沒有完全恢復到我們預期的水平。

So it's lower than we had expected.

所以它低於我們的預期。

We do have a number of fixes in place right now, and we're working through that.

我們現在確實有一些修復措施，並且正在努力解決。

And I think as we mentioned before, it takes a manufacturing cycle or 2 before you put the fix in, and then it gets -- you kind of see it in the financial results.

我認為正如我們之前提到的，在進行修復之前需要一個或兩個製造週期，然後它就會發生——你可以在財務結果中看到它。

So it will be a function of the timing of when those fixes get applied and then when that manufacturing cycle or 2 begins to hit the kind of financials as we move forward.

因此，這將取決於應用這些修復措施的時間，以及隨著我們前進，製造週期或兩個週期開始影響財務狀況的時間。

So I would kind of expect us to bump around for a little bit as we move forward.

所以我希望我們在前進的過程中會遇到一些麻煩。

Now the second thing on that is, we also talked about some utilization challenges.

現在的第二件事是，我們也討論了一些利用挑戰。

If you look at the Huawei situation as well as the lower rollout in the 5G networks, we've taken some of the RF utilization down as well to manage that.

如果你看看華為的情況以及 5G 網路的部署率較低，我們也降低了一些 RF 使用率來管理這個問題。

So as the yields improve and the volumes come back up, we'd expect to get to the -- improve the margins.

因此，隨著收益率的提高和銷量的回升，我們預期利潤率將會提高。

And this is in no way reflects our view on what the longer-term gross margin opportunities for Wolfspeed that we laid out in the Investor Day, which was in the low kind of 50% range.

這絕不反映我們對 Wolfspeed 在投資者日所闡述的長期毛利率機會的看法，該機會處於 50% 的較低範圍內。

And 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 guess, first question is one that is probably open-ended.

我想，第一個問題可能是開放式的。

But given the fluid and dynamic situation over in China, could you help us think through overall exposure, not just in terms of Chinese customers, but in terms of an extension of the -- of Chinese New Year or from a supply chain perspective if U.S.-based customers managing procurement aren't able to go over there?

但考慮到中國不斷變化的局勢，您能否幫助我們思考整體風險，不僅是從中國客戶的角度，還包括農曆新年的延長或從供應鏈的角度來看，如果美國管理採購的客戶無法前往那裡？

How should we think of the implications beyond what's been announced in terms of the Feb 10?

我們應該如何看待 2 月 10 日宣布的內容之外的影響？

Yes, Jed.

是的，傑德。

So let me give you a little bit of a scope on this, and then maybe we can lay that in with a little bit of color.

所以讓我給你一些關於這個的範圍，然後也許我們可以用一點顏色來表達它。

If you think about the amount of revenue we have in China, the LED business, you kind of think of it more like in the 40% range.

如果你考慮一下我們在中國 LED 業務的收入，你會認為它更像是在 40% 的範圍內。

It's been a little bit higher than that, but we've taken that down, obviously, in the latest forecast.

它比這個數字要高一點，但我們在最新的預測中顯然已經降低了這個數字。

The Wolfspeed business is a small amount, less than 10% of the revenue or roughly 10% of the revenue is China based.

Wolfspeed 業務量很小，不到收入的 10%，或大約 10% 的收入來自中國。

So today, what we're seeing is -- what was laid in here is the impact of what we know today.

所以今天，我們看到的是──這裡所說的是我們今天所知道的影響。

And that's largely with the LED business and the factory for LED that we have in China.

這主要歸功於我們在中國的 LED 業務和 LED 工廠。

We do have some suppliers in China related to Wolfspeed.

我們在中國確實有一些與 Wolfspeed 相關的供應商。

But right now, as things stand today, that seems to be working okay.

但就目前的情況來看，這似乎運作得很好。

It's just hard, given, as you mentioned, the fluidity of the situation to say how that would get managed going forward.

正如你所提到的，考慮到局勢的流動性，很難說未來將如何處理這個問題。

Sure.

當然。

I really appreciate that.

我真的很感激。

That's helpful.

這很有幫助。

I guess just moving over in terms of the device side of the silicon carbide.

我想只是在碳化矽的設備方面移動。

I was wondering, Gregg, if you could just help me in terms of framing out once you get a -- or once you have a win or your customer is ramping with one of your wins, what is the lead time that we should expect to see the ramp in your business?

我想知道，格雷格，一旦你獲得了勝利，或者你的客戶因你的一項勝利而增加，你是否可以幫助我制定框架，我們應該期望的交貨時間是多長？坡道了嗎？

Is that a -- if it's a new product, for example, that's coming into the market, are we going to see that one quarter?

例如，如果這是一種新產品，即將進入市場，我們會在一個季度看到這種情況嗎？

Or a little bit longer than that in terms of their ability to build some inventory to launch their product?

或者就他們建立一些庫存來推出產品的能力而言，比這更長一點？

Well, it's definitely dependent on the industry where we've won.

嗯，這絕對取決於我們獲勝的行業。

But as an example, we announced design wins with Delphi and with ZF.

但舉個例子，我們宣布贏得了德爾福和採埃孚的設計。

And those announcements were a quarter or so ago.

這些公告是在一個季度左右之前發布的。

And both of those companies in their announcements talked about a ramp in 2022.

這兩家公司在公告中都談到了 2022 年的成長。

So you can kind of think of it as a little over 2 years to begin initial ramp.

因此，您可以將其視為開始初始升級需要兩年多一點的時間。

And as we talked about earlier, well, as we talked about in the prepared remarks, we're now getting indications that the ramp in '22 is going to be possibly a little bit steeper than we originally anticipated.

正如我們之前談到的，正如我們在準備好的評論中談到的，我們現在得到的跡象表明，22 年的坡道可能會比我們最初預期的要陡。

And so therefore, we're adding this capacity on board.

因此，我們正在船上增加這種能力。

So that's -- I think that's a very good example of -- that's a little bit over a 2-year type window from being awarded the program to ramping.

所以，我認為這是一個很好的例子，從獲得該計劃到升級，需要兩年多一點的時間。

Some customers are faster than that.

有些客戶比這更快。

Some are quite frankly, the -- some of them more traditional auto industries can be a little bit longer than that, depending on what their qualification procedures are.

坦白說，其中一些更傳統的汽車行業可能會比這更長一點，具體取決於他們的資格審查程序。

And our next question comes from Craig Irwin with Roth Capital Partners.

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

So Gregg, another big picture question.

格雷格，另一個大問題。

We've all heard you say a few times over the last couple years that the tempo of activity that you're seeing with automotive clusters is -- customers is really the highest that you've seen throughout your career.

在過去的幾年裡，我們都聽過您多次說過，您所看到的汽車集群的活動節奏是——客戶確實是您整個職業生涯中所見過的最高的。

And that the visibility into the C-Suite of some of these big automotive OEMs and their prime Tier 1 suppliers has never been better.

而且，對一些大型汽車原始設備製造商及其主要一級供應商的高管層的了解從未如此之好。

Can you maybe describe for us if anything is changing there, the level of commitment that you're seeing on the part of customers, the level of interest and attention?

您能否為我們描述那裡是否發生了變化、您所看到的客戶的承諾程度、興趣和關注程度？

And what they seem to be learning about silicon carbide that's going to shape the future of adoption?

他們對碳化矽的了解似乎將塑造其應用的未來？

I think, Craig, the tempo remains super high right now.

我認為，克雷格，現在的節奏仍然非常快。

At CES it was C-suite type folks that -- and CEOs of big Tier 1s and -- that I met.

在 CES 上，我遇到的是 C-suite 類型的人，以及大型一級公司的執行長。

And in fact, just yesterday, and today, we had I'm going to guess based on the room that I was in, we probably had a little over half a dozen folks from one of our big customers in town, having a kind of a strategic alignment meeting.

事實上，就在昨天和今天，我根據我所在的房間猜測，我們可能有來自鎮上一位大客戶的六名以上的人，他們有一種策略調整會議。

So the tempo is still very, very high.

所以節奏還是非常非常快的。

And basically, what the car manufacturers see and what the Tier 1s see, is they're facing a tremendous transition is something that many of them haven't had throughout their career.

基本上，汽車製造商和一級供應商所看到的是，他們正面臨著巨大的轉變，這是他們中的許多人在整個職業生涯中從未經歷過的。

And the internal combustion moving to electric vehicle.

以及內燃機轉向電動車。

And range is the #1 thing that end customers care about and silicon carbide improves the range and effectively lowers the cost by requiring less battery.

續航里程是最終客戶關心的第一件事，碳化矽提高了續航里程，並透過減少電池需求有效降低了成本。

So I think that's really -- it's a very simple equation.

所以我認為這確實是一個非常簡單的方程式。

They see that silicon carbide will allow them to extend the range for the same amount of battery or lower the battery for the same amount of range or lower the battery costs for the same amount of range.

他們認為碳化矽將使他們能夠延長相同數量電池的續航里程，或降低相同續航里程的電池成本，或降低相同續航里程的電池成本。

And with batteries being the most expensive thing in an electric vehicle, this is a pretty key thing.

由於電池是電動車中最昂貴的東西，這是一件非常關鍵的事情。

So I would say that the tempo remains super high, and we're still highly engaged.

所以我想說，節奏仍然非常快，而且我們仍然高度投入。

To have a little bit over half a dozen folks from procurement, engineering, R&D and so forth, come visit us for a couple of day workshop, I think, is another good example of that kind of high tempo of engagement.

我認為，來自採購、工程、研發等部門的六名以上人員來參加我們為期幾天的研討會，是這種高節奏參與的另一個很好的例子。

Great.

偉大的。

And then my second question is really, again, sort of a longer-term related question.

然後我的第二個問題其實又是一個與長期相關的問題。

So electric cars are at near-term application, and we're seeing a lot of evidence of adoption.

因此，電動車處於近期應用階段，我們看到了許多採用的證據。

Anything north of 600 volts, we know is silicon carbide.

我們知道，任何高於 600 伏特的電壓都是碳化矽。

But there are some applications that are just starting to emerge around the edges these days.

但現在有一些應用程式剛開始在邊緣出現。

I had the opportunity to spend the day with the CEO of Airbus' Acubed, the electric flight division and some key people from Boeing from their electric plane side.

我有機會與空中巴士電動飛行部門 Acubed 的執行長以及波音電動飛機的一些關鍵人員共度了一天。

And they're telling me, basically, they need very, very high-voltage systems.

他們告訴我，基本上，他們需要非常非常高的電壓系統。

They estimate 2-kilowatt motors, but that means 3-kilovolt systems.

他們估計 2 千瓦的電機，但這意味著 3 千瓦的系統。

Cree's history providing some of the military work that you've done, some of the MOSFETs you've developed for the military and your experience producing 6,500 volt and higher volt MOSFETs kind of positions you uniquely to work with these potential huge longer-term partners.

Cree 的歷史提供了您所做的一些軍事工作、您為軍事開發的一些MOSFET 以及您生產6,500 伏特和更高電壓MOSFET 的經驗，這些都使您在與這些潛在的大型長期合作夥伴合作方面處於獨特的地位。

Can you maybe describe for us the emerging applications outside of EVs?

您能為我們描述一下電動車以外的新興應用嗎？

I know these are probably a minimum of 5 years away.

我知道這些可能至少需要 5 年才能實現。

But do you see credibility to some of these applications actually coming in and driving the model over the next 10, 20 years?

但是，您認為其中一些應用程式在未來 10、20 年中實際出現並推動該模型可信嗎？

For sure.

一定。

Absolutely, Craig.

當然，克雷格。

I'd say a couple of things.

我想說幾件事。

One is we had ABB at our Investor Day in November.

一是我們在 11 月的投資者日上看到了 ABB。

They talked about a number of different applications, including grid-type connection.

他們討論了許多不同的應用，包括網格型連接。

We have customers that are developing sort of solid-state circuit breakers, utilizing the high-voltage capability that we're able to have.

我們的客戶正在開發某種固態斷路器，利用我們擁有的高壓能力。

You're exactly right in that we've demonstrated and have delivered to the market product with multi-thousand volt-type capability.

您說得完全正確，我們已經向市場展示了具有數千伏特電壓型能力的產品。

And so as we drive the scale of our silicon carbide activities up, it's helping us drive the overall cost down.

因此，當我們擴大碳化矽活動規模時，它會幫助我們降低整體成本。

And as we drive the cost down, it's enabling more and more of these opportunities.

隨著我們降低成本，就會帶來越來越多的機會。

I mentioned that we had a couple hundred million dollars' worth of design-ins that happened this quarter.

我提到我們本季進行了價值幾億美元的設計。

Many of those design-ins were in industrial-type applications, where they were relatively small in size, but high in number, which is really good.

其中許多設計都是在工業類型的應用中，它們的尺寸相對較小，但數量較多，這確實很好。

And so I think it's another good sign of -- EVs are certainly paving the way for the adoption of silicon carbide, but it's also enabling a lot more industries.

因此，我認為這是另一個好跡象——電動車無疑為碳化矽的採用鋪平了道路，但它也為更多的行業提供了支持。

The final thing that I would say is we've now gotten feedback from a number of our automotive customers that have now firmly moved away from a 400-volt bus to an 800-volt bus.

我要說的最後一件事是，我們現在已經收到許多汽車客戶的回饋，他們現在已經堅定地從 400 伏特總線轉向 800 伏特總線。

They're still deciding on what technology to put in it.

他們仍在決定採用什麼技術。

But as customers move to an 800-volt bus in the automotive world, it certainly gives a lot more viability to the silicon carbide story.

但隨著汽車領域的客戶轉向 800 伏特總線，碳化矽的前景無疑會變得更加可行。

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

我們的下一個問題來自富國銀行證券公司的加里·莫布里。

I want to go back to an earlier question about some of the -- bringing in some of the capital spending to support the fruition of some of your power device win pipeline, presumably with Delphi or ZF.

我想回到之前關於一些問題的問題——引入一些資本支出來支持您的一些功率器件贏得管道的成果，大概是與德爾福或採埃孚合作。

And so if I'm not mistaken, your CapEx that you're intending for those fiscal years went up roughly 60% over the prior year, obviously above your prior expectations.

因此，如果我沒記錯的話，您預計這些財年的資本支出將比上一年增長了約 60%，顯然超出了您先前的預期。

So I'm curious to know what sort of revenue you have in mind to support with this additional capacity, specific to the Wolfspeed power device sales?

因此，我很想知道您打算透過這種額外產能（具體針對 Wolfspeed 功率元件銷售）來支援什麼樣的收入？

Gary, thanks for the question.

加里，謝謝你的提問。

Let me just kind of frame up the CapEx here for a second.

讓我先簡單介紹一下資本支出。

And then we can kind of talk about revenue and timing on those things.

然後我們可以討論這些事情的收入和時間安排。

So to be clear, there's really -- there's no change to our overall capacity expansion plans.

需要明確的是，我們的整體產能擴張計畫確實沒有改變。

What we're doing here is we're pulling CapEx in just to ensure we have enough buffer and kind of flexibility to meet our customers' needs, based on the feedback that they've given us.

我們在這裡所做的是，根據客戶給我們的回饋，拉動資本支出，以確保我們有足夠的緩衝和靈活性來滿足客戶的需求。

So we're going to take the CapEx spend up this year.

因此，我們今年將增加資本支出。

And if you go back to Investor Day, what we said is we'd spend $200 million this year.

如果你回到投資者日，我們說的是今年我們將花費 2 億美元。

But for the next couple years after this, we'd spend north of $200 million.

但在此之後的幾年裡，我們的支出將超過 2 億美元。

And over time, as we build out the Mohawk Valley fab and we get the benefits of the incentives from that program, we're actually going to see that CapEx go down as that factory starts to ramp based on the partnership we have with the State of New York.

隨著時間的推移，當我們建造莫霍克谷工廠並從該計劃的激勵措施中獲益時，我們實際上會看到資本支出下降，因為該工廠根據我們與州政府的合作關係開始擴大規模紐約的。

And during that period, the '20 and '21 time frame are very much kind of investment years.

在此期間，20 世紀和 21 世紀是非常適合投資的年份。

And that will drive some negative free cash flow in advance of those ramps.

這將在這些成長之前推動一些負自由現金流。

So from a CapEx standpoint, same capacity plan.

因此，從資本支出的角度來看，容量計劃相同。

We're just going to move some of that in to support some of these buffers.

我們只是將其中的一些內容移入以支援其中一些緩衝區。

Now the other thing, when you think about revenue for Wolfspeed, the way we talked about the business, '20, '21 kind of investment years, we'll start to see the business ramp more substantially in '22 and then gets kind of full.

現在另一件事，當你考慮 Wolfspeed 的收入時，我們談論業務的方式，'20，'21 類投資年，我們將開始看到業務在 22 年大幅增長，然後變得有點滿的。

I think we talked about a $1.5 billion opportunity in Wolfspeed out in the 2024 time frame.

我想我們討論過 Wolfspeed 在 2024 年的時間範圍內有 15 億美元的機會。

I think what we're talking about here is being ready for that kind of ramp in '22, and potentially, that ramp might be a little steeper than we had initially anticipated.

我認為我們在這裡討論的是為 22 年的那種坡道做好準備，而且坡道可能比我們最初預期的要陡。

Okay.

好的。

I want to switch over to the other business.

我想轉行從事其他業務。

It doesn't get much attention, but let's talk a little bit about the LED business.

它沒有引起太多關注，但我們來談談 LED 業務。

I'm hoping you can give us an update on where you stand with moving the LED business to a fab-lite model and sort of decoupling it from the Wolfspeed business?

我希望您能為我們介紹一下您對於將 LED 業務轉向輕晶圓廠模式並使其與 Wolfspeed 業務脫鉤的最新立場？

Yes.

是的。

we're making -- I think we're making good progress there.

我們正在取得進展——我認為我們正在這方面取得良好進展。

So look, I think the LED business is obviously being impacted right now in China.

所以看，我認為中國的 LED 業務顯然正在受到影響。

But the plan we have is the same.

但我們的計劃是一樣的。

We're going to focus on areas where we think our customers can drive value.

我們將重點關注我們認為客戶可以創造價值的領域。

In terms of the outsourcing model, we're on track, and that plan really happens in 2 stages.

就外包模式而言，我們正在步入正軌，該計劃實際上分兩個階段進行。

The first is to move from silicon carbide to sapphire-type wafers.

首先是從碳化矽轉向藍寶石型晶圓。

And we expect to be largely done by -- towards the end of this fiscal year and probably more so even towards the beginning of fiscal '21.

我們預計這將在本財年結束時完成，甚至在 21 財年開始時更是如此。

And then we'll have the fab outsourcing process that will kind of being worked after that, but partially in line and partially -- part of that would be in line with the substrate outsourcing.

然後我們將擁有晶圓廠外包流程，該流程將在此之後開始工作，但部分與基板外包一致，部分與基板外包一致。

So we're making good progress.

所以我們正在取得良好進展。

The teams are working at it.

團隊正在努力解決這個問題。

And in line with what we just talked about on the capacity expansion, that plays a big role to create more capacity for Wolfspeed.

與我們剛才談到的產能擴張相一致，這對於為 Wolfspeed 創造更多產能發揮著重要作用。

So we're working on it.

所以我們正在努力。

We're making good progress.

我們正在取得良好進展。

And 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)。

This is Jack Egan on for Ed Snyder.

這是艾德·史奈德的傑克·伊根。

So back in November when you doubled the silicon carbide wafer supply agreement with STMicro, how did it affect the time frame of the agreement?

那麼，早在 11 月份，當你們將與 STMicro 的碳化矽晶圓供應協議增加一倍時，這對協議的時間框架有何影響？

Did it significantly extend the existing contract?

它是否大幅延長了現有合約？

Or does near-term demand require ST to purchase more wafers?

或是短期需求需要ST購買更多晶圓？

And also did the extension include another upfront cash payment like the original contract?

延期是否還包括像原始合約一樣的另一筆預付款現金？

Yes.

是的。

So what I would describe this as when we announced this, we described it as an expand and extension.

因此，當我們宣布這一點時，我將其描述為擴展和延伸。

And so part of it was an increase in the amount that they would take on an annual basis and part of it was extending out a little bit.

因此，一部分是他們每年收取的金額增加，一部分是稍微延長一點。

I would describe it more the former than the latter, in terms of the 2. So don't think of it as a doubling of the time frame or anything like that.

就2而言，我更傾向於前者而不是後者。

I don't want to get into any further details beyond that.

除此之外我不想討論任何進一步的細節。

Okay.

好的。

No problem.

沒問題。

And also between the Huawei ban and the EV subsidy cuts in China last year, causing headwinds in your device businesses and your comments in the last quarterly call about epi wafers being capacity constrained.

此外，去年中國的華為禁令和電動車補貼削減給你們的設備業務帶來了阻力，並且你們在上一季度電話會議中關於外延晶圓產能受限的評論。

I guess why shouldn't we assume wafers, whether bear or epi account for the majority of Wolfspeed revenue?

我想為什麼我們不應該假設晶圓（無論是 Bear 還是 Epi）佔 Wolfspeed 收入的大部分？

Yes.

是的。

So in Wolfspeed, I think if you think -- if you go back several years ago, we kind of had talked about the business being in kind of 3 pieces from rough order of magnitude, 1/3, 1/3, 1/3 for the revenue for Wolfspeed.

因此，在 Wolfspeed 中，我想，如果你想一想，如果你回到幾年前，我們就已經討論過業務按大致數量級分為 3 個部分：1/3、1/3、1/3 Wolfspeed的收入。

Obviously, the materials business has grown faster than that over the period.

顯然，材料業務的成長速度快於同期。

So you can probably think about the materials business being a bigger portion of Wolfspeed right now, considering that we have some challenges with the 5G rollout for the RF business and the EV subsidies and power.

因此，考慮到我們在射頻業務、電動車補貼和電力方面的 5G 推出面臨一些挑戰，您可能會認為材料業務目前在 Wolfspeed 中佔據了更大的份額。

So I think that's probably the way to think about the business right now.

所以我認為這可能是目前思考業務的方式。

And as we see some of these longer-term opportunities that we've talked about, some of these pipeline wins that we've had as those start to ramp, we should see over the longer term, device businesses having a pretty substantial opportunity to grow out beyond the current period.

當我們看到我們討論過的一些長期機會，以及隨著這些機會開始增加而獲得的一些管道勝利時，我們應該看到從長遠來看，設備業務有相當大的機會超出當前時期。

As it relates to the capacity question on materials and epi, we've continued to invest in epi, and we made good progress on productivity.

因為涉及材料和外延的產能問題，所以我們繼續在外延方面進行投資，我們在產能方面也取得了很好的進展。

I'd say the lead times there are still kind of extended, but we're making good progress there on the capacity side.

我想說，交貨時間仍然有點延長，但我們在產能方面取得了良好進展。

And our next question comes from Joseph Osha with JMP Securities.

我們的下一個問題來自 JMP 證券的 Joseph Osha。

Two longer-term questions.

兩個長期問題。

First, listening to ST the other day, I was kind of struck by how much time they spent talking about developing alternative sources of material supply.

首先，前幾天聽 ST 時，我對他們花了這麼多時間談論開發替代材料供應來源感到震驚。

And if I were you, I'd be a little put off.

如果我是你，我會有點猶豫。

So I'm kind of wondering listening to that, is there, perhaps, in your business plan, the intention in the device business at some point to start competing with ST in the power MOSFET business?

所以我有點想知道，在您的商業計劃中，裝置業務是否有意在某個時候開始與 ST 的功率 MOSFET 業務競爭？

And then I have a follow-up.

然後我有一個後續行動。

Well, we absolutely compete in the power MOSFET business.

嗯，我們在功率 MOSFET 業務上絕對有競爭力。

And when we talk about device wins, we're -- that we've been awarded.

當我們談論設備獲獎時，我們是——我們已經獲獎了。

If we've been awarded those device wins against a number of different companies that also happen to be our customers from a materials perspective.

如果我們贏得了這些設備，那麼從材料的角度來看，這些公司也恰好是我們的客戶。

So absolutely, Joe, that's part of the equation.

喬，這絕對是等式的一部分。

Our vision is to convert the power electronics industry from silicon to silicon carbide.

我們的願景是將電力電子產業從矽轉變為碳化矽。

I think there's a tremendous amount of tailwind right now, in that with the EVs and the industrial markets that we have talked about as well as the 5G activity.

我認為現在有巨大的推動力，包括我們討論過的電動車和工業市場以及 5G 活動。

So I think our view is, we've got a tremendous opportunity in front of us and that our materials customers who are our device competitors are going to see the opportunity that we see as well.

所以我認為我們的觀點是，我們面前有一個巨大的機會，我們的材料客戶（我們的設備競爭對手）也將看到我們看到的機會。

And I think that the growth that we're anticipating is going to be so strong that we basically couldn't handle ourselves from a device perspective.

我認為我們預期的成長將會如此強勁，以至於我們基本上無法從設備的角度來應對。

Okay.

好的。

And then the second question.

然後是第二個問題。

At CES, I have to say, I was pretty impressed by some of the non large OEM offerings, in particular, Rivian and Byton.

在 CES 上，我不得不說，一些非大型 OEM 產品給我留下了深刻的印象，特別是 Rivian 和 Byton。

And I'm just wondering if you can comment on what you're seeing in terms of inquiry or planned ramps or anything from some of these other startups preparing to enter the market this year and next?

我只是想知道您是否可以對您所看到的調查或計劃的增長或準備今年和明年進入市場的其他一些新創公司的任何內容發表評論？

Well, I'll decline to talk about anybody specifically.

好吧，我不會具體談論任何人。

But what I would tell you is we've met dozens and dozens of customers, Tier 1s as well as the OEM car manufacturers.

但我要告訴你的是，我們已經見到了數十家客戶，包括一級供應商以及 OEM 汽車製造商。

And as the companies dive deeper into the ramifications of the electrification of their drivetrains and they see that they're really going to need to move to a higher voltage, and they see that silicon carbide advantages over silicon dramatically improve as they go from a 400- to 800-volt, those customers are highly engaged with us.

隨著這些公司更深入研究其傳動系統電氣化的影響，他們發現他們確實需要轉向更高的電壓，並且他們發現碳化矽相對於矽的優勢隨著它們從 400 - 到800 伏，這些客戶與我們高度互動。

And obviously, we've developed a 9 -- a little over $9 billion device pipeline of opportunity, about half of that is automotive related, and that pipeline was generated over a relatively short period of time.

顯然，我們已經開發了 9 個——價值略高於 90 億美元的設備管道，其中大約一半與汽車相關，並且該管道是在相對較短的時間內生成的。

So what I would say, Joe, is the opportunity is relatively huge.

所以我想說，喬，機會是相對巨大的。

And I think the excitement around it is very, very strong.

我認為圍繞它的興奮是非常非常強烈的。

Companies that -- start-up companies and Tesla, not too long ago was a start-up company, are seeing the opportunity and traditional car manufacturers are seeing those opportunities as well.

新創公司和不久前還是一家新創公司的特斯拉正在看到機會，傳統汽車製造商也看到了這些機會。

So we're engaged pretty much across the board there.

所以我們在那裡幾乎全面參與。

And as I mentioned in my prepared remarks, and I've talked about several times, our customers are anticipating that they're going to be making final decisions on who they're going to go with from a MOSFET perspective over the next 6 to 18 months.

正如我在準備好的演講中提到的（我已經多次談到），我們​​的客戶預計他們將在未來 6 到 6 年內從 MOSFET 的角度做出最終決定，決定與誰合作。 。

And there's a lot of intensity around that right now.

現在這方面的壓力很大。

(Operator Instructions) Our next question comes from Paul Coster with JPMorgan.

（操作員說明）我們的下一個問題來自摩根大通的保羅·科斯特。

So you brought forward the CapEx a little bit in response to some customer demand that you anticipate.

因此，您提前了一點資本支出，以回應您預期的一些客戶需求。

Are there any incentives or penalties attached to those customers and their business in the event that the demand doesn't come through in the time line that you anticipate?

如果需求未在您預期的時間內完成，這些客戶及其業務是否會受到任何獎勵或懲罰？

Paul, no, I don't think we have anything like that in there.

保羅，不，我認為我們那裡沒有類似的東西。

But typically, in the device business, that's not something where we would have something along those lines.

但通常情況下，在設備業務中，我們不會有類似的東西。

But we do work very closely with these customers.

但我們確實與這些客戶密切合作。

We've been in close contact with them very recently.

我們最近一直與他們保持密切聯繫。

And the indications we're getting from them and the requests we're getting from them is to be prepared for ramping some of these products earlier than we had anticipated.

我們從他們那裡得到的指示和我們從他們那裡得到的要求是準備好比我們預期更早推出其中一些產品。

So we're working very closely with them to manage that.

因此，我們正在與他們密切合作來解決這個問題。

Okay.

好的。

And then my follow-up question is that you've obviously got pretty decent visibility into long-term revenue opportunities in the EV space now.

然後我的後續問題是，您現在顯然已經對電動車領域的長期收入機會有了相當不錯的了解。

Can you characterize the split between the regions of that visibility?

您能描述一下可見性區域之間的劃分嗎？

I mean, I guess what I'm trying to get to is, is it primarily Europe?

我的意思是，我想我想要了解的是，主要是歐洲嗎？

Or is it fairly balanced across the regions?

或者說各地區的情況相當平衡嗎？

And any numbers that you can provide would be helpful there.

您可以提供的任何數字都會有幫助。

There's -- I would say there is very, very good activity right now from most of the European car manufacturers.

我想說，大多數歐洲汽車製造商現在都在進行非常非常好的活動。

Volkswagen has been very, very public about its ambitions in electric vehicles.

大眾汽車一直非常非常公開地表達了其在電動車領域的雄心。

You're seeing a pretty significant change across all of the various different brands inside of Volkswagen on that.

你會看到大眾汽車內部所有不同品牌在這方面都發生了相當重大的變化。

BMW has recently made some announcements and so forth.

BMW最近發布了一些公告等等。

And so Europeans are clearly moving very, very rapidly.

因此，歐洲人的行動顯然非常非常迅速。

And I think that's primarily driven by the oncoming requirements for them in terms of emission standards.

我認為這主要是由排放標準方面即將到來的要求所推動的。

And those are pretty daunting.

這些都是相當令人畏懼的。

The U.S., obviously, led by Tesla, really are taking the electric vehicle and making it a very real and viable story.

顯然，在特斯拉的帶領下，美國確實正在採用電動車，並將其變成一個非常真實且可行的故事。

And so now you're seeing other start-ups, as was mentioned earlier, jumping into this business as well as the U.S. traditional automakers getting more in line with the electrification of the powertrain.

因此，正如前面提到的，現在您會看到其他新創公司紛紛涉足這一領域，而美國傳統汽車製造商也越來越朝著動力總成的電氣化方向發展。

China has been pushing EVs now for quite some time.

中國推動電動車已經有一段時間了。

I think the change in incentives that have happened in China has caused a pause in that -- in the adoption of electric vehicles.

我認為中國激勵措施的變化導致電動車的採用暫停。

But the change that's been put in place incentivizes longer-range vehicles.

但已經實施的改變刺激了遠程車輛的發展。

And so as the Chinese car manufacturers begin to develop and then release to the market longer-range vehicles, I think it's actually going to be a good opportunity for us because that's what we do.

因此，當中國汽車製造商開始開發並向市場推出續航里程更長的汽車時，我認為這對我們來說實際上是一個很好的機會，因為這就是我們所做的。

We allow the car to go longer with the same amount of battery.

我們讓汽車在同樣電量的情況下可以行駛更久。

So I'd say those -- they're not necessarily all balanced.

所以我想說的是──它們不一定都是平衡的。

I would say there's a lot of -- there's probably the most amount of intensity around electrification of the powertrain in Europe.

我想說，歐洲對動力總成電氣化的關注度可能是最高的。

I think there is a tremendous amount of activity in the U.S. and China as well.

我認為美國和中國也有大量的活動。

Our next question comes from Colin Rusch with Oppenheimer.

我們的下一個問題來自科林·魯什和奧本海默。

So obviously, Delphi is an important customer for you guys from a technology standpoint.

顯然，從技術角度來看，德爾福是你們的重要客戶。

And we understand, at least part of the merger with BorgWarner is being driven by customer dissatisfaction with the current solutions on the market.

據我們了解，與博格華納的合併至少有一部分是由於客戶對市場上當前解決方案的不滿而推動的。

So can you talk a little bit about the dynamics of a customer like Delphi going into a pretty substantial merger, which is going to consume a lot of time and energy, along with the dynamics with customers really pressing hard, but not getting what they want from those suppliers at this point in terms of preparedness for a production level?

那麼，您能否談談像德爾福這樣的客戶進行相當大的合併的動態，這將消耗大量的時間和精力，以及客戶確實非常努力，但沒有得到他們想要的東西的動態目前這些供應商在生產水準方面的準備如何？

Just initial comments on that.

只是對此的初步評論。

Well, that's probably a better question for Delphi.

嗯，這對德爾福來說可能是一個更好的問題。

What I would say is we're really early in this and the initial feedback that we've got from talking to customers is actually quite positive.

我想說的是，我們在這方面確實處於早期階段，而且我們從與客戶交談中得到的初步回饋實際上非常積極。

The view of the Delphi Viper module is actually very, very good.

Delphi Viper模組的view其實非常非常好。

We've seen -- we've met with a lot of different customers to talk about it.

我們已經看到——我們已經會見了很多不同的客戶來討論這個問題。

We're in a great partnership with them.

我們與他們有著良好的合作關係。

So I would say that we view this as BorgWarner saying they believe that the capability inside of Delphi is strong.

所以我想說，我們認為博格華納表示他們相信德爾福內部的能力很強。

Okay.

好的。

And then just talking about the yields that you've mentioned on the 150-millimeter.

然後談談您提到的 150 毫米的產量。

As you get into automotive-grade qualification, what sort of benchmarks are you going to be looking for?

當您進入汽車級資格認證時，您將尋找什麼樣的基準？

And can you talk about in terms of yields that we can point to as meaningful progress along the way in terms of progressing towards that full automotive-grade qualification for powertrains.

您能否談談產量方面的問題，我們可以將其視為在動力總成完全汽車級資格方面取得的有意義的進展。

Maybe I'll take a first stab at it and Neill can talk a little bit about it as well.

也許我會先嘗試一下，尼爾也可以談談它。

So automotive customers care about a lot of different things, and quality is super important aspect of that.

因此，汽車客戶關心很多不同的事情，而品質是其中非常重要的一個面向。

And so in terms of getting product to them that is of high quality and doesn't fail in their systems, that's a really important aspect.

因此，就向他們提供高品質且不會在系統中出現故障的產品而言，這是一個非常重要的方面。

At this point in terms of delivering products to our initial customers, the products that they're receiving are doing well in their testing and things are progressing along the plan.

目前，在向我們的初始客戶交付產品方面，他們收到的產品在測試中表現良好，並且事情正在按照計劃進行。

The yield is really impacting our internal supply, if you will.

如果你願意的話，產量確實會影響我們的內部供應。

And so we've got actions in place to improve those yields.

因此，我們已採取行動來提高產量。

And we have pretty good line of sight as to how that's going to transition.

對於如何轉變，我們有很好的了解。

We feel pretty good about the analysis that we've done on that.

我們對此所做的分析感覺非常好。

And then the additional thing that I would say is one of the important aspects of improving yield is automation.

我想說的另一件事是提高產量的重要方面之一是自動化。

And as we transition to the Mohawk Valley fab, which is opening in 2022 as the initial production ramps begin as well with most of these automotive customers, we're going to have a highly automated factory that's going to eliminate the traditional human error-type things that are introduced anytime humans interact with stuff.

隨著我們過渡到莫霍克谷工廠（該工廠將於 2022 年開業，大多數汽車客戶的初始生產量也將開始增加），我們將擁有一座高度自動化的工廠，消除傳統的人為錯誤類型人類與事物互動時引入的事物。

So we've got really good line of sight on that.

所以我們對此有很好的視野。

We've had many of our automotive customers have come in and done audits and so forth.

我們的許多汽車客戶已經進來並進行了審核等。

They understand what we're doing.

他們了解我們在做什麼。

We've hired folks that have come in to help us along this journey as well.

我們也聘請了一些人來幫助我們完成這趟旅程。

The head of our quality organization ran automotive quality at another semiconductor company, and she's doing a bang-up job of putting things in place to be able to meet those expectations.

我們品質組織的負責人在另一家半導體公司負責汽車質量，她在將事情落實到位以滿足這些期望方面做得非常出色。

And our next question comes from David O'Connor with Exane BNP Paribas.

我們的下一個問題來自法國巴黎銀行的 David O'Connor。

Maybe 2 from my side.

我這邊可能有2個。

Maybe firstly, just going back to, I think it was Joe's earlier question on ST.

也許首先，回到我認為這是喬之前關於 ST 的問題。

Earlier this month, they announced another silicon carbide wafer supply agreement with SiCrystal, which comes on top of their acquisition of Norstel.

本月早些時候，他們在收購 Norstel 後宣布與 SiCrystal 達成另一項碳化矽晶圓供應協議。

That was a much smaller deal than the supply agreement that you guys have.

這比你們簽訂的供應協議要小得多。

But I'm just wondering how you see the silicon carbide wafer supply landscape develop in the longer term?

但我只是想知道您如何看待碳化矽晶圓供應格局的長期發展？

Is there a pull from OEMs to bring on more wafer suppliers?

OEM 是否會吸引更多晶圓供應商？

Or could trade tensions behind the scenes kind of be pushing chip makers to rethink their wafer supplier base from a geographical perspective?

或者幕後的貿易緊張局勢是否會促使晶片製造商從地理角度重新考慮其晶圓供應商基礎？

Any thoughts around that, Gregg, would be helpful.

格雷格，對此的任何想法都會有所幫助。

And I have one follow-up as well on Huawei.

我對華為也有一個後續報導。

Well, I think the former is really probably the more prevalent theme, which is as the industry begins to transition to silicon carbide, everybody is looking at what's going to be my supply security.

嗯，我認為前者可能確實是更普遍的主題，即隨著行業開始向碳化矽過渡，每個人都在關注我的供應安全。

And how am I going to ensure that I'm going to be able to get what I need.

我如何確保我能夠得到我需要的東西。

And so things like long-term agreements that we've done with ST are helpful in that regard.

因此，我們與意法半導體達成的長期協議之類的事情在這方面很有幫助。

Things like expanding capacity like we've announced are super helpful in that regard.

我們宣布的擴大產能之類的事情在這方面非常有幫助。

We know that an industry that's expanding at the speed that we currently see silicon carbide expanding, it's going to attract new entrants.

我們知道，這個行業正在以我們目前看到的碳化矽的速度擴張，它將吸引新的進入者。

And there's going to be a lot of folks that are going to try to get into the silicon carbide business, including some of our silicon carbide wafer customers.

將會有許多人嘗試進入碳化矽業務，包括我們的一些碳化矽晶圓客戶。

I think what the -- this industry is not an easy industry to get into.

我認為這個行業不是一個容易進入的行業。

In fact, there are tremendous amounts of barriers to entry.

事實上，存在著巨大的進入障礙。

And then some of that is just intellectual property related.

其中一些只是與知識產權相關。

Some of it is trade secret related.

其中一些與商業秘密有關。

To grow a crystal is very, very difficult.

生長晶體是非常非常困難的。

The machines that you use to grow crystals tend to be hand built and so forth.

用於生長晶體的機器往往是手工製造的等等。

So it's not like you can just run down the street and buy a machine and set up operation and have it producing quality crystals in any kind of short amount of time frame.

因此，您不可能跑到街上購買一台機器並開始運營，並讓它在任何短時間內生產出優質的晶體。

To cut the wafers and to slice is difficult because the material is extremely hard.

由於材料極其堅硬，因此切割晶圓和切片非常困難。

To put epi on it is difficult.

把 Epi 放在上面是很困難的。

So you have various degrees of difficulty associated with just the material side of the business.

因此，僅與業務的物質方面相關的困難程度就不同。

Now we know that.

現在我們知道了。

I think the industry knows that, but we are not resting.

我認為業界都知道這一點，但我們並沒有休息。

And so what we're doing is we're driving improvements in our materials business, which are increasing yields, decreasing costs, increasing scale and being able to do more.

因此，我們正在做的是推動材料業務的改進，即提高產量、降低成本、擴大規模並能夠做得更多。

And so as folks try to enter the material side of this business, they're going to be chasing us down a relatively steep cost curve.

因此，當人們試圖進入這項業務的物質方面時，他們將追趕我們沿著相對陡峭的成本曲線前進。

And so that's -- I would say it's very natural in an industry that's growing like this that you would want to have assurance of supply.

所以我想說，在一個像這樣成長的行業中，你希望獲得供應保證是很自然的。

And one way to do that is to get some alternative sources.

做到這一點的一種方法是獲得一些替代來源。

Our objective is to be faster, running down that cost curve, than folks who are trying to get into it can ramp as well.

我們的目標是比那些試圖進入這個行業的人更快地降低成本曲線。

And so far, it's kind of playing out very well that way.

到目前為止，這種方式的效果非常好。

That's very helpful.

這非常有幫助。

Gregg, and maybe as a follow-up on Huawei, I understand you've removed Huawei from the guide going forward.

Gregg，也許作為華為的後續行動，我了解到您已將華為從未來的指南中刪除。

But just wondering about the design engagement for future projects or products with Huawei.

但只是想知道與華為未來項目或產品的設計合作。

Is there any discussion with Huawei on future road maps?

是否與華為討論未來路線圖？

Or has all engagement with Huawei stalled for now?

或者與華為的所有接觸現在都陷入停滯了嗎？

No.

不。

We have discussions, obviously, with them.

顯然，我們與他們進行了討論。

In fact, I met with them in late December.

事實上，我在十二月底就見過他們了。

So they are very interested in our technology and the capability we have.

所以他們對我們的技術和我們擁有的能力非常感興趣。

We've got products that meet their requirements.

我們有滿足他們要求的產品。

So again, solutions that meet their requirements.

再次強調，滿足他們要求的解決方案。

We're just prohibited from selling from them.

我們只是被禁止向他們銷售。

And the non-granting of the license, if you will to Huawei, says that for the near term, they're out of the equation.

如果你願意的話，不向華為授予許可證就表明，在短期內，他們將被排除在外。

Will that change in the future?

未來這種情況會改變嗎？

Maybe.

或許。

I think that if trade relations between the two countries normalize again and things get into a better situation, we have technology that they're very interested in putting into their systems.

我認為，如果兩國之間的貿易關係再次正常化並且情況變得更好，我們擁有他們非常有興趣將其納入其係統的技術。

But for all intents and purposes right now, we're not counting on that.

但就目前的所有意圖和目的而言，我們並不指望這一點。

And let me just add to that.

讓我補充一下。

So if you think about it, I think you stated it correctly, Huawei is out of our short-term plan, as you mentioned.

所以如果你仔細想想，我認為你說得對，正如你所提到的，華為不在我們的短期計畫之內。

But I'd also consider them out of our long-term plan as well.

但我也會將它們考慮到我們的長期計劃之外。

And the reason for that is if you go back to the Investor Day, we said we would grow Wolfspeed revenue to $1.5 billion.

原因是，如果你回到投資者日，我們說過我們會將 Wolfspeed 收入增加到 15 億美元。

And China represented roughly 10% or a little bit below 10% of that revenue.

中國約佔該收入的 10% 或略低於 10%。

So you can just read that as China was really not included in that business plan.

所以你可以讀一下，因為中國確實沒有包含在該商業計劃中。

So both from a short-term perspective and a longer-term perspective, it's not in the plan.

所以無論是從短期還是從長遠來看，它都不在計劃之內。

If something changes, I think that's great.

如果有什麼改變，我認為那很好。

But right now, we're not planning on operating and having Huawei as a customer.

但目前，我們不打算經營華為並讓華為成為我們的客戶。

And we believe we can still achieve the goals that we laid out at Investor Day under that scenario.

我們相信，在這種情況下，我們仍然可以實現我們在投資者日所設定的目標。

And our next question comes from Jeff Osborne with Cowen.

我們的下一個問題來自傑夫·奧斯本和考恩。

Actually I had a follow-up on the materials line of questioning.

事實上，我對材料問題進行了跟進。

Gregg, I was wondering, is there any parameters you can put on as you doubled capacity and I think doubled again in materials over the past few years?

格雷格，我想知道，當你的產能翻倍時，你是否可以設定任何參數，我認為在過去幾年裡，材料再次翻倍？

Any historical frame or reference around cost reduction?

關於降低成本有什麼歷史架構或參考嗎？

Is there a way to quantify that as to what you've seen or maybe some future targets over the next few years, what you think you can take cost out?

有沒有辦法量化您所看到的或未來幾年的一些未來目標，您認為可以降低成本？

We don't give that detail and primarily because we sell materials to customers, and there's a high sensitivity around pricing and so forth.

我們不提供這些細節，主要是因為我們向客戶出售材料，並且定價等方面具有很高的敏感性。

What I would tell you is it's a relatively steep curve and we've executed already at a relatively steep curve, and we've got pretty good line of sight to continued improvement on that curve at a relatively steep ramp.

我要告訴你的是，這是一條相對陡峭的曲線，我們已經在一條相對陡峭的曲線上執行了，並且我們有很好的視野，可以在相對陡峭的斜坡上繼續改進該曲線。

And what this is driving then is the delta between silicon and silicon carbide from a cost perspective is decreasing.

從成本角度來看，這推動了矽和碳化矽之間的差異正在縮小。

We don't anticipate that we'll ever get to the point where the cost of a silicon carbide wafer is going to be the same cost of a silicon wafer.

我們預期碳化矽晶圓的成本不會與矽晶圓的成本相同。

But I could definitely see line of sight to the cost of the amount of power that you get out of a silicon carbide wafer getting pretty close to what you'd get out of silicon.

但我絕對可以看到從碳化矽晶圓中獲得的功率成本非常接近從矽中獲得的功率成本。

And that's primarily because you get a lot more power for -- you have way higher power density.

這主要是因為你獲得了更多的功率——你擁有更高的功率密度。

And so a smaller chip can actually generate more power.

因此，更小的晶片實際上可以產生更多的功率。

So this is all really good news.

所以這真是個好消息。

I would just describe it as a relatively steep curve.

我只是將其描述為一條相對陡峭的曲線。

And I think that's what generates a lot of excitement from our materials customers because they see the adoption of silicon carbide increasing based on that as well.

我認為這讓我們的材料客戶感到非常興奮，因為他們看到碳化矽的採用也在此基礎上不斷增加。

That's good to hear.

聽起來還不錯。

And then the last question I had was just around the 150-millimeter manufacturing challenges and just reconciling that with the timing of -- I think you said half of the $9 billion awards over the next 6 to 18 months.

我的最後一個問題是關於 150 毫米製造挑戰，並將其與時間表相協調——我想你說過 90 億美元獎金的一半將在未來 6 到 18 個月內完成。

I didn't know if these challenges that are lingering are putting you in the penalty box, that coupled with not having the New York facility up and running.

我不知道這些揮之不去的挑戰是否會讓你陷入困境，再加上紐約設施沒有啟動和運作。

I'm just trying to get a sense of your comfort level?

我只是想了解一下你的舒適程度？

Or have you missed out on some opportunities over the past few months because of this challenge?

或者您在過去幾個月中是否因為這項挑戰而錯過了一些機會？

What gives your potential customers the sense that you'll be able to overcome this in a timely manner?

是什麼讓您的潛在客戶覺得您能夠及時克服這個問題？

I think they know we're going to be able to overcome this.

我認為他們知道我們將能夠克服這個問題。

And what I would say is what we're needing to do now is throw more material at the wafer fab, so that we can get our customers what they need in a timely fashion.

我想說的是，我們現在需要做的就是向晶圓廠投入更多材料，以便我們可以及時為客戶提供他們需要的東西。

And as I said before, so far, what we've gotten them and they've put into their systems, they're seeing pretty good results.

正如我之前所說，到目前為止，我們為他們提供的以及他們已將其放入系統中的內容，他們看到了相當不錯的結果。

So we're feeling pretty good about that.

所以我們對此感覺很好。

And then finally, the real revenue ramp beginning in 2022 and accelerating through 2024 lines up pretty nicely with the ramp of our factory in Mohawk Valley.

最後，從 2022 年開始並加速到 2024 年的實際收入成長與我們莫霍克谷工廠的成長非常吻合。

So I think the issue is more our issue where we have to throw more material at stuff.

所以我認為這個問題更多的是我們的問題，我們必須投入更多的材料。

And that stresses things, obviously, internally.

顯然，這強調了內在的事情。

But we'll get through the yield issues.

但我們會解決產量問題。

We're pretty transparent with our customers on that, what the challenges are, but we'll get through those yield issues.

我們對客戶非常透明，知道挑戰是什麼，但我們會解決這些產量問題。

We're already seeing some improvement in the factory.

我們已經看到工廠有了一些改進。

The scrap issue that we talked about last quarter is now fixed.

我們上季討論的廢品問題現已解決。

And now it's just a matter of increasing yields and getting them back up to where we want them to be.

現在的問題只是提高產量並使其恢復到我們想要的水平。

Ladies and gentlemen, this concludes our question-and-answer session.

女士們先生們，我們的問答環節到此結束。

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

我現在想將電話轉回格雷格·洛（Gregg Lowe）以徵求進一步意見。

Well, thanks, everybody, for your interest and your participation in today's call, and we look forward to updating you at our next call.

好的，謝謝大家對今天電話會議的關注與參與，我們期待在下次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。