(WOLF) 2023 Q4 法說會逐字稿

Thank you for joining the Wolfspeed Q4 fiscal 2023 Results Call. I'd now like to turn the call over to Tyler Gronbach, VP of External Affairs of Wolfspeed.

感謝您參加 Wolfspeed 2023 財年第四季度業績電話會議。現在我想將電話轉給 Wolfspeed 對外事務副總裁 Tyler Gronbach。

Thank you, operator, and good afternoon, everyone. Welcome to Wolfspeed's Fourth Quarter Fiscal 2023 Conference Call. Today, Wolfspeed's CEO, Gregg Lowe; and Wolfspeed's CFO, Neil Reynolds, will report on the results for the fourth quarter and full year of fiscal year 2023. Please note that we will be presenting non-GAAP financial results during today's call, which we believe provides useful information to our investors. 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.

謝謝接線員，大家下午好。歡迎參加 Wolfspeed 2023 財年第四季度電話會議。今天，Wolfspeed 的首席執行官 Gregg Lowe； Wolfspeed 的首席財務官Neil Reynolds 將報告2023 財年第四季度和全年的業績。請注意，我們將在今天的電話會議上公佈非GAAP 財務業績，我們相信這為我們的投資者提供了有用的信息。非 GAAP 結果不符合 GAAP，並且可能無法與其他公司提供的非 GAAP 信息進行比較。非公認會計原則信息應被視為對根據公認會計原則編制的財務報表的補充，而不是替代。我們的新聞稿中提供了與最直接可比的公認會計準則衡量標準的對賬，並發佈在我們網站的投資者關係部分，以及其他關鍵指標的歷史摘要。

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

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。此類前瞻性陳述面臨許多風險和不確定性。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。 （操作員說明）

And now I'll turn the call over to Gregg.

現在我將把電話轉給格雷格。

Thanks, Tyler, and good afternoon, everyone. As we close out fiscal 2023, we look back, having made significant strides across all areas of our business. Our Mohawk Valley Fab, which is the world's largest fully automated 200-millimeter silicon carbide fab began shipping product and contributing revenue. Last October, we outlined our plans to construct the world's largest state-of-the-art greenfield silicon carbide footprint. Since then, we've secured $5 billion of the capital necessary to achieve these goals, allowing us to finish out the fit out of Mohawk Valley, expand our materials capacity at Durham, and break ground on the world's largest 200-millimeter silicon carbide materials facility, the JP and Siler City, North Carolina.

謝謝泰勒，大家下午好。在 2023 財年結束之際，我們回顧過去，我們在所有業務領域都取得了重大進展。我們的莫霍克谷工廠是全球最大的全自動 200 毫米碳化矽工廠，開始發貨並貢獻收入。去年十月，我們概述了建造世界上最大的最先進的綠地碳化矽足蹟的計劃。從那時起，我們已經獲得了實現這些目標所需的50 億美元資本，使我們能夠完成莫霍克谷的裝修、擴大達勒姆的材料產能，並在世界上最大的200 毫米碳化矽材料上破土動工設施，JP 和北卡羅來納州錫勒城。

Finally, we have made great strides in diversifying our device customer base across the automotive, industrial and energy sectors with flagship agreements with key OEMs and Tier 1s, including Jaguar and Land Rover, Mercedes, BorgWarner and Zeta. We are also continuing to see growth in the traditional industrial and Energy segment as customers make the transition to silicon carbide. We are seeing many opportunities in solar and energy systems, motor drives, UPS, heat pumps, air conditioning and many more. The growth in these segments is primarily driven by the need for higher energy efficiency.

最後，我們與捷豹路虎、梅賽德斯、博格華納和 Zeta 等主要 OEM 和一級供應商簽訂了旗艦協議，在汽車、工業和能源領域的設備客戶群多元化方面取得了長足進步。隨著客戶轉向碳化矽，我們還繼續看到傳統工業和能源領域的增長。我們在太陽能和能源系統、電機驅動、UPS、熱泵、空調等領域看到了許多機會。這些領域的增長主要是由對更高能源效率的需求推動的。

In addition, emerging industrial applications such as e-mobility, electric vertical take-off and landing aircraft are also integrating Wolfspeed silicon carbide within their initial designs to reduce system weight and improve range. From a materials perspective, we were very pleased to secure a long-term wafer supply agreement with Renesas Electronics Corporation, widely recognized as a leader in automotive semiconductor devices. Renesas also understands the importance of having access to silicon carbide technology and have signed a 10-year wafer supply agreement with Wolfspeed. The agreement includes a $2 billion customer deposit, which is 1 of the largest deposits I have ever seen in my 30-plus years in semiconductors. This will secure a capacity corridor as they began to ramp silicon carbide device production beginning in 2025.

此外，電動汽車、電動垂直起降飛機等新興工業應用也在其初始設計中集成了 Wolfspeed 碳化矽，以減輕系統重量並提高航程。從材料的角度來看，我們非常高興與瑞薩電子公司達成長期晶圓供應協議，瑞薩電子公司被廣泛認為是汽車半導體器件的領導者。瑞薩電子也了解獲得碳化矽技術的重要性，並與 Wolfspeed 簽署了為期 10 年的晶圓供應協議。該協議包括 20 億美元的客戶保證金，這是我在半導體行業 30 多年中見過的最大的保證金之一。這將確保他們從 2025 年開始提高碳化矽器件產量時的產能走廊。

While this agreement is also expected to provide a significant revenue stream over the next decade, it has an even greater significance for the power semiconductor landscape. Securing this key customer was possible because of our forward-thinking investments in material capacity at the Durham campus and with the construction of the JP. We will be uniquely positioned to drive the industry transition from 150-millimeter to 200-millimeter silicon carbide wafers, which will help address some of the supply/demand mismatch, which currently exists today and potentially open up new markets for silicon carbide applications in the industrial and energy sectors.

雖然該協議預計還將在未來十年提供可觀的收入來源，但它對功率半導體領域的意義更為重大。由於我們對達勒姆校區材料產能的前瞻性投資以及 JP 的建設，我們能夠確保這一關鍵客戶的安全。我們將擁有獨特的優勢，推動行業從150 毫米碳化矽晶圓向200 毫米碳化矽晶圓過渡，這將有助於解決目前存在的一些供需不匹配問題，並有可能為碳化矽應用開闢新市場。工業和能源部門。

From a materials perspective, construction at the JP is well underway. Fully built out, the JP will add 10x more capacity compared to our current operations in Durham, significantly increasing the world's total supply of silicon carbide materials. The building foundation is in place, and we've now started construction on the shell of the building. We remain on track to begin producing wafers at the site in the second half of calendar 2024.

從材料角度來看，JP 的建設進展順利。完全建成後，JP 的產能將比我們目前在達勒姆的工廠增加 10 倍，從而顯著增加全球碳化矽材料的總供應量。建築地基已經就位，我們現在開始建築外殼的施工。我們仍有望於 2024 年下半年開始在該工廠生產晶圓。

As far as our more immediate strategy to increase 200-millimeter materials production at Building 10 on our Durham campus, we have now installed more than 75% of the crystal growers in that facility. They are currently growing crystals, and we've been very pleased with the yields thus far. As it relates to Mohawk Valley and our device business, we have continued our ramp-up efforts and recorded approximately $1 million in device revenue out of the fab in fiscal Q4. Silicon carbide is a complex technology that's very difficult to master, and I'm proud of how our team has worked tirelessly to get this ramping device production in a brand-new, highly automated fab. We still have some work to do at Mohawk Valley as we scale device production and expect a modest increase in device revenues in the first half of fiscal 2024 with a steeper increase in revenue beginning in the second half of 2024.

至於我們更直接的戰略，即增加達勒姆校區 10 號樓的 200 毫米材料產量，我們現在已在該設施中安裝了超過 75% 的晶體生長器。他們目前正在生長晶體，我們對迄今為止的產量非常滿意。由於這與莫霍克谷和我們的設備業務有關，我們繼續加大努力，在第四財季從晶圓廠獲得了約 100 萬美元的設備收入。碳化矽是一項非常難以掌握的複雜技術，我為我們的團隊如何不知疲倦地工作以在全新的高度自動化工廠生產這種斜坡裝置感到自豪。我們在莫霍克谷仍有一些工作要做，因為我們擴大了設備生產規模，並預計 2024 財年上半年設備收入將小幅增長，​​並從 2024 年下半年開始收入將大幅增長。

From a device perspective, we are seeing continued strength across our end markets, and we secured approximately $1.6 billion in design-ins for fiscal Q4. For fiscal 2023, design-ins totaled approximately $8.3 billion. And the cumulative total now stands in excess of $19 billion secured in the last 4 years. Our customer wins to date give us the confidence in the growth of our addressable market and our ability to capture meaningful share of the device market between now and the end of the decade. More than anything, we're proud of our role in building greater awareness for silicon carbide. At the same time, the world is realizing the importance of the global semiconductor industry. The secular trends that are driving the adoption of silicon carbide have started to receive widespread public recognition as a truly game-changing technology in the power semiconductor space.

從設備角度來看，我們看到終端市場持續強勁，並且我們在第四財季獲得了約 16 億美元的設計投入。 2023 財年，設計投入總額約為 83 億美元。過去 4 年的累計擔保總額已超過 190 億美元。迄今為止，我們贏得的客戶讓我們對目標市場的增長充滿信心，也讓我們有能力從現在到本世紀末佔領設備市場的有意義的份額。最重要的是，我們為自己在提高碳化矽意識方面所發揮的作用感到自豪。與此同時，世界正在認識到全球半導體行業的重要性。推動碳化矽採用的長期趨勢已開始得到公眾的廣泛認可，作為功率半導體領域真正改變遊戲規則的技術。

I'll now turn it over to Neil, who'll provide an overview of our financial results and outlook. Neil?

我現在將其交給尼爾，他將概述我們的財務業績和前景。尼爾？

Thank you, Gregg, and good afternoon, everyone. Before I discuss the details of our fourth quarter results and outlook for fiscal Q1, I would like to take a moment to outline a couple of changes we are making to the presentation of our financial results. Over the last several years, we have presented preproduction costs primarily at Mohawk Valley as factory start-up costs, which totaled $160.2 million in fiscal year 2023 and we have reported these costs as part of other operating expense on the income statement.

謝謝你，格雷格，大家下午好。在討論我們第四季度業績的細節和第一財季的前景之前，我想花點時間概述一下我們對財務業績的表述所做的一些改變。在過去幾年中，我們主要將莫霍克谷的預生產成本列為工廠啟動成本，2023 財年總計 1.602 億美元，我們將這些成本作為損益表中其他運營費用的一部分進行報告。

At each earnings call, we have given an update and outlook for these costs and excluded startup costs from our non-GAAP results. Going forward, we will not exclude these costs from our non-GAAP results and forecast, but we'll identify them in our commentary and in the footnotes to our financial statements and filings. As we transition Mohawk Valley from preproduction to an active production facility in the first quarter of fiscal 2024, these costs will be categorized as underutilization costs and will be part of cost of goods sold. We will no longer exclude startup or underutilization costs from our non-GAAP results. This does not change our long-term outlook for free cash flow generation and corporate non-GAAP gross margins greater than 50%, as we believe that our 200-millimeter silicon carbide technology at scale will provide capacity and cost competitiveness to achieve these profitability levels.

在每次財報電話會議上，我們都會對這些成本進行更新和展望，並從我們的非公認會計準則業績中排除啟動成本。展望未來，我們不會將這些成本排除在我們的非公認會計準則業績和預測之外，但我們將在我們的評論以及財務報表和文件的腳註中指出它們。當我們在 2024 財年第一季度將莫霍克谷從試生產設施轉變為活躍生產設施時，這些成本將被歸類為未充分利用成本，並將成為銷售商品成本的一部分。我們將不再將啟動成本或未充分利用成本從我們的非公認會計準則業績中排除。這不會改變我們對自由現金流生成和企業非公認會計準則毛利率超過50% 的長期前景，因為我們相信，我們的大規模200 毫米碳化矽技術將提供產能和成本競爭力，以實現這些盈利水平。

As you recall, for the fourth quarter, we were targeting revenue in the range of $212 million to $232 million; non-GAAP gross margin in the range of 29% to 31% and a non-GAAP net loss between $21 million and $29 million or a loss of $0.17 per diluted share to $0.23 per diluted share. Against that guidance, our fourth quarter revenue was $235.8 million non-GAAP gross margins of 29% and a loss of $0.42 per diluted share, which included $39.5 million of start-up costs or $0.26 per share primarily related to Mohawk Valley and includes early phase start-up costs related to our materials expansion, primarily for the JP materials facility in Siler City, North Carolina.

您還記得嗎，我們第四季度的目標收入在 2.12 億美元至 2.32 億美元之間；非 GAAP 毛利率在 29% 至 31% 之間，非 GAAP 淨虧損在 2100 萬美元至 2900 萬美元之間，或稀釋後每股虧損 0.17 美元至 0.23 美元。根據這一指引，我們第四季度的收入為2.358 億美元，非GAAP 毛利率為29%，攤薄後每股虧損0.42 美元，其中包括3950 萬美元的啟動成本或每股0.26 美元，主要與莫霍克谷相關，包括早期階段的成本與我們的材料擴張相關的啟動成本，主要是北卡羅來納州錫勒城的 JP 材料工廠。

In our fiscal Q1 2024 outlook issued in our press release earlier today, we estimate OpEx to be approximately $120 million, which includes about $8 million of start-up costs related to our materials expansion efforts. Going forward and in our earnings release today and the Form 10-K we will file later this week, start-up costs will now be shown as a separate line item on our quarterly income statement. I will go further into the quarter-over-quarter operating expense changes in a moment.

在今天早些時候發布的 2024 年第一季度財務展望中，我們估計運營支出約為 1.2 億美元，其中包括與我們的材料擴張工作相關的約 800 萬美元的啟動成本。展望未來，在我們今天發布的收益報告以及我們將於本週晚些時候提交的 10-K 表格中，啟動成本現在將在我們的季度損益表中作為單獨的項目顯示。我稍後將進一步討論季度運營費用的變化。

In fiscal Q1, as Mohawk Valley continues to ramp production, we expect gross margin at the midpoint of the range to be approximately 14%, which includes about $37 million of underutilization costs, representing approximately negative 16% or 1,600 basis points of gross margin. We are making these changes in our presentation to align with the Securities and Exchange Commission, which has clarified its guidance related to non-GAAP measures for public companies. I also want to mention 1 last change moving forward. As you will see in our 10-K when we file up later this week, we have included a breakout of our revenue by each of our 3 product lines, Power products, RF products and materials products. In future quarters, you will see this breakout in our earnings release and Form 10-Qs as well.

在第一財季，隨著莫霍克谷繼續提高產量，我們預計該範圍中點的毛利率約為14%，其中包括約3700 萬美元的未充分利用成本，相當於毛利率約為負16% 或1,600 個基點。我們在演示文稿中進行這些更改是為了與美國證券交易委員會保持一致，該委員會澄清了與上市公司非公認會計原則措施相關的指導。我還想提一下最後一項進展。正如您在本週晚些時候提交的 10-K 報表中看到的那樣，我們已按 3 個產品線（電源產品、射頻產品和材料產品）分別列出了收入明細。在未來的幾個季度中，您也將在我們的收益報告和 10-Q 表格中看到這一突破。

Now let me provide more details of the fourth quarter results. As I mentioned above, we closed the year on a strong note, generating revenue of $235.8 million in the fiscal fourth quarter of 2023, which represents a 3% sequential increase when compared to the previous quarter and growth of approximately 3% year-over-year. This outperformance compared to our guidance is primarily due to favorable timing related to product shipments out of our Durham production facilities. While we will see some variation in our production out of Durham, as I said last quarter, incremental contribution from Mohawk Valley is the primary governor of future revenue growth. As Gregg mentioned, we recognized $1 million in revenue from Mohawk Valley, while we are still aligned on previous expectations that we will reach 20% utilization out of Mohawk Valley by the end of fiscal 2024, it is important to note that it will be the second half of the calendar year 2024 before we see $100 million of quarterly revenue from the fab that the 20% utilization would represent. This accounts for the time between fab starts and shipments to our customers.

現在讓我提供有關第四季度業績的更多詳細信息。正如我上面提到的，我們以強勁的業績結束了這一年，2023 財年第四季度的收入為 2.358 億美元，環比增長 3%，同比增長約 3%。年。與我們的指導相比，這種優異的表現主要是由於與我們達勒姆生產設施的產品發貨相關的有利時機。正如我上季度所說，雖然我們會看到達勒姆的生產出現一些變化，但莫霍克谷的增量貢獻是未來收入增長的主要因素。正如Gregg 提到的，我們確認莫霍克谷的收入為100 萬美元，雖然我們仍然與之前的預期一致，即到2024 財年末我們將在莫霍克谷實現20% 的利用率，但值得注意的是，這將是2024 年下半年，我們將看到 20% 的利用率所代表的晶圓廠季度收入將達到 1 億美元。這說明了晶圓廠啟動和向客戶發貨之間的時間。

Moving down the income statement. Non-GAAP gross margin in fourth quarter was 29% compared to 32.3% last quarter and 36.5% in the prior year period, representing a 330 basis point decrease compared to last quarter. Gross margin was impacted by higher costs and heavier automotive mix for customers that were initially slated to be produced out of Mohawk Valley. As we shift to higher levels of production out of Mohawk Valley, we anticipate future improvements in gross margin. We generated adjusted loss per share of $0.42 in the last -- in the fiscal fourth quarter compared to a loss of $0.40 last quarter and a loss of $0.21 in the same period last year.

將損益表向下移動。第四季度非 GAAP 毛利率為 29%，上季度為 32.3%，上年同期為 36.5%，較上季度下降 330 個基點。毛利率受到成本上升和最初計劃在莫霍克谷生產的客戶的汽車組合增加的影響。隨著我們轉向莫霍克谷更高水平的生產，我們預計未來毛利率將有所改善。上一財季，我們的調整後每股虧損為 0.42 美元，而上一季度的虧損為 0.40 美元，去年同期的虧損為 0.21 美元。

As I mentioned above, loss per share in the current period was impacted by $39.5 million of start-up costs related primarily to Mohawk Valley or $0.26 per share. Before moving to the full year results, I will provide a quick update on our financing initiatives. Less than a year ago, we laid out a $6.5 billion capital expansion plan and its associated financing strategy. We said we would execute a flexible, low dilution financing plan that would be balanced across 4 pillars, including public, private, customer and government funding. Since that update, we have raised low dilution capital across all 4 of those pillars, securing approximately $5 billion in the last 9 months and have now fortified our balance sheet to build out the leading silicon carbide manufacturing footprint in the industry.

正如我上面提到的，本期每股虧損受到主要與莫霍克谷相關的 3,950 萬美元啟動成本或每股 0.26 美元的影響。在公佈全年業績之前，我將簡要介紹一下我們的融資計劃的最新情況。不到一年前，我們制定了 65 億美元的資本擴張計劃及其相關融資策略。我們表示，我們將執行一項靈活、低稀釋度的融資計劃，該計劃將在公共、私人、客戶和政府資金等四大支柱之間實現平衡。自該更新以來，我們在所有4 個支柱領域籌集了低稀釋資本，在過去9 個月內籌集了約50 億美元，現在已經強化了我們的資產負債表，以建立行業領先的碳化矽製造足跡。

Moving forward, we will continue to evaluate all avenues as it relates to our capital structure, and remain nimble on future financing as opportunities present themselves. However, securing financing is not our primary objective at this time.

展望未來，我們將繼續評估與我們的資本結構相關的所有途徑，並在機會出現時保持未來融資的靈活性。然而，獲得融資並不是我們目前的首要目標。

Moving on to full year results for fiscal 2023, revenue was $922 million, representing a 24% increase when compared to fiscal 2022 due to the strength in both materials and power product lines. Non-GAAP net loss was negative $180.7 million or negative $1.45 per diluted share. Non-GAAP net loss excludes $149.2 million of adjustments net of tax or $1.20 per diluted share.

展望 2023 財年全年業績，由於材料和電力產品線的實力，收入為 9.22 億美元，較 2022 財年增長 24%。非 GAAP 淨虧損為負 1.807 億美元，或攤薄後每股虧損為負 1.45 美元。非 GAAP 淨虧損不包括 1.492 億美元的稅後調整額或稀釋後每股 1.20 美元。

Touching on our balance sheet. We ended the quarter with approximately $3 billion of cash and liquidity on hand to support our growth plans. DSO was 47 days, while inventory days on hand was 172 days.

觸及我們的資產負債表。本季度結束時，我們手頭有大約 30 億美元的現金和流動資金來支持我們的增長計劃。 DSO 為 47 天，庫存天數為 172 天。

Free cash flow during the quarter was negative $455 million, comprised of negative $52 million of operating cash flow and $403 million of capital expenditures.

本季度自由現金流為負 4.55 億美元，其中運營現金流為負 5200 萬美元，資本支出為 4.03 億美元。

Moving to our first quarter outlook. We are targeting revenue in the range of $220 million to $240 million. As we said last quarter, Power device revenue capacity from our Durham fab is forecasted to be approximately $100 million per quarter and that is subject to some variability, positive or negative, which we benefited from positively in the fourth quarter. This does not change our view on the factory's revenue-generating capability. And in fiscal Q1 and beyond, it will continue to forecast power device revenue capacity out of Durham at approximately $100 million per quarter. While this will be a modest headwind as we transition from fiscal Q4 2023 to fiscal Q1 2024, it continues to be in line with our forecast. As we've said in the past, the main driver of future revenue growth for power devices will be the incremental revenue contribution from Mohawk Valley.

轉向我們的第一季度展望。我們的目標收入在 2.2 億至 2.4 億美元之間。正如我們上季度所說，我們達勒姆工廠的功率器件收入能力預計每季度約為 1 億美元，並且會出現一些積極或消極的變化，我們在第四季度從中受益。這並沒有改變我們對工廠創收能力的看法。在第一財季及以後，它將繼續預測達勒姆的功率器件收入能力約為每季度 1 億美元。雖然隨著我們從 2023 財年第四季度過渡到 2024 財年第一季度，這將是一個溫和的阻力，但它仍然符合我們的預測。正如我們過去所說，未來功率器件收入增長的主要驅動力將是莫霍克谷的增量收入貢獻。

We are also expecting gross margin in the range of 10% to 18% with a midpoint of 14%. At the midpoint, this includes approximately $37 million or negative 1,600 basis points of underutilization costs as we ramp up revenue at Mohawk Valley. We expect underlying gross margin performance, excluding underutilization, to improve modestly in the quarter as we continue to serve more automotive customer mix out of the Durham fab. We are also targeting non-GAAP operating expenses of approximately $120 million for the first quarter of fiscal 2024 and which is inclusive of $8 million of start-up costs related to our materials expansion, primarily related to the JP materials facility in Siler City, North Carolina. Excluding start-up costs, OpEx increases quarter-over-quarter are driven by higher employee-related expenses as we move into the new fiscal year.

我們還預計毛利率在 10% 至 18% 之間，中點為 14%。中間值包括約 3,700 萬美元或負 1,600 個基點的未充分利用成本，因為我們增加了莫霍克谷的收入。我們預計，隨著我們繼續從達勒姆工廠為更多的汽車客戶群提供服務，排除未充分利用的情況，本季度的基本毛利率表現將小幅改善。我們還計劃 2024 財年第一季度的非 GAAP 運營費用約為 1.2 億美元，其中包括與我們的材料擴張相關的 800 萬美元啟動成本，主要與北錫勒城的 JP 材料工廠相關卡羅萊納.不包括啟動成本，隨著我們進入新財年，運營支出環比增長是由員工相關費用增加推動的。

We expect Q1 net nonoperating expense of approximately $22 million, which includes the impacts from $55 million of interest expense, inclusive of the recently completed Apollo term loan and interest charges in connection with our Renesas customer reservation deposit. We expect nonoperating expense to increase as the year progresses as we earn less interest income on our short-term investments as we use that cash to invest in our facilities expansion. We expect Q1 non-GAAP net loss to be between $94 million and $75 million. As always, our Q1 targets are based on several factors that affect them significantly, including supply chain dynamics, overall demand, product mix, factory productivity and the competitive environment.

我們預計第一季度的淨營業外支出約為 2200 萬美元，其中包括 5500 萬美元利息支出的影響，其中包括最近完成的 Apollo 定期貸款和與瑞薩電子客戶預訂押金相關的利息費用。我們預計營業外支出將隨著時間的推移而增加，因為我們使用這些現金投資於我們的設施擴建，從而從短期投資中賺取的利息收入減少。我們預計第一季度非 GAAP 淨虧損將在 9400 萬美元至 7500 萬美元之間。與往常一樣，我們的第一季度目標基於幾個對其有重大影響的因素，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。

Lastly, we expect capital expenditures to be approximately $2 billion for fiscal 2024 and continue to expect fiscal year 2024 revenue to be in the range of $1 billion to $1.1 billion. With that, I'll pass it back to Gregg.

最後，我們預計 2024 財年的資本支出約為 20 億美元，並繼續預計 2024 財年的收入將在 10 億至 11 億美元之間。這樣，我會把它傳回給格雷格。

Thanks, Neil. The adoption of silicon carbide is driving the need for more capacity, and we are seeing continuous upward pressure on the demand for both devices and materials. The EV revolution continues to be the driving force of adoption with recent developments further bolstering the EV landscape. Just recently, a consortium of OEMs, including BMW, General Motors, Honda, Hyundai and Mercedes announced their intention to create a new high-power charging network with at least 30,000 chargers in North America to meet the growing demand to charge electric vehicles. The explosive growth in EV production is just to start as the world continues to embrace more energy-efficient technology. As we close out this year and turn to fiscal 2024, we are better positioned strategically, financially and operationally. Wolfspeed wins this generational opportunity because we are vertically integrated, investing in purpose-built facilities and focused on doing so with 200-millimeter silicon carbide substrates. This is validated by Apollo, a global investment firm that saw an opportunity to assist us with our capital requirements and Renesas, who made a decisive commitment to next-generation silicon carbide technology and intends to do so at 200 millimeter.

謝謝，尼爾。碳化矽的採用正在推動對更多產能的需求，我們看到對設備和材料的需求持續上漲的壓力。電動汽車革命仍然是電動汽車採用的驅動力，最近的發展進一步支撐了電動汽車的發展。就在最近，包括寶馬、通用汽車、本田、現代和梅賽德斯在內的原始設備製造商聯盟宣布，他們打算在北美創建一個擁有至少30,000 個充電器的新高功率充電網絡，以滿足日益增長的電動汽車充電需求。隨著世界繼續採用更節能的技術，電動汽車產量的爆炸性增長才剛剛開始。隨著今年的結束和 2024 財年的到來，我們在戰略、財務和運營方面都處於更好的位置。 Wolfspeed 贏得了這一世代機會，因為我們是垂直整合的，投資於專用設施，並專注於使用 200 毫米碳化矽襯底。全球投資公司 Apollo 看到了幫助我們滿足資本要求的機會，而 Renesas 也證實了這一點，後者對下一代碳化矽技術做出了決定性的承諾，並打算在 200 毫米技術上做到這一點。

In closing, I'd like to thank all of our stakeholders for your continued support, and I'm excited for what's ahead. I'll now turn it over to the operator, and we'll take any questions you may have.

最後，我要感謝所有利益相關者的持續支持，我對未來感到興奮。我現在將其轉交給接線員，我們將回答您可能提出的任何問題。

(Operator Instructions) Our first question is from Harsh Kumar with Piper Sandler.

（操作員說明）我們的第一個問題來自 Harsh Kumar 和 Piper Sandler。

Greg, I've got 1 for you. It's pretty clear that your future growth of the company lies with Mohawk Valley, so maybe you could talk about what you want to see happen in that fab to ramp that facility, you did $1 million. I think you were pretty clear in the call, you did $1 million last quarter, but you're talking about a $100 million achievement in the second half of 2024. Would that be towards the beginning of second half or towards the end of -- in other words, are we talking March? Or are we talking the June quarter for you to get to $100 million? And then more importantly, what do you need to see at the fab to get to that kind of a number?

格雷格，我給你準備了 1 個。很明顯，公司未來的增長取決於莫霍克谷，所以也許你可以談談你希望看到該工廠發生什麼，以擴大該設施，你花了 100 萬美元。我認為你在電話會議中說得很清楚，上個季度你做了 100 萬美元，但你談論的是 2024 年下半年實現 1 億美元的成就。那是在下半年開始還是在 -換句話說，我們談論的是三月嗎？或者我們正在談論 6 月季度您將達到 1 億美元？更重要的是，您需要在晶圓廠看到什麼才能達到這樣的數字？

Yes. Thanks a lot, Harsh. A couple of things. So first off, in ramping that fab, we obviously have to ramp the materials flowing into that fab. I'll give you a brief update on that. The 200-millimeter crystal growth operation and Building 10 is well on its way in producing excellent quality material, which is translating into very nice -- excellent defect density wafers. Epi, a 200-millimeter is also excellent, and we are ramping that as we speak. And now we're obviously shipping products from the Mohawk Valley fab.

是的。非常感謝，嚴酷。有幾件事。因此，首先，在提高該工廠的產量時，我們顯然必須提高流入該工廠的材料的產量。我將向您簡要介紹一下最新情況。 200 毫米晶體生長工廠和 10 號樓在生產優質材料方面進展順利，這些材料正在轉化為非常好的缺陷密度晶圓。 Epi，200 毫米也很出色，我們正在加大力度。現在我們顯然正在從莫霍克谷工廠運送產品。

We have 3 products that are currently fully qualified in 200-millimeter for at Mohawk Valley Fab and we have 8 additional products that now pass all reliability testing and are working through the final end of some qualification for that. So that's all in really great shape.

目前，我們有 3 種產品在莫霍克谷工廠完全符合 200 毫米標準，另外還有 8 種產品現已通過所有可靠性測試，並正在完成一些資格認證的最後階段。所以這一切都非常好。

Now as we ramp this up, obviously, the $1 million of revenue in fab is capable of $2 billion is kind of early innings of ramping. As we ramp the fab, we'll be dialing in the processes and dialing in the equipment, which will take our yields up to entitlement yield. And as we ramp the fab, that will absolutely may happen. So what I would say is the fact that we're ramping a new 200-millimeter crystal. The fact that the crystal quality is excellent and the quality of defectivity on the wafer is excellent. Combine that with EPIs and really good shape from a process standpoint. And we've got a fab that has 3 qualified devices this early and 8 that have passed reliability gives me great confidence that we're going to be -- that it's fab is going to deliver in the entire supply chain that's going to deliver everything that we expected out of this. In terms of the ramp of the production and the expectation for the amount of revenue. Our expectation is that we'll be at 20% utilization by the June quarter. and I'll let Neil translate that into what you can expect out of revenue.

現在，當我們加大力度時，很明顯，晶圓廠 100 萬美元的收入能夠達到 20 億美元，這只是增速的早期階段。當我們擴大晶圓廠時，我們將調整工藝和設備，這將使我們的產量達到應有的產量。當我們擴大晶圓廠時，這種情況絕對有可能發生。所以我要說的是，我們正在研發新的 200 毫米晶體。事實上，晶體質量非常好，晶圓上的缺陷質量也非常好。從工藝的角度來看，將其與 EPI 和非常好的形狀相結合。我們有一家晶圓廠，這麼早就擁有 3 台合格設備，其中 8 台已通過可靠性測試，這讓我非常有信心，我們的晶圓廠將在整個供應鏈中提供一切服務這是我們所期望的。就產量的增長和收入的預期而言。我們預計到第二季度利用率將達到 20%。我會讓尼爾將其轉化為你可以預期的收入。

Yes. And just remember, Harsh, as you think about utilization, that's the time frame from the time you actually load the fab -- wafers into the fab from a utilization perspective until you freeze the wafers, put them to the back end and finally shipping to the customer. So somewhat of a delay you'd expect from the time to achieve utilization level. So as we get the 20% towards the end of the year, you wouldn't expect to see the revenue translation of that, as we get a 20% utilization, say, by the June quarter, we wouldn't expect a revenue translation of EPI, the equivalent of $100 million to be sometime after that sometime in the second half of calendar '24. So first half of calendar fiscal '25 as you think about that time frame. So the sort of timing of the revenue and of the Fab is we did about $1 million or so last quarter. We'll see a bit of a tick up here in Q1, a modest pickup, I think, again, in 2Q and then a steeper ramp as you get to the back half of the fiscal year into the March and June quarter, and then we should be on our way from there.

是的。請記住，嚴格地說，當您考慮利用率時，這是從您實際將晶圓廠裝載到晶圓廠的時間，從利用率的角度來看，直到您冷凍晶圓，將它們放入後端並最終運送到晶圓廠。客戶。因此，您預計達到利用率水平的時間會有所延遲。因此，當我們在年底時獲得 20% 的利用率時，您不會期望看到其收入轉換，因為我們獲得 20% 的利用率，例如，到六月季度，我們不會期望看到收入轉換EPI的金額相當於1 億美元，將於2024 年下半年的某個時間完成。因此，當您考慮該時間範圍時，是 25 財年的上半段。因此，收入和晶圓廠的時間安排是我們上個季度的收入約為 100 萬美元左右。我們將在第一季度看到一點回升，我認為，在第二季度再次出現適度回升，然後當你進入本財年後半段進入三月和六月季度時，會出現更陡峭的增長，然後我們應該從那裡出發了。

Wonderful guys. Very helpful. And then for my follow-up, so there were customers that were expecting to get product off of Mohawk Valley by now. I know that was part of the original plan. So I guess my question to you is how are you managing those expectations for those customers? And how important is that commitment to the customer for you guys? And more importantly, how are you balancing that such supply-demand gain in the near term as you ramp Mohawk valley?

很棒的傢伙。很有幫助。然後是我的後續行動，所以現在有些客戶希望從莫霍克谷獲得產品。我知道這是原計劃的一部分。所以我想我問你的問題是你如何管理這些客戶的期望？對你們來說，對客戶的承諾有多重要？更重要的是，隨著莫霍克山谷的發展，您如何平衡短期內的供需增長？

Yes. Thanks for that question. Yes. Obviously, near term, it creates an impact with the delay of the ramp of Mohawk Valley. We're doing a couple of things. So first off, you're seeing more automotive shipping out of term. So obviously, we shifted that mix to term. We're obviously engaging with customers and being transparent as to what the expectations are, and we realigned those expectations to be in concert with how we expect to ramp the Mohawk Valley. We're engaged with them on an ongoing basis and in some cases, that's weekly. In some cases, that's nearly daily because there's a lot of communication going back and forth. Many of them have come to Mohawk Valley and they remain very encouraged about the scale of production that we've got coming online. They obviously love it to come online faster. But they really can't see this level of capacity coming online anywhere else. And then you combine that with what we've got going on and what we've been able to execute in Building 10 and what we've got going on with the JP. We've had several customers out of that, and it's just an enormous site and the fact that we're not going vertical and we're intending to be producing product in there around this time next year, actually a little bit earlier than that this time next year, as we see some encouraging -- encouragement toward the -- that capacity is actually coming.

是的。謝謝你提出這個問題。是的。顯然，從短期來看，莫霍克谷坡道的延遲會產生影響。我們正在做幾件事。首先，您會看到更多的汽車運輸過時。顯然，我們將這種組合轉變為術語。顯然，我們正在與客戶互動，並對期望保持透明，並且我們重新調整了這些期望，使其與我們對莫霍克谷的發展預期保持一致。我們會持續與他們接觸，在某些情況下，每週都會與他們接觸。在某些情況下，這種情況幾乎每天都會發生，因為有大量的來回溝通。他們中的許多人來到了莫霍克谷，他們仍然對我們在線生產的規模感到非常鼓舞。他們顯然喜歡更快地上線。但他們確實在其他地方看不到這種級別的容量。然後將其與我們正在開展的工作、我們在 10 號樓能夠執行的工作以及我們與 JP 進行的工作結合起來。我們已經有幾個客戶了，這只是一個巨大的網站，事實上我們不會垂直發展，我們打算明年這個時候在那裡生產產品，實際上比那個時候要早一點明年這個時候，我們會看到一些令人鼓舞的信息——對這種能力的鼓勵——這種能力實際上即將到來。

And then also to add to that, Harsh, I think customers have taken notice that we've done a very good job, just on the financing element here and creating -- giving ourselves the ability to fund a very significant capacity expansion. So when they look forward and see what the opportunity is based on the manufacturing footprint that we're building out and we're funded to build out gives them something to look forward to in terms of our capability to deliver parts out into the future.

然後還要補充一點，嚴厲的是，我認為客戶已經註意到我們做得非常好，只是在融資方面和創造上——讓我們有能力為非常重大的產能擴張提供資金。因此，當他們展望未來並看到基於我們正在建設的製造足跡以及我們獲得資金建設的製造足蹟的機會時，他們對我們未來交付零件的能力有了一些期待。

Our next question is from Jed Dorsheimer with William Blair.

我們的下一個問題是傑德·多斯海默和威廉·布萊爾提出的。

For my first question, I guess, I don't know if Neil or Gregg, you want to address this, but the change in accounting [bags], why now? You've spent the past year defending the underutilization in the first quarter that you're out of the gate, you're changing that. So what caused that change and was this driven by your auditors seeing something in the business? Or maybe some color around that would be helpful. And I do have a follow-up.

對於我的第一個問題，我想，我不知道尼爾或格雷格是否想解決這個問題，但是會計[袋子]的變化，為什麼是現在？在過去的一年裡，你一直在捍衛第一季度利用率不足的問題，你已經走出了大門，你正在改變這一點。那麼是什麼導致了這種變化？這是由您的審計師看到業務中的某些情況所驅動的嗎？或者也許周圍的一些顏色會有所幫助。我確實有後續行動。

Yes. Sure, Jed. So I think first of all, this is a presentation change only. This doesn't change our business plan or our long-term outlook. We're driving greater than 50% gross margin. It's presentation change in terms of how we want to talk about the financials on a quarterly basis. So a couple of things drove that in terms from a timing perspective. I think as I said in the prepared remarks, we updated our presentation of our results really just to adhere to updated guidance from the SEC. Also, if you think about Mohawk Valley is now transitioning from a preproduction facility to a full production facility, utilization of the fab will start to play a much bigger role in our margin trajectory going forward. So putting those pieces together along with the fact that we're moving into a new fiscal year, just made this kind of the right time to make that transition.

是的。當然，傑德。所以我認為首先，這只是演示文稿的更改。這不會改變我們的商業計劃或我們的長期前景。我們的毛利率超過 50%。這是我們如何談論季度財務狀況的表述方式的變化。因此，從時間角度來看，有幾件事推動了這一點。我認為，正如我在準備好的發言中所說，我們更新了我們的結果演示，實際上只是為了遵守 SEC 的最新指導。此外，如果您考慮到莫霍克谷現在正在從預生產設施過渡到全面生產設施，那麼晶圓廠的利用率將開始在我們未來的利潤軌跡中發揮更大的作用。因此，將這些內容與我們即將進入新財政年度的事實放在一起，就使現在成為了進行過渡的正確時機。

So just to be clear, though, was this your decision to change the presentation? Or I guess I'm going to be getting asked these questions. What drove this? Was it SEC that you couldn't do the underutilization? That's what I'm getting at.

不過，需要澄清的是，這是您改變演示文稿的決定嗎？或者我想我會被問到這些問題。是什麼推動了這一點？是 SEC 不允許您進行未充分利用嗎？這就是我的意思。

Yes. So we -- there's updated guidance from the SEC. We've had correspondence with them. And then upon completion of that, we've decided to make the update to the presentations.

是的。所以我們——美國證券交易委員會更新了指導意見。我們與他們有過書信往來。完成後，我們決定對演示文稿進行更新。

Got it. And then I guess just a follow-up. And there are a bunch of different numbers. So forgive me -- if you can help stitch this together for me. I heard, and if it's true, congratulations that 75% of the growers in Building 10 are operational. Is that correct? And the reason I'm asking that is -- could you help me better understand the sequential guide down in revenues while you're producing more materials to load Mohawk Valley? How should I think about that and then the 6 months pushout in the 20% utilization.

知道了。然後我想這只是後續行動。還有一堆不同的數字。所以請原諒我——如果你能幫我把這些拼湊起來的話。我聽說，如果這是真的，那麼恭喜 10 號樓 75% 的種植者都在營業。那是對的嗎？我問這個問題的原因是——當你們生產更多材料來裝載莫霍克谷時，你們能否幫助我更好地理解收入的連續下降？我應該如何考慮這一點以及 20% 利用率的 6 個月推出。

So from a 20% utilization perspective, I think we're in line with what we thought we would get to 20% by the end of the fiscal year. So I think that's all in line. As we bring out the...

因此，從 20% 的利用率角度來看，我認為我們的預期與我們在本財年結束時達到 20% 的預期一致。所以我認為這都是一致的。當我們拿出...

Sorry, I thought you said calendar year on the call. So it is fiscal year '24 for the 20%?

抱歉，我以為你在電話中說的是日曆年。那麼 20% 的人現在是 24 財年嗎？

Fiscal -- yes. Yes. So no change to the outlook in terms of the timing of bringing the fab up online up to 20%. So we anticipate getting to 20% utilization by the end of this fiscal year. We continue to see good positive momentum in crystal growth during the Durham campus out of Building 10. We're turning on additional crystal growers. We're seeing positive signs from the yield and the output that we're seeing from that. So that's in pretty good shape. So now it's a matter of bringing the capacity from a substrate perspective up to the fab and beginning the process of bringing up the yields to entitlement, as Gregg mentioned, treating the tools and tuning things in. And that's really what we're working on right now is bringing that fab to capacity. What that means from revenue perspective is we'll see a bit of a tick up towards the wanted revenue. We'll see, again, some pickup in Q2. But as we drive those wafers through the path, we also see a more dramatic pickup in the revenue to get to the back half of the year -- fiscal year.

財政——是的。是的。因此，就將晶圓廠產能提高到 20% 的時間而言，前景沒有變化。因此，我們預計到本財年末利用率將達到 20%。我們繼續看到杜倫校區 10 號樓晶體生長的良好積極勢頭。我們正在啟用更多的晶體生長器。我們從產量和產出中看到了積極的跡象。所以這是一個非常好的狀態。因此，現在的問題是從基板的角度將產能引入晶圓廠，並開始提高產量的過程，正如 Gregg 提到的那樣，處理工具並進行調整。這正是我們正在努力的方向現在正在使該工廠達到產能。從收入角度來看，這意味著我們將看到預期收入有所上升。我們將再次看到第二季度的一些回升。但當我們推動這些晶圓通過這一路徑時，我們還看到下半年（即財年）的收入出現更戲劇性的增長。

So Neil, if that's picking up, though, what's dropping off?

那麼尼爾，如果情況有所好轉，那麼什麼會下降呢？

So Jed, there's 2 pieces here. So from a Q1 perspective, we saw better performance out of the Durham campus, both I think in power devices out of Durham and materials as well. It was just better performance in the quarter. So what we'll do is we'll forecast that back to the mean, so to speak. So Durham will have some good quarters of good performance. There will be plus or minus. We saw a positive performance last quarter that would be a bit of a headwind as we move into Q1. So that will come back to kind of a mean. But that's what we've always kind of forecast and how we looked at Durham, we went to older campus, an older facility. There's going to be some variation there. It requires maintenance from time to time.

傑德，這裡有兩塊。因此，從第一季度的角度來看，我們看到達勒姆校區的表現更好，我認為在達勒姆的功率器件和材料方面也是如此。這只是本季度更好的表現。所以我們要做的就是將其預測回到平均值，可以這麼說。因此，達勒姆將有一些良好表現的季度。會有正數或負數。我們在上個季度看到了積極的表現，但當我們進入第一季度時，這可能會帶來一些阻力。所以這會回到某種意義上。但這就是我們一直以來的預測以及我們對達勒姆的看法，我們去了老校園，老設施。那裡會有一些變化。它需要不時維護。

So we'll forecast turn just kind of back to what we've always kind of historically talked about like $100 million or so order for power devices. And we were ahead of that last quarter. And this quarter, we'll just kind of forecast back to that kind of normal mean. In the meantime then, if you look out to the future, any substantial growth from a revenue perspective really comes from the Mohawk Valley.

因此，我們預測會回到我們歷史上一直談論的大約 1 億美元的功率器件訂單。上個季度我們領先了。本季度，我們將預測回到正常平均值。與此同時，如果你展望未來，從收入角度來看，任何實質性增長實際上都來自莫霍克谷。

Our next question is from Brian Lee with Goldman Sachs.

我們的下一個問題來自高盛的布萊恩·李。

This is [Grace] on for Brian. I guess my first question, maybe this is more for you, Neil. Just trying to understand the cadence of the start-up and underutilization costs moving through 2024 as you continue to ramp Mohawk Valley and build out Siler City fab. When can we see those costs coming down? And how quickly can they ever go to 0?

這是布萊恩的[格蕾絲]。我想我的第一個問題也許更適合你，尼爾。只是想了解 2024 年啟動和未充分利用成本的節奏，因為您將繼續擴大莫霍克谷並建設 Siler City 晶圓廠。我們什麼時候才能看到這些成本下降？他們多久才能變成 0？

Yes, they'll eventually go to 0. Once you get the utilization up to north of, say, 70% or so, you'll see that the (inaudible). That's kind of the marker we give so to speak. But I think it is important that I unpack maybe the gross margins a bit to kind of explain these different pieces. So if you look at the midpoint of what we just guided with these presentation changes, gross margin is going to be at about 14% at the midpoint. As I said in the prepared remarks, that's about negative 16 points of impact from underutilization, which represents about $37 million of impact. So, as you look forward, gross margin expansion is going to be driven really by 2 things. First, as we start driving higher levels of utilization in the fab and a 20% utilization as you look out to the end of the fiscal year, we'll see that $37 million of underutilization and get down to the low 30s just as we drive more revenue through the business. So that will be a significant positive. So based on the new presentation, utilization will actually be the largest impact on gross margin as we start to move forward.

是的，它們最終會變成 0。一旦利用率達到 70% 左右，您就會看到（聽不清）。可以說，這就是我們給出的標記。但我認為重要的是，我應該稍微分析一下毛利率，以解釋這些不同的部分。因此，如果你看看我們剛剛指導的這些演示變化的中點，毛利率將約為 14%。正如我在準備好的發言中所說，未充分利用造成的負面影響約為 16 個百分點，相當於約 3700 萬美元的影響。因此，正如您所期待的那樣，毛利率的擴張實際上將由兩件事驅動。首先，當我們開始提高晶圓廠的利用率，並在財年結束時將利用率提高到20% 時，我們將看到3700 萬美元的利用率不足，並在我們推動的過程中降至30左右。通過業務獲得更多收入。所以這將是一個重大的積極因素。因此，根據新的演示，隨著我們開始前進，利用率實際上將是對毛利率的最大影響。

Now there's a second piece to that as well. Underlying performance, excluding utilization, should improve modestly as well. So as you drive more of the business through Mohawk Valley, we'll start to see the benefits of those 200-millimeter substrates. And we'll start to see that margin expand as well. So overall, we expect -- as you take a look at both of these areas or these 2 areas, we would expect to get the new presentation basis to the low to mid- 20s from a gross margin perspective as you look at the new P&L up in to the end of the fiscal year.

現在還有第二部分。不包括利用率在內的基礎性能也應該略有改善。因此，當您在莫霍克谷推動更多業務時，我們將開始看到這些 200 毫米基板的優勢。我們也將開始看到利潤率擴大。因此，總的來說，我們預計，當您查看這兩個領域或這兩個領域時，當您查看新的損益表時，我們預計從毛利率的角度來看，新的列報基礎將達到20 多歲左右直到財政年度結束。

Great. That's super helpful. And my second question, just a follow-up to the previous question on the ramp of the Mohawk Valley fab. Now you got like all these financing overhang out the way. Is there any ability to pull forward the Mohawk Valley ramp? Why or why not?

偉大的。這非常有幫助。我的第二個問題，只是關於莫霍克谷晶圓廠坡道的上一個問題的後續。現在，所有這些融資懸而未決的事情都解決了。有能力推動莫霍克谷坡道前進嗎？為什麼或者為什麼不？

Look, I think from a Mohawk Valley perspective, if we look across our business, we have a couple of focuses right now. And really what that is, is drive Mohawk Valley to 20% utilization and build out the JP and I think -- if you look across our business today, and you look at the, our employees and our resources. That is our -- those are our 2 main focuses. And we're bringing everything we can to the table everyday to be focused on that and drive that as fast as we can. And that's what you see here in the outlook today.

看，我認為從莫霍克谷的角度來看，如果我們縱觀我們的業務，我們現在有幾個重點。事實上，這就是將莫霍克谷的利用率提高到 20%，並建設 JP，我認為，如果你縱觀我們今天的業務，看看我們的員工和資源。這是我們的兩個主要關注點。我們每天都會盡一切努力來專注於這一目標並儘快推動這一目標。這就是您今天在展望中看到的內容。

Our next question is from Edward Snyder with Charity (sic) [Charter] Equity Research.

我們的下一個問題來自慈善（原文如此）[憲章]股權研究部的愛德華·斯奈德（Edward Snyder）。

Charity Equity Research, give it away.

慈善股權研究，放棄吧。

Guys, Neil, I want to come back to Jed's question here, and I'm kind of confused to be frank. We spent most of last year with all the operational problems talking about the ramp of Mohawk Valley and how your targets were for yields and margins and how you would pro forma out those numbers so we get a good glimpse of -- if it was living up to expectations or not. And it sounds like based on your answer, what Jed said, you were not forced to make this decision by SEC. Correct me if I'm wrong. Did the SEC tell you you had to do this? And If they didn't tell you to do this, why in the very first quarter, we do this, would you now mix it up so that your public report looks just terrible, right? I mean -- and I get to your -- I mean printing in the document, but to be frank, as we've talked about before, 4 quarters in a row of significant disappointments to what expectations have been, have not treated your stock very well, and it doesn't look like it's going to go well tomorrow for you yet. So I'm very curious why would you do this out the gate if it had any discretion and sticking to what you said you would do, just to make it easier to digest what's going on with all these different moving pieces. So maybe you can, first of all, tell me, were you forced to make this decision by SEC?

伙計們，尼爾，我想回到傑德的問題，坦白說我有點困惑。去年的大部分時間，我們都在討論莫霍克谷的運營問題，以及你們的產量和利潤率目標，以及你們將如何預計這些數字，以便我們能夠很好地了解——如果它符合預期是否符合預期。聽起來根據你的回答，傑德所說的，美國證券交易委員會並沒有強迫你做出這個決定。如我錯了請糾正我。 SEC 是否告訴過您必須這樣做？如果他們沒有告訴你這樣做，為什麼在第一季度我們就這樣做，你現在會把它混合起來，讓你的公開報告看起來很糟糕，對嗎？我的意思是——我的意思是在文件中打印，但坦率地說，正如我們之前討論過的，連續四個季度對預期的嚴重失望，沒有處理你的股票很好，看來明天對你來說還不太順利。所以我很好奇，如果有任何酌處權並堅持你所說的事情，你為什麼要這樣做，只是為了更容易消化所有這些不同的移動部件所發生的事情。所以也許你可以首先告訴我，你是 SEC 強迫你做出這個決定的嗎？

First of all, Ed, I think this is a presentation change, we're going to give you the same math and the details that we've given before. So we will be putting non-GAAP presentation, and we'll get the same underutilization start-up cost disclosures as we've always given before. So there's really no change from that perspective.

首先，埃德，我認為這是演示文稿的更改，我們將為您提供與之前給出的相同的數學和細節。因此，我們將進行非公認會計準則的演示，並且我們將得到與我們之前一直給出的相同的未充分利用的啟動成本披露。所以從這個角度來看確實沒有改變。

Secondly, it's our job as a company to comply with SEC guidelines. We had correspondence with the SEC around how to deal with the changes in the accounting and made the decision that we would, based on the updated guidance, that change in the presentation was appropriate.

其次，遵守 SEC 的指導方針是我們公司的職責。我們與美國證券交易委員會就如何處理會計變更進行了通信，並決定根據更新後的指導意見，對列報進行變更是適當的。

Will you then in your press release include another set of numbers other than just calling it out and saying without these charges rolled into our COGS, this is what you would have had for both COGS, I mean we can't calculate it obviously, but the stock is going to react to what people see when they look at the press release, and it's going to take a lot of leg work on your part and analyst parts to explain all the different moving parts now that it's not included in the press release. I know it sounds trivial, but as you're going to see the model, it's not going to be, especially after all these quarters of problems that we have to do this. So other than just calling it out and saying, hey, this is the charges that were rolled into COGS. Are you going to call out this would have been EPS if we didn't have those charges?

那麼，您是否會在新聞稿中包含另一組數字，而不僅僅是大聲喊出來並說如果沒有將這些費用計入我們的銷貨成本，這就是您對兩個銷貨成本的情況，我的意思是我們無法清楚地計算它，但是該股票將對人們在查看新聞稿時看到的內容做出反應，並且您和分析師將需要進行大量的工作來解釋所有不同的活動部分，因為它不包含在新聞稿中。我知道這聽起來微不足道，但當你看到這個模型時，你會發現事實並非如此，特別是在我們必須這樣做的所有這些季度的問題之後。因此，除了大聲喊出來說，嘿，這是計入銷貨成本的費用。您是否會說，如果我們沒有這些費用，這本來就是每股收益嗎？

Ed, we're disclosing what the impact is on gross margin, and the underlying components and the way that we presented it today, we will do it in the future, we'll be in compliance with the way that is in alignment with the SEC guidelines.

Ed，我們正在披露對毛利率的影響，以及基本組成部分以及我們今天呈現的方式，我們將來會這樣做，我們將遵守與美國證券交易委員會的指導方針。

Okay. And then maybe a question for Gregg. You mentioned that Building 10 is looking good. You've got 75% of it in. I know there's a relatively long delay from the time you put powder in your growth machines to getting revenue out of Mohawk Valley, which is what Building 10 is feeding. But you seem to focus on EPI. I know last quarter, the bottleneck was EPI for 200 millimeters. Is that a no longer a problem? Is that not the bottleneck in Durham? (sic) [Building 10] Is it just growth? Maybe you can just give us -- I'm sorry, in Building 10. Can you just maybe give us a little bit more clarity on how the material side of the business is ramping out the door to Mohawk.

好的。然後也許有個問題要問格雷格。你提到10號樓看起來不錯。你已經得到了 75% 的資金。我知道，從你把粉末放入生長機器到從莫霍克谷獲得收入，有一個相對較長的延遲，而莫霍克谷正是 10 號樓所提供的。但你似乎專注於 EPI。我知道上個季度，瓶頸是 200 毫米的 EPI。這不再是問題了嗎？這不是達勒姆的瓶頸嗎？ （原文如此）[10號樓]僅僅是增長嗎？也許你可以給我們——對不起，在 10 號樓。你能否給我們更清楚地說明一下業務的物質方面是如何向莫霍克公司邁進的。

I would say both with the Building 10 crystal growth operation is in excellent shape right now. The quality of the crystals is great, and that's translating into very good defect density at the wafer level. Probably is EPI is also very good, and we're ramping that capacity. I would say it's a dramatic bottleneck right now. There are some pinch points, but that's expanding as well. And then we flow materials to Mohawk Valley and on to the fab and then it goes through [test eye and expected packaging] and so forth. So pretty -- I would say the as we ramp this fab, there's going to be different pinch points. But I would say right now, there's not a dramatic capacity shortage right now as we ramp towards 20% utilization.

我想說，10 號樓的晶體生長業務目前狀況良好。晶體的質量非常好，這轉化為晶圓級的非常好的缺陷密度。可能 EPI 也非常好，我們正在提高產能。我想說，現在這是一個巨大的瓶頸。有一些關鍵點，但它也在擴大。然後我們將材料輸送到莫霍克谷和晶圓廠，然後經過[測試眼和預期包裝]等等。太漂亮了——我想說，當我們擴建這家工廠時，將會有不同的關鍵點。但我現在想說的是，隨著我們的利用率逐漸接近 20%，目前並沒有出現嚴重的產能短缺。

Great. Okay. So it sounds like the chain is moving along as it should have versus some of the stuff we had in the past? And then Neil real quick. I mean, you had a taller bull problem several quarters ago. And you built a lot of material where the COGS was higher because your yields were lower, and that's working through your revenue line now. Or correct me if I'm wrong, is it already through there? And if it isn't through there, how much of an impact to gross margins was the bull problem in the quarter?

偉大的。好的。聽起來，與我們過去擁有的一些東西相比，這條鏈條正在按照它應有的方式前進？然後尼爾很快。我的意思是，幾個季度前你遇到了更高的公牛問題。你建造了大量的材料，因為你的產量較低，所以銷貨成本較高，而這現在正在通過你的收入線發揮作用。或者如果我錯了請糾正我，它已經通過了嗎？如果沒有結束，本季度的牛市問題對毛利率有多大影響？

I think from a longer bull perspective of yield, that's mostly behind us, I think we were -- we kind of worked through that during the fourth quarter. So as we move to 1Q, we're seeing more consistent performance from a materials perspective on our 50-millimeter platform. We anticipate to see kind of sustained solid performance from there going forward.

我認為，從收益率的長期牛市角度來看，這基本上已經過去了，我認為我們在第四季度已經解決了這個問題。因此，當我們進入第一季度時，從材料角度來看，我們在 50 毫米平台上看到了更加一致的性能。我們預計未來會看到持續穩健的表現。

So you weren't passing any high-cost inventory through revenue this -- in the June quarter.....

因此，在六月季度，您沒有通過收入轉嫁任何高成本庫存......

It was some in the Q4 quarter, and I think that's behind us now as moving to 1Q.

第四季度有一些，我認為隨著第一季度的到來，這種情況已經過去了。

Okay. And does that provide any relief? I mean, apples-to-apples, if nothing else changed. I'm just curious how much of an impact it had in the fourth quarter? Do you know ?

好的。這能帶來任何緩解嗎？我的意思是，如果沒有其他改變的話，是同類的。我只是好奇它對第四季度的影響有多大？你知道嗎 ？

Well, if you look at fourth quarter, we were down several points of margin going from 3Q into 4Q. And that was really related to 2 things to call. I would call the quarter somewhat transitional. Really based on 2 pieces. One was working through the yield challenges we got into longer gold. And again, I think we've seen good solid performance from that. The teams done a good job there and we worked through that during Q4. And the other piece with the transition to more automotive output for customers that were originally slated for Mohawk Valley and we're going to feed those out of Durham. So we made that -- started to make that transition as well. So I think what you're seeing in Q4 is kind of a transitional period. We've kind of hit the bottom in terms of managing through those things. And I think from a Durham perspective, we anticipate seeing sustained performance going forward. I think that's reflected in the pickup in gross margin versus Q4 going into Q1 on an underlying basis ex utilization.

好吧，如果你看看第四季度，我們的利潤率從第三季度到第四季度下降了幾個百分點。這確實與要調用的兩件事有關。我認為這個季度有些過渡。真正基於 2 件。其中之一是解決我們買入長期黃金的收益率挑戰。再說一遍，我認為我們已經從中看到了良好的表現。團隊在這方面做得很好，我們在第四季度就解決了這個問題。另一件事情是向最初計劃在莫霍克谷的客戶提供更多的汽車產量，我們將從達勒姆為這些客戶提供服務。所以我們做到了——也開始進行這種轉變。所以我認為第四季度是一個過渡期。在處理這些事情方面，我們已經觸底了。我認為從達勒姆的角度來看，我們預計未來會看到持續的表現。我認為這反映在毛利率相對於第四季度進入第一季度的上升中，其基本基礎是除利用率。

Okay. Okay. And so -- sorry, but it's a confusing quarter, -- so it's safe to say then, as you move into Mohawk Valley and you build more product out of that, you don't have the problems with the 150-millimeter automotive stuff out of Durham. So that improves gross margins. But the 200-millimeter bull -- I'm sorry, the thicker bull problems that had plagued the June quarter or the March quarter are pretty much wound out by the time you get into September and December?

好的。好的。所以，抱歉，這是一個令人困惑的季度，所以可以肯定地說，當你搬到莫霍克谷並從中製造更多產品時，你不會遇到 150 毫米汽車產品的問題從達勒姆出來。這樣就提高了毛利率。但是 200 毫米牛市——抱歉，困擾 6 月季度或 3 月季度的更嚴重的牛市問題在進入 9 月和 12 月時幾乎已經解決了？

Correct. So we should -- as we -- what we talked about previously is behind us. And as we get more utilization and benefit from 200-millimeter wafers in Mohawk Valley, we'll see more revenue, and we'll see improved margin, we'll see better margin improvement as we look through here.

正確的。所以我們應該——就像我們一樣——我們之前討論過的事情已經過去了。隨著我們從莫霍克谷的200 毫米晶圓獲得更多的利用率和收益，我們將看到更多的收入，我們將看到利潤率的提高，當我們在這裡查看時，我們將看到更好的利潤率改善。

Our next question is with Vivek Arya with Bank of America.

我們的下一個問題是詢問美國銀行的 Vivek Arya。

This is Blake Friedman on for Vivek. First, I just wanted to clarify an answer to previous question. Just exiting this year, did you say that the gross margins would be somewhere in the mid-20s. I just want to make sure I heard that right, and it wasn't for the full year.

我是維韋克的布萊克·弗里德曼 (Blake Friedman)。首先，我只是想澄清之前問題的答案。今年剛退出，你說毛利率會在20多歲左右嗎？我只是想確保我沒聽錯，而且這不是全年的。

And then secondly as well, that 50% target that you mentioned that remains unchanged. If I look at the last Analyst Day, I believe you had a 50% to 54% gross margin target in fiscal '27. Is that still the time frame you're working at? Or is that 50% target more aspirational longer term?

其次，您提到的 50% 目標保持不變。如果我看看上個分析師日，我相信你們 27 財年的毛利率目標是 50% 到 54%。這仍然是你工作的時間範圍嗎？或者說 50% 的目標是更長期的目標？

I think as you bring the facilities to capacity, you'll be well ahead of any underutilization challenges, obviously, because the facility will be utilized. So over time, it will dissipate. So I think the way you want to think about the timing of the gross margin is as you work into ['20] '24 and 2025, there'll be a bit of an overhang from underutilization. As we start to bring the factories up, we'll start to see that come down somewhat. And then we'll see a faster ramp up in '26 and then to '27 as you start to utilize the factors more and get better substrate capacity both out of the Durham campus and other side of the city and we'll see a trajectory that brings that back up to that level of north of 50% and to get after that '26 and '27 time frame.

我認為，當您充分利用設施時，顯然您將遠遠領先於任何未充分利用的挑戰，因為設施將得到利用。所以隨著時間的推移，它就會消失。因此，我認為您考慮毛利率時間的方式是，當您進入 ['20] '24 和 2025 年時，由於利用率不足，將會出現一些懸而未決的情況。當我們開始建設工廠時，我們會開始看到情況有所下降。然後我們將在26 年看到更快的增長，然後到27 年，當您開始更多地利用這些因素並在達勒姆校區和城市的另一邊獲得更好的基質容量時，我們將看到一個軌跡這使得該比例回到了 50% 以上的水平，並在 26 和 27 的時間範圍之後。

Great. Helpful. And then just as my follow-up, just kind of thinking from a capacity perspective. I know there's kind of a lot more of a focus of several vendors entering the market with their own internal capacity. There's a growing ecosystem in China as well. So I guess from a supply perspective, both from maybe a material standpoint and a device standpoint, maybe just the growing entrance into the market when from a supply perspective, it starts to become alot more of a concern.

偉大的。有幫助。然後，正如我的後續行動，只是從能力的角度進行思考。我知道，一些供應商憑藉自己的內部能力進入市場，更加受到關注。中國的生態系統也在不斷發展。因此，我認為從供應的角度來看，無論是從材料的角度還是從設備的角度來看，也許只是從供應的角度來看，市場的進入越來越多，它開始變得更加令人擔憂。

Yes. Maybe I'll take that. Obviously, the silicon carbide market growth is explicit right now. And many of the forecasts are that it's going to have 40%, 50% compounded annual growth rate for quite some time. So that's obviously attracting a lot of new players. We've been at this for a long time. And what I would tell you is that a silicon carbide is a tricky technology, it's very difficult to master. We do have many of our material customers -- have plans to have their own materials capability and they've got different time frames for that. One of them, I think, is expecting to be fully internal by the end of this calendar year. Another wants to be, I think, 40% internal, 60% external over a long period of time. And we have all of that modeled into our plans in terms of revenue. So it's kind of fully expected that there would be more materials capability coming online, and we've got that baked into our plans.

是的。也許我會接受。顯然，碳化矽市場目前的增長是顯而易見的。許多預測認為，在相當長的一段時間內，複合年增長率將達到 40%、50%。所以這顯然吸引了很多新玩家。我們在這方面已經做了很長時間了。我要告訴你的是，碳化矽是一項棘手的技術，很難掌握。我們確實有許多材料客戶 - 計劃擁有自己的材料能力，並且他們對此有不同的時間框架。我認為其中之一預計將在今年年底完全內部化。我認為，另一個人希望在很長一段時間內，40% 是內部的，60% 是外部的。我們將所有這些都納入了我們的收入計劃中。因此，我們完全預計會有更多的材料能力上線，我們已將其納入我們的計劃中。

Our next question is from Colin Rusch with Oppenheimer.

我們的下一個問題來自科林·魯什和奧本海默。

Could you talk a little bit about the magnitude of the OpEx growth that you're expecting through the balance of the year and kind of the key areas of focus for that spend?

您能否談談您預計今年餘下時間運營支出增長的幅度以及該支出的重點關注領域？

So from an OpEx perspective, excluding the start-up expenses that we'll see, that came right in line with where we expected in Q4. So we'll continue to invest in R&D and anything really that helps us drive Mohawk Valley up to the 20% utilization exiting the year. So that continues to be a major focus for us. We both see, as we get into Q1, we'll see some employee-related expenses as well underlying. And then on top of that, we'll see some of the start-up costs. I think in the prepared remarks, you mentioned about $8 million from -- primarily related to the JP in Siler City in Q1. So as you look out at the end of the year, we'll see that probably that $8 million double probably by the time we get to the end of the year. So we'll see some modest pickup in the non start-up pipe expense as we get out of it.

因此，從運營支出的角度來看，排除我們將看到的啟動費用，這與我們在第四季度的預期一致。因此，我們將繼續投資於研發以及任何真正有助於我們將莫霍克谷的利用率提高到當年 20% 的投資。因此，這仍然是我們的主要關注點。我們都看到，當我們進入第一季度時，我們將看到一些與員工相關的潛在費用。除此之外，我們還會看到一些啟動成本。我認為在準備好的發言中，您提到了大約 800 萬美元，主要與第一季度錫勒市的 JP 有關。因此，當你展望今年年底時，我們會發現到年底時，800 萬美元可能會翻一番。因此，當我們擺脫非啟動管道費用時，我們會看到一些適度的回升。

And then on the customer side, given this massive agreement that you've signed. Are you starting to see any real change in behavior from some of the other customers in terms of wanting to make sure they have access to supply? Is that dynamic changing? Are folks more willing to put deposits on the table for long-dated contracts. What's the sensibility around all of those dynamics right now?

然後在客戶方面，鑑於您已經簽署了這份龐大的協議。您是否開始看到其他一些客戶的行為發生了真正的變化，希望確保他們能夠獲得供應？這是動態變化的嗎？人們是否更願意為長期合同存入定金？目前所有這些動態的敏感性是什麼？

Yes. I would say that, that remains a key priority for customers. We've got probably the most important transition that's happened in the auto industry in the last 100 years, which is the demise of the internal combustion engine being replaced by electric vehicles and all the OEMs are very interested in making sure that they're lined up with folks that are installing capacity, building capacity, spending money on CapEx, et cetera. So there's a lot of activity on that. And then I guess you can point to the Renesas deal. This, from my perspective, it's the largest customer deposit either we're seeing $2 billion for a capacity corridor is quite a commitment. And I think it shows from a Renesas perspective that silicon carbide is an important technology, and it's one that they have really strong access to. So we've got a great partnership. It's a 10-year deal. It's the August supply agreement we've done. And so I would say, yes, there still remains a high level of interest in these sort of upfront capacity [reservation funds]

是的。我想說，這仍然是客戶的首要任務。我們可能經歷了過去 100 年來汽車行業發生的最重要的轉變，即內燃機被電動汽車取代，所有 OEM 廠商都非常有興趣確保它們得到滿足與那些正在安裝容量、建設容量、在資本支出上花錢等的人一起。因此，這方面有很多活動。然後我想你可以指出瑞薩的交易。從我的角度來看，這是最大的客戶押金，我們看到 20 億美元用於容量走廊是一項相當大的承諾。我認為，從瑞薩電子的角度來看，碳化矽是一項重要的技術，而且他們確實擁有強大的能力。所以我們建立了良好的合作夥伴關係。這是一份為期10年的合同。這是我們簽訂的八月份供應協議。所以我想說，是的，人們仍然對這種前期能力[預訂基金]抱有很高的興趣

Our next question is from Joshua Buchalter with TD Cowen.

我們的下一個問題來自 TD Cowen 的 Joshua Buchalter。

I wanted to follow up on a couple of previous ones. So if you're running -- first of all, I think you mentioned the Durham Building 10 is 75% of the furnaces are installed. I guess (inaudible) installed mean running. And it sounds like you're pretty close to being able to support or having the furnaces installed to support 20% utilization at Mohawk Valley, but you're not expecting to get there until the June quarter of 2024. Is this sort of the normal cadence of time from furnaces turning on to devices out of Mohawk Valley that we should be expecting going forward?

我想跟進之前的幾個。所以，如果你正在跑步——首先，我想你提到達勒姆 10 號樓安裝了 75% 的熔爐。我猜（聽不清）安裝意味著運行。聽起來您已經非常接近能夠支持或安裝熔爐以支持莫霍克谷 20% 的利用率，但您預計要到 2024 年 6 月季度才能實現這一目標。這是正常現象嗎？從熔爐啟動到莫霍克谷設備出來的時間節奏我們應該期待什麼？

Yes. Basically, yes, Joshua, is the answer to that. And I would point to a couple of different things. We are ramping the production of 200-millimeter crystals. We're ramping the production of turning those into wafers (inaudible) in process, the FD process and then feeding that all into a brand-new fab. So all of that is kind of coming online. And the fact that we can go from $1 million worth of revenue to 20% utilized and basically a year is actually pretty good I think.

是的。基本上，是的，約書亞，就是這個問題的答案。我想指出一些不同的事情。我們正在加大 200 毫米晶體的產量。我們正在加大生產力度，將其轉化為晶圓（聽不清），即 FD 工藝，然後將其全部送入全新的晶圓廠。所以所有這些都是在線的。事實上，我們基本上一年就能將價值 100 萬美元的收入提高到 20%，這實際上是相當不錯的。

Got it. And then I also want to follow up on some previous comments. Any more details you can give? I guess given on the volatility of 150-millimeter device output at Durham, given how constrained silicon carbide is. I would have expected it to be smooth and just run at full utilization and capacity to generate that $100 million of revenue pretty smoothly going forward? I guess I'm just surprised by the intra-quarter moves coming out of that site. And I guess should we expect it to remain volatile from here or sort of stay in the $100 million range.

知道了。然後我還想跟進之前的一些評論。您可以提供更多詳細信息嗎？考慮到碳化矽受到的限制，我猜想是因為達勒姆 150 毫米設備產量的波動性。我本以為它會很順利，並且能夠充分利用和產能運行，從而順利地產生 1 億美元的收入？我想我只是對該網站的季度內變動感到驚訝。我想我們應該期望它從這裡開始保持波動還是停留在 1 億美元的範圍內。

Yes. I wouldn't call it volatile. I think it's -- as we said, I think, pretty clearly for the last couple of quarters that Durham inside from a power device perspective will be $100 million plus or minus 5% or 7%, I think, is probably pretty reasonable. It's an older fab. We've got different mixes running through the factory right now. And I think that's what kind of in line with what we had projected previously. So I think just from a good forecasting perspective, I think you're going to see about that level going forward. And then as you think about revenue trajectory for the power device business and generating revenue above that and a meaningful lag would come from Mohawk Valley.

是的。我不會稱其為不穩定的。我認為，正如我們所說，我認為，很明顯，在過去的幾個季度中，從功率器件的角度來看，達勒姆內部將達到1 億美元正負5% 或7%，我認為這可能是相當合理的。這是一個較舊的工廠。我們現在工廠裡正在生產不同的混合物。我認為這與我們之前的預測是一致的。因此，我認為，從良好的預測角度來看，我認為您將看到未來的水平。然後，當您考慮功率器件業務的收入軌跡以及高於此的收入時，莫霍克谷將出現有意義的滯後。

Our next question is from Matthew Prisco with Evercore.

我們的下一個問題來自 Evercore 的 Matthew Prisco。

To kick off just on Mohawk Valley, as we look past the 20% utilization rate with Siler City starting to ramp rise to hit 20%. How are you thinking of that cadence? How quickly will you turn -- ramp up that utilization rate at Mohawk Valley? And when do you expect to hit that 30%, 40% level?

首先從莫霍克谷開始，當我們回顧過去 20% 的利用率時，Siler City 開始逐步上升至 20%。你覺得這個節奏怎麼樣？您將多快提高莫霍克谷的利用率？您預計什麼時候能達到 30%、40% 的水平？

We are in construction right now on the JP in Siler City, it's going vertical right now. So the shell is kind of going up and the expectation is that in the June quarter, we would begin -- June quarter of next year. We would begin producing 200-millimeter crystals out of that facility. And that lines up pretty nicely with the increase that we would want at that time coming out of Mohawk Valley. Yes, coming from the Mohawk Valley.

我們現在正在 Siler 市的 JP 上施工，現在正在垂直施工。因此，外殼價格正在上漲，預計我們將在六月季度開始——明年六月季度。我們將開始在該設施中生產 200 毫米的晶體。這與我們當時希望莫霍克谷的增長非常吻合。是的，來自莫霍克山谷。

Additionally, we have other projects going on here locally in North Carolina that are working on getting more capacity out of our current footprint. And those come in 2 kind of flavors. One is R&D where we've got projects that will get more wafers per crystal run. So obviously, higher throughput for the existing facility. And the second is expansion into a couple of nearby sites and one in Dallas area that are going to help us with expansion. And another way of describing that is giving us a little bit of cushion on the ramp of the JP. So getting a little bit more capability out of our existing and our local facilities.

此外，我們在北卡羅來納州當地還有其他項目正在進行，這些項目正在努力從我們目前的足跡中獲得更多產能。這些有兩種口味。一是研發，我們的項目將在每次晶體運行中獲得更多晶圓。顯然，現有設施的吞吐量更高。第二個是擴展到附近的幾個站點和達拉斯地區的一個站點，這將有助於我們的擴張。另一種描述方式是在 JP 的坡道上為我們提供一點緩衝。因此，從我們現有的和當地的設施中獲得更多的能力。

Interesting. And then I guess, as you think about that ramp, obviously, some delays going on at Durham, what gives you the confidence that that Siler City will be able to ramp on time. Is it just taking a learning here and applying a director that because it's a new fab, maybe a little new process, it's continuing on?

有趣的。然後我想，當你想到那個坡道時，很明顯，達勒姆發生了一些延誤，這讓你有信心錫勒城能夠按時坡道。是否只是在這裡學習並應用一位主管，因為這是一個新的晶圓廠，也許是一個新的流程，所以它會繼續下去？

So there's a lot of work to be done, and that's for sure. But we are right now tracking to the schedule that I just talked about. We have demonstrated that we can increase our capacity and create 200-millimeter crystal growth machines and are producing them in high quality. So we've already demonstrated that we could sit out a new facility, which is so-called Building 10 here in our campus here. The JP and Siler City, not that far away. So we'll be using the same team to ramp that facility. So I think we've done it once and doing it again, we'll be I would say something we've already learned from.

所以還有很多工作要做，這是肯定的。但我們現在正在按照我剛才談到的時間表進行。我們已經證明，我們可以提高產能並製造 200 毫米晶體生長機，並且正在以高質量生產它們。因此，我們已經證明我們可以在我們的園區設立一個新設施，即所謂的 10 號樓。 JP和Siler市，距離不遠。因此，我們將使用同一團隊來提升該設施。所以我認為我們已經做過一次，再做一次，我們會說一些我們已經學到的東西。

Got you. And then just quickly on the material side, few changes recently with the Renesas deal competitor announcement? And given your delays that you've seen for now having used more internally. How are you thinking about the material targets that you provided at your last Analyst Day? Are those still right ballpark to think about from a revenue and share perspective? Or have things kind of changed in from your eyes?

明白你了。然後，在材料方面，最近瑞薩與競爭對手的交易公告幾乎沒有什麼變化？考慮到您目前所看到的延遲，您在內部使用了更多。您如何看待上次分析師日提供的實質性目標？從收入和份額的角度來看，這些仍然是正確的嗎？或者從你的角度來看，事情發生了一些變化？

Well, the 1 thing -- first off, no, we wouldn't be changing the target. So -- but I would say, in between then and now, we've obviously signed up a very big supply agreement with Renesas. And that is now part of our plan. And I would say, as I said in my prepared remarks, the demand right now for silicon carbide, both devices and materials is very, very high.

嗯，第一件事 - 首先，不，我們不會改變目標。所以，但我想說，從那時到現在，我們顯然已經與瑞薩電子簽署了一份非常大的供應協議。現在這是我們計劃的一部分。我想說，正如我在準備好的發言中所說，目前對碳化矽、器件和材料的需求非常非常高。

Our next question is from Natalia Winkler with Jefferies.

我們的下一個問題來自 Jefferies 的 Natalia Winkler。

I wanted to follow up on the Siler City ramp. Could you guys please remind us how large is that JP-related CapEx? What's the kind of the timeline for the entire ramp? And how should we think about any potential depreciation headwind from the JP ramp?

我想追踪錫勒城坡道。你們能否提醒我們與日本相關的資本支出有多大？整個坡道的時間表是怎樣的？我們應該如何看待日元升值帶來的任何潛在的貶值阻力？

Yes. So from an investment perspective, we've talked about $2 billion of CapEx this year, let's say, the vast majority of that is related to the build-out at JP. We also have some tools we're putting into Mohawk Valley. We have some materials expansion and back-end semiconductor equipment we're putting in. So I think the vast majority of that would be done here in 2024, which then indicates that to get into 2025, we should be able to start ramping that facility. As you think about the kind of fixed costs or start-up costs, we talked about $8 million related to that this quarter, it should double by the end of the fiscal year to about $16 million in Q4 and then you should see some additional increases in '25. But if you bring that on to [2020] capacity levels, similar to what we just saw in Mohawk Valley that will transition to cost of sales and just be part of our cost of sales moving forward as we transition that factory to production in 2025.

是的。因此，從投資角度來看，我們今年討論了 20 億美元的資本支出，可以說，其中絕大多數與 JP 的擴建有關。我們還向莫霍克谷投入了一些工具。我們正在投入一些材料擴展和後端半導體設備。所以我認為其中絕大多數將在 2024 年在這裡完成，這表明要進入 2025 年，我們應該能夠開始擴大該設施。當您考慮固定成本或啟動成本時，我們討論了與本季度相關的800 萬美元，到本財年末，該成本應該會翻一番，在第四季度達到約1600 萬美元，然後您應該會看到一些額外的增長在'25。但如果你將其提高到[2020] 產能水平，類似於我們剛剛在莫霍克谷看到的情況，這將過渡到銷售成本，並且只是我們在2025 年將該工廠過渡到生產時的銷售成本的一部分。

Understood. And then for my follow-up, I wanted to ask on the RF business. Could you guys provide some sort of color what you're seeing there and maybe what your expectations are for the next few quarters?

明白了。然後我想問一下射頻業務。你們能否提供一些您在那裡看到的顏色以及您對未來幾個季度的期望？

Yes. So from RF perspective, I think the overall kind of environment has been somewhat weak in line with our expectations. We see that kind of flattish year for the first half of the fiscal year with maybe a modest pickup in the back half of the year.

是的。因此，從射頻角度來看，我認為整體環境有些疲軟，符合我們的預期。我們看到本財年上半年表現平淡，下半年可能會略有回升。

I'd now like to turn the call back over to Mr. Lowe for some final thoughts.

我現在想把電話轉回給洛先生，徵求一些最後的想法。

Just a couple of final thoughts before we wrap up. We are producing high-quality 200-millimeter substrate that the Durham campus that are yielding well. [indescernible] Mohawk Valley, which is open for business, generating revenue and beginning to scale. Construction at the JP, our new 200-millimeter materials factory is underway and will pave the way for a substantial increase in supply as demand continues to grow at unprecedented levels. And that is demonstrated by the $8.3 billion of design ins that we were awarded in fiscal 2023. Finally, we secured $5 billion of funding in the last 9 months, to ensure we are well positioned to support this multi-decade growth opportunity. We appreciate your continued support and look forward to speaking with you next quarter.

在我們結束之前，還有一些最後的想法。我們正在生產高質量的 200 毫米基板，達勒姆校區的產量良好。 [無法辨認]莫霍克谷，已開始營業，產生收入並開始擴大規模。我們新的 200 毫米材料工廠 JP 的建設正在進行中，隨著需求持續以前所未有的水平增長，將為大幅增加供應鋪平道路。我們在2023 財年獲得的83 億美元的設計資金就證明了這一點。最後，我們在過去9 個月內獲得了50 億美元的資金，以確保我們處於有利位置來支持這一數十年的增長機會。我們感謝您的持續支持，並期待下個季度與您交談。

That concludes the conference call. Thank you for your participation. You may now disconnect your lines.

電話會議到此結束。感謝您的參與。您現在可以斷開線路。