Wolfspeed Inc (WOLF) 2020 Q1 法說會逐字稿

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

女士們、先生們，感謝大家的支持，歡迎參加 Cree 2020 財年第一季財報電話會議。

(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)

（操作員說明）

I would now like to hand the conference over to your speaker today, Mr. Tyler Gronbach, Vice President 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。

Please go ahead, sir.

請繼續，先生。

Thank you, Liz.

謝謝你，莉茲。

And good afternoon, everyone.

大家下午好。

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

歡迎參加 Cree 2020 財年第一季電話會議。

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

今天，Cree 執行長 Gregg Lowe； Cree 財務長 Neill Reynolds 將報告 2020 財年第一季的業績。

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調節，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.

謝謝，泰勒。

And good afternoon, everyone.

大家下午好。

Cree's strategic transformation remains on track.

Cree 的策略轉型仍在軌道上。

We're extremely excited about the future of our business and the opportunities ahead as the adoption of silicon carbide across multiple sectors continues to grow.

隨著碳化矽在多個行業的應用不斷增長，我們對我們業務的未來和未來的機會感到非常興奮。

In the fiscal first quarter, we delivered results that met or exceeded the upper end of the ranges we set for revenue, gross margin and EPS.

在第一財季，我們的業績達到或超過了我們為營收、毛利率和每股盈餘所設定的範圍上限。

We continued to see strong momentum and growing interest in our silicon carbide and GaN technologies.

我們繼續看到對碳化矽和氮化鎵技術的強勁勢頭和日益增長的興趣。

As we said on previous earnings calls, we continued to front some -- we continued to confront some headwinds related to geopolitical and macroeconomic issues, and we don't expect this to change in the near term.

正如我們在先前的財報電話會議上所說，我們繼續面臨一些與地緣政治和宏觀經濟問題相關的阻力，我們預計這種情況在短期內不會改變。

However, our team's experience with managing through various cycles and their track record of growing businesses over the long term will help us navigate through this period.

然而，我們團隊在各個週期的管理經驗以及長期業務成長的記錄將幫助我們度過這段時期。

Our singular focus remains on positioning Cree to compete and win for the exciting opportunities we see in front of us.

我們的唯一重點仍然是讓 Cree 能夠競爭並贏得我們面前的令人興奮的機會。

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

現在我將把它交給尼爾，以提供有關財務業績和下一季前景的更多資訊。

Thank you, Gregg.

謝謝你，格雷格。

For the first quarter of fiscal 2020, revenue decreased 11% year-over-year to $243 million due to 22% lower LED segment revenue amid soft market conditions and ongoing trade and tariff concerns with China.

2020 財年第一季，由於市場狀況疲軟以及與中國持續的貿易和關稅擔憂，LED 部門營收下降 22%，營收年減 11% 至 2.43 億美元。

Wolfspeed revenue increased modestly, as compared to the year ago quarter.

與去年同期相比，Wolfspeed 收入略有成長。

Non-GAAP EPS was a net loss of $3.6 million or negative $0.03 per diluted share.

非 GAAP 每股淨虧損為 360 萬美元，即稀釋後每股虧損 0.03 美元。

Our non-GAAP loss per share was slightly better than the midpoint of our target range due to better-than-expected gross margin in our LED business, while Wolfspeed gross margins were in line with our target.

由於 LED 業務的毛利率優於預期，我們的非 GAAP 每股虧損略優於我們目標範圍的中點，而 Wolfspeed 毛利率則符合我們的目標。

Our first quarter non-GAAP earnings exclude $33 million of expense net of tax or $0.31 per diluted share from noncash stock-based compensation, acquired intangibles amortization, accretion on convertible notes, transformation- and transaction-related costs, factory optimization restructuring costs and other items outlined in today's earnings release.

我們第一季的非GAAP 收益不包括3,300 萬美元的稅後費用或來自非現金股票補償的攤薄每股0.31 美元、收購的無形資產攤銷、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費用。

Our fiscal first quarter 2020 revenue and non-GAAP gross profit were as follows.

我們 2020 財年第一季的營收和非 GAAP 毛利如下。

Wolfspeed quarterly revenue was essentially flat year-over-year but down 5% sequentially to $128 million, in line with our targets.

Wolfspeed 季度營收與去年同期基本持平，但季減 5%，至 1.28 億美元，符合我們的目標。

We continued to see softness in China related to the change in EV subsidies earlier this year.

我們繼續看到與今年稍早電動車補貼變化相關的中國經濟疲軟。

This marks the third consecutive month of weaker automotive sales trends in China.

這標誌著中國汽車銷售趨勢連續第三個月走弱。

In our RF business, in addition to Huawei, we are seeing some pushouts and delays in purchasing activity as it relates to the rollout of 5G networks.

在我們的無線射頻業務中，除了華為之外，我們還看到一些採購活動的推出和延遲，因為這與 5G 網路的推出有關。

Wolfspeed gross margin was in line with our targets at 46.3%, a decline of 390 basis points sequentially as customer mix related to the Huawei ban impacted margins.

Wolfspeed 毛利率符合我們 46.3% 的目標，環比下降 390 個基點，因為與華為禁令相關的客戶組合影響了利潤率。

LED Products revenue was above our target range at $115 million but declined on a sequential basis due to ongoing global trade uncertainties.

LED 產品收入高於我們 1.15 億美元的目標範圍，但由於持續的全球貿易不確定性而環比下降。

LED gross margin was 19.2%, down 490 basis points sequentially primarily due to lower factory utilization.

LED 毛利率為 19.2%，比上一季下降 490 個基點，主要是由於工廠利用率下降。

LED gross margin exceeded our target, driven by improved customer mix and cost execution.

在客戶結構改善和成本執行的推動下，LED 毛利率超出了我們的目標。

Unallocated costs totaled $4.8 million for the first quarter of fiscal 2020 and are included in our overall costs to reconcile to our $76 million non-GAAP gross profit for a 31.5% total gross margin for the company.

2020 財年第一季的未分配成本總計 480 萬美元，已包含在我們的總體成本中，以與我們 7,600 萬美元的非 GAAP 毛利相協調，使公司的總毛利率達到 31.5%。

Non-GAAP operating expenses for Q1 were $84 million, slightly above our target of $83 million.

第一季非 GAAP 營運支出為 8,400 萬美元，略高於我們 8,300 萬美元的目標。

Our non-GAAP operating loss was less than the midpoint of our target at $8 million.

我們的非 GAAP 營運虧損低於我們 800 萬美元目標的中位數。

Our non-GAAP tax rate was in line with our targets at 14%.

我們的非 GAAP 稅率符合 14% 的目標。

During the first quarter, cash from operations was an outflow of $20 million, and capital expenditures were $43 million, resulting in negative free cash flow of $63 million, as we continued to invest for growth to expand capacity in our Wolfspeed business.

第一季度，營運現金流為負 2,000 萬美元，資本支出為 4,300 萬美元，導致自由現金流為負 6,300 萬美元，因為我們繼續投資成長以擴大 Wolfspeed 業務的產能。

We ended the quarter with approximately $1 billion 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，我們擁有約 10 億美元的現金和短期投資，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 98 days from 104 days last quarter.

本季度，應收帳款天數為 39 天，庫存天數從上季的 104 天增加到 98 天。

For fiscal 2020, we continue to target capital investments of approximately $200 million.

2020 財年，我們的資本投資目標持續為約 2 億美元。

Our capital allocation priorities remain focused on expanding capacity in our Wolfspeed business to support anticipated demand.

我們的資本配置重點仍集中在擴大 Wolfspeed 業務的產能，以支援預期需求。

Turning to the outlook.

轉向前景。

For the second quarter of 2020, we are targeting revenue in a range of $234 million to $240 million based on the following segment trends.

根據以下細分市場趨勢，2020 年第二季我們的目標收入在 2.34 億美元至 2.4 億美元之間。

Wolfspeed revenue is expected to be down on a sequential basis approximately minus 6% to 3%, as we continue to deal with the impact of the Huawei ban, softness in 5G network spending and lower electric vehicle sales in China.

由於我們繼續應對華為禁令、5G 網路支出疲軟以及中國電動車銷量下降的影響，Wolfspeed 收入預計將環比下降約 -6% 至 3%。

We continue to comply with U.S. federal law as it relates to Huawei, and we've applied for licenses from the government to potentially resume certain shipments to our customer, but we are still awaiting a response.

我們繼續遵守與華為相關的美國聯邦法律，並且我們已向政府申請許可，有可能恢復向我們客戶的某些發貨，但我們仍在等待回應。

LED revenue is expected to be flat on a sequential basis, as we don't see any material change in the LED market outlook.

LED 收入預計將環比持平，因為我們認為 LED 市場前景不會發生任何重大變化。

We target Cree's Q2 non-GAAP gross margins at approximately 30% based on the following segment trends.

根據以下細分市場趨勢，我們將 Cree 第二季非 GAAP 毛利率目標定為約 30%。

We target Wolfspeed gross margin to be between 41% to 44%, down approximately 400 basis points sequentially driven by lower factory utilization to manage our short-term inventories, a significant scrap event and lower-than-expected yields as we ramp our 150-millimeter MOSFET product.

我們的目標是Wolfspeed 毛利率在41% 至44% 之間，比上一季下降約400 個基點，原因是管理短期庫存的工廠利用率降低、重大報廢事件以及隨著我們提高150-150 年產能而產量低於預期。

We see these items as temporary.

我們認為這些項目是暫時的。

Utilization effects should reverse when volumes recover, and we have plans in place to improve the 150-millimeter MOSFET yields.

當產量恢復時，利用率的影響應該會逆轉，我們已製定計劃來提高 150 毫米 MOSFET 的產量。

However, it will take 1 to 2 quarters for margins to improve once volumes increase and improvements are implemented on the 150-millimeter MOSFET yields.

然而，一旦產量增加且 150 毫米 MOSFET 良率得到改善，利潤率將需要 1 到 2 個季度才能改善。

We are targeting LED gross margin to be between 19.5% to 20.5%, modestly up on a sequential basis.

我們的 LED 毛利率目標為 19.5% 至 20.5%，較上季小幅上升。

We are targeting Q2 non-GAAP operating expenses to be slightly higher on a sequential basis at approximately $85 million as we continue to invest for growth in our Wolfspeed business and align our LED cost structure to the current environment.

我們的目標是第二季非 GAAP 營運費用環比略高，約 8,500 萬美元，因為我們繼續投資於 Wolfspeed 業務的成長，並使我們的 LED 成本結構適應當前環境。

As we have stated previously, 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.

正如我們之前所說，由於各種原因，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，每個季度的運營費用變化可能會有所不同。

We target Q2 non-GAAP operating loss from continuing operations to be between $17.6 million to $11.3 million, and we target non-GAAP nonoperating income to be approximately between $2 million to $3 million.

我們的第二季持續經營業務非 GAAP 營運虧損目標為 1,760 萬美元至 1,130 萬美元，非 GAAP 非營運收入目標約為 200 萬美元至 300 萬美元。

We expect our non-GAAP effective tax rate to be approximately 1%.

我們預計非 GAAP 有效稅率約為 1%。

We are targeting Q2 non-GAAP net loss to be between $12 million to $8 million or a loss between $0.11 to $0.07 per diluted share.

我們的目標是第二季非 GAAP 淨虧損為 1,200 萬美元至 800 萬美元，或稀釋後每股虧損 0.11 至 0.07 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 -- 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；我們的可轉換票據的增值；轉型－交易相關成本；工廠優化重整成本；和其他物品。

Our GAAP and non-GAAP targets do not include the impact of any changes to the fair value of our Lextar investment or incremental inventory reserves related to the Huawei ban.

我們的公認會計原則和非公認會計原則目標不包括與華為禁令相關的隆達投資公允價值或增量庫存儲備的任何變化的影響。

Our Q2 targets are based on several factors that could vary, including overall demand, product mix, factory execution and the competitive environment.

我們第二季的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。

Before I review a few key developments related to the strategic transformation of Cree, 2 quick thoughts on the operating environment and the business.

在回顧與 Cree 策略轉型相關的一些關鍵進展之前，我先簡單回顧一下營運環境和業務。

The near-term environment remains fluid for us.

對我們來說，近期環境仍然不穩定。

Customers are being more cautious as trade concerns linger, the rollout of 5G is delayed and EV sales in China are down.

由於貿易擔憂揮之不去、5G 的推出被推遲以及中國電動車銷量下降，客戶變得更加謹慎。

Additionally, as I've mentioned on previous occasions, as we significantly increase our capacity, we are bound to face some manufacturing challenges.

此外，正如我之前提到的，隨著我們產能的大幅增加，我們必然會面臨一些製造挑戰。

This quarter, that happened.

本季度，這種情況發生了。

We had a significant scrap event and overall lower yields on our 150 millimeter ramp in our Durham fab, impacting our gross margin in the near term.

我們達勒姆工廠的 150 毫米坡道發生了嚴重的報廢事件，整體產量下降，影響了我們的短期毛利率。

We have a clear understanding of the issue and are implementing improvements as we speak and expect to resolve these issues and get the yield back to target in short order.

我們對這個問題有清晰的認識，並正在實施改進，並期望解決這些問題，並在短時間內將產量恢復到目標。

Now looking at our progress in the quarter.

現在看看我們本季的進展。

We are continuing with our efforts to increase the availability of silicon carbide as customers look to leverage our Wolfspeed solutions to drive innovation.

隨著客戶希望利用我們的 Wolfspeed 解決方案來推動創新，我們將繼續努力提高碳化矽的可用性。

Our updated expansion plans and partnership with the State of New York for an automated silicon carbide wafer fab is a critical element of our strategy.

我們最新的擴張計劃以及與紐約州建立自動化碳化矽晶圓廠的合作夥伴關係是我們策略的關鍵要素。

We are establishing a silicon carbide corridor on the East Coast of the United States anchored by a mega materials factory on our headquarter's campus in North Carolina and a large wafer fab in the Mohawk Valley Region of New York.

我們正在美國東海岸建立一條碳化矽走廊，以北卡羅來納州總部園區的一家大型材料工廠和紐約莫霍克谷地區的一家大型晶圓廠為基礎。

The mega materials factory expansion has been ongoing for some time, as we have installed new crystal growers, shifted more LED growers to Wolfspeed and drove improved productivity across the entire fleet of growers.

大型材料工廠的擴建已經持續了一段時間，我們安裝了新的晶體生長器，將更多的 LED 生長器轉移到 Wolfspeed，並提高了整個生長器團隊的生產力。

While we are at the early stages of the creation of the Mohawk Valley fab, the teams have already shifted the prep work into high gear, and we expect to -- work on the site to begin soon.

雖然我們正處於莫霍克谷晶圓廠創建的早期階段，但團隊已經將準備工作轉入高速狀態，我們預計現場工作很快就會開始。

In fact, just 2 weeks after we announced our partnership in New York, we successfully ran our first silicon carbide test wafers at SUNY Albany.

事實上，就在我們在紐約宣布合作夥伴關係兩週後，我們就在紐約州立大學奧爾巴尼分校成功運行了我們的第一個碳化矽測試晶圓。

The prototype line in Albany was part of the overall incentive package and allows us to derisk the startup of the new fab.

奧爾巴尼的原型生產線是整體激勵計劃的一部分，使我們能夠降低新工廠啟動的風險。

This first run is a small but significant step towards a very promising future for the Mohawk Valley fab.

首次運作是莫霍克谷晶圓廠邁向充滿希望的未來的一小步，但卻是重要的一步。

This is a very capital-efficient way to build 2 high-quality modern facilities to support the growing demand we expect from the automotive, communications infrastructure and industrial segments.

這是一種非常資本高效的方式，可以建造兩座高品質的現代化設施，以滿足我們對汽車、通訊基礎設施和工業領域不斷增長的需求的預期。

Second, we were extremely pleased to have announced our partnership with Delphi Technologies to use Wolfspeed silicon carbide-based MOSFETs for their 800-volt inverter, with production beginning in 2022.

其次，我們非常高興地宣布與 Delphi Technologies 合作，在其 800 伏特逆變器中使用 Wolfspeed 碳化矽 MOSFET，並於 2022 年開始生產。

The auto industry represents one of the most significant multiyear opportunities for silicon carbide, and this partnership is a strong endorsement for Cree in the device area.

汽車產業是碳化矽多年來最重要的機會之一，此次合作是對 Cree 在裝置領域的有力認可。

Across the automotive space, there is strong interest in the application of silicon carbide to the electrification of the powertrain.

在整個汽車領域，人們對碳化矽在動力系統電氣化的應用產生了濃厚的興趣。

Silicon carbide has better power density and efficiency, enabling electric vehicles with silicon carbide-based systems to have a greater range compared to those with silicon, for a given battery size.

碳化矽具有更好的功率密度和效率，對於給定的電池尺寸，採用碳化矽系統的電動車比採用矽的電動車具有更大的行駛里程。

OEMs and Tier 1s are recognizing the significant benefits of silicon carbide over silicon, and we are actively engaged in multiple conversations at the highest levels of many of these organizations.

OEM 和一級供應商正在認識到碳化矽相對於矽的顯著優勢，我們正在積極參與其中許多組織最高層的多次對話。

Some of these conversations are at the early stage, while some are in the final stage where we expect a decision very soon.

其中一些對話處於早期階段，而另一些則處於最後階段，我們預計很快就會做出決定。

Beyond electric vehicles, the benefits of silicon carbide carry over to other end markets, including telecom infrastructure, solar, industrial and other applications.

除了電動車之外，碳化矽的優勢還延伸到其他終端市場，包括電信基礎設施、太陽能、工業和其他應用。

Across our end markets, Cree is engaging with innovative companies who are running up against the limitations of silicon to help them break through and deliver the promise of their next-generation applications, and our leadership and expertise positions us well with many of these innovators.

在我們的終端市場中，Cree 正在與那些正在克服矽局限性的創新公司合作，幫助他們突破並兌現下一代應用的承諾，而我們的領導力和專業知識使我們在許多創新者中處於有利地位。

Our roughly $9 billion opportunity pipeline remains robust, and we are working hard to convert opportunity into design wins.

我們約 90 億美元的機會管道仍然強勁，我們正在努力將機會轉化為設計成果。

Over the coming 6 to 18 months, customers target to make sourcing decisions on a sizable portion of that pipeline.

在未來 6 到 18 個月內，客戶的目標是對該管道的很大一部分做出採購決策。

I am personally involved in a lot of customer meetings regarding these programs, and believe we are well in the mix when it comes to a final decision.

我個人參加了很多有關這些計劃的客戶會議，並相信在做出最終決定時我們能夠很好地進行綜合考慮。

With that, I'll turn it back over to the operator to start the Q&A session.

這樣，我會將其轉回給操作員以開始問答環節。

(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 to start off on gross margins.

也許要從毛利率開始。

I just want to clarify.

我只是想澄清一下。

Is the scrap event related to wafers, or is it related to the MOSFETs?

報廢事件與晶圓有關，還是與MOSFET有關？

I didn't know if they were 2 separate issues.

我不知道它們是否是兩個不同的問題。

And then when you talked about utilization coming back and then needing 1 to 2 quarters to see margins recover from the yield issue, are you referencing back to sort of the mid-40% level assuming the same mix with no Huawei as of recently?

然後，當您談到利用率回升，然後需要 1 到 2 個季度才能看到利潤率從良率問題中恢復時，您是否指的是假設最近沒有華為的相同組合，40% 左右的水平？

Or are you referencing kind of back to the high 40s that you were running at before the customer mix issues?

或者您是指在客戶組合問題出現之前，您所經營的 40 多歲高點嗎？

And then I had a follow-up.

然後我進行了跟進。

Yes, sure, Brian.

是的，當然，布萊恩。

So this is Neill.

這就是尼爾。

So let me just hit that one first.

所以讓我先打那個。

And I think it's probably worth unpacking the kind of the gross margin kind of quarter-over-quarter here.

我認為可能值得在這裡分析一下季度環比的毛利率。

So on the 150-millimeter scrap, that's related to the MOSFET, okay?

那麼對於 150 毫米的廢料，這與 MOSFET 有關，好嗎？

So we see that as, obviously we talked about this before, as we ramp and we have a number of different things going on in the factory, the movements between factories and we're ramping a number of new technologies, something like this can happen, and that's kind of the case here.

所以我們看到，顯然我們之前已經討論過這個問題，隨著我們的發展，工廠裡發生了許多不同的事情，工廠之間的流動，我們正在推廣一些新技術，這樣的事情可能會發生，這裡就是這種情況。

So we've identified the root cause of the issue.

因此，我們已經確定了問題的根本原因。

We're -- as we talked about, we're implementing the improvements.

正如我們所說，我們正在實施改進。

And the 1 to 2 quarters is really about just getting through a cycle.

第一到兩個季度實際上只是經歷一個週期。

So I think that's kind of where we were before as we started the quarter.

所以我認為這就是我們本季開始時的情況。

As relates to the utilization, I think that's important as well.

至於利用率，我認為這也很重要。

So that really has 2 parts to it.

所以這確實有兩個部分。

The first one is utilization in the materials factory.

第一個是在材料廠的利用。

So what's going on there is the growth in capacity is outpacing our growth in output in the materials factory, and that's really driven by 2 things.

因此，正在發生的事情是，產能的成長超過了材料工廠產量的成長，這實際上是由兩件事驅動的。

One is we've effectively transitioned a lot of the LED capacity for crystal growth over to Wolfspeed.

一是我們已經有效地將大量用於晶體生長的 LED 產能轉移到 Wolfspeed。

And the second one is that we've had really solid execution on the productivity initiatives within the materials factory.

第二個是我們在材料工廠內的生產力計畫上得到了真正紮實的執行。

So you put both of those 2 things together.

所以你把這兩件事放在一起。

And while we're going to take utilization down a little bit here, that's really kind of a good thing for us from a cost standpoint.

雖然我們要稍微降低利用率，但從成本的角度來看，這對我們來說確實是件好事。

So you can think about it both from a transitioning crystal growth from LED to Wolfspeed and driving productivity programs, that's actually going to help us drive more output over the same fleet and drive our cost down.

因此，您可以從從 LED 到 Wolfspeed 的晶體生長過渡以及推動生產力計劃來思考，這實際上將幫助我們在同一車隊中提高產量並降低成本。

So from a cost standpoint, we're seeing a lot of improvement in the materials factory.

因此，從成本的角度來看，我們看到材料工廠有了很大的改善。

Here in the short term, though, we're going to see some utilization benefits, and that will take -- just go through an inventory cycle to get us through that.

不過，在短期內，我們將看到一些利用效益，而這將需要 - 只需經歷一個庫存週期即可幫助我們度過這一難關。

Again, we see both of these items as temporary.

同樣，我們認為這兩項都是暫時的。

Okay.

好的。

Fair enough.

很公平。

That's helpful.

這很有幫助。

And then maybe just on the growth side of things again, more focused on Wolfspeed, but the guidance for the second quarter, obviously there are still some near-term headwinds embedded in the view here.

然後也許只是再次關注成長方面，並更多地關注 Wolfspeed，但第二季度的指導，顯然這裡的觀點中仍然存在一些近期的阻力。

Just wondering if you could entertain any thoughts on seasonality as you think about the fiscal third quarter across the 2 business segments.

只是想知道，當您考慮兩個業務部門的第三財季時，您是否可以對季節性有任何想法。

And then when you think about the impact of EV subsidy timing, I feel like that's been mentioned about 3 or 4 quarters running here, when do you kind of see that lapping as being a headwind in that part of the business for you from a China EV perspective?

然後，當您考慮電動車補貼時間的影響時，我覺得這已經被提到了大約三到四個季度，您什麼時候會認為這種情況對來自中國的企業來說是這部分業務的逆風電動汽車視角？

Thanks, Brian.

謝謝，布萊恩。

Let me -- this is Neill.

讓我——這是尼爾。

I'll take a shot at that.

我會嘗試一下。

So in 1Q moving to 2Q, obviously the Wolfspeed revenue outlook is down roughly 5% at the midpoint.

因此，從第一季到第二季度，顯然 Wolfspeed 的營收前景中點下降了約 5%。

The primary driver of that is the -- is RF, and that's related to kind of lower spending in 5G networks.

其主要驅動因素是 RF，這與 5G 網路支出的降低有關。

And as you mentioned, the power business continues to see some slowness or weakness related to the China EV market.

正如您所提到的，電力業務繼續出現與中國電動車市場相關的一些放緩或疲軟。

So as you look out beyond 2Q, we are seeing growth in the materials business and we would expect that to continue.

因此，當你展望第二季度之後，我們看到材料業務的成長，我們預計這種情況將持續下去。

Now the rest of the outlook is -- I'd say, is really difficult to call.

現在，我想說的是，剩下的前景真的很難預測。

The macro environment has a lot of different things going on.

宏觀環境發生了很多不同的事情。

You have, as you mentioned, the EV subsidy issue.

正如您所提到的，電動車補助問題。

I mean pauses, we're seeing it in the 5G kind of rollout and spend.

我的意思是暫停一下，我們在 5G 的推出和支出中看到了這一點。

We continue to be -- have the ban with Huawei.

我們繼續對華為實施禁令。

And then on the trade and tariff concerns, that just continues to be up and down in terms of news there, so all we can really do at this point is assume that the environment kind of remains the same for the next couple of quarters as it relates to the kind of RF and power business.

然後，關於貿易和關稅問題，就新聞而言，情況繼續上下波動，因此我們此時真正能做的就是假設未來幾個季度的環境保持不變。

And that's kind of how we're thinking about it.

這就是我們的想法。

Yes.

是的。

And I will just add just a little bit more color from my perspective as well.

我也會從我的角度添加更多的色彩。

First off, Neill said it well, but we have been in the midst of a significant ramp in this scrap issue.

首先，尼爾說得很好，但我們正處於廢品問題的嚴重加劇之中。

And the lower yield definitely hit us this quarter, but we've now had 2 solid years of unbelievable execution, nearly flawless execution.

本季較低的收益率肯定對我們造成了打擊，但我們現在已經有兩年的令人難以置信的執行力，幾乎完美的執行力。

So this hit us now.

所以這現在對我們造成了打擊。

It's unfortunate.

很不幸。

We've got it well understood.

我們已經很好理解了。

We've got implementation fixes in place right now, and it's really just a manufacturing cycle to get through to get those yields back up where we want them to be.

我們現在已經實施了修復，這實際上只是一個製造週期，讓這些產量回到我們想要的水平。

And then in terms of the EV incentive changes in China, longer term, it's going to -- the changes are actually more favorable for us because there's 2 aspects of the change.

然後就中國的電動車激勵變化而言，從長遠來看，這些變化實際上對我們更有利，因為變化有兩個面向。

One is that -- one is really favorable for us, and that is the incentives are being put on cars that have longer range.

一是——其中一項對我們來說確實有利，那就是對續航里程更長的汽車進行激勵。

And the primary benefit of using silicon versus silicon carbide is -- in a vehicle is that for the same battery size you get longer range.

與碳化矽相比，在車輛中使用矽的主要好處是，在相同的電池尺寸下，您可以獲得更長的行駛里程。

And so we think the Chinese are going to be shifting their development activities towards that and ramping up these longer-range cars over time.

因此，我們認為中國人將把他們的開發活動轉向這個方向，並隨著時間的推移增加這些遠端汽車的數量。

The second benefit is that the Chinese -- most of the Chinese cities are eliminating the wait time for registrations on electric vehicles.

第二個好處是中國人——大多數中國城市正在消除電動車註冊的等待時間。

And my understanding is registering a car in China can take quite a long time.

據我了解，在中國註冊汽車可能需要相當長的時間。

And so that wait time for EVs is basically going to go to 0, and so that eventually will be a positive thing for us as well.

因此，電動車的等待時間基本上將變為 0，這最終對我們來說也是一件積極的事情。

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

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

I guess, first one, just on the gallium nitride business for the power amplifiers, and -- I'm curious, when do you expect non-Huawei carriers to start adopting gallium nitride in the rollout?

我想，第一個，只是關於功率放大器的氮化鎵業務，而且 - 我很好奇，您預計非華為運營商什麼時候開始採用氮化鎵？

Is that a qualification issue that's limiting that?

這是限制這一點的資格問題嗎？

Or are we just not in the capital deployment part of the 5G cycle there?

或者我們只是沒有進入 5G 週期的資本部署部分？

I think the -- I think Huawei has clearly been the most aggressive in terms of the adoption of gallium nitride.

我認為華為在採用氮化鎵方面顯然是最積極的。

And best we understand it, they haven't done a non-GaN-type new development in a number of years.

據我們了解，他們已經很多年沒有進行非 GaN 類型的新開發了。

So they've been really leaning forward on that.

所以他們一直在努力實現這一點。

And other of the base station manufacturers are developing products with GaN but at -- with just a little slower pace.

其他基地台製造商正在開發 GaN 產品，但速度稍慢一些。

Got it.

知道了。

And so is that -- if we looked out, should we expect that for a sort of fiscal 2021 type of time frame?

那麼，如果我們放眼觀察，我們是否應該預期 2021 財年的時間框架會出現這種情況？

Again with the caveat that obviously things are fluid in the market, but is that the, sort of the time frame that you're planning to there?

再次需要注意的是，顯然市場上的情況是不穩定的，但這就是您計劃的時間範圍嗎？

Maybe, Jed, but what I would say is there is kind of another element of this whole story, and that is the biggest market for 5G is likely going to be China.

也許吧，傑德，但我想說的是，整個故事還有另一個因素，那就是 5G 最大的市場可能會是中國。

The biggest player is Huawei in that market.

該市場最大的參與者是華為。

And best we can tell from the data that's out there, the thought process that non-Huawei players were going to pick up that business in China doesn't seem to have played out that way, at least at this point.

從現有數據中我們可以看出，非華為廠商在中國接手這項業務的思考過程似乎並沒有以這種方式進行，至少在這一點上是如此。

So I don't know exactly what that means and when that transition happens with other players picking a part of that, but at least at this point it's been now, what, 5.5 months since the entity list came onboard, and that doesn't seem to have happened.

所以我不知道這到底意味著什麼，也不知道當其他玩家選擇其中一部分時會發生這種轉變，但至少在這一點上，自實體列表加入以來已經過去了5.5 個月，而這並沒有改變。

Got it.

知道了。

That's helpful.

這很有幫助。

Just moving over to the silicon carbide.

只是轉向碳化矽。

The Tesla solution uses 1 inverter module per motor.

Tesla 解決方案的每個馬達使用 1 個逆變器模組。

So where we -- in a car that has all-wheel drive, it's 2 motors.

因此，在一輛全輪驅動的汽車中，它有兩個馬達。

What we're seeing is designs that are different than that out of other EV manufacturers.

我們看到的是與其他電動車製造商不同的設計。

Do you think that the market will standardize on sort of that Tesla design?

您認為市場會標準化特斯拉的設計嗎？

Or do you think it'll be equally shared?

或者你認為它會被平等分享嗎？

Because obviously that's going to have a pretty big impact on the silicon carbide content if you potentially have 2 slots or 2 modules per vehicle versus 1.

因為顯然，如果每輛車可能有 2 個插槽或 2 個模組（而不是 1 個），這將對碳化矽含量產生相當大的影響。

We're working with a number of different customers that have a variety of different architectures.

我們正在與許多擁有各種不同架構的不同客戶合作。

Some of them have 4 modules, placing 1 on each wheel.

其中一些有 4 個模組，每個輪子放置 1 個模組。

I -- look, I think it's way too early to tell in the EV market what's going to be the standard or if there's even going to be a standard anytime soon.

我——看，我認為現在判斷電動車市場的標準是什麼，或者是否很快就會有一個標準還為時過早。

What I would tell you is the car manufacturers, the OEMs view the engine of the car as sort of the heart and soul of the car, and so they want the performance that they want.

我要告訴你的是，汽車製造商、原始設備製造商將汽車的引擎視為汽車的心臟和靈魂，因此他們想要他們想要的性能。

They want the soul of the car to become what -- in sort of their image of what they want the driving conditions to be.

他們希望汽車的靈魂成為他們所希望的駕駛條件的形象。

So I would imagine there is going to continue to be a number of different architectures that are out there.

所以我想將會繼續存在許多不同的架構。

We're engaged in -- with most of the Tier 1s and the OEMs in discussions on what these architectures look like, but what I'd also tell you is that the interest in silicon carbide for the inverter has gone from, "Gee, we're going to think about it," to it's likely going to be the solution.

我們正在與大多數一級供應商和原始設備製造商就這些架構進行討論，但我還要告訴您的是，人們對用於逆變器的碳化矽的興趣已經從“天啊，我們會考慮一下”，這很可能是解決方案。

So I feel very comfortable that the -- when you look at our design pipeline, that about half of the $9 billion is related to automotive.

因此，當你查看我們的設計流程時，你會發現 90 億美元中約有一半與汽車相關，對此我感到非常放心。

I would say the probability of that pipeline being decided as silicon carbide versus silicon is extremely high, and I would say we're just working really hard to make it a Cree-based solution.

我想說的是，該管道被決定為碳化矽還是矽的可能性非常高，我想說的是，我們正在非常努力地使其成為基於 Cree 的解決方案。

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

我們的下一個問題來自克雷格歐文 (Craig Irwin) 與羅斯資本合夥人 (ROTH Capital Partners) 的對話。

So Gregg, when we look at the big picture, right, your $9 billion pipeline; the activity with customers we can name like Delphi, Tesla, VW, Porsche, it's pretty easy to put together a longer-term picture, a longer-term growth story where we can have confidence in some fairly significant growth, but in the short term, the shape of the curve is a little bit difficult to predict.

Gregg，當我們從大局來看時，對吧，你的 90 億美元的管道；與德爾福、特斯拉、大眾、保時捷等客戶的活動，很容易形成一個長期的藍圖，一個長期的成長故事，我們可以對一些相當顯著的成長充滿信心，但在短期內，曲線的形狀有點難以預測。

Can you maybe describe for us the -- what you think is a likely trend for the back half of this fiscal year and how we're likely to see customers like Delphi materialize as a -- material revenue contributions over the next couple years?

您能否為我們描述一下您認為本財年後半段可能出現的趨勢，以及我們如何可能看到像德爾福這樣的客戶在未來幾年內實現物質收入貢獻？

Yes.

是的。

So what I would say, well, first off, on Delphi, I think it was in the announcement that that's a 2022 ramp.

所以我想說的是，首先，對於德爾福，我認為公告中提到了 2022 年的產能提升。

And that would be kind of normal for automotive-type applications.

這對於汽車類應用來說是很正常的。

So you -- it's decided in 2019, and a few years later, it's going to ramp up.

所以你 - 它是在 2019 年決定的，幾年後，它將會加速。

That's very, very normal.

這非常非常正常。

I've been in this industry for a long time, and that would be kind of a normal ramp.

我已經在這個行業工作了很長時間，這將是一種正常的成長。

And so as far as the pipeline goes, that's related to automotive, and about half of that pipeline is automotive.

就管道而言，這與汽車有關，其中大約一半是汽車行業。

Another part of it is RF.

另一部分是射頻。

Another part of it is industrial-type applications.

另一部分是工業類應用。

So those are going to have a little bit different ramps on those, but for the automotive part of it you're going to really see that really happening in the later years in 2022 and beyond.

因此，這些方面會有一些不同的坡道，但對於汽車部分，你將真正看到這種情況在 2022 年及以後的幾年中真正發生。

In terms of the back half of this year, it's really -- it's an uncertain environment right now.

就今年下半年而言，現在的環境確實充滿不確定性。

In fact, it's an unprecedented environment where we've got a trade conflict that, I think, has lasted a lot longer than anyone was thinking it would last.

事實上，這是一個前所未有的環境，我們的貿易衝突，我認為，持續的時間比任何人想像的都要長得多。

You've got an entity list that starts with the largest supplier base stations in the world and now different companies being added to that entity list.

您已經獲得了一個實體列表，該列表從世界上最大的供應商基地台開始，現在不同的公司被添加到該實體列表中。

You've got a lot of concern.

你有很多的擔憂。

You've got a slowing growth in China.

中國的成長正在放緩。

You've got EV subsidies changing and all that kind of stuff.

電動車補貼發生了變化，諸如此類。

So I think for the near term, it's just -- it's going to be lumpy and uncertain, but I think, as you stated, Craig, the longer term looks actually quite solid.

所以我認為，從短期來看，這將是不穩定和不確定的，但我認為，正如你所說，克雷格，長期來看實際上相當穩固。

And I think we feel better about it today than we did last quarter and the quarter before that.

我認為我們今天對此感覺比上個季度和之前的季度更好。

Great.

偉大的。

My second question is really about China.

我的第二個問題其實是關於中國的。

So if we look at Huawei, Chinese EVs, some of the network spending that's supposed to happen over there.

因此，如果我們看看華為、中國電動車，一些網路支出應該發生在那邊。

These have been headwinds for you in the short term.

這些在短期內對你來說都是不利因素。

Can you maybe describe what's in your guidance for the second fiscal quarter, as far as contribution from these different end markets?

您能否描述一下您對第二財季的指導，以及這些不同終端市場的貢獻？

And can you maybe approximate for us what the magnitude of the headwind was in the quarter and what you think it's likely to be as we progress throughout the year?

您能否為我們估算本季逆風的強度以及您認為隨著我們全年的進展可能會出現的情況？

Craig, this is Neill.

克雷格，這是尼爾。

I'll take a shot at that.

我會嘗試一下。

So going into 1Q, we knew we had the effect of the Huawei ban.

因此，進入第一季度，我們知道我們受到了華為禁令的影響。

So let me just put that to the side for a second.

所以讓我先把它放在一邊。

As you start to look into 2Q and then even beyond, I think you kind of have a similar type of profile here.

當你開始研究 2Q 甚至更遠的領域時，我認為你在這裡有類似的個人資料。

We're seeing some growth in the materials business, as I kind of mentioned earlier, but as you go into 2Q, I think the big difference versus 1Q is the kind of the non-Huawei kind of RF customers and kind of a slowness or weakness there in terms of the 5G spend.

正如我之前提到的，我們看到材料業務有所增長，但當你進入第二季度時，我認為與第一季度的最大區別在於非華為類型的 RF 客戶以及某種緩慢或5G支出方面存在疲軟。

So I think that's what's impacting us now.

所以我認為這就是現在影響我們的因素。

As you get out beyond 2Q and you start to look at those pieces, the device businesses out for the rest of the year, for all those factors we just talked about, is difficult to call.

當你走出第二季並開始關注這些部分時，由於我們剛才談到的所有這些因素，今年剩餘時間的設備業務很難預測。

So again we're -- we'll just have to assume based on all those factors that everything is going to be more or less the same as it is right now as we look at the back half of the year.

因此，我們再次——我們必須基於所有這些因素假設，當我們展望今年下半年時，一切都會或多或少與現在相同。

And that's how we're kind of thinking about it.

這就是我們的想法。

And I think that's about as much context as we can give, given the uncertainty and what we're looking at.

考慮到不確定性和我們正在關注的內容，我認為這就是我們所能提供的盡可能多的背景資訊。

Yes.

是的。

And I said that we're kind of in an unprecedented time.

我說我們正處於一個前所未有的時代。

One day, you'll see a news flash that we're really close and we're going to sign a deal next week with China, and then the next week, it actually gets worse.

有一天，你會看到一則新聞報道，我們已經非常接近了，我們將在下週與中國簽署一項協議，然後下週，情況實際上會變得更糟。

So I think we're managing through it best we can, but it doesn't deter us at all from the long term and even the midterm.

因此，我認為我們正在盡最大努力解決這個問題，但從長期甚至中期來看，它根本不會阻止我們。

I think the -- we're in a very, very nice secular space, with the adoption of EV really rolling very, very strong; and the design win pipeline continuing to be very solid.

我認為，我們正處於一個非常非常好的世俗空間，電動車的採用確實非常非常強勁；並且設計獲勝管道仍然非常穩固。

Our next question comes from Gary Mobley with Wells Fargo.

我們的下一個問題來自富國銀行的加里·莫布里。

I wanted to ask about different operating expenses and maybe even cost of goods sold expenses as you work to ramp your Utica facility and you convert in North Carolina.

我想詢問您在擴大尤蒂卡工廠並在北卡羅來納州進行轉換時的不同營運費用，甚至可能是銷售成本費用。

So yield issues notwithstanding, how do you see the expenses rising as we ramp up to that full production ramp at -- in Utica?

因此，儘管存在產量問題，但隨著我們在尤蒂卡全面提高產量，您如何看待費用的上升？

I know that OpEx has been increasing roughly $2 million to $2.5 million per quarter over the last couple quarters.

我知道過去幾季營運支出每季增加約 200 萬至 250 萬美元。

Is that sort of the trend line that we should be thinking about?

這是我們應該考慮的趨勢線嗎？

Thanks, Gary, for the question.

謝謝加里提出的問題。

I think if you pull apart our OpEx, I think the way you want to think about it, we have 2 things going on.

我認為，如果你把我們的營運支出拆開來看，我想你會想​​，我們有兩件事正在發生。

First is we have an LED business which has obviously seen a weaker environment, so we're taking costs down related to LED.

首先，我們的 LED 業務顯然面臨著較疲軟的環境，因此我們正在降低與 LED 相關的成本。

And we're kind of ensuring that we've got that OpEx structure kind of aligned to what we're looking at in the market.

我們正在確保我們的營運支出結構與我們在市場上的目標保持一致。

On the opposite side, as you kind of talked about, in Wolfspeed we're going to continue to invest in that.

另一方面，正如您所說，我們將繼續在 Wolfspeed 方面進行投資。

And right now we've seen that tick up here a little bit quarter by quarter.

現在我們已經看到這種情況每季都有所上升。

We expect to see kind of the same type of rate as you look out to the rest of the year.

我們預計今年剩餘時間的利率將與您看到的利率相同。

As we get to the Investor Day here in a few weeks, we're going to kind of lay out a little bit more in terms of what that OpEx model will look like in terms of Mohawk Valley fab and some other things that we're doing, but I'd expect to see continued investment on Wolfspeed.

幾週後我們將迎來投資者日，我們將就莫霍克谷晶圓廠和我們正在考慮的其他一些事情的營運支出模型進行更多佈局。

But again that's being a little bit gated by the fact that we're taking cost down on the LED side.

但同樣，由於我們正在降低 LED 方面的成本，這有點受到限制。

Okay.

好的。

As for my follow-up question, I want to ask about your relationship with some of your European silicon carbide customers.

至於我的後續問題，我想問你們與一些歐洲碳化矽客戶的關係。

In particular, one recently announced a full-on qualification of some silicon carbide materials from a company they had an investment in and subsequently have taken a full ownership of the company.

特別是，最近有人宣布，他們投資的一家公司的一些碳化矽材料獲得了全面資質，並隨後完全擁有了該公司。

So I'm just wondering, looking out a few years from now, how you see splitting the supply there with internal sources versus you as a merchant supplier.

所以我只是想知道，從現在開始幾年後，您如何看待內部來源的供應與作為商業供應商的供應的分配。

Yes.

是的。

So I think you're probably referring to the ST acquisition of Norstel and then their decision to -- I think they initially acquired 55% and then they decided to pick up the rest of it.

因此，我認為您可能指的是 ST 收購 Norstel，然後他們決定——我認為他們最初收購了 55%，然後決定收購其餘部分。

I think it's another confirmation that the world of silicon is converting to silicon carbide.

我認為這再次證實了矽世界正在轉向碳化矽。

The fact that ST is investing in this and thinking through could they do this capability on their own would be a very natural thing for anybody to want to do.

事實上，ST 正在對此進行投資，並思考他們是否可以自己實現這種能力，這對任何人來說都是很自然的事情。

And we've got a great partnership with them.

我們與他們建立了良好的合作關係。

We've got a long-term agreement with them, with Infineon, with ON Semiconductor and with another very large power semiconductor company, and these long-term arrangements are multiyear.

我們與他們、英飛凌、安森美半導體以及另一家非常大的功率半導體公司簽訂了長期協議，這些長期安排是多年的。

We don't talk specifically about any one of them, but you can kind of estimate on the sort of half-a-decade kind of, type time frames.

我們不會具體討論其中任何一個，但您可以估計五年左右的時間範圍。

So we've got a very long-term arrangement with these folks.

所以我們與這些人達成了非常長期的安排。

And what we've seen in terms of the materials business is a couple of things.

我們在材料業務方面看到了一些事情。

One is we signed these long-term agreements.

一是我們簽署了這些長期協議。

And there's a certain percentage that the customers want to get bare wafers, and there is a certain percentage that they want to have epi wafers.

有一定比例的客戶希望獲得裸晶圓，也有一定比例的客戶希望獲得外延晶圓。

So more added value from Cree on those wafers.

因此，Cree 在這些晶圓上提供了更多附加價值。

And that starts out at a certain point.

這從某個時刻開始。

And as the customers get to start utilizing these wafers, the percentage that they want of epi goes up pretty significantly.

隨著客戶開始使用這些晶圓，他們對外延片的需求比例顯著上升。

And I think it's because they find that silicon carbide, epi on silicon carbide, they're more difficult things to do.

我認為這是因為他們發現碳化矽、碳化矽上的外延，是更難做的事。

I think the kind of capability you need to have to grow high-quality silicon carbide, it's a very, very difficult business to get into.

我認為種植高品質碳化矽所需的能力是一項非常非常困難的業務。

I think the fact that these folks are trying to do that as part of their supply is very natural.

我認為這些人試圖將其作為其供應的一部分是很自然的。

I think that most companies have found it really, really difficult to end up with very high-quality, low-cost silicon carbide materials.

我認為大多數公司都發現，最終要獲得高品質、低成本的碳化矽材料真的非常困難。

So what we're doing -- we've got a substantial scale advantage in silicon carbide materials.

所以我們正在做的事情——我們在碳化矽材料方面擁有巨大的規模優勢。

We're substantially the #1 supplier of silicon carbide wafers and materials in the world, and we've announced that we're increasing that capacity by 30-fold, so we -- and you heard earlier we're doing that through converting LED crystal growers to Wolfspeed and increasing the productivity of what we're getting out of our crystal growers, which takes our costs down.

我們基本上是世界第一大碳化矽晶圓和材料供應商，我們已經宣布將產能提高 30 倍，所以我們——您之前聽說我們正在通過轉換來實現這一目標LED 晶體生長器採用Wolfspeed ，提高了我們晶體生長器的生產率，從而降低了我們的成本。

So what we're doing is we are driving this thing as hard as we can to take the cost delta between silicon and silicon carbide and make it smaller.

因此，我們正在做的是盡我們所能地推動這件事，以縮小矽和碳化矽之間的成本差異並使其更小。

And so folks that are trying to enter this business are going to be chasing us down a cost curve and an experience curve that we've got a lot of capability in.

因此，那些試圖進入這個行業的人將會追隨我們的成本曲線和經驗曲線，而我們擁有很多能力。

Our next question comes from Joe Osha with JMP Securities.

我們的下一個問題來自 JMP 證券公司的 Joe Osha。

Yes, 2 questions, and the first one follows on that previous question.

是的，有 2 個問題，第一個問題是在上一個問題之後提出的。

One of the things you want to do if you want to be a dominant low-cost supplier is you need to make sure your lead times don't get out too far, so I'm just wondering philosophically, obviously you're a little underutilized now, but is the idea going to be to sort of have a fab that's booked 12 months out at all time?

如果你想成為一家主導的低成本供應商，你要做的一件事就是你需要確保你的交貨時間不會超出太遠，所以我只是從哲學上想知道，顯然你有點現在未得到充分利用，但我們的想法是否是建立一座12 個月後一直被預訂的晶圓廠？

Or is the idea going to be to maybe try and stay a little bit ahead of it, even perhaps at the risk of periodically being underutilized, in order to avoid a situation where your customers can't get more out of you unless they book 18 months out?

或者，我們的想法是嘗試保持領先一點，甚至可能冒著定期未充分利用的風險，以避免客戶無法從您那裡獲得更多資訊的情況，除非他們預訂了 18幾個月了？

Joe, this is Neill.

喬，這是尼爾。

Thanks for the question.

謝謝你的提問。

The way I think about it is we have obviously a long run here.

我的想法是，我們顯然還有很長的路要走。

And basically what we're saying is we're -- by making the investment in the fab in New York is we're going to put capacity ahead of demand.

基本上我們想說的是，透過對紐約晶圓廠的投資，我們將把產能置於需求之上。

So I think -- and I think that's important.

所以我認為——我認為這很重要。

If you look over cycles, people have done that.

如果你仔細觀察週期，你會發現人們已經這麼做了。

We can certainly be successful not just internally in terms of driving our output but in terms of fortifying that capacity with our customers.

我們當然可以取得成功，不僅在內部推動我們的產出方面，而且在與客戶一起加強這種能力方面。

So I would think it's more towards the latter in terms of ensuring that we've got capacity ahead of demand, and we're aligned with our customer base and ensuring we've got supply.

因此，我認為更傾向於後者，以確保我們擁有領先於需求的產能，並且我們與我們的客戶群保持一致並確保我們有供應。

And recall that fab ramps production in 2022.

回想一下，晶圓廠將於 2022 年提高產量。

It hits kind of its, where we're currently planning it to be by 2024.

它達到了我們目前計劃在 2024 年達到的目標。

So it's quite some time out before we get into a position where we've got that thing substantially ramped.

因此，我們還需要相當長的一段時間才能達到大幅提升該目標的水平。

I think, with the arrangement that we've [made] with New York and with the Mohawk Valley team in terms of the incentives associated with that fab, we feel very, very comfortable putting that thing in place, it's going to be a great option for us.

我認為，根據我們與紐約和莫霍克谷團隊就與該晶圓廠相關的激勵措施做出的安排，我們感到非常非常放心地將這件事落實到位，這將是一個偉大的我們的選擇。

In terms of materials, the good news is that the majority of our business that we do, even this quarter, is through long-term contracts, so we've got very, very good line of sight in terms of what is going to be needed over the next half a decade.

就材料而言，好消息是我們所做的大部分業務（即使是本季）也是透過長期合約進行的，因此我們對未來的發展有非常非常好的視野未來五年需要。

We can translate that into how many cars that we'd be able to handle.

我們可以將其轉化為我們能夠處理的汽車數量。

And we're very, very comfortable about where that capacity is coming in relative to what could be the low end, what could be the mid range and what could be the high end of the demand.

相對於需求的低端、中端和高端，我們對產能的定位非常非常滿意。

Our ability to pivot on materials is a lot -- we're a lot more nimble in terms of being able to ramp up capacity faster.

我們以材料為中心的能力很強——我們在能夠更快地提高產能方面更加靈活。

Part of that is because we've got silicon carbide growers used for LED that we can shift over.

部分原因是我們有用於 LED 的碳化矽種植者，我們可以將其轉移。

And recall that's about a 2-week-type operation, but part of it as well is that a silicon carbide manufacturing plant is not a clean room environment.

回想一下，這大約是一個為期兩週的操作，但其中一部分原因是碳化矽製造工廠不是無塵室環境。

Think of it as it's obviously a good environment, but it's the -- it's not a clean room we can -- we could build a building and outfit it to grow more silicon carbide crystals substantially faster than it would take us to start a grounds-up wafer fab.

可以認為這顯然是一個良好的環境，但它是——這不是我們能做到的潔淨室——我們可以建造一座建築物並裝備它，以比我們開始建造場地更快地生長更多的碳化矽晶體－晶圓廠。

So we've got a really good, ton of flexibility on that.

因此，我們在這方面擁有非常好的靈活性。

And then from the highly general to the highly specific, just wonder on EV powertrains.

然後從高度通用到高度具體，只是想知道電動車動力系統。

I heard you mentioned 800 volts.

我聽說你提到800伏特。

I'm just curious.

我只是好奇。

Where are most of the design, new designs you're seeing come in at this point?

現在您看到的大部分設計、新設計在哪裡？

Is it 600 and 800 volts for the most part?

大部分都是 600 和 800 伏特嗎？

I think most of the folks that have product on the road today are 400, and most of the folks that are in design are moving higher to 800s.

我認為現在大多數在路上生產產品的人都是 400 歲，而大多數從事設計的人都在朝著 800 歲以上邁進。

And some are even going higher to 1,200.

有的甚至更高到1,200。

I've seen a couple of 1,200-volt type opportunities.

我見過幾個 1,200 伏特類型的機會。

And it's simply, it's a better, more efficient system.

很簡單，這是一個更好、更有效率的系統。

It also enables better charging.

它還可以實現更好的充電。

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。

On the as the -- whenever the OEM enters into a supply arrangement with the MOSFET provider, is this a sole -- do you think it's going to be sole sourced?

每當 OEM 與 MOSFET 供應商達成供應安排時，這是否是獨家採購——您認為它會是獨家採購嗎？

Is it sole sourced at the device level, or is it -- and is it sole sourced through the supply chain?

它是僅在設備層級採購，還是僅透過供應鏈採購？

In other words, I mean, would they qualify MOSFETs that have alternative substrate suppliers?

換句話說，我的意思是，他們是否能夠讓具有替代基板供應商的 MOSFET 合格？

I -- most of the automotive OEMs desire to have multiple suppliers across their entire supply chain.

我——大多數汽車原始設備製造商希望在整個供應鏈中擁有多個供應商。

I think that's the desired outcome.

我認為這就是我們想要的結果。

The practicality of it, though, is a little bit different, and that's because there's a very long qualification process.

但它的實用性有點不同，那是因為有一個很長的資格認證過程。

They generally don't start with 2 and qualify 2 in parallel.

他們通常不會從 2 開始並並行地確定 2。

They generally start with 1, get that 1 ramped up.

他們通常從 1 開始，然後逐漸增加 1。

And then you're dedicated towards these systems.

然後你就專注於這些系統。

And then if they decide that they've got the bandwidth and the wherewithal to qualify a second one, they do that.

然後，如果他們認為自己有足夠的頻寬和資金來獲得第二個資格，他們就會這樣做。

And so I think -- so it's kind of a yes-and-no answer.

所以我認為——所以這是一個是或否的答案。

Yes, they would desire to do that, but from a practical standpoint, a lot of times you find that the first supplier has, I don't know, 70%, 80% of the business and the second supplier has the rest of it.

是的，他們希望這樣做，但從實際的角度來看，很多時候你會發現第一個供應商擁有（我不知道）70%、80% 的業務，而第二個供應商擁有其餘的業務。

Okay.

好的。

And then for a sort of generic question here, but I don't think anyone is going to second guess the magnitude of this market.

然後是這裡的一個一般性問題，但我認為沒有人會再猜測這個市場的規模。

Clearly, the timing with which the EV market comes together is very difficult to pin down.

顯然，電動車市場的整合時機很難確定。

And you have a different cycle on your investments.

而且你的投資週期也不同。

You're investing sort of multiples of 5-year payback, I imagine.

我想，你的投資報酬率是 5 年報酬率的幾倍。

I mean, is there a risk here that you're overbuilding capacity too soon?

我的意思是，是否有過早過度建設產能的風險？

And if you are, what can you do to sort of mitigate the effects on gross margins of low utilization rates if the journey proves to be longer than anticipated?

如果是的話，如果事實證明旅程比預期長，您可以採取什麼措施來減輕低利用率對毛利率的影響？

Yes, well, I -- thanks for that question.

是的，嗯，我——謝謝你提出這個問題。

So let me kind of frame it a couple of different ways here.

因此，讓我在這裡用幾種不同的方式來建造它。

So first off, in terms of the wafer fab, because of the way the incentives work and so forth, we feel like we're going to be in pretty good shape from that perspective.

首先，就晶圓廠而言，由於激勵措施的運作方式等原因，我們覺得從這個角度來看，我們將處於相當好的狀態。

We will be building that wafer fab.

我們將建造那個晶圓廠。

Literally, we're going to be breaking ground, I think, in the next couple weeks.

從字面上看，我想，我們將在接下來的幾週內破土動工。

And that will ramp in 2022, and we will ramp that wafer fab lines at a time.

這將在 2022 年增加，我們將一次性增加晶圓生產線。

We won't fill the entire factory at one time.

我們不會一次填滿整個工廠。

We'll ramp a line based on how much demand we'll have at that time.

我們將根據當時的需求量來增加生產線。

We'll ramp a second line based on the demand and so forth.

我們將根據需求等增加第二條生產線。

So we can time that pretty easily.

所以我們可以很容易地計算時間。

And then it's the same -- it's not the same thing.

然後還是一樣的——這不是同一件事。

It's even more -- we're more nimble on the silicon carbide side of it because we turn on these machines and we're up and running in a couple weeks' time.

更重要的是，我們在碳化矽方面更加靈活，因為我們打開這些機器，幾週後就可以啟動並運行。

So I think we've got an ability to manage that.

所以我認為我們有能力做到這一點。

That being said, there is going to be some ups and downs as we go through that cycle, and there's going to be periods of underutilization and periods of demand exceeding our supply.

話雖這麼說，當我們經歷這個週期時，將會出現一些起伏，並且會有利用率不足的時期和需求超過供應的時期。

And that's going to be pretty normal, I think, through that cycle.

我認為，在這個週期中，這將是非常正常的。

The additional thing that I would say is -- and we are able to kind of get a pretty good understanding of our supply and translate that into the percentage of electric vehicles on the road and get a pretty good understanding of, do we think we're trying to be too far ahead of it or not far enough -- not leaning in enough.

我想說的另一件事是——我們能夠對我們的供應有一個很好的了解，並將其轉化為道路上電動汽車的百分比，並得到一個很好的了解，我們認為我們'我們試圖走得太遠，或走得不夠遠——不夠傾斜。

And so we -- I think we have a pretty good understanding of that, but what I would say is, if you take a look at Europe and you look at the adoption of electric vehicles, the current emission standards in Europe are 126 grams of CO2 per kilometer.

所以我們——我認為我們對此有很好的理解，但我想說的是，如果你看看歐洲，看看電動車的採用情況，歐洲目前的排放標準是 126 克每公里二氧化碳排放量。

That goes down to 98 grams of CO2 per kilometer in 2021, and it goes down to 75 grams of CO2 per kilometer by 2025.

到 2021 年，這一數字將降至每公里 98 克二氧化碳，到 2025 年將降至每公里 75 克二氧化碳。

And that's kind of fleet average, if you will.

如果你願意的話，這就是機隊的平均水準。

A typical gasoline engine currently gets approximately 126 grams of CO2 per kilometer.

目前，典型的汽油引擎每公里排放約 126 克二氧化碳。

A plug-in hybrid, I believe, is forecasted to be in sort of the 90-ish range of grams of CO2 per kilometer.

我相信插電式混合動力車的二氧化碳排放量預計在每公里 90 克左右。

And a fully electric vehicle has 0. So some part of their fleet is going to be 126 grams per kilometer.

而全電動汽車的重量為 0。

Some part of the fleet is going to be 90, and the rest of it is going to be 0. And they need to get to 75.

機隊中的某些部分將是 90 人，其餘部分將是 0 人。

So I think the adoption in Europe on electric vehicles is probably going to be relatively fast, because the math just -- you kind of can't get there from here unless you have a sizable increase in the electric vehicle production and sales.

因此，我認為歐洲對電動車的採用可能會相對較快，因為從數學上來說，除非電動車的產量和銷量大幅增加，否則你無法從這裡實現這一​​目標。

Our next question comes from Harsh Kumar with Piper Jaffray.

我們的下一個問題來自 Harsh Kumar 和 Piper Jaffray。

Question on Wolfspeed gross margins.

關於 Wolfspeed 毛利率的問題。

So I think historically -- I know there's a lot of moving parts, but historically I think the high was 50 with kind of running in the 47, 48.

所以我認為，從歷史上看，我知道有很多變動的部分，但從歷史上看，我認為最高點是 50，在 47、48 之間運行。

I think you guys are talking about 1 to 2 quarters' worth of sort of the scrap issue and sort of getting your arms around some of these other things that are temporary.

我認為你們正在談論 1 到 2 個季度的報廢問題，並設法解決其他一些暫時的問題。

How can we think of the ramp?

我們如何看待坡道？

So is the correct premise to think that in 1 to 2 quarters we can expect to be sort of on our way up?

那麼，認為在 1 到 2 個季度內我們有望實現成長的正確前提是嗎？

Or will you start moving up going forward and then ultimately get to that high 40s after 1 or 2 quarters?

或者你會開始繼續前進，然後在 1 或 2 個季度後最終達到 40 多歲？

So Harsh, I think the way to think about that is it'll really depend on the timing of some of the volumes.

所以很嚴厲，我認為思考這個問題的方法是，這實際上取決於某些卷的時間安排。

Certainly, the MOSFETs yields impact, I think we've got line of sight to that.

當然，MOSFET 會產生影響，我認為我們已經看到了這一點。

So you'll see some improvement from that.

所以你會看到一些改進。

The materials business, like we said, should continue to grow.

正如我們所說，材料業務應該繼續成長。

So I kind of think of that, again, as a temporary item.

所以我再次認為這是一個臨時項目。

As you get back to the end of the year, if we still -- if things do kind of stabilize, then we should see some improvement as those things start to resolve.

當你回到今年年底時，如果我們仍然——如果事情確實穩定下來，那麼隨著這些事情開始解決，我們應該會看到一些改善。

So look, as time goes on, we'll see some improvement.

所以看，隨著時間的推移，我們會看到一些改進。

I just wouldn't expect it dramatically in the short term.

我只是不希望它在短期內發生戲劇性的變化。

Okay.

好的。

Fair enough.

很公平。

And then Gregg, I think you talked about some Chinese incentives changing to longer range -- or favoring longer range.

然後格雷格，我想你談到了中國的一些激勵措施轉向更長的範圍，或者傾向於更長的範圍。

Has this already hit?

這已經打了嗎？

And is your exposure today, I know your main auto business ramps in 2022 or so, is today most of your business centered around charges?

您今天的曝光度是嗎？

I just want to clarify.

我只是想澄清一下。

Yes, most of our business right now in China is on the on-board charging and DC-to-DC conversion.

是的，我們目前在中國的大部分業務都是車載充電和DC-DC轉換。

They -- we've got a lot of active developments right now in China around the inverter, and that's primarily because of the coming changes in the incentives going towards the longer-range vehicles.

我們目前在中國圍繞逆變器取得了許多積極的進展，這主要是因為遠程車輛的激勵措施即將改變。

And Gregg, has that been announced already?

格雷格，這已經宣布了嗎？

Or is that kind of something you were picking up from sort of the folks in China?

或者說這是你從中國人身上學到的？

If you're talking about the incentives on the longer-range vehicles, I believe that's officially announced.

如果您談論的是遠程車輛的激勵措施，我相信這是官方宣布的。

Understood.

明白了。

And then my last question is on Huawei revenues.

我的最後一個問題是關於華為的收入。

I know you're under ban, but I think you were able to ship some legacy portions, I suspect, from the acquired parts of the business.

我知道你們受到了禁令，但我懷疑你們能夠從所收購的業務部分中運送一些遺留部分。

Is that business -- could you give us a size or some color on, is that still the case, or is Huawei at 0?

是這樣嗎？ 您能給我們一個尺寸或某種顏色嗎？

And then also can you talk about your design portfolio with non-Chinese OEMs on the RF side?

您能否談談您與非中國 OEM 廠商在射頻方面的設計組合？

Yes.

是的。

Thanks, Harsh.

謝謝，嚴酷。

It's Neill.

是尼爾。

So I think, as you look forward, we talked previously about a certain amount of revenue being part of Huawei, but we are not shipping to Huawei right now.

所以我認為，正如你所期望的那樣，我們之前談到了一定數量的收入屬於華為的一部分，但我們現在不會向華為發貨。

So there's really no direct shipments to Huawei, so that's kind of out of the numbers.

所以實際上沒有直接向華為發貨，所以這有點超出了數字。

In terms of the pipeline, look, there's other opportunities.

就管道而言，還有其他機會。

There's obviously a pause in the 5G kind of rollout right now.

目前 5G 的推出顯然已暫停。

We do have other opportunities in the pipeline and that's part of the $9 billion that Gregg talked about.

我們確實還有其他機會，這是格雷格談到的 90 億美元的一部分。

And we're actively working those.

我們正在積極地進行這些工作。

So as you know, there's other areas outside of China we'll continue to work on.

如您所知，我們將繼續在中國以外的其他領域開展工作。

China is obviously -- and Huawei is a significant player in the industry, but in the meantime we'll continue to work on those opportunities.

顯然，中國是該行業的重要參與者，而華為是該行業的重要參與者，但同時，我們將繼續努力抓住這些機會。

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。

As you move towards building out the 8 inch fab in New York, can you speak to the maturity of the epi process for those 8-inch wafers?

當您準備在紐約建造 8 英寸晶圓廠時，您能談談這些 8 英寸晶圓的外延工藝的成熟度嗎？

Have you chosen an equipment supplier?

您選擇好設備供應商了嗎？

And can you say whether you're planning to use a single wafer or a mini batch tool?

您能透露一下您是計劃使用單晶圓還是小型批量工具嗎？

I don't want to get into a lot of detail.

我不想討論太多細節。

We are obviously working very, very closely with a supplier on epi.

顯然，我們正在與外延供應商非常非常密切地合作。

We've got a very good partnership with them.

我們與他們有著非常好的合作關係。

I don't want to announce who and when and so forth.

我不想宣布誰、什麼時間等等。

So I'll just leave it at that.

所以我就這樣吧。

Okay.

好的。

Great.

偉大的。

And then as you're looking at the competitive dynamics around 4- and 6-inch wafers relative to the 8-inch wafers, is it a real concern around folks ramping capacity and trying to drive prices lower for you guys?

然後，當您查看 4 英寸和 6 英寸晶圓相對於 8 英寸晶圓的競爭動態時，人們是否真正擔心人們提高產能並試圖降低價格？

Is -- how do you handle that situation as you think about building out capacity and trying to balance that appropriately?

當您考慮建立能力並嘗試適當平衡時，您如何處理這種情況？

Let me just kind of make sure we frame things correctly.

讓我確保我們的框架是正確的。

So 8 inch is quite a ways out.

所以8吋是一個不錯的出路。

So -- or we're going to be -- we're ramping right now at 6 inch.

所以——或者說我們將會——我們現在正在以 6 英寸的尺寸進行升級。

And the crystal growers that we're installing and all this ramp in capacity that we're talking about is 6 inch.

我們正在安裝的晶體生長器以及我們正在談論的所有這些產能斜坡都是 6 英寸。

And it's going to be quite some time.

這將需要相當長的一段時間。

We are building an 8 inch fab, but sort of the thought process is that the likelihood of ramping that thing as a 6 inch fab and converting it is the thought process.

我們正在建造一座 8 吋晶圓廠，但某種思考過程是，將其升級為 6 吋晶圓廠並進行轉換的可能性就是我們的思考過程。

And it's a lot easier to build an 8 inch fab and start with 6 inch than to build a 6 inch fab and try to convert it to 8 inch.

建造一座 8 英寸晶圓廠並從 6 英寸開始，比建造一座 6 英寸晶圓廠並嘗試將其轉換為 8 英寸要容易得多。

And so it's just the practicality of it all.

所以這只是這一切的實用性。

What I would tell you in terms of competition, we've got a lot of folks that are interested in building silicon carbide crystals and turning them into wafers and putting epi on and all of that kind of stuff.

我要告訴你的是，就競爭而言，我們有很多人對製造碳化矽晶體並將其轉變為晶圓並進行外延以及所有此類東西感興趣。

We've got a tremendous amount of experience.

我們擁有豐富的經驗。

We're going to be talking a little bit about this at our Investor Day that's coming up.

我們將在即將到來的投資者日討論這一點。

This is a very, very difficult technology to work with, but we respect the fact that we've got competitors that are out there and they're trying to get a piece of this business.

這是一項非常非常難以使用的技術，但我們尊重這樣一個事實：我們有競爭對手，他們正試圖從這項業務中分得一杯羹。

The best thing we can do is take advantage of the -- take advantage of the opportunity we have from a scale perspective; drive the cost down; drive the productivity up; and get more adoption of silicon carbide in the silicon market.

我們能做的最好的事情就是利用──從規模的角度來看，利用我們所擁有的機會；降低成本；提高生產力；並在矽市場上獲得更多碳化矽的採用。

And as we do that, there'll be more demand for our product.

當我們這樣做時，對我們產品的需求將會增加。

As I mentioned earlier, in terms of near term we kind of don't see any near-term issue at all from a pricing because the majority of our business are these long-term contracts.

正如我之前提到的，就近期而言，我們根本沒有看到定價方面的任何近期問題，因為我們的大部分業務都是這些長期合約。

So we don't -- what's happening in the 4 inch market is noise.

所以我們不認為 4 吋市場上正在發生的是噪音。

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 Exane 的 David O'Connor。

Two, if I may.

如果可以的話，兩個。

Maybe firstly, Neill, going back to what you mentioned earlier on the percentage of epi wafers versus base wafers and against the backdrop of your long-term gross margin target for Wolfspeed.

也許首先，Neill，回到您之前提到的外延晶圓與基礎晶圓的百分比以及 Wolfspeed 的長期毛利率目標的背景。

What is your assumption there for the mix of bare wafers versus epi wafers?

您對裸晶圓與外延晶圓的混合有何假設？

That's my first question.

這是我的第一個問題。

And then maybe a second question for Gregg, on Huawei at the moment.

然後也許是格雷格的第二個問題，目前是關於華為的。

Huawei has been rebuilding some of its RF supply chain in Asia.

華為一直在亞洲重建部分射頻供應鏈。

What is the risk that there's GaN [PA] demand that never actually materializes, whether that's through a "made in China" policy or just changes in the competitive landscape?

GaN [PA] 需求從未真正實現的風險是什麼，無論是透過「中國製造」政策還是僅僅透過競爭格局的變化？

Yes.

是的。

So on the first question, we won't give you the split of bare versus epi.

因此，關於第一個問題，我們不會告訴您裸露與外延的差異。

We obviously know what that is and we've built that into the plan.

我們顯然知道那是什麼，並且我們已將其納入計劃中。

And what I would say is that, the customers that have begun to ramp with us, they like what we're doing from an epi perspective.

我想說的是，那些已經開始與我們合作的客戶，他們從 Epi 的角度喜歡我們所做的事情。

And they're very good customers.

他們是非常好的客戶。

And we work with them on, almost on a -- well, I'm sure, on a daily basis with supply and demand, but -- so we've got that understood out, but I don't want to publicly state what that is.

我們與他們合作，幾乎是——嗯，我確信，每天都有供應和需求，但是——所以我們已經理解了這一點，但我不想公開說明什麼那是。

I would just say that the epi demand has been growing.

我只想說外延需求一直在增加。

In fact, we are constrained right now on epi.

事實上，我們現在在外延方面受到限制。

And we could supply more epi wafers if we have that capacity.

如果我們有能力的話，我們可以供應更多的外延晶圓。

So we're working on ramping up the capacity on epi.

因此，我們正在努力提高外延產能。

In terms of Huawei, what I would say is every semiconductor company that is doing business in China has to face the reality that this ban is having an impact on their thought process as it relates to U.S. companies.

就華為而言，我想說的是，每家在中國開展業務的半導體公司都必須面對這樣的現實：這項禁令正在影響他們與美國公司相關的思考過程。

And of course, we have great relationships with these customers.

當然，我們與這些客戶有著良好的關係。

We work with them on an ongoing basis.

我們持續與他們合作。

We've got technology that we think is better, but I think anybody that's doing business in China has to realize that it -- probably you're going to need to be even better to continue doing business over there because of the concern that they -- I would imagine, that they have about these entity lists and bans and trade conflict and so forth.

我們擁有我們認為更好的技術，但我認為任何在中國做生意的人都必須意識到這一點——可能你需要做得更好才能繼續在那裡做生意，因為他們擔心他們——我想，他們有關於這些實體清單、禁令和貿易衝突等的資訊。

Yes, obviously at some point, there's going to be some agreement between the 2 countries.

是的，顯然在某個時候，兩國之間將會達成一些協議。

I have no clue when that is because it just seems like every other week, there is a positive trend, and then the other week, it goes completely opposite direction.

我不知道那是什麼時候，因為似乎每隔一周，就會有一個積極的趨勢，然後另一周，它就會走向完全相反的方向。

So we just have to be nimble in the meantime and do the best we can to stay engaged.

因此，我們必須同時保持靈活性，並盡最大努力保持參與。

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。

Just a couple on my end.

我這邊只有一對。

I was wondering on the scrap issue.

我想知道廢品問題。

Is that a new SKU or product that you are making, or new machines?

這是您正在生產的新 SKU 或產品，還是新機器？

Any detail that you can provide would be helpful.

您可以提供的任何詳細資訊都會有所幫助。

And sort of a second derivative of that line of questioning, is there any risk to sort of auto qualifications that were in the queue because of the delays there?

這一系列問題的二階導數是，由於延誤而排隊的汽車資格認證是否有任何風險？

It's a change from a 100-millimeter wafer size to 150.

這是晶圓尺寸從 100 毫米變為 150 毫米的變化。

It really isn't related to that change itself, but we're ramping that in our Durham factory.

這確實與變化本身無關，但我們正在達勒姆工廠加大力度。

We know exactly what the problem is.

我們確切地知道問題是什麼。

We've got that pretty clearly identified.

我們已經非常清楚地確定了這一點。

We've got the changes in place.

我們已經做好改變了。

And so that is, those changes are being implemented, like I said, as we speak.

也就是說，正如我在我們發言時所說的那樣，這些變化正在實施。

We're getting results out on that.

我們正在就此得出結果。

In terms of qualification, what it's doing is, it's limiting the amount of product that we can get out because the yields are less than we would anticipate.

就資格而言，它的作用是限制我們可以獲得的產品數量，因為產量低於我們的預期。

I think we're just simply a manufacturing cycle away from that, and so you just -- we're going to see this kind of wave of less-than-optimal yields coming out of the factory.

我認為我們距離這個目標只差一個製造週期，所以我們將看到工廠產出的這種產量不太理想的浪潮。

And then as we implement these improvements, we'll see the yield go back up and qualifications then staying on track.

然後，當我們實施這些改進時，我們將看到產量回升，資格也保持在正軌上。

Got it.

知道了。

That's helpful.

這很有幫助。

Just a few other quick ones here.

這裡只是其他一些快速的。

Neill, how do we think about -- with all the changes in the LED segment and the headwinds, how do we think about the gross margins trajectory from here?

Neill，我們如何看待——隨著 LED 領域的所有變化和逆風，我們如何看待從這裡開始的毛利率軌跡？

We just saw the reallocation of equipment.

我們剛剛看到了設備的重新分配。

Should we think about staying at this 20% level?

我們是否應該考慮保持在 20% 的水平？

I think in the past, you had talked about like 10.5% as a goal, but that looks to be maybe a stretch.

我認為過去，您曾談到 10.5% 作為目標，但這看起來可能有點誇張。

Yes, look, I think the LED business has been impacted by lower revenue.

是的，我認為 LED 業務受到了收入下降的影響。

And we've had -- we took utilization down to support that.

我們已經降低了利用率來支持這一點。

That's impacted the margins.

這影響了利潤率。

As I said earlier, we kind of see that kind of stabilize and kind of flattish as time goes on here, so that I kind of expect the same as we move forward.

正如我之前所說，隨著時間的推移，我們會看到這種穩定和平坦，所以我對我們的前進也有同樣的期望。

We might see a little bit of movement.

我們可能會看到一點動靜。

We're seeing some pickup here in 2Q just based on some licensing revenue and some mix.

僅基於一些授權收入和一些組合，我們就看到第二季出現了一些回升。

So you may see some improvement based on that.

所以你可能會看到一些基於此的改進。

And as we move to the outsourcing margin, we may get some pickup as well, but as of right now, kind of flattish, maybe a little bit up is kind of probably the best way to think about it.

當我們轉向外包利潤時，我們也可能會得到一些回升，但就目前而言，有點持平，也許稍微上升可能是最好的思考方式。

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

我們的下一個問題來自 BMO 資本市場的 Ambrish Srivastava。

Neill, I think it would be helpful -- and I apologize if I missed this.

尼爾，我認為這會很有幫助——如果我錯過了這一點，我深表歉意。

Could you give us a breakdown, quantify the breakdown on the gross margin side from the 2 items that you've mentioned?

您能否給我們一個細目，量化您提到的兩個項目的毛利率方面的細目？

And then as we think through, if I recall correctly, mix was an issue from June to September as well.

然後，當我們思考時，如果我沒記錯的話，從六月到九月，混合也是一個問題。

So that, based on what you -- how you've answered these questions, that should not come back because Huawei is out of the numbers.

因此，根據你如何回答這些問題，這不應該出現，因為華為不在數字之內。

And that is a higher-margin product.

這是一種利潤率較高的產品。

So what's the right way to think about the quantification of the impact, the bridge between what you delivered and what you're guiding to?

那麼，思考影響的量化、您所交付的內容和您所指導的內容之間的橋樑的正確方法是什麼？

And then it sounds like the scrap yield issue would reverse in a couple of quarters, but what about the other impacts?

聽起來廢鋼產量問題將在幾季內扭轉，但其他影響呢？

Thanks, Ambrish.

謝謝，安布里什。

Yes.

是的。

So a couple things there.

有幾件事。

So breaking that down in terms of the gross margin for Wolfspeed.

因此，我們可以根據 Wolfspeed 的毛利率來細分。

So going from 4Q to 1Q, we had some mix issues.

因此，從第四季度到第一季度，我們遇到了一些混合問題。

I think that's already baked in.

我想這已經是烤熟了。

As you think about the 2 items that are impacting us going into 2Q, it was the yield impact and the utilization in the materials factory.

當你想到進入第二季度影響我們的兩個項目時，那就是產量影響和材料工廠的利用率。

Of those 2, the utilization, I'd say, is the majority of the issue; and then to a lesser extent, the yield and the scrap issues.

在這兩個問題中，我想說，利用率是主要問題；然後在較小程度上，產量和廢品問題。

But both of them are probably going to follow a similar type of timing.

但他們倆可能都會遵循類似的時機。

It will take a little bit of a cycle, I think, in both events.

我認為，這兩個事件都需要一點週期。

On a yield issue like this, you've got to run it -- get the -- implement the improvements and then run it through a manufacturing cycle.

對於這樣的良率問題，您必須運行它 - 得到 - 實施改進，然後在整個製造週期中運行它。

Then on utilization, once you start to ramp the factory again, it takes another kind of inventory cycle to kind of get things improved again.

然後在利用率方面，一旦你開始再次擴大工廠規模，就需要另一個庫存週期才能再次改善情況。

So that can take 1 to 2 quarters.

因此這可能需要 1 到 2 個季度的時間。

So I think you can think of both of them kind of taking the same type of time frame to improve.

所以我認為你可以認為他們都採取相同類型的時間框架來改進。

Okay.

好的。

And then for my follow-up, Gregg, comms is notoriously lumpy.

然後，對於我的後續行動，格雷格，通訊是出了名的不穩定。

And with 5G, you're -- what you're seeing is outside of Huawei, right?

就 5G 而言，你所看到的都是華為之外的，對嗎？

And then are there any specific geos that you're seeing the push-outs that you were designed in that's impacting the business?

然後，您是否看到您設計的任何特定地理區域正在影響業務？

Yes.

是的。

I mean I would say that a lot of folks were anticipating picking up a lot of business from them, and that doesn't seem to have happened.

我想說的是，很多人都期待從他們那裡獲得很多業務，但這似乎並沒有發生。

And so I think the -- and then additionally, 5G itself has, the ramp has slowed.

所以我認為，此外，5G 本身的成長速度已經放緩。

So I think it's just a general trend right now.

所以我認為這只是目前的整體趨勢。

What I would say is 5G is going to happen and -- because the data demands are just there, but with this, the ban happening with Huawei, it isn't throwing the impact, I think, on the others that one would have anticipated.

我想說的是，5G 將會發生，因為數據需求就在那裡，但隨著華為的禁令發生，我認為它不會對其他人產生預期的影響。

I'm showing no further questions in queue at this time.

目前，我沒有在隊列中顯示任何其他問題。

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

我想將電話轉回給洛先生，讓他作結束語。

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

好的，謝謝大家對 Cree 的興趣。

Our strategic transformation remains on track, and we're extremely excited about the long-term prospects for our business and the adoption of silicon carbide.

我們的策略轉型仍在軌道上，我們對我們業務的長期前景和碳化矽的採用感到非常興奮。

We hope to see you at our Investor Day in New York on Wednesday, November 20, at the Grand Hyatt Hotel.

我們希望在 11 月 20 日星期三在紐約君悅酒店舉行的投資者日見到您。

Thanks again, and have a great day.

再次感謝，祝您有美好的一天。

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。