(WOLF) 2023 Q3 法說會逐字稿

Good evening, and thank you for standing by, and welcome to the Wolfspeed, Inc. Third Quarter Fiscal Year 2023 Earnings Call. (Operator Instructions) Please note, today's call is being recorded.

晚上好，感謝您的支持，歡迎來到 Wolfspeed, Inc. 2023 財年第三季度收益電話會議。 （接線員說明）請注意，今天的通話正在錄音中。

I would now like to hand the conference over to your first speaker today, Tyler Gronbach, Vice President of External Affairs. Sir, please go ahead.

我現在想將會議交給今天的第一位發言人，即對外事務副總裁泰勒·格隆巴赫 (Tyler Gronbach)。先生，請繼續。

Thank you, operator, and good afternoon, everyone. Welcome to Wolfspeed's Third Quarter Fiscal 2023 Conference Call. Today, Wolfspeed's CEO, Gregg Lowe; and Wolfspeed's CFO, Neill Reynolds, will report on the results for the third quarter of fiscal year 2023.

謝謝接線員，大家下午好。歡迎來到 Wolfspeed 的 2023 財年第三季度電話會議。今天，Wolfspeed 的首席執行官 Gregg Lowe； Wolfspeed 的首席財務官 Neill Reynolds 將報告 2023 財年第三季度的業績。

Please note that we will be presenting non-GAAP financial results during today's call, which is consistent with how management measures Wolfspeed's results internally. Non-GAAP results are not in accordance with GAAP and may not be comparable to non-GAAP information provided by other companies. Non-GAAP information should be considered a supplement to and not a substitute for financial statements prepared in accordance with GAAP. A reconciliation to the most directly comparable GAAP measures is in our press release and posted in the Investor Relations section of our website, along with a historical summary of other key metrics.

請注意，我們將在今天的電話會議上公佈非 GAAP 財務業績，這與管理層在內部衡量 Wolfspeed 業績的方式一致。非 GAAP 結果不符合 GAAP，可能無法與其他公司提供的非 GAAP 信息進行比較。非 GAAP 信息應被視為對根據 GAAP 編制的財務報表的補充而非替代。我們的新聞稿和我們網站的投資者關係部分發布了與最直接可比的 GAAP 指標的對賬，以及其他關鍵指標的歷史摘要。

Today's discussion includes forward-looking statements about our business outlook, and we may make other forward-looking statements during the call. Such forward-looking statements are subject to numerous risks and uncertainties. Our press release today and the SEC filings noted in the release mention important factors that could cause actual results to differ materially.

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。此類前瞻性陳述受眾多風險和不確定因素的影響。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) And now I'd like to turn the call over to Gregg.

（操作員說明）現在我想把電話轉給格雷格。

Thanks, Tyler, and good afternoon, everyone. Thank you for joining us today to discuss our latest financial results.

謝謝，泰勒，大家下午好。感謝您今天加入我們討論我們最新的財務業績。

Now before we dive into the details, I want to take a moment to express our gratitude to President Biden, Secretary Raimondo, Governor Cooper and all of those who joined us at our Durham headquarters last month. As an American company, we share the administration's goal of driving U.S. innovation and manufacturing. At Wolfspeed, we are a testament to the power of long-range investments in complex technology. With silicon carbide being rapidly adopted across various industries, our company's mission aligns with the energy efficiency goals of governments across the world, and we are proud to be making a significant impact.

現在，在我們深入探討細節之前，我想花點時間向拜登總統、雷蒙多國務卿、庫珀州長以及上個月加入我們達勒姆總部的所有人員表示感謝。作為一家美國公司，我們認同政府推動美國創新和製造業的目標。在 Wolfspeed，我們證明了對複雜技術進行長期投資的力量。隨著碳化矽在各個行業的快速採用，我們公司的使命與世界各國政府的能源效率目標一致，我們很自豪能夠產生重大影響。

In the last several years, we've gone from being a global leader in silicon carbide materials production to building a vertically integrated semiconductor powerhouse, that started with the expansion of our power devices capacity in the Durham fab and then turning a field of mud in Upstate New York into the world's first 200-millimeter silicon carbide device factory. I'm proud to share that we shipped our first product from the Mohawk Valley fab in the third quarter. While it's a relatively small number of devices shipped to an industrial off-board charging customer, it's an important proof point that we are now producing product on 200-millimeter substrates. We have a meaningful head start in executing our strategy, and the learnings from ramping the new fab will be important as we continue to expand capacity to better support the industry transition from silicon to silicon carbide.

在過去的幾年裡，我們已經從碳化矽材料生產的全球領導者轉變為建立垂直整合的半導體強國，首先是擴大我們在達勒姆工廠的功率器件產能，然後在紐約州北部建成世界上第一家200毫米碳化矽器件工廠。我很自豪地告訴大家，我們在第三季度從莫霍克谷工廠發貨了我們的第一款產品。雖然運送給工業非車載充電客戶的設備數量相對較少，但這是我們現在正在 200 毫米基板上生產產品的重要證明。我們在執行我們的戰略方面取得了有意義的領先優勢，隨著我們繼續擴大產能以更好地支持從矽到碳化矽的行業轉型，從新晶圓廠的擴產中吸取的教訓將非常重要。

Our focus on vertical integration positions Wolfspeed for a multi-decade growth opportunity. Customer demand is robust as we secured $1.7 billion of design-ins in Q3. This total reflects a new quarterly record for nonautomotive design-ins, which included a heat pump application and an EV off-board charger. Our cumulative total for design-in secured since fiscal 2020 now totals approximately $18 billion. Demand is there, and we are continuing to lead the expansion of the silicon carbide market.

我們對垂直整合的關注使 Wolfspeed 獲得了數十年的增長機會。客戶需求強勁，因為我們在第三季度獲得了 17 億美元的設計支持。這一總數反映了非汽車設計的新季度記錄，其中包括熱泵應用和 EV 非車載充電器。自 2020 財年以來，我們獲得的設計導入累計總額目前約為 180 億美元。需求就在那裡，我們繼續引領碳化矽市場的擴張。

My primary focus is on expanding our capacity, especially ramping materials production as it relates to wafer supply to feed Mohawk Valley. For most of our history, our growth was driven by supplying the market with silicon carbide wafers. Now we have a best-in-class fab and we need more materials to feed it. Producing more silicon carbide epi wafers out of our Durham facility will be the governor of our -- on our Mohawk Valley ramp in the short term, and our longer-term outlook is supported by the ramp of the JP. Neill and I are leaning in directly to support capacity expansion efforts. We've realigned the team with operations leaders now reporting directly to myself and Neill. Missy Stigall is overseeing devices and our wafer fabs, while Adam Milton will lead the materials production for the company. We believe this will provide greater visibility into the ramp of substrates as well as our device footprint expansions.

我的主要重點是擴大我們的產能，尤其是提高材料生產，因為這與供應莫霍克谷的晶圓有關。在我們歷史的大部分時間裡，我們的增長都是通過向市場供應碳化矽晶圓來推動的。現在我們擁有一流的晶圓廠，我們需要更多的材料來滿足它的需求。從我們的達勒姆工廠生產更多的碳化矽外延晶圓將是我們的州長 - 在短期內我們的莫霍克谷斜坡上，我們的長期前景得到 JP 斜坡的支持。 Neill 和我直接支持產能擴張工作。我們重新調整了團隊，運營主管現在直接向我和尼爾報告。 Missy Stigall 負責監督設備和我們的晶圓廠，而 Adam Milton 將領導公司的材料生產。我們相信這將為基板的增加以及我們的設備足跡擴展提供更大的可見性。

Our strategic vision and expectations for silicon carbide expansion have not changed. Wolfspeed has a deep moat in the industry with a decades-long runway. But the journey requires focus, persistence and patience. We'll continue to make long-range investments in this complex technology, expanding our capacity footprint with purpose-built facilities for both materials and devices. We believe this is validated by customer demand and increasing investments in silicon carbide across the industry. The world needs more silicon carbide, and Wolfspeed will continue to lead the pack.

我們對碳化矽擴張的戰略願景和預期沒有改變。 Wolfspeed 在行業中擁有深厚的護城河，擁有長達數十年的跑道。但旅程需要專注、堅持和耐心。我們將繼續對這項複雜技術進行長期投資，通過專門為材料和設備建造的設施擴大我們的產能足跡。我們相信，客戶需求和整個行業對碳化矽投資的增加都驗證了這一點。世界需要更多的碳化矽，而 Wolfspeed 將繼續引領潮流。

Now I'll turn it over to Neill, who will provide an overview of our financial results and an outlook for the fourth quarter of fiscal 2023 and fiscal 2024. Neill?

現在我將把它交給尼爾，他將概述我們的財務業績以及 2023 財年第四季度和 2024 財年的展望。尼爾？

Thank you, Gregg, and good afternoon, everyone. During the fiscal third quarter of 2023, we generated revenue of about $229 million at the high end of our guidance range, which represents a 6% sequential increase when compared to the $216 million in the fiscal second quarter of 2023 and growth of approximately 22% year-over-year with power device products growing more than 50% year-over-year. We recognized our initial revenue from our Mohawk Valley fab in the third quarter and continue to expect low single-digit millions of revenue in the fourth quarter with a greater ramp in fiscal 2024. I'll go into more specifics in a few moments, but going forward, we will continue to explore ways to show the underlying economics coming out of Mohawk Valley and its relative margin impacts. As a reminder, Mohawk Valley will dramatically change the dynamics of the business as its scale, automation and wafer size advantages will lower our overall die cost by greater than 50%.

謝謝 Gregg，大家下午好。在 2023 財年第三季度，我們的收入約為 2.29 億美元，處於我們指導範圍的高端，與 2023 財年第二季度的 2.16 億美元相比環比增長 6%，增長率約為 22%功率器件產品同比增長超過50%。我們在第三季度確認了莫霍克谷晶圓廠的初始收入，並繼續預計第四季度的收入將達到數百萬美元，並在 2024 財年實現更大的增長。稍後我將詳細介紹，但展望未來，我們將繼續探索展示莫霍克谷的基礎經濟及其相對利潤率影響的方法。提醒一下，莫霍克谷將極大地改變業務動態，因為它的規模、自動化和晶圓尺寸優勢將使我們的整體芯片成本降低 50% 以上。

We also saw strong revenue growth from our merchant 150-millimeter silicon carbide substrates as we solved many of the production challenges we had on the taller boules, albeit at higher-than-expected costs. This results in a onetime inventory drain, and we expect revenue levels to return to more steady state run rate levels in fiscal Q4 and beyond.

我們還看到來自商用 150 毫米碳化矽襯底的強勁收入增長，因為我們解決了在較高的晶錠上遇到的許多生產挑戰，儘管成本高於預期。這導致一次性庫存流失，我們預計收入水平將在第四財季及以後恢復到更穩定的狀態運行率水平。

Additionally, from a power device perspective, as I mentioned last quarter, we now believe that we have achieved full capacity in our Durham wafer fab and almost all future top line growth in power devices will come directly from the Mohawk Valley fab. Looking at RF products, we continue to see weaker demand but within range of our prior estimates.

此外，從功率器件的角度來看，正如我上個季度提到的那樣，我們現在相信我們的達勒姆晶圓廠已經實現了滿負荷生產，幾乎所有未來功率器件的收入增長都將直接來自莫霍克谷晶圓廠。看看 RF 產品，我們繼續看到需求疲軟，但在我們先前估計的範圍內。

Moving down the income statement. Non-GAAP gross margin in the third quarter was 32.3% compared to 33.6% last quarter and 36.3% in the prior year period, representing a 400 basis point decline year-over-year. Consistent with our outlook, gross margin was impacted by lower yields and higher costs on our taller 150-millimeter boules. In addition, gross margin was impacted by a heavier mix of high-volume automotive customers running on the smaller 150-millimeter wafers in our Durham fab. As a result of these items, we generated adjusted loss per share of $0.13 in the fiscal third quarter compared to a loss of $0.11 a quarter ago and a loss of $0.12 in the same period last year as revenue growth was offset by lower gross margins and higher investments in OpEx.

向下移動損益表。第三季度非美國通用會計準則毛利率為 32.3%，上一季度為 33.6%，去年同期為 36.3%，同比下降 400 個基點。與我們的展望一致，毛利率受到較高 150 毫米晶錠產量較低和成本較高的影響。此外，毛利率受到在我們達勒姆工廠使用較小的 150 毫米晶圓的大批量汽車客戶組合的影響。由於這些項目，我們在第三財季產生調整後每股虧損 0.13 美元，而上一季度虧損 0.11 美元，去年同期虧損 0.12 美元，因為收入增長被較低的毛利率和更高的運營支出投資。

Before I discuss our guidance, I will provide a quick overview of our balance sheet position. We ended the quarter with approximately $2.25 billion of cash and liquidity on our balance sheet to support our growth plans. DSO was 53 days, while inventory days on hand was 162 days. Free cash flow during the quarter was negative $245 million, comprised of negative $11 million of operating cash flow and $234 million of net capital expenditures. We now anticipate net CapEx for fiscal 2023 to be approximately $775 million, down from our previously announced $1 billion, primarily due to the timing of facility spend related to the 200-millimeter substrate expansion.

在討論我們的指導意見之前，我將簡要概述一下我們的資產負債表狀況。本季度結束時，我們的資產負債表上有大約 22.5 億美元的現金和流動資金來支持我們的增長計劃。 DSO 為 53 天，而手頭庫存天數為 162 天。本季度的自由現金流為負 2.45 億美元，其中包括負 1100 萬美元的運營現金流和 2.34 億美元的淨資本支出。我們現在預計 2023 財年的淨資本支出約為 7.75 億美元，低於我們之前宣布的 10 億美元，這主要是由於與 200 毫米基板擴展相關的設施支出的時間安排。

During the quarter, we incurred start-up costs primarily related to the Mohawk Valley fab brand, totaling approximately $45 million. Moving forward, we expect overall start-up and underutilization costs for Mohawk Valley to start winding down as we ramp the fab. This included a non-GAAP adjustment for these start-up costs in the reconciliation table in our earnings release.

本季度，我們產生了主要與 Mohawk Valley 晶圓廠品牌相關的啟動成本，總計約 4500 萬美元。展望未來，我們預計莫霍克谷的總體啟動和未充分利用成本將隨著晶圓廠的擴建而開始逐漸減少。這包括在我們的收益發布的調節表中對這些啟動成本進行的非 GAAP 調整。

In terms of our capital needs, we continue to evaluate multiple avenues of additional funding, including upfront customer payments or investments, debt instruments and government funding in the United States and Europe. While we cannot comment on the timing or certainty of any government funding, we believe we have made great progress in this regard. In addition, we believe we need to secure approximately $1 billion of additional nongovernment financing between now and the end of the calendar year to support an approximate $2 billion of CapEx in fiscal 2024. The majority of this investment will be for 200-millimeter substrate facility construction and tool capacity both at JP and Tyler City and our Durham campus in North Carolina, with the intention of leveraging this investment to ramp the Mohawk Valley fab as fast as possible.

就我們的資本需求而言，我們繼續評估額外資金的多種途徑，包括美國和歐洲的客戶預付款或投資、債務工具和政府資金。雖然我們無法評論任何政府資助的時間或確定性，但我們相信我們在這方面取得了很大進展。此外，我們認為，從現在到日曆年年底，我們需要獲得大約 10 億美元的額外非政府融資，以支持 2024 財年大約 20 億美元的資本支出。這筆投資的大部分將用於 200 毫米基板設施JP 和泰勒市以及我們在北卡羅來納州達勒姆校區的建設和工具能力，目的是利用這項投資盡快擴大莫霍克谷工廠。

While we are currently investing a modest amount of design work for the German Saarland fab, we don't expect to see significant facility construction-related CapEx until calendar year 2024 while we await final incentive notification from European authorities. However, we have made good progress on this front and, as of now, expect final notification later this calendar year. We also remind you that our CapEx investments can be highly variable depending on the timing of facility construction, tool lead times, supply chain challenges and other items.

雖然我們目前正在為德國薩爾州工廠投資少量的設計工作，但我們預計在 2024 年之前不會看到與設施建設相關的重大資本支出，同時我們正在等待歐洲當局的最終激勵通知。然而，我們在這方面取得了良好進展，截至目前，預計將在本日曆年晚些時候收到最終通知。我們還提醒您，我們的資本支出投資可能會因設施建設時間、工具交付時間、供應鏈挑戰和其他項目而有很大差異。

As we look forward to the fourth quarter of fiscal 2023 and beyond, we recognize that, especially recently, there has been variability in our financial performance compared to our forecasted growth trajectory. While predominantly related to the challenges of the timing of the ramp of Mohawk Valley and our 200-millimeter materials production, we recognize the need to help you all assess near-term expectations. As a result, in addition to giving our fourth quarter outlook, I will take a moment to help frame our thinking about fiscal year 2024.

當我們展望 2023 財年第四季度及以後時，我們認識到，尤其是最近，與我們預測的增長軌跡相比，我們的財務業績存在變化。雖然主要與 Mohawk Valley 的斜坡時間和我們的 200 毫米材料生產的挑戰有關，但我們認識到有必要幫助你們所有人評估近期預期。因此，除了給出我們的第四季度展望外，我還將花點時間幫助構建我們對 2024 財年的思考。

Starting with the fourth quarter of 2023, we are targeting revenue in the range of $212 million to $232 million. Our revenue guidance reflects low single-digit revenue from Mohawk Valley, as previously communicated. As I mentioned before, we are essentially capped in Durham from a power device capacity perspective. And going forward, much of the incremental revenue we will generate will be from Mohawk Valley. In addition, as previously mentioned, we will see lower materials revenue related to the onetime inventory drain in 3Q as we improved output on our taller 150-millimeter boules that will not repeat in 4Q.

從 2023 年第四季度開始，我們的目標收入在 2.12 億美元至 2.32 億美元之間。如前所述，我們的收入指引反映了莫霍克谷的低個位數收入。正如我之前提到的，從功率器件容量的角度來看，我們在達勒姆基本上是受限的。展望未來，我們將產生的大部分增量收入將來自莫霍克谷。此外，如前所述，由於我們提高了較高的 150 毫米晶錠的產量，因此我們將在第三季度看到與一次性庫存流失相關的材料收入下降，這在第四季度不會重複。

Our Q4 non-GAAP gross margin is expected to be in the range of 29% to 31% as we continue to work through the cost recovery on the taller 150-millimeter boules, and we shipped our Durham fab mix to higher-volume automotive customers that were initially slated to be produced in Mohawk Valley. We expect non-GAAP operating expenses to be between $105 million and $106 million for the fourth quarter of fiscal 2023. We expect Q4 non-GAAP operating loss to be between $34 million and $43 million and nonoperating net gain to be approximately $5 million.

我們的第四季度非美國通用會計準則毛利率預計在 29% 到 31% 之間，因為我們繼續努力回收更高的 150 毫米晶錠的成本，並且我們將我們的達勒姆晶圓廠組合運送給產量更高的汽車客戶最初計劃在莫霍克谷生產。我們預計 2023 財年第四季度的非 GAAP 運營費用將在 1.05 億美元至 1.06 億美元之間。我們預計第四季度非 GAAP 運營虧損將在 3400 萬至 4300 萬美元之間，非運營淨收益約為 500 萬美元。

We believe we will realize approximately $8 million to $10 million of non-GAAP tax benefit as a result and expect Q4 non-GAAP net loss to be between $21 million and $29 million or a loss of $0.17 per diluted share to $0.23 per diluted share. Our non-GAAP EPS target excludes acquired intangibles amortization, noncash stock-based compensation, project transformation and transaction costs, factory start-up and utilization costs and other items as outlined in our press release today. As always, our Q4 targets are based on several factors that affect them very greatly, including supply chain dynamics, overall demand, product mix, factory productivity and the competitive environment.

我們相信，我們將因此實現約 800 萬至 1000 萬美元的非 GAAP 稅收優惠，並預計第四季度非 GAAP 淨虧損將在 2100 萬至 2900 萬美元之間，或攤薄後每股虧損 0.17 美元至 0.23 美元。我們的非 GAAP 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、項目轉型和交易成本、工廠啟動和使用成本以及我們今天的新聞稿中概述的其他項目。與往常一樣，我們的第四季度目標基於幾個對其影響非常大的因素，包括供應鏈動態、總體需求、產品組合、工廠生產力和競爭環境。

Turning to fiscal 2024. Given that our growth will be governed by how quickly we ramp 200-millimeter substrate capacity and, in turn, the Mohawk Valley fab, we will target fiscal 2024 revenue between $1 billion to $1.1 billion. This outlook assumes we achieve 20% capacity utilization at Mohawk Valley by the fourth quarter of fiscal 2024, while our epi materials product line revenues remain closer to current levels as we focus our efforts and resources on ramping 200-millimeter substrates in Mohawk Valley.

談到 2024 財年。鑑於我們的增長將取決於我們提升 200 毫米基板產能的速度，進而取決於莫霍克谷晶圓廠，我們將 2024 財年的收入目標定在 10 億美元至 11 億美元之間。這一前景假設我們在 2024 財年第四季度實現莫霍克谷 20% 的產能利用率，而我們的外延材料產品線收入仍接近當前水平，因為我們將我們的努力和資源集中在莫霍克谷的 200 毫米基板上。

Additionally, as a result of the ramp time line and continued focus on customer time lines, as I mentioned earlier, we plan to run more auto-related products at a smaller 150-millimeter diameter in the Durham fab for the foreseeable future to support our customers, which will flatten the gross margin trajectory for the next several quarters until Mohawk Valley reaches critical mass. As we are in the early stages of these critical EV ramps, it is important to support our customer ramp schedules, but it will likely keep gross margin in your current levels as the Mohawk Valley ramps to higher output levels. That said, as we reached 20% utilization at Mohawk Valley, we would expect the trajectory for gross margin to improve, because the unit economics are significantly more favorable than Durham.

此外，由於爬坡時間線和對客戶時間線的持續關注，正如我之前提到的，我們計劃在可預見的未來在達勒姆工廠生產更多直徑為 150 毫米的汽車相關產品，以支持我們的客戶，這將拉平未來幾個季度的毛利率軌跡，直到莫霍克谷達到臨界質量。由於我們處於這些關鍵 EV 坡道的早期階段，因此支持我們的客戶坡道計劃非常重要，但隨著莫霍克谷坡道向更高的產量水平傾斜，它可能會將毛利率保持在您當前的水平。也就是說，當我們在 Mohawk Valley 達到 20% 的利用率時，我們預計毛利率的軌跡會有所改善，因為單位經濟效益明顯優於 Durham。

With that, let me pass it back to Gregg for his closing remarks.

有了這個，讓我把它傳回給格雷格，讓他發表閉幕詞。

Thanks, Neill. We recognize there is work to be done against executing on our strategic vision and capacity expansion plans. That said, we are confident that we are on the right path. As Neill discussed, we are adjusting our fiscal 2024 revenue forecast to better reflect the current trajectory for the ramp of the Mohawk Valley fab.

謝謝，尼爾。我們認識到在執行我們的戰略願景和產能擴張計劃方面還有很多工作要做。也就是說，我們相信我們走在正確的道路上。正如尼爾所討論的那樣，我們正在調整 2024 財年的收入預測，以更好地反映莫霍克谷晶圓廠目前的增長軌跡。

We continue to win business at a solid rate. And a large part of that is due to our investments in capacity and our device quality. As we further our capabilities in vertical integration and continue to innovate, we expect to continue to capture share in our power device product line for automotive as well as industrial and energy applications as the supply of silicon carbide devices continues to expand.

我們繼續以穩定的速度贏得業務。其中很大一部分是由於我們對容量和設備質量的投資。隨著我們進一步提高垂直整合能力並不斷創新，隨著碳化矽器件供應的不斷擴大，我們預計將繼續在我們的汽車、工業和能源應用功率器件產品線中佔據份額。

At Wolfspeed, we have an extremely wide moat in an unbelievably attractive industry with decades-long opportunity. We believe we have the best talent, the technology advantage based on our 30-plus years of silicon carbide expertise, and cost advantages as we ramp our 200-millimeter production and design-ins with premier automotive OEMs, Tier 1s and industrial customers. We are the leader in silicon carbide technology and are hyper-focused on expanding our footprint to maintain that lead and are focused on executing our strategy as I know we can.

在 Wolfspeed，我們在一個極具吸引力的行業中擁有極其寬闊的護城河，並擁有長達數十年的機會。我們相信我們擁有最優秀的人才、基於我們 30 多年碳化矽專業知識的技術優勢，以及隨著我們與主要汽車原始設備製造商、一級供應商和工業客戶一起提高 200 毫米生產和設計的成本優勢。我們是碳化矽技術的領導者，非常專注於擴大我們的足跡以保持領先地位，並儘我所能專注於執行我們的戰略。

And now I'd like to turn it over to the operator for any questions you might have.

如果您有任何問題，現在我想將其轉交給接線員。

(Operator Instructions) We have our first question from Jed Dorsheimer from William Blair.

（操作員說明）威廉·布萊爾的 Jed Dorsheimer 提出了我們的第一個問題。

First question, Gregg and/or Neill. I was wondering, a couple of quarters ago, you sort of flagged the yield issue within 6-inch in terms of the taller boules and now you're kind of calling out the 200-millimeter capacity, so I was wondering if you could help us better understand some of the limitations. Can you clarify if this is a furnace issue, if this is a sort of a bull height or wafer thickness? Or sort of maybe give a little bit more color of what's going on.

第一個問題，Gregg 和/或 Neill。我想知道，幾個季度前，您在 6 英寸以內標記了較高的晶錠的良率問題，現在您提出了 200 毫米的容量，所以我想知道您是否可以提供幫助我們更好地理解了一些限制。您能否澄清這是否是熔爐問題，是否是公牛高度或晶圓厚度？或者可以給正在發生的事情更多的顏色。

And then as part of this question, when you were CRE, I think if memory serves, you went through a similar type of transition with 4-inch to 6-inch. And I'm wondering if you could maybe update on the time lines that you saw sort of thickness, bull height, et cetera, because that would seem like that's an important lever here as a function of -- until you get Siler City up and running. And then I have a follow-up.

然後作為這個問題的一部分，當你是 CRE 時，我想如果沒記錯的話，你經歷了類似的從 4 英寸到 6 英寸的過渡。我想知道你是否可以更新你看到的厚度、公牛高度等的時間線，因為這似乎是一個重要的槓桿——直到你讓 Siler City 起來，跑步。然後我有一個後續行動。

Okay. Thanks a lot for the question, Jed. Let me frame it this way. First off, we're running wafers right now, 200-millimeter wafers, in the Mohawk Valley. As I mentioned in the prepared remarks, we shipped our first product to an industrial customer, and we're going to ship a couple of million dollars' worth of product this quarter. Our cycle times, our yield, our throughput, initial reliability, all of that out of Mohawk Valley is looking really good. The quality of our crystals and the quality of our substrates as well as the yield in producing those substrates in our materials factory in Durham is also at/or above where we have targeted at this point.

好的。非常感謝你的問題，傑德。讓我這樣構圖。首先，我們現在正在 Mohawk Valley 運行晶圓，200 毫米晶圓。正如我在準備好的評論中提到的，我們向工業客戶運送了我們的第一個產品，我們將在本季度運送價值數百萬美元的產品。我們的周期時間、我們的產量、我們的吞吐量、初始可靠性，莫霍克谷的所有這些看起來都非常好。我們的晶體質量和基板質量以及我們在達勒姆的材料工廠生產這些基板的產量也達到/或高於我們目前的目標。

What we're really talking about here is a challenge of scaling, and scaling the materials operation to feed Mohawk Valley. And basically there are 2 things that are basically slowing that down, so to speak. One is some infrastructure delays that we had things like switchgear and things like that as we expanded in our Building 10 facility in Durham, so basically, supply chain issues with electrical infrastructure here. That's been resolved, and we're now expanding inside a Building 10. And the second is a more methodical approach to growing the capacity, I think that's a prudent point for us to take at this point.

我們在這裡真正談論的是擴大規模和擴大材料業務以養活莫霍克山谷的挑戰。可以這麼說，基本上有兩件事基本上減慢了速度。一個是一些基礎設施延誤，當我們在達勒姆的 10 號樓工廠擴建時，我們遇到了開關設備之類的東西，所以基本上，這裡的電氣基礎設施存在供應鏈問題。這已經解決了，我們現在正在 10 號樓內擴展。第二個是增加容量的更有條理的方法，我認為這是我們此時採取的謹慎點。

So basically, quality of bulls, quality of crystals, crystal height, number of wafers per bull, all of that kind of stuff in line, material flowing through the factory, doing really well, just simply a delay from an infrastructure perspective and a more methodical ramp.

所以基本上，公牛的質量、晶體的質量、晶體高度、每個公牛的晶圓數量，所有這些都在生產線上，材料流經工廠，做得非常好，只是從基礎設施的角度來看只是延遲等等有條不紊的斜坡。

Got it. That's helpful. And then on my second question. It begs the -- I know that -- when you looked at Mohawk Valley, you made a strategic decision to kind of go to 8 versus 6 for all the benefits that you cited in terms of moving to 8. But there were certain customers targeted for Mohawk Valley, and now I know you're talking about moving those to Durham. Could you maybe elaborate on what that means in terms of customer qualification time lines and what this means for that business? Or any of those -- do those customers now think differently in terms of -- obviously, it's a different capacity or are you able to port that over? I would doubt that you can qualify in Durham and then that becomes qualified in Mohawk Valley.

知道了。這很有幫助。然後是我的第二個問題。它乞求 - 我知道 - 當你看著莫霍克谷時，你做出了一個戰略決定，為了你在轉移到 8 時提到的所有好處，將 8 與 6 進行比較。但是有一些目標客戶莫霍克谷，現在我知道你在談論把它們搬到達勒姆。您能否詳細說明這對客戶資格認證時間表意味著什麼以及這對該業務意味著什麼？或者其中任何一個——這些客戶現在有不同的想法嗎——顯然，這是一種不同的容量，或者你能把它移植過來嗎？我懷疑你能否在達勒姆獲得資格，然後在莫霍克谷獲得資格。

Jed, what I would say is, there is a very leaning forward/aggressive approach from our customers in terms of trying to hurry up the qualification of product out of the Mohawk Valley. They see it very, very clearly. The substantial amount of increased capacity out of Mohawk Valley is very much worth leaning forward in terms of taking material from Mohawk Valley. We have customers that have signed up for risk starts in Mohawk Valley ahead of qualification and so forth.

傑德，我想說的是，我們的客戶在試圖加快莫霍克山谷的產品資格方面採取了一種非常前瞻性/積極的方法。他們看得非常非常清楚。莫霍克谷大量增加的產能非常值得從莫霍克谷獲取材料。我們有一些客戶在獲得資格之前就在莫霍克谷註冊了風險啟動等等。

And I think typically, when a -- you're right, when you go through a wafer fab transition, there's typically a sort of dragging the customer along, if you will, as you bring them to the new facility. That is not the case here because the demand for the product is so substantially high that they're really -- look, everyone is kind of lining up and raising their hand to try to get into Mohawk Valley faster. So no change on that at all, Jed.

我認為通常情況下，當你是對的，當你經歷晶圓廠轉型時，通常會有一種拖客戶的方式，如果你願意的話，當你把他們帶到新工廠時。這裡的情況並非如此，因為對該產品的需求非常高，以至於他們真的 - 看，每個人都在排隊並舉手試圖更快地進入莫霍克谷。所以一點也沒有改變，傑德。

Next question comes from Brian Lee of Goldman Sachs.

下一個問題來自高盛的 Brian Lee。

I guess the first one just on all this additional granularity and the updates on Mohawk Valley, I appreciate that. But with the target to kind of get to 20% utilization by end of fiscal '24, can you kind of talk about where you'd be targeting or happy with gross margin performance across the business by that point in time? Are we talking about 4 handle when you're at 20% utilization in Mohawk or back to the high 30s? And then just the broader implications of this pushout in Mohawk, the more methodical ramp on -- you do have fiscal '26 and '27 outstanding financial targets in the model, wondering what the implications are for those? And then I had a follow-up.

我想第一個只是關於所有這些額外的粒度和莫霍克谷的更新，我很感激。但是，目標是在 24 財年結束時達到 20% 的利用率，您能否談談到那個時候您的目標是什麼，或者對整個企業的毛利率表現感到滿意？當您在 Mohawk 的利用率為 20% 或回到 30 多歲時，我們是否在談論 4 handle？然後只是莫霍克推出的更廣泛的影響，更有條理的斜坡 - 你在模型中確實有財政'26和'27未完成的財務目標，想知道對這些有什麼影響？然後我進行了跟進。

Brian, it's Neill. So yes, so I appreciate the question. So just looking at the kind of -- the staging of gross margin as we move forward, so for 3Q kind of landed within the range. But as you look forward, with some of the delays we're seeing in Mohawk Valley, and as I mentioned earlier, we're just going to run some more of the higher volume automotive customers through Durham to try and support those ramps. We always kind of thought that kind of the '23, '24 time frame, we would see some of these automotive ramps start to come online, and that's exactly kind of what we're seeing. So we've really got to support our customers through this period as we start to get the fab ramped up.

布萊恩，我是尼爾。所以是的，所以我很欣賞這個問題。所以只要看看那種 - 隨著我們前進的毛利率的分期，所以對於第三季度來說，這種情況就落在了這個範圍內。但正如你所期待的那樣，由於我們在莫霍克谷看到了一些延誤，正如我之前提到的，我們將通過達勒姆運營更多的高容量汽車客戶，以嘗試支持這些坡道。我們一直認為在 23 年、24 年的時間框架內，我們會看到其中一些汽車坡道開始上線，而這正是我們所看到的。因此，隨著我們開始擴大晶圓廠的規模，我們真的必須在這段時間內為我們的客戶提供支持。

But what that's going to do is, that's going to flatten out margin for the next couple of quarters until we start to see Mohawk Valley start to ramp up. So you kind of think of margin as kind of flattish for the next couple of quarters. And then as Mohawk Valley starts to see utilization improvement, we'll start to reap the benefits of the margin, the cost structure that you get out of Mohawk Valley as you start to get closer to that 20% utilization mark. So I've said it before, kind of all roads point to Mohawk Valley, both for revenue and margin, I think that's exactly the case here.

但這將要做的是，在我們開始看到莫霍克谷開始上升之前，這將在接下來的幾個季度里拉平利潤率。所以你有點認為未來幾個季度的利潤率有點持平。然後，隨著 Mohawk Valley 開始看到利用率提高，我們將開始收穫利潤率的好處，當您開始接近 20% 的利用率標記時，您從 Mohawk Valley 獲得的成本結構。所以我之前說過，所有的道路都指向莫霍克谷，無論是收入還是利潤，我認為這裡就是這種情況。

Okay. I guess, and then just any thoughts on bigger picture fiscal '26 and '27, given the change to the viewpoint for '24? And I guess, when do you -- maybe just to cut to the chase, when do you think you can get back to some of your prior gross margin targets? I think you had been talking about like 45% in '24. Is there a chance we see the 40% margin level at all in fiscal '24 at the end of the year, exiting the year?

好的。我想，考慮到 24 年觀點的變化，關於 26 年和 27 年財政大局的任何想法？而且我想，你什麼時候 - 也許只是為了追逐，你認為你什麼時候可以回到你之前的一些毛利率目標？我想你一直在談論 24 年的 45%。我們是否有可能在今年年底的 24 財年看到 40% 的利潤率水平？

So as you look at -- as it gets to the back half of '24, you can think of some of those targets pushing out. Think about ['25] -- as you start to turn the corner on some of those things, you get north of 20% utilization in Mohawk Valley. But we're not going to do is get like a full guidance update as you think about the long-term model. And the reason for that is, as you get through '24, we start seeing Mohawk Valley start to -- get to a trajectory where we get supply coming from Siler City for 200-millimeter to feed Mohawk Valley. There's a pretty good likelihood we will be able to accelerate out beyond that time frame.

所以當你看到 - 當它進入 24 世紀的後半部分時，你可以想到其中一些目標正在推出。想想 ['25]——當你開始在其中一些事情上轉彎時，莫霍克谷的利用率超過 20%。但我們不會做的是在您考慮長期模型時獲得完整的指導更新。這樣做的原因是，當你度過 24 年時，我們開始看到莫霍克谷開始——進入一條軌道，我們從 Siler 市獲得 200 毫米的供應來餵養莫霍克谷。我們很有可能能夠在那個時間框架之外加速。

So I wouldn't necessarily take the '24 kind of numbers being somewhat lower than we talked about previously as a reflection on the total plan. I think just a different trajectory, particularly as you get outside of '24, you start seeing some of the Siler City materials come on. You start seeing Mohawk Valley out in that '25, '26 time frame, really be fed and start to see some of the utilization rates pick up. So I think we'll start to see an acceleration outside of '24. I don't see that inside of '24.

因此，我不一定會認為 24 年的數字比我們之前談到的要低一些，以此作為對總體計劃的反映。我認為只是不同的軌跡，特別是當你離開 24 世紀之後，你會開始看到一些 Siler City 的材料出現。你開始看到 Mohawk Valley 在 25 年、26 年的時間框架內，真的吃飽了，開始看到一些利用率回升。所以我認為我們將開始看到 24 年後的加速發展。我在 24 年看不到這一點。

Okay. Excellent. I'll take the rest off-line.

好的。出色的。我會把剩下的離線。

Thank you.

謝謝。

Your next question comes from Gary Mobley of Wells Fargo.

你的下一個問題來自富國銀行的 Gary Mobley。

I wanted to revisit something Gregg addressed earlier, and that is the revision to fiscal year '24 revenue. So back in October on Halloween at your Analyst Day, I think the projection was $1.6 billion in revenue in fiscal year '24, and we've walked that down, I think, for the past few quarters. And at that October Analyst Day, I don't think there was really anticipation of having much contribution from Siler City to support that fiscal year '24 revenue. So I'm just curious where we've seen that 35% reduction in revenue forecast. Is it all just because you're having a hard time ramping specifically in Durham 200-millimeter and now it's a pure contingent on Siler City?

我想重新審視 Gregg 早些時候提到的一些事情，那就是對 24 財年收入的修訂。所以回到 10 月萬聖節的分析師日，我認為 24 財年的預測收入為 16 億美元，我認為在過去幾個季度裡我們已經降低了這一數字。在那個 10 月的分析師日，我認為人們並沒有真正期待 Siler City 會為支持 24 財年的收入做出太多貢獻。所以我很好奇我們在哪裡看到收入預測減少了 35%。是否僅僅是因為您在 Durham 200 毫米的坡道上遇到了困難，而現在它完全是 Siler City 的特遣隊？

Thanks, Gary. And I think it's not so much about Siler City, it's about the timing of the ramp of what we call Building 10. This is where -- on our Durham campus. So bringing up 200-millimeter on the Durham campus back in October was supporting the plan we talked about then. So this is really about the timing of bringing that facility up. So I think it's really 2 things. One is the kind of delay some of the items Gregg talked about earlier around facilities bring up. But the second piece is, I think, really about bringing up a more methodical pace. So you got -- I think you got a little bit of a delay and then I think the curve will take on bringing that up will be very methodical with.

謝謝，加里。而且我認為這與 Siler City 無關，而與我們稱之為 10 號樓的坡道的時間有關。這就是我們達勒姆校區的位置。因此，早在 10 月份就在達勒姆校區提出 200 毫米支持我們當時談到的計劃。所以這實際上是關於啟動該設施的時間。所以我認為這真的是兩件事。一個是 Gregg 之前談到的一些項目的延遲。但我認為，第二部分實際上是關於提高更有條理的步伐。所以你得到了 - 我認為你有一點延遲，然後我認為曲線將採取非常有條不紊的方式提出來。

Obviously, we've seen the challenges in bringing up silicon carbide capacity. As we've talked about many times, it's difficult material to work with, and we'll bring it on in a way that we think is in a thoughtful, methodical way to ensure that we bring up that capacity in a reasonable manner.

顯然，我們已經看到了提高碳化矽產能的挑戰。正如我們多次談到的那樣，它很難處理，我們將以一種我們認為深思熟慮、有條不紊的方式來提供它，以確保我們以合理的方式提高這種能力。

Okay. And as my follow-up, I wanted to ask about your design-in conversion rate, Gregg, I think you mentioned $18 billion of cumulative design-ins, $1.7 billion for the quarter. Does this slower-than-expected ramp in 200-millimeter substrates and related to that, Mohawk Valley, does that reduce the outlook for the conversion rate on these design-ins? And maybe if you can just give us a general sense of how that conversion rate has been trending?

好的。作為我的後續行動，我想問一下你的設計轉化率，Gregg，我想你提到了 180 億美元的累計設計轉化率，本季度為 17 億美元。 200 毫米基板的這種慢於預期的增長是否會降低與 Mohawk Valley 相關的這些設計轉換率的前景？也許您可以讓我們大致了解一下轉換率的趨勢？

Well, the conversion rate is actually, [we've seen] very, very positive. So over the first 3 quarters of this year, we've actually converted $1.7 billion of design-ins to design wins. So that conversion rate is actually quite good. And so I don't think it slows that down in it at all. In fact, the conversion rate that we've seen over the last couple of years has been substantially stronger than we anticipated or I've seen before. And I think it's a reflection of the demand for the product from a customer's perspective, the demand is pulling in and steepening.

好吧，轉化率實際上，[我們已經看到]非常非常積極。因此，在今年前三個季度，我們實際上已經將 17 億美元的設計轉化為設計勝利。所以這個轉化率其實是相當不錯的。所以我認為它根本不會減慢它的速度。事實上，我們在過去幾年看到的轉化率比我們預期或我以前看到的要高得多。我認為這反映了客戶對產品的需求，需求正在拉動和陡峭。

From an electric vehicle perspective, there was an article out a couple of weeks ago that suggests that by 2032, greater than 60% -- and I think they actually said 62% of vehicles in the United States would be electric. And that's substantially faster than anyone anticipated.

從電動汽車的角度來看，幾週前發表的一篇文章表明，到 2032 年，超過 60%——我認為他們實際上說美國 62% 的汽車將是電動的。這比任何人預期的都要快得多。

You heard us getting designed into heat pumps and to other applications. We actually had a record quarter this year on design-ins for nonautomotive with nearly $700 million of design-ins just for automotive. So I think the design-in rate continues to be very, very strong. In fact, our design-ins for first 3 quarters of this year are greater than all of last year, and all of last fiscal year was a record and the design-in conversion is happening faster. That obviously puts a lot of stress on customers looking for more product.

你聽說我們被設計成熱泵和其他應用。事實上，今年我們在非汽車設計方面創下了創紀錄的季度，僅汽車設計就有近 7 億美元。所以我認為設計率繼續非常非常強勁。事實上，我們今年前 3 季度的設計導入比去年全年都多，上一財年的全年都是創紀錄的，設計轉換發生得更快。這顯然給尋找更多產品的客戶帶來了很大壓力。

And universally, they point to Mohawk Valley. They see a light at the end of the tunnel. They see us running wafers in there right now. They saw that we shipped product out of that facility to a customer. We're going to have a couple of million dollars' worth of revenue out of that facility right now. So while they like more product sooner, they also note that we've invested several billion dollars in the world's largest silicon carbide fab. So there's sort of the proverbial light under the tunnel.

他們普遍指向莫霍克谷。他們在隧道盡頭看到了曙光。他們看到我們現在在那裡運行晶圓。他們看到我們將產品從該設施運出給客戶。我們現在將從該設施中獲得價值數百萬美元的收入。因此，雖然他們希望盡快獲得更多產品，但他們也注意到我們已經在世界上最大的碳化矽工廠投資了數十億美元。所以隧道下面有一種眾所周知的光。

We now have Matt Ramsay of TD Cowen.

我們現在有來自 TD Cowen 的 Matt Ramsay。

Gregg, I wanted to kind of backtrack the clock 6 months or so, you guys had the Analyst Day back at Halloween and revised some of the fiscal '24 targets and added the fiscal '27 model at that point. And I guess I'm trying to understand some of the variables around 200-millimeter output to feed Mohawk Valley that were considered then, and I think the bull heightening issue on 150 was already sort of known publicly at that point, and I would imagine you guys had risk-adjusted the 200-millimeter ramp for that. So maybe you could just walk us through, I guess, the chain of events since then that's now allowing Durham on 200-millimeter to ramp more slowly on materials and just what those variables were over the last 6 months and the model was adjusted the last time.

格雷格，我想把時間倒回 6 個月左右，你們在萬聖節回到了分析師日，修改了一些 24 財年的目標，並在那個時候添加了 27 財年的模型。而且我想我正在嘗試了解一些圍繞 200 毫米輸出的變量來餵養當時考慮的莫霍克谷，我認為 150 的公牛增高問題在那時已經公開，我可以想像你們為此對 200 毫米坡道進行了風險調整。所以也許你可以給我們介紹一下，我想，從那以後的一系列事件現在允許達勒姆 200 毫米在材料上更慢地傾斜，以及過去 6 個月的這些變量是什麼，最後調整了模型時間。

Thank you. It's very straightforward. Number one is some supply chain issues that we had with infrastructure-type things for the expansion of Building 10. And again, this is switchgear, basic electrical infrastructure, where lead times on the product and capability to get it all in and get it all turned on was just longer than we had anticipated. And in fact, it's lengthened during the time that we were actually in between that October time frame and the beginning part of the year. So it was just -- that's pretty straightforward. The amount of time it took us to actually get those infrastructure pieces of equipment in and turned on and give certificate of occupancy was longer than we anticipated.

謝謝。這非常簡單。第一個是我們在擴建 10 號樓時遇到的基礎設施類問題的一些供應鏈問題。再一次，這是開關設備，基本的電氣基礎設施，產品的交貨時間和將其全部投入並全部投入使用的能力打開的時間比我們預期的要長。事實上，在我們實際處於 10 月時間框架和今年年初之間的時間裡，它已經延長了。所以它只是 - 這非常簡單。我們實際安裝和打開這些基礎設施設備並提供入住證書所花費的時間比我們預期的要長。

And then the second thing is that we've made a decision to be more methodical and ramp the product in a more methodical way as opposed to just going from sort of [0 to 60] real, real quick, taking it a step at a time. This is a very, very tricky technology. We have great output in terms of quality from the crystal growers right now. We have quite a few crystal growers now turned on in that Building 10 facility. The quality of the crystals, it's really good. The yield that we're getting is really good.

然後第二件事是，我們已經決定更加有條不紊地以更有條不紊的方式提升產品，而不是僅僅從 [0 到 60] 真正、真正快速地逐步邁出一步時間。這是一項非常非常棘手的技術。就質量而言，我們現在從晶體種植者那裡得到了很好的產出。我們現在在 10 號樓的設施中啟用了相當多的晶體生長器。水晶的質量，真的很好。我們得到的收益非常好。

The taller boules challenge that you had referenced on 150-millimeter was actually, in some respects, good to have that problem on 150-millimeter, because we've already kind of designed around that for 200-millimeter, and the team is already working and has already -- essentially solved that problem at 200. And so it's just -- we've just made a decision to -- that things are going really good and to try to go -- to just amp it up too quickly is probably just not prudent. So it's a combination of those 2 things that are driving that.

您在 150 毫米上提到的更高的滾珠挑戰實際上在某些方面很好地解決了 150 毫米的問題，因為我們已經圍繞 200 毫米的問題進行了設計，並且團隊已經在努力並且已經 - 基本上解決了 200 的問題。所以它只是 - 我們剛剛做出決定 - 事情進展得非常好並嘗試去 - 只是過快地放大它可能是只是不謹慎。所以這是推動它的這兩件事的結合。

Got it. I guess as my follow-up question, it sounds like with the 200-millimeter limitations on how quickly Mohawk Valley will ramp, and you guys have been very clear for a while that the Durham device fab was sort of tapped out in terms of capacity, but it sounds like now prioritizing some of the automotive customers that were going to be served out of Mohawk Valley and pulling some of those devices back to 150 and serving them out of Durham, I guess my question is, if that facility was going to be full before on devices, what happens to the customers that were depending on that capacity that is now going to sort of be backfilled on the automotive side. There were -- if it was going to be full the whole time, presumably, you had customers for all those devices. What's happening there, and what's sort of the ramifications of the non-auto business over the next couple of years from those decisions?

知道了。我想作為我的後續問題，這聽起來像是 200 毫米限制了莫霍克谷的斜坡速度，你們一段時間以來一直非常清楚達勒姆設備工廠在產能方面有點被挖掘出來了, 但聽起來現在優先考慮一些將在莫霍克谷提供服務的汽車客戶，並將其中一些設備拉回 150 並在達勒姆為他們提供服務，我想我的問題是，如果該設施要在設備上充滿之前，依賴於現在將在汽車方面回填的容量的客戶會發生什麼。有 - 如果它一直都滿了，大概，你有所有這些設備的客戶。那裡發生了什麼，這些決定對未來幾年的非汽車業務有何影響？

Yes. Thanks a lot. So essentially, what's happening -- we're not sort of pulling back to Durham. We currently are -- we are shipping product in automotive out of our Durham facility. And the idea would be that we were transitioning it to the New York or Mohawk Valley fab, and that transition is just happening slower is what that is. So it isn't a pulling back to or what have you.

是的。多謝。所以從本質上講，正在發生的事情——我們並沒有回到達勒姆。我們目前 - 我們正在從我們的達勒姆工廠運送汽車產品。我們的想法是，我們正在將其轉移到紐約或莫霍克谷晶圓廠，而這種轉移發生得更慢就是這樣。所以這不是退縮或你有什麼。

And then essentially, on the nonautomotive customers, we've already shipped our first product out of Mohawk Valley to a nonautomotive customer. We have several of them that are ramping -- and excuse me, that's out of Mohawk Valley, and we have several of them that are ramping out of that. So basically, it's going to create a situation where we've got a supply-and-demand situation that's going to be tight. We're working with customers. Neill and I had personally a meeting with the customer last night talking about this.

然後本質上，對於非汽車客戶，我們已經將我們的第一個產品從莫霍克谷運出給非汽車客戶。我們有幾個正在加速發展——對不起，那是在莫霍克谷，我們有幾個正在加速發展。所以基本上，這將造成一種供需緊張的局面。我們正在與客戶合作。 Neill 和我昨晚親自與客戶會面討論了這個問題。

So we're working with customers. But again, they see a light at the end of the tunnel. They see that we've got this giant fab coming online and they're working with us to prioritize getting their products out of that fab in New York.

所以我們正在與客戶合作。但是，他們又一次看到了隧道盡頭的曙光。他們看到我們已經讓這個巨大的晶圓廠上線，他們正在與我們合作，優先考慮從紐約的那個晶圓廠中取出他們的產品。

We now have Samik Chatterjee from JPMorgan.

我們現在有來自摩根大通的 Samik Chatterjee。

I guess just to start on the delays here in ramp of Mohawk, I think what you're talking about is more of a 6-month delay relative to earlier sort of your own expectations. And I just I'm wondering with the more methodical approach you're taking to ramping, the materials capacity, as we think about sort of the flow-through of this into the future years, does this sort of mean there's a 6-month delay to all the sort of ramp projections that you had? Or does the more methodical approach really drive a greater delay? Or do you sort of pass the S curve at some point where you say, okay, this is the inflection point, we can catch up to some of our earlier targets because we are now more confident about not having to go slow in terms of this ramp. And I have a follow-up.

我想只是從這裡開始莫霍克族的延遲開始，我認為你所說的是相對於你自己的早期期望的 6 個月的延遲。我只是想知道你採用更有條不紊的方法來增加材料容量，因為我們考慮到未來幾年的這種流動，這是否意味著有 6 個月的時間延遲你所有的斜坡預測？還是更有條理的方法真的會導致更大的延遲？或者你會在某個時候通過 S 曲線，好吧，這是拐點，我們可以趕上我們早期的一些目標，因為我們現在更有信心在這方面不必放慢速度坡道。我有一個後續行動。

Yes, sure. I think it's very much a second one. I think we're seeing a delay now in terms of bringing this on. We want to do it methodically for the exact purpose you just mentioned. So when we get to a certain level of volumes, both in materials and through the fab from a utilization perspective, we'll have the right level of confidence to ramp it faster as time goes on. So I wouldn't say this is a onetime pushout of everything, but I think this is a [thoughtful] approach to making sure we can underpin the capability of our factories. Remember, we're doing something for the first time in many places, our first 200-millimeter silicon carbide fab and ramping 200-millimeter volume all at the same time.

是的，當然。我認為這是第二個。我認為我們現在看到在實現這一點方面有所延遲。為了您剛才提到的確切目的，我們希望有條不紊地進行。因此，當我們從利用率的角度來看，無論是材料還是通過晶圓廠，當我們達到一定水平的產量時，我們將有足夠的信心隨著時間的推移更快地提高產量。所以我不會說這是一次性推出所有東西，但我認為這是一種確保我們能夠鞏固工廠能力的 [深思熟慮] 方法。請記住，我們在很多地方都是第一次做某事，我們的第一個 200 毫米碳化矽晶圓廠和 200 毫米的產量同時增加。

So now what we want to do is just make sure we get that right. And once we get that to certain levels of volume, as Gregg said, we feel good about the fab and we'll adapt from a capability perspective, we feel good about the crystals and the yields and everything else we're seeing from that perspective. So once we have enough volume under our belt, I think we'll be able to accelerate that faster kind of later in the time frame of that kind of outlook.

所以現在我們要做的就是確保我們做對了。正如格雷格所說，一旦我們達到一定的產量水平，我們就會對晶圓廠感覺良好，我們會從能力的角度進行調整，我們對晶體和產量以及我們從這個角度看到的其他一切感覺良好.因此，一旦我們擁有足夠的數量，我認為我們將能夠在這種前景的時間框架內加快速度。

Okay. Got it. And just as a follow-up, I think the cash burn in the quarter itself was higher than the last couple of quarters with now sort of forecast for next year being similar gross margin and probably OpEx does go up into that time frame. How should we think about cash burn next year, any sort of guidance on that?

好的。知道了。作為後續行動，我認為本季度本身的現金消耗高於過去幾個季度，現在對明年的毛利率進行了類似的預測，而且 OpEx 可能會在那個時間範圍內上升。我們應該如何考慮明年的現金消耗，對此有何指導？

Yes. So overall, look, right now, we have $2.25 billion on the balance sheet. As I talked about in the prepared remarks, we're looking to fund another $1 billion this year, and we've got $2 billion CapEx plan next year. So I think we'll be in pretty good shape. It probably pushes out the operating cash flow capability out by maybe that same type of time frame until we can accelerate. But I don't see that as moving the needle substantially versus what I just talked about. So I think about it as $2.25 billion on the balance sheet, with a $2 billion CapEx plan next year, and we've raised some money between now and the end of the year, and I think we're right on schedule from a funding perspective. And then I think the operating cash flow will get pushed out a bit. But I don't see that being a significant factor in terms of building out what we're trying to do. I think that just keeps us on schedule.

是的。所以總的來說，現在，我們的資產負債表上有 22.5 億美元。正如我在準備好的發言中所說，我們希望今年再融資 10 億美元，明年我們有 20 億美元的資本支出計劃。所以我認為我們的狀態會很好。在我們可以加速之前，它可能會在相同類型的時間框架內推出運營現金流能力。但我不認為這與我剛才所說的相比有實質性的變化。所以我認為資產負債表上有 22.5 億美元，明年有 20 億美元的資本支出計劃，從現在到今年年底我們已經籌集了一些資金，我認為我們正按計劃進行融資看法。然後我認為經營現金流會被擠出一點。但我不認為這是構建我們正在嘗試做的事情的重要因素。我認為這只會讓我們按計劃進行。

We now have Edward Snyder of Charter Equity Research.

我們現在有 Charter Equity Research 的 Edward Snyder。

Neill, you kind of warned about the delicate process of getting new material fab up and running last quarter, I think, even if it's just across the street from the existing fab, I guess, we shouldn't be surprised by this. But if you're having that kind of a problem with the 200-millimeter expansion in Building 10, why will we see a similar fab greater issues with the massive expansion you're playing for Siler City, which is not across the street from the existing fab? But I know approximately it doesn't have that much to do with it. But from all that you said and all that JP had told us, et cetera, this is obviously very slight changes and a number of different metrics can cause big deviations in what you're actually putting out in terms of wafers. So why shouldn't we expect Siler City to see similar delays? And I have a follow-up.

尼爾，你在上個季度警告過啟動和運行新材料工廠的微妙過程，我想，即使它就在現有工廠的街對面，我想我們不應該對此感到驚訝。但是，如果你對 10 號樓的 200 毫米擴建有這樣的問題，為什麼我們會看到一個類似的工廠更大的問題，你正在為 Siler City 進行的大規模擴建，它不在街對面現有晶圓廠？但我知道這與它沒有太大關係。但從你所說的和 JP 告訴我們的所有內容來看，這顯然是非常微小的變化，許多不同的指標可能會導致你實際推出的晶圓方面出現很大偏差。那麼，為什麼我們不應該期望 Siler City 看到類似的延誤呢？我有一個後續行動。

Thanks, Ed. And let's just back up a little bit. So what we're seeing here is the major delay we're seeing is not really related to the crystal grow technology or the 200-millimeter technology really at all. That was really related to electrical infrastructure and building out the facility. That's really what's causing the first stage of the play. After that, it's really about bringing on this thing, like we said methodically, but again, the crystals, the quality, the yields and everything else, all look very, very solid from the first production out of that facility and we anticipate that going forward.

謝謝，埃德。讓我們稍微回顧一下。所以我們在這裡看到的是我們看到的主要延遲與晶體生長技術或 200 毫米技術根本無關。這確實與電力基礎設施和設施建設有關。這就是導致該劇第一階段的真正原因。在那之後，就像我們有條不紊地說的那樣，這真的是關於帶來這件事，但再次強調，晶體、質量、產量和其他一切，從該設施的第一次生產開始，看起來都非常非常可靠，我們預計會向前。

So I think once we prove out kind of Building 10, I think we'll be in good shape to transport that over to Siler City over in time. But I think what we're talking about here is, thinking that same type of methodical approach, we'll ramp this up, and we'll do the same thing as we move over to Siler City. We'll bring that also in the same fashion for the exact reason you mentioned. It is a tricky technology, and you want to make sure, we're watching it very, very closely with the right team overseeing it. And I think that's what the plan we're laying out is designed to do.

所以我認為，一旦我們證明了 10 號樓的情況，我認為我們將處於良好狀態，可以及時將其運送到 Siler City。但我認為我們在這裡談論的是，考慮同樣類型的有條不紊的方法，我們會加大力度，我們會在搬到 Siler City 時做同樣的事情。出於您提到的確切原因，我們也會以同樣的方式帶來它。這是一項棘手的技術，你想確保我們正在非常、非常密切地關注它，並由合適的團隊監督它。我認為這就是我們制定的計劃的目的。

And then we talked at length last quarter about the capacity issues at both RTP and Durham, and it sounds like none of that has changed. I now want to revisit the previous question. I mean you're running -- is it fair to assume that the $100 million a quarter is about the limit for Durham, plus or minus a bit, I'm assuming that's still a valid estimate. And if it is, and you're now ramping more automotive there, it's necessarily the case that you're shipping less to nonautomotive customers or am I reading that wrong? And if that's the case, is that going to lead to share loss? Is it -- I mean because a lot of industrial customers have a much surer design cycle time so they would be able to maybe go someplace else and redesign the product versus automotive is much longer tail.

然後我們在上個季度詳細討論了 RTP 和達勒姆的容量問題，聽起來這些都沒有改變。我現在想重新審視之前的問題。我的意思是你正在運行 - 假設每季度 1 億美元大約是達勒姆的上限，加上或減去一點，我假設這仍然是一個有效的估計是否公平。如果是這樣，而且你現在在那裡增加了更多的汽車，那麼你對非汽車客戶的出貨量必然會減少，或者我讀錯了嗎？如果是這樣，是否會導致股票流失？是嗎——我的意思是因為很多工業客戶的設計週期時間更確定，所以他們可能會去其他地方重新設計產品，而汽車的尾巴要長得多。

So I'm just trying to get my head around the dynamics of occurring at Durham and power devices because you just don't have the capacity anymore to even address the customers you were last quarter.

所以我只是想了解在達勒姆和電力設備上發生的動態，因為你已經沒有能力去解決上個季度的客戶問題了。

Yes. Thanks, Ed. So one of the key things we're obviously doing is staying very, very close to all of our customers. In fact, we just had 60, I think, industrial customers at the Mohawk Valley last quarter, I believe, taking a look at where we're at in terms of that perspective. And what I would say is, of course, they want more now. But when they look out at the landscape of what's coming down the pipe in terms of capacity, all the eyes keep coming back to the world's largest 200-millimeter silicon carbide fab that is turning on as we speak. We shipped initial product out of it last quarter. We'll do a couple of million dollars this quarter. We're going to get to 20% utilization out of that fab in the end of fiscal '24, which will have pretty significant output.

是的。謝謝，埃德。因此，我們顯然正在做的關鍵事情之一就是與我們所有的客戶保持非常、非常近的距離。事實上，我認為上個季度我們在莫霍克山谷只有 60 個工業客戶，我相信，從這個角度來看我們所處的位置。我要說的是，當然，他們現在想要更多。但是，當他們審視產能方面的情況時，所有的目光都不斷回到世界上最大的 200 毫米碳化矽工廠，就在我們說話的時候。上個季度我們從中運出了最初的產品。這個季度我們將做幾百萬美元。我們將在 24 財年結束時使該工廠的利用率達到 20%，這將產生相當可觀的產量。

So if we didn't have anything as close to turning on as Mohawk Valley, I think it would be a much bigger issue. But quite frankly, I think when they look around the world and scout for alternatives, I don't think they see anything quite like what we're doing in Mohawk Valley. So the customers are sticking with us. And the best testament of that is we just delivered $1.7 billion worth of design-ins in the quarter and over the year -- over the first 3 quarters of this year, $700 million of that has transitioned to -- actually $1.7 billion has transitioned to a design win.

因此，如果我們沒有像 Mohawk Valley 這樣接近開啟的東西，我認為這將是一個更大的問題。但坦率地說，我認為當他們環顧世界並尋找替代方案時，我認為他們看不到我們在莫霍克谷所做的事情。因此，客戶堅持使用我們。最好的證明是我們剛剛在本季度和全年交付了價值 17 億美元的設計——在今年的前三個季度，其中 7 億美元已經轉變為——實際上有 17 億美元已經轉變為設計勝利。

And finally, I would say, Ed, this quarter was a record quarter for nonautomotive design-ins. So we're not happy that we're not shipping everything that they're looking for. But I think at the same time, we're also very proud that we -- 4 years ago, we made a decision to build a factory and it's coming online now because the -- have we not done that, we'd have nothing to show them.

最後，我要說，Ed，本季度是非汽車設計領域創紀錄的季度。所以我們很不高興我們沒有運送他們正在尋找的所有東西。但我認為與此同時，我們也感到非常自豪，因為我們 - 4 年前，我們決定建立一家工廠，現在它即將上線，因為 - 如果我們不這樣做，我們將一無所有給他們看。

So it sounds like really basically, it's growing plains in an industry that's very tight on capacity all the way around.

所以這聽起來真的基本上，它在一個產能一直非常緊張的行業中成長平原。

That's right.

這是正確的。

We now have Colin Rusch of Oppenheimer.

我們現在有奧本海默的 Colin Rusch。

Just given the dynamic you're just talking about here around tightness is supply and scale, can you talk about how mature the conversations are with incremental customers that may help support some of the CapEx here? Obviously, you guys have had some success with that. But how robust are those conversations at this point?

考慮到你剛剛在這裡談論的供應和規模緊張的動態，你能談談與增量客戶的對話有多成熟，這可能有助於支持這裡的一些資本支出嗎？顯然，你們在這方面取得了一些成功。但是此時這些對話有多強大？

I would say, quite robust. We've had a lot of discussions. We've had a lot of wins where customers have put upfront money to help us with our capital needs and the expansion needs, and they see a huge benefit from that. So those are pretty good conversations. They continue to this day. And I think it's something that's probably going to continue for the foreseeable future.

我會說，相當健壯。我們進行了很多討論。我們取得了很多勝利，客戶投入了預付款來幫助我們滿足資本需求和擴張需求，他們從中看到了巨大的好處。所以這些都是非常好的對話。他們一直持續到今天。而且我認為這可能會在可預見的未來繼續下去。

Okay. And then just turning to OpEx, as you guys look to optimize cash here over the next, call it, 6 to 8 quarters, can you talk a little bit about what you're going to need to spend to support the work that you're doing both with customers and with multiple facilities ramping here and how we should think about that OpEx spend growing? .

好的。然後轉向運營支出，因為你們希望在接下來的 6 到 8 個季度內優化現金，你們能談談你們需要花費甚麼來支持你們的工作嗎？在這裡與客戶和多個設施一起工作，我們應該如何考慮 OpEx 支出的增長？ .

Yes. Good question. I'm glad you touched on that. Because I think as you think about the expansion activity that we have going on and bringing on this focus on -- especially on the 200-millimeter wafer on Mohawk Valley, et cetera, we have expanded our R&D cost. You saw that reflected in the quarter. We're really investing more in our -- both our products and in ramping Mohawk Valley as fast as we can. So what you're seeing right now are a lot of charge-outs from the fabs on kind of new products. We're going to see -- expect this to pick up again as we move into next quarter and even the next couple of quarters.

是的。好問題。我很高興你談到了這一點。因為我認為當你考慮我們正在進行的擴展活動並關注這一點時——尤其是在莫霍克谷的 200 毫米晶圓等方面，我們已經增加了研發成本。你在本季度看到了這一點。我們確實在我們的產品和盡可能快地擴大莫霍克谷的投資上投入了更多資金。所以你現在看到的是晶圓廠對新產品的大量收費。我們將會看到 - 預計隨著我們進入下個季度甚至接下來的幾個季度，這種情況會再次出現。

As you get into Q1, we'll see kind of our kind of annual merit increases and those types of things, so we'll see kind of a larger step-up as you get into the Q1 quarter and then start to accrete again kind of as we have been as you go out to the end of '24. So that's the way I think about the OpEx as you're thinking about both Q4 and you start to work into '24.

當你進入第一季度時，我們會看到我們的年度績效有所增加以及類似的事情，所以當你進入第一季度時我們會看到更大的提升，然後開始再次積累就像我們一直到 24 年底一樣。所以這就是我考慮 OpEx 的方式，因為你正在考慮第四季度，你開始工作到 24 年。

We now have Vivek Arya of Bank of America.

我們現在有美國銀行的 Vivek Arya。

This is Blake on for Vivek. Just wanted to drill down more into the fiscal '24 guidance because I believe in the past, you guys have given a rough breakout between device and material sales in your long-term target and with the new FY '24 target. Curious if you can break that out again between devices and materials?

這是 Vivek 的 Blake。只是想更深入地了解 24 財年的指導，因為我相信過去，你們已經在長期目標和新的 24 財年目標中對設備和材料銷售進行了粗略的突破。好奇你是否可以在設備和材料之間再次打破它？

Yes. So I think what we said is -- power devices are supplied today out of the Durham fab, and that's going to run about [$100 million] a quarter. That's what it's been capped at that. We saw the RF numbers kind of come down. They've been more or less in line with those expectations, and we'll see the materials business be somewhat muted as we focus on the 200-millimeter wafer. So you can kind of look at this kind of starting point here. We guided last quarter at $220 million, you add a couple of millions from Mohawk Valley, $222 million in Q4, and all growth after that will come from Mohawk Valley. So we can kind of get an idea of what the trajectory is and really it's power device growth from here out through the end of '24 is what's represented in those numbers.

是的。所以我認為我們所說的是——功率器件今天由達勒姆工廠供應，每季度將運行約 [1 億美元]。這就是它的上限。我們看到 RF 數字有所下降。它們或多或少符合這些預期，我們將看到材料業務在我們專注於 200 毫米晶圓時會有所減弱。所以你可以在這裡看看這種起點。我們上個季度的指導價為 2.2 億美元，加上莫霍克谷的數百萬美元，第四季度的 2.22 億美元，之後的所有增長都將來自莫霍克谷。因此，我們可以大致了解軌跡是什麼，實際上，從現在到 24 年底，功率設備的增長就是這些數字所代表的。

Great. Helpful. And then just as a follow-up from a CapEx perspective, I know -- I believe you said it kind of came in under expectations for this year, but just moving forward, kind of at lower revenue levels at this point, I just want to confirm that the plans you laid out at your Analyst Day are still roughly in line with what you're thinking.

偉大的。有幫助。然後從資本支出的角度跟進，我知道——我相信你說過今年的收入有點低於預期，但只是向前邁進，目前收入水平較低，我只想確認您在分析師日制定的計劃仍然大致符合您的想法。

Yes. I don't think there's any change to the total build-out or cost of build out or anything like that versus what we talked about. I think we're seeing a little bit slower spend on some of the facilities and structures that we're seeing from a CapEx perspective, particularly on the Siler City project. But I think of that more as timing. We'll see about, like I said in the prepared remarks, about $2 billion of CapEx in '24. It could be variable depending on a number of things. But the vast majority of that is focused on bringing on 200-millimeter materials substrate capacity to support Mohawk Valley. So that's really where our focus is both from an execution perspective and from an investment perspective, to bring that type of capacity online, again, with the intention of ramping Mohawk Valley as fast as possible.

是的。我認為與我們談論的內容相比，總擴建或擴建成本或類似內容沒有任何變化。我認為從資本支出的角度來看，我們看到一些設施和結構的支出有所放緩，尤其是在 Siler City 項目上。但我認為這更多是時機。正如我在準備好的發言中所說，我們將在 24 年看到大約 20 億美元的資本支出。它可能會根據許多因素而變化。但其中絕大部分集中在提供 200 毫米材料基板產能以支持莫霍克谷。因此，從執行的角度和投資的角度來看，這確實是我們關注的重點，再次將這種類型的能力上線，目的是盡快擴大莫霍克谷。

And the final question on the line comes from Pierre Ferragu from New Street.

最後一個問題來自 New Street 的 Pierre Ferragu。

So it's going to be the last question. And I'm sorry, I'm going to ask again about like the delay and things like that. But what I wanted to do is really to make sure I understand it at a high level. What I'm understanding is that roughly at the end of this fiscal year, so in a year from now, in June 2024, you'll be about 20% behind schedule compared to what your previous guidance was [meeting]. And it's just because it's taking you maybe about 20% longer to get started in ramping materials production. And I think in the numerous questions we heard about that, you qualified that as being like maybe running 3 or 6 months behind plan.

所以這將是最後一個問題。很抱歉，我將再次詢問有關延遲之類的問題。但我真正想做的是確保我在高層次上理解它。我的理解是，大約在本財政年度結束時，也就是從現在起的一年內，即 2024 年 6 月，與您之前的指導[會議]相比，您將落後於計劃約 20%。這只是因為您可能需要大約 20% 的時間才能開始增加材料生產。我認為在我們聽到的眾多問題中，您認為這可能比計劃晚了 3 或 6 個月。

So I just wanted to make sure at a high level, that's the way we should understand it. Everything is going fine. The yields are fine. Things are just like walking through all what you have to do to run this production capacity is just running 3 to 6 months behind schedule. Is that the right way to think about it?

所以我只是想在高層次上確保，這就是我們應該理解它的方式。一切順利。產量很好。事情就像走過你必須做的所有事情來運行這個生產能力只是落後於計劃 3 到 6 個月。這是正確的思考方式嗎？

Yes. Thanks for the question. Yes, I think that's the right way. The goal is to get the utilization of the fab to 20% by the end of 2024, and that's what's baked into the model. And I kind of consider that kind of a risk-adjusted plan because it's got a lot of different moving pieces right now, and we'll have to work through any bumpiness. But I think that accounts for that as we look at that. And as it relates to the 3 to 6 months behind, or whatever you want to call it, I think that's true. I think initially, we had planned kind of in the back half of fiscal year 2023, we would ramp the fab, and we're all we kind out in the June quarter with roughly $2 million of revenue. So it's probably a little bit -- probably further than that.

是的。謝謝你的問題。是的，我認為這是正確的方法。目標是到 2024 年底將晶圓廠的利用率提高到 20%，這就是模型中的內容。我有點認為這是一種風險調整後的計劃，因為它現在有很多不同的移動部分，我們必須克服任何顛簸。但我認為這可以解釋我們的看法。因為它涉及到落後的 3 到 6 個月，或者你想怎麼稱呼它，我認為這是真的。我認為最初，我們計劃在 2023 財年下半年擴建晶圓廠，我們在 6 月季度完成了所有工作，收入約為 200 萬美元。所以它可能有一點——可能比這更遠。

Another piece of it is a slope of the ramp, right? We're going to be more methodical in terms of how we bring it up. So I think it's really about -- so if you think about the overall financial impact, that's why it becomes more dramatic than that and maybe pushes out a bit further. But again, it's really this time frame because once you get to that 20% utilization point, and we bring up that level of capacity, we believe as you get out beyond '24, to '25 and '26, it can accelerate again because we'll just have more capability under our belt. It won't be in those early days of building this type of capacity after the first time.

另一塊是坡道的斜坡，對吧？我們將在如何提出它方面更有條理。所以我認為這真的是 - 所以如果你考慮整體財務影響，這就是為什麼它變得比這更具戲劇性並且可能會進一步推出。但同樣，這確實是這個時間框架，因為一旦你達到 20% 的利用率點，我們就會提高這個水平的產能，我們相信當你走出 24 年之後，到 25 年和 26 年時，它會再次加速，因為我們將擁有更多的能力。它不會在第一次之後建立這種類型的能力的早期階段。

Okay. Excellent. And I have a much broader question. I hope it's all right to ask that for you -- to ask that today. You know that in March, Tesla talked about a new architecture for like their low-cost models that would make silicon carbide and silicon, and there has been an interesting debate in the industry and the investment community that -- that's a negative because it's not 100% silicon carbide, so it's not great for silicon carbide. And the other you being, wow, if Tesla is innovating and creating like a way to make silicon carbide even more affordable by mixing it with silicon, it probably expands the addressable market. So I'm sure you've been looking at that. You've had a lot of conversation on that. And so I'd like to hear your perspective on the matter -- this like innovation communicated by Tesla, do you see that as expanding the opportunity in the addressable market or potentially as a risk of like limiting the scope of silicon carbide?

好的。出色的。我有一個更廣泛的問題。我希望今天可以為您提出這個要求。你知道，在 3 月份，特斯拉談到了一種新的架構，比如他們的低成本模型，可以製造碳化矽和矽，並且在行業和投資界進行了一場有趣的辯論——這是一個負面的，因為它不是100%碳化矽，所以對碳化矽來說不是很好。另一個你是，哇，如果特斯拉正在創新和創造一種通過將碳化矽與硅混合來使碳化矽更便宜的方式，它可能會擴大潛在市場。所以我確定你一直在看那個。你已經就此進行了很多對話。因此，我想听聽您對此事的看法——這就像特斯拉傳達的創新一樣，您是否認為這會擴大潛在市場的機會，或者可能會帶來限制碳化矽範圍的風險？

Yes. Thanks for the question. Essentially, what we understand this situation is they're focusing on an entry-level car that has a pretty significantly lower power point. When we look at the market for silicon carbide, we take an assumption that there's going to be a certain penetration of electric vehicles in the market and a certain penetration of silicon carbide in the electric vehicle market. And obviously, as we look at entry-level cars, historically, we would say there would be no silicon carbide going into that. So we view this as incrementally expanding the TAM for silicon carbide because it takes silicon carbide down to a level where we weren't anticipating it, being at this entry level, I think they mentioned $20,000 or $25,000 type vehicle. So this is a plus.

是的。謝謝你的問題。從本質上講，我們對這種情況的理解是，他們專注於功率點低得多的入門級汽車。當我們審視碳化矽市場時，我們假設電動汽車在市場上會有一定的滲透，碳化矽在電動汽車市場中也會有一定的滲透。顯然，當我們看入門級汽車時，從歷史上看，我們會說不會有碳化矽。因此，我們認為這是逐步擴大碳化矽的 TAM，因為它將碳化矽降低到我們沒有預料到的水平，在這個入門級，我認為他們提到了 20,000 美元或 25,000 美元的車輛。所以這是一個加號。

It's more silicon carbide going into lower power applications. And we have obviously spent a ton of time talking to our customers that are building vehicles that are more midrange in terms of cost perspective. And their view is silicon carbide all the way. So no change from our customers that have been and are designing silicon carbide for sort of the midrange of vehicles. But we view this as a positive. This is silicon carbide now being used in an entry-level vehicle, which is incrementally positive to our assumption.

更多的碳化矽進入低功率應用。而且我們顯然花了很多時間與我們的客戶交談，這些客戶正在製造從成本角度來看更中檔的車輛。而他們的觀點一路都是碳化矽。因此，我們的客戶已經和正在為中檔車輛設計碳化矽，沒有任何變化。但我們認為這是積極的。這是現在用於入門級車輛的碳化矽，這對我們的假設越來越有利。

I'd like to hand it back to Gregg for any final remarks.

我想把它交還給 Gregg，請他發表最後的評論。

Well, thanks a lot, everybody, for participating in today's call, and we look forward to chatting with you next quarter. Thank you.

好吧，非常感謝大家參加今天的電話會議，我們期待在下個季度與您聊天。謝謝。

Thank you all for joining. This does conclude today's call. You may now disconnect your lines, and have a lovely day.

謝謝大家的加入。今天的電話會議到此結束。你現在可以斷開你的線路，並有一個美好的一天。