Wolfspeed Inc (WOLF) 2024 Q4 法說會逐字稿

Good afternoon. Thank you for attending the Wolfspeed Inc. Q4 fiscal year '24 earnings call. My name is Matt, and I'll be your moderator for today's call. (Operator Instructions) I would now like to pass the conference over to our host, Tyler Gronbach, VP External Affairs; Tyler, please go ahead.

午安.感謝您參加 Wolfspeed Inc. '24 財年第四季財報電話會議。我叫馬特，我將擔任今天電話會議的主持人。 （操作員指示）我現在想將會議轉交給我們的東道主，外部事務副總裁 Tyler Gronbach；泰勒，請繼續。

Thank you, operator, and good afternoon, everyone. Welcome to Wolfspeed's Fourth Quarter Fiscal 2024 Conference Call. Today, Wolfspeed CEO, Gregg Lowe; and Wolfspeed CFO, Neill Reynolds, will report on the results for the fourth quarter of fiscal year 2024. Please note that we will be presenting non-GAAP financial results during today's call, which we believe provides a useful information to our investors.

謝謝接線員，大家下午好。歡迎參加 Wolfspeed 2024 財年第四季電話會議。如今，Wolfspeed 執行長 Gregg Lowe； Wolfspeed 財務長 Neill Reynolds 將報告 2024 財年第四季的業績。

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

非 GAAP 結果不符合 GAAP，且可能無法與其他公司提供的非 GAAP 資訊進行比較。非公認會計原則資訊應被視為根據公認會計原則編制的財務報表的補充，而不是替代。我們的新聞稿中提供了與最直接可比較的公認會計準則衡量標準的對賬，並發佈在我們網站的投資者關係部分，以及其他關鍵指標的歷史摘要。今天的討論包括有關我們業務前景的前瞻性陳述，我們可能會在電話會議期間做出其他前瞻性陳述。

Such forward-looking statements are subject to numerous risks and uncertainties. Our press release today and the SEC filings noted in the release mention important factors that could cause actual results to differ materially. Last note that all discussions today will be on a continuing operation basis. During the Q&A session, we would ask that you limit yourself to one question so that we can accommodate as many questions as possible during today's call. If you have any additional questions, please feel free to contact us after the call. And now, I'd like to turn the call over to Gregg.

此類前瞻性陳述面臨眾多風險和不確定性。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。最後請注意，今天的所有討論都將在持續營運的基礎上進行。在問答環節中，我們會要求您只提出一個問題，以便我們在今天的電話會議中能夠回答盡可能多的問題。如果您還有任何其他問題，請在通話後隨時與我們聯繫。現在，我想把電話轉給格雷格。

Good afternoon, everyone. Thank you for joining us today. As we did on the last call, I'd like to discuss a few thoughts that I know are top of mind. First, we are acting on an aggressive plan to optimize our capital structure for both the near and the long term. We've already begun to align the pace of CapEx to our current balance sheet and identify areas to reduce cost and improve profitability across all aspects of the business.

大家下午好。感謝您今天加入我們。正如我們在上次通話中所做的那樣，我想討論一些我認為最重要的想法。首先，我們正在製定一項積極的計劃，以優化近期和長期的資本結構。我們已經開始根據當前的資產負債表調整資本支出的步伐，並確定在業務各個方面降低成本和提高盈利能力的領域。

As we've discussed previously, our 200-millimeter device fab is currently producing solid results at lower costs than our Durham 150-millimeter fab while also presenting significant die cost advantages. This improved profitability gives us the confidence to accelerate the shift of our device fabrication to Mohawk Valley, while we assess the timing of the closure of our 150-millimeter device fab. The team is currently working on these plans, and we intend to provide an update on our next earnings call. We believe these actions can generate meaningful cash savings, providing us with greater flexibility to optimize our capital structure.

正如我們之前所討論的，我們的 200 毫米元件晶圓廠目前正在以比達勒姆 150 毫米晶圓廠更低的成本產生可靠的成果，同時還具有顯著的晶片成本優勢。獲利能力的提高讓我們有信心加速將裝置製造轉移到莫霍克谷，同時我們也正在評估 150 毫米裝置工廠關閉的時間。團隊目前正在製定這些計劃，我們打算在下一次財報電話會議上提供最新資訊。我們相信這些行動可以產生有意義的現金節省，為我們提供更大的靈活性來優化我們的資本結構。

We have already targeted $200 million of CapEx reductions in fiscal 2025. Neil will discuss this in more detail shortly. As we said last quarter, as we close out much of our fixed facility spend by the end of December 2024, our future CapEx spend is variable and can be modulated up or down. Later on, Neil will touch more on what this means for our fiscal 2025 and fiscal 2026 CapEx.

我們已經設定了在 2025 財年削減 2 億美元資本支出的目標。正如我們上季度所說，隨著我們在 2024 年 12 月底結束大部分固定設施支出，我們未來的資本支出是可變的，可以上下調整。稍後，尼爾將更多地討論這對我們 2025 財年和 2026 財年資本支出意味著什麼。

We continue to aggressively drive the process of securing additional funding for the business, particularly with the CHIPS office. While we are limited in what we can say publicly, our constructive discussions with the CHIPS office on a preliminary memorandum of terms or PMT continue. While there can be no assurance that we will reach an agreement, we are now down to negotiating the final terms and conditions of the PMT. Separately, as part of the CHIPS Program, we are eligible for more than $1 billion in Section 48D cash tax refunds from the IRS, of which we've already accrued approximately $640 million.

我們繼續積極推動為業務獲取額外資金的進程，特別是與 CHIPS 辦公室的合作。雖然我們能公開表達的內容有限，但我們與 CHIPS 辦公室就初步條款備忘錄或 PMT 進行的建設性討論仍在繼續。雖然不能保證我們一定會達成協議，但我們現在正在就 PMT 的最終條款和條件進行談判。另外，作為 CHIPS 計劃的一部分，我們有資格從 IRS 獲得超過 10 億美元的第 48D 條現金退稅，其中我們已經累積了大約 6.4 億美元。

As the world's largest producer of silicon carbide material, we believe we have a compelling proposition for a CHIPS grant because silicon carbide is considered a matter of national security, is designated a critical material by the US Department of Energy and is essential to the electric vehicle ecosystem. Next, improving operational performance at our manufacturing sites also remains a key focus, as we ramp our 200-millimeter output. As you know, our US 200-millimeter footprint for materials and devices is a key competitive advantage. On the material side, our progress on our 200-millimeter platform has been substantial.

作為世界上最大的碳化矽材料生產商，我們相信我們有一個令人信服的 CHIPS 撥款提案，因為碳化矽被認為是國家安全問題，被美國能源部指定為關鍵材料，並且對於電動車至關重要生態系。接下來，隨著我們提高 200 毫米產量，提高製造工廠的營運績效仍然是一個重點。如您所知，我們在美國 200 毫米的材料和設備佔地面積是一項關鍵的競爭優勢。在材料方面，我們在 200 毫米平台上取得了實質進展。

Crystal growth and substate processing out of Building 10 in Duram continues to scale and we expect to be able to support a 25% wafer start utilization at Mohawk Valley in the September quarter, one quarter ahead of plan. As a result of continued productivity improvements, we are also now expecting Building 10 to support 30% wafer start utilization at Mohawk Valley in the March quarter of 2025. These productivity improvements allow for a more measured ramp and, therefore, measured spend on The JP. At The JP, we powered up the initial furnaces last quarter and are actively qualifying crystals this quarter.

杜拉姆 10 號樓的晶體生長和基板加工繼續擴大規模，我們預計能夠支持莫霍克谷在 9 月季度的 25% 晶圓開工利用率，比計劃提前一個季度。由於生產力持續提高，我們現在預計 10 號大樓將在 2025 年第三季支持莫霍克谷 30% 的晶圓開工利用率。在 The JP，我們上季度為最初的熔爐提供了動力，並在本季度積極對晶體進行資格鑑定。

We processed the first pool from The JP through the Durham line and are seeing that the quality is in line with the great performance we're seeing out of Building 10. Construction continues to progress well, and we are still confident in our schedule to have the full flow qualified in delivering wafers to Mohawk Valley by summer of 2025. On the Device side, Fab yields in Mohawk Valley are ahead of plan, and unit costs are well below those in Durham. There is plenty of progress still to come, but it's great to see we're ahead of our most recent projections.

我們處理了從 The JP 通過 Durham 線的第一個泳池，發現其品質與我們在 10 號樓看到的出色性能相符。流程具備向莫霍克谷交付晶圓的資格。雖然還有很多進展，但很高興看到我們領先於最新的預測。

As previously mentioned, we are accelerating the transition of our Device business to 200-millimeter. By the March quarter, we plan to move nearly all EV powertrain production to Mohawk Valley. Because of the success of the entire 200-millimeter effort, this gives us the confidence to move forward with plans to migrate our device manufacturing from our 150-millimeter fab to the 200-millimeter fab in Mohawk Valley. Lastly, as I outlined last quarter, the market is clearly not valuing the company consistent with our technology, the business we've built or the strategic potential of the business.

如前所述，我們正在加速設備業務向 200 毫米的過渡。到三月季度，我們計劃將幾乎所有電動車動力總成生產轉移到莫霍克谷。由於整個 200 毫米工作的成功，這讓我們有信心推進將我們的裝置製造從 150 毫米晶圓廠遷移到莫霍克谷的 200 毫米晶圓廠的計劃。最後，正如我上個季度所概述的那樣，市場顯然沒有按照我們的技術、我們建立的業務或業務的戰略潛力來評估該公司。

In light of this disconnect, the management team and the Board of Directors routinely consider alternatives to enhance value for shareholders. Having laid out those points, let's move to the specifics of Wolfspeed's fourth quarter performance. The Mohawk Valley Fab generated $41 million in revenue for the quarter, on the lower end of our estimated range, which was the result of an EV customer deferring delivery of several million dollars worth of product. We expect to recognize this revenue in fiscal 2025 and believe we would have landed in line or slightly above the midpoint of our Mohawk Valley revenue guidance, excluding this push-out.

鑑於這種脫節，管理團隊和董事會經常考慮提高股東價值的替代方案。闡述完這些重點後，讓我們來看看 Wolfspeed 在第四季表現的細節。莫霍克谷工廠本季收入為 4,100 萬美元，處於我們估計範圍的下限，這是由於電動車客戶推遲交付價值數百萬美元的產品的結果。我們預計將在 2025 財年確認這筆收入，並相信我們將達到或略高於莫霍克谷收入指引的中點（不包括此次推出）。

We passed internal qualification for nearly all automotive powertrain products in late July and now have only a handful of customer qualifications left to complete, giving us the confidence that those products can be serviced out of Mohawk Valley, sooner than we originally anticipated. While the ramp of EVs is slower than previously projected, and many companies in the semiconductor industry are still confronting automotive headwinds, our revenue in the EV market continues to be strong because we are just at the beginning of the ramp of our Automotive business across several geographies. Our EV revenue in the fourth quarter was up more than 100% year-over-year and is expected to be up approximately 300% year-on-year in fiscal Q1. We are in the very early stages of what might be the most significant transition in the history of the auto industry.

我們在7 月底通過了幾乎所有汽車動力系統產品的內部認證，現在只剩下少數客戶認證需要完成，這讓我們有信心這些產品可以在莫霍克谷之外提供服務，比我們最初預期的要早。雖然電動車的成長速度比之前預期的要慢，而且半導體產業的許多公司仍然面臨汽車產業的逆風，但我們在電動車市場的收入仍然強勁，因為我們的汽車業務在多個領域才剛開始成長。我們第四季的電動車營收年增超過100%，預計第一財季將年增約300%。我們正處於汽車產業史上最重大轉型的早期階段。

This will create a very dynamic environment as the OEMs will continue to adjust their ramp programs across their product portfolio. Our EV revenue has grown for three consecutive quarters despite a declining auto semiconductor market. Because some of the EV design, as we've accumulated over the last five to seven years are just beginning to ramp. We achieved an additional $2 billion in Design-Ins in fiscal Q4, bringing our fiscal 2024 total to over $9 billion of Design-Ins. We also had approximately $500 million of Design-Ins convert to Design-WINs in the fourth quarter, reflecting the initial ramp of production for those programs.

這將創造一個非常動態的環境，因為原始設備製造商將繼續調整其產品組合的升級計劃。儘管汽車半導體市場下滑，但我們的電動車收入已連續三個季度成長。因為我們在過去五到七年中累積的一些電動車設計才剛開始進步。我們在第四財季額外實現了 20 億美元的設計投入，使 2024 財年的設計投資總額達到超過 90 億美元。第四季度，我們還有大約 5 億美元的 Design-In 轉換為 Design-WIN，反映了這些項目的初始產量成長。

As we stated previously, our Design-WINs backlog supports more than 125 different car models across more than 30 OEMs over the next several years. But remember, this transition is the biggest disruption in the history of the auto industry, and not all of these car models will ramp as currently projected. Some will be very successful, others less so. As such, we will need to be flexible to match our manufacturing output with this dynamic demand.

正如我們之前所說，我們的 Design-WINs 積壓工作在未來幾年內支援 30 多家 OEM 的超過 125 種不同的車型。但請記住，這種轉變是汽車產業史上最大的顛覆，並非所有這些車型都會像目前預期的那樣成長。有些人會非常成功，有些人則不太成功。因此，我們需要靈活地使我們的製造產量與這種動態需求相符。

Additionally, while there has been some near-term reductions in the projected EV adoption rate estimates, the adoption of silicon carbide in EVs has remained strong. Our $21 billion of EV Design-Ins to date is a testament to this. A recent McKinsey report highlighted that OEMs are transitioning to purpose-built silicon carbide devices in next-generation EVs that have higher power requirements and therefore, 800-volt battery systems. In fact, by 2027 to 2030, it is projected that more than 90% of new EVs will use 800-volt systems, which offer compelling performance advantages over traditional 400-volt systems.

此外，雖然預計電動車採用率預計近期有所下降，但碳化矽在電動車中的採用仍然強勁。迄今為止，我們價值 210 億美元的電動車設計就證明了這一點。麥肯錫最近的一份報告強調，原始設備製造商正在向下一代電動車中的專用碳化矽設備過渡，這些設備具有更高的功率需求，因此需要 800 伏特電池系統。事實上，到 2027 年至 2030 年，預計超過 90% 的新型電動車將使用 800 伏特系統，與傳統 400 伏特系統相比，它具有引人注目的性能優勢。

On that note, approximately 70% of our $2 billion Design-Ins from this quarter were related to 800-volt applications, underscoring our belief that this shift to higher-performing and more efficient architectures will serve as a major tailwind for both silicon carbide generally and Wolfspeed specifically, given our market-leading wafer and device quality. While the automotive industry has led the way in adopting silicon carbide thus far, there are critical high-voltage industries in energy markets such as AI data centers, E-mobility and solar inverters, that are ripe for disruption in the coming years as more industrial and energy companies look to solve for the same efficiency, system size and system cost challenges that the automotive makers face as they were designing their next-generation EVs. As we remarked earlier, silicon carbide is the path they chose to overcome those challenges.

在這一點上，本季我們 20 億美元的設計中約 70% 與 800 伏特應用相關，這突顯了我們的信念，即向更高性能和更高效架構的轉變將成為碳化矽的主要推動力鑑於我們市場領先的晶圓和裝置質量，特別是Wolfspeed。雖然汽車產業迄今在採用碳化矽方面處於領先地位，但能源市場中還有一些關鍵的高壓產業，例如人工智慧資料中心、電動車和太陽能逆變器，隨著更多的工業應用，這些產業在未來幾年面臨顛覆的時機已經成熟。正如我們之前所說，碳化矽是他們選擇克服這些挑戰的道路。

We have merely scratched the surface of silicon carbide potential use cases. Silicon carbide is integral to the electrification of a wide array of current and future applications and plays a foundational role in making our energy systems more efficient, more powerful and more reliable. And now I'd like to pass the call over to Neil to discuss our quarterly financials and guidance.

我們僅僅觸及了碳化矽潛在用例的表面。碳化矽是當前和未來各種應用電氣化不可或缺的一部分，在使我們的能源系統更有效率、更強大、更可靠方面發揮基礎作用。現在我想將電話轉接給尼爾，討論我們的季度財務和指導。

Thanks, Gregg. As a reminder, before we discuss our performance, all results reported today will be on a continuing operations basis and exclude the impact of our divested RF business and our results. We generated $201 million of revenue for the quarter, slightly above the midpoint of our guidance and flat sequentially. We recognized power revenue of $105 million, driven largely by the contribution from Mohawk Valley but offset by continued weakness in industrial and energy markets. Mohawk Valley's $41 million contribution represents growth of 46% quarter-over-quarter and an exponential increase from the $1 million contribution one year ago.

謝謝，格雷格。提醒一下，在我們討論我們的業績之前，今天報告的所有業績都將基於持續營運的基礎上，並排除我們剝離的射頻業務和業績的影響。我們本季的營收為 2.01 億美元，略高於我們指引的中點，與上一季持平。我們確認電力收入為 1.05 億美元，主要由莫霍克谷的貢獻推動，但被工業和能源市場的持續疲軟所抵消。莫霍克谷的 4,100 萬美元捐款意味著環比增長 46%，比一年前的 100 萬美元呈指數級增長。

We achieved $64 million of revenue from our Durham Device Fab down approximately 40% year-over-year driven by continued weakness in industrial and energy markets. We also recognized Materials revenue of $96 million, above our expectations, driven by the continued strong execution of our Materials operations team. Looking to the future, given the continued yield efficiency and capacity improvements in our 200-millimeter production, we will accelerate the transition of our Power Device business to 200-millimeter at Mohawk Valley, where we see significantly improved unit costs well ahead of our 150-millimeter device unit cost. Additionally, the Durham Fab has been running at lower levels of utilization due to the weakness in I&E markets, driving a significant level of underutilization and higher unit costs.

由於工業和能源市場持續疲軟，我們達勒姆設備工廠的收入為 6,400 萬美元，年減約 40%。在我們的材料營運團隊持續強勁的執行力的推動下，我們也確認了材料收入為 9,600 萬美元，超出了我們的預期。展望未來，鑑於我們 200 毫米生產的產量效率和產能持續提高，我們將加快莫霍克谷功率裝置業務向 200 毫米的轉型，我們看到單位成本顯著改善，遠遠領先於我們的 150 毫米-毫米設備單位成本。此外，由於工業和電子市場疲軟，達勒姆工廠的利用率一直較低，導致利用率嚴重不足和單位成本上升。

Therefore, as Gregg mentioned, we are planning to accelerate the shift of our device fabrication to Mohawk Valley, while we assess the timing of the closure of our 150-millimeter device fab. We will come back at our next earnings call with our future device production plans, as we work through these plans internally and with our customers. I'd also like to note that this shift in production mix does not change our view that I&E products will be a substantial and important part of our product portfolio over the long term. Moving back to our financials, non-GAAP gross margin in the fourth quarter was 5%, slightly above the midpoint of our June guidance.

因此，正如 Gregg 所提到的，我們計劃加速將裝置製造轉移到莫霍克谷，同時評估關閉 150 毫米裝置工廠的時間。我們將在下一次財報電話會議上介紹我們未來的設備生產計劃，我們將在內部並與客戶一起制定這些計劃。我還想指出的是，生產結構的這種轉變並沒有改變我們的觀點，即從長遠來看，工業和電氣產品將成為我們產品組合的重要組成部分。回到我們的財務數據，第四季度的非 GAAP 毛利率為 5%，略高於我們 6 月指導的中點。

This includes $24 million or 1,200 basis points of expansion under utilization primarily related to Mohawk Valley. As you know, based on our June update, in the fourth quarter, our gross margin was negatively impacted by an incident at our Durham Fab, which negatively impacted non-GAAP gross margin by an incremental 500 basis points, resulting from underutilization charges, repair costs and lower yields. This resulted in adjusted EPS of negative $0.89 and was above the midpoint of our June guidance. Regarding our balance sheet, we ended the fiscal year with approximately $2.2 billion of cash and liquidity on hand to support our facility ramps and growth plans.

其中包括主要與莫霍克谷相關的 2,400 萬美元或 1,200 個基點的利用擴張。如您所知，根據我們6 月的更新，第四季度我們的毛利率受到達勒姆工廠發生的一次事件的負面影響，該事件對非GAAP 毛利率產生了500 個基點的負面影響，原因是利用率不足、維修費用成本和較低的產量。這導致調整後每股收益為負 0.89 美元，高於我們 6 月指引的中點。關於我們的資產負債表，在本財年結束時，我們手頭上有約 22 億美元的現金和流動性，以支持我們的設施擴建和成長計畫。

DSO was 43 days, while inventory on hand was 200 days. Free cash flow during the quarter was negative $885 million, comprised of negative $240 million of operating cash flow and $644 million of capital expenditures. As Gregg mentioned earlier, we understand very clearly that our future funding plans and capital structure are a major focus for investors. So let me take some time to explain and work through the various levers available to us.

DSO 為 43 天，而現有庫存為 200 天。本季自由現金流為負 8.85 億美元，其中包括負 2.4 億美元的營運現金流和 6.44 億美元的資本支出。正如格雷格之前提到的，我們非常清楚，我們未來的融資計劃和資本結構是投資者關注的主要焦點。因此，讓我花一些時間來解釋並研究我們可以使用的各種手段。

Starting with CapEx, in fiscal year 2025, we expect net capital expenditures to be approximately $1.2 billion to $1.4 billion, down $200 million from our previously communicated range and down from the $2.1 billion that we spent in fiscal 2024. This reduction in CapEx reflects the significant improvement in yields and efficiency in our 200-millimeter materials and device facilities. We have the flexibility to take this estimate down even lower based on the demand and revenue outlook throughout the year. This level of CapEx ensures that we complete The JP Siler City materials factory on time and on budget, so that we deliver wafers to Mohawk Valley mid-next calendar year.

從資本支出開始，我們預計2025 財年的淨資本支出約為12 億至14 億美元，比我們之前通報的範圍減少2 億美元，也比我們在2024 財年支出的21 億美元減少。的減少反映了我們 200 毫米材料和裝置設施的產量和效率顯著提高。我們可以根據全年的需求和收入前景靈活地降低這一估計。這一水準的資本支出確保我們按時、按預算完成 JP Siler City 材料工廠的建設，以便我們能夠在明年年中向莫霍克谷交付晶圓。

In addition, we believe we will have the ability to achieve 30% utilization in our Mohawk Valley Fab with wafers only from Building 10 on a Durham campus, which continues to produce a steady supply of high-quality 200-millimeter substrates. Looking at fiscal year 2026, our CapEx will fall off sharply, as our facility expansion projects will be complete and the vast majority of our CapEx will be related to the production tools to fill those facilities and increase capacity. We expect our gross fiscal year 2026 CapEx to be in the range of $200 million to $600 million, which does not include offsets for federal incentives, which could lower that number significantly. This would include some of the approximately $640 million of 48D tax credits as part of the CHIPS Act that we have already accrued on our balance sheet.

此外，我們相信我們將有能力在莫霍克谷工廠實現 30% 的利用率，僅使用達勒姆園區 10 號樓的晶圓，該工廠將繼續穩定供應高品質的 200 毫米基板。展望 2026 財年，我們的資本支出將大幅下降，因為我們的設施擴建項目將完成，而我們的絕大多數資本支出將與填充這些設施和增加產能的生產工具有關。我們預計 2026 財年資本支出總額將在 2 億至 6 億美元之間，其中不包括聯邦激勵措施的抵消，這可能會大幅降低該數字。這將包括作為 CHIPS 法案一部分的約 6.4 億美元的 48D 稅收抵免中的一部分，我們已經在資產負債表上計入了這些稅收抵免。

As Gregg mentioned, we expect these tax credits to represent over $1 billion of a future funding source over time, that are not associated with a potential CHIPS grant. In addition, from an operating perspective, we are undertaking several initiatives that accelerate our path to profitability and ensure we slow our operating cash burn. Achieve positive EBITDA in the second half of this fiscal year, and drive to positive operating cash flow by early fiscal 2026. These initiatives include assessing the timing of a closure of our Durham 150-millimeter wafer fab and lowering our overall cost footprint.

正如 Gregg 所提到的，我們預計隨著時間的推移，這些稅收抵免將代表超過 10 億美元的未來資金來源，且與潛在的 CHIPS 撥款無關。此外，從營運角度來看，我們正在採取多項舉措，以加速我們的獲利之路，並確保我們減緩營運現金消耗。在本財年下半年實現正 EBITDA，並在 2026 財年初實現正營運現金流。

As Gregg mentioned earlier, we will give an update on these initiatives on our next earnings call. Lastly, from a capital raise perspective, we continue to pursue additional funding with a potential CHIPS grant being a critical milestone as to how we proceed. In addition to CHIPS, we are working closely with our lenders on plans to raise additional capital in the event we choose to go down that path. As previously mentioned, we expect to have more than $1 billion of 48D tax credits that will help fund the business over time.

正如格雷格之前提到的，我們將在下一次財報電話會議上提供這些舉措的最新資訊。最後，從融資的角度來看，我們將繼續尋求額外的資金，潛在的 CHIPS 贈款是我們前進的一個重要里程碑。除了 CHIPS 之外，我們還與貸方密切合作，計劃在我們選擇走這條路時籌集額外資金。如前所述，我們預計將獲得超過 10 億美元的 48D 稅收抵免，隨著時間的推移，這將有助於為業務提供資金。

We are also applying for other government lending and tax credit programs that may provide us with additional access to capital. Therefore, in addition to lowering CapEx and driving towards profitability, we expect to have access to several options that would enable us to end fiscal year 2025 above our $1 billion minimum cash target. Moving on to our guidance for the first quarter of fiscal 2025, we target our revenue to be in the range of $185 million to $215 million. We target roughly $50 million to $60 million of this revenue to come from Mohawk Valley next quarter, up more than 34% from the prior quarter and up greater than $50 million year-over-year at the midpoint of our range versus the $4 million we achieved last year at this time.

我們也正在申請其他政府貸款和稅收抵免計劃，這些計劃可能為我們提供額外的資本獲取管道。因此，除了降低資本支出和提高獲利能力外，我們預計還能獲得多種選擇，使我們能夠在 2025 財年結束時實現高於 10 億美元最低現金目標的目標。接下來是我們對 2025 財年第一季的指導，我們的營收目標是在 1.85 億美元至 2.15 億美元之間。我們的目標是下季莫霍克谷營收中大約有5,000 萬至6,000 萬美元，比上一季成長34% 以上，年比成長超過5,000 萬美元（以我們範圍的中點計算），而我們的目標是400萬美元。

Next, we target non-GAAP gross margin of minus 2% to 6% with a midpoint of 2%. At the midpoint, this includes approximately 1,000 basis points of underutilization, repair costs and yield impact in the Durham fab, partially related to the fab facility incident disclosed in June, but also related to weaker industrial and energy markets, where we will look to lower inventory levels. We target non-GAAP operating expenses of approximately $128 million, inclusive of $25 million of start-up costs related to The JP. As a reminder, as Mohawk Valley utilization increases and The JP starts to come online, we will start to see incremental underutilization out of Mohawk Valley, but incrementally more start-up costs from The JP, which hit different lines of our P&L.

接下來，我們的目標是非 GAAP 毛利率為負 2% 至 6%，中點為 2%。中位數時，這包括達勒姆晶圓廠利用率不足、維修成本和良率影響約1,000 個基點，部分與6 月份披露的晶圓廠設施事件有關，但也與工業和能源市場疲軟有關，我們將尋求降低工業和能源市場的影響。我們的目標非 GAAP 營運費用約為 1.28 億美元，其中包括與 The JP 相關的 2,500 萬美元啟動成本。提醒一下，隨著莫霍克谷利用率的增加和 JP 開始上線，我們將開始看到莫霍克谷的利用率不斷提高，但 JP 的啟動成本逐漸增加，這會影響我們損益表的不同項目。

Net nonoperating expenses are targeted to be roughly $41 million for the first quarter. And lastly, we target non-GAAP net loss between $138 million and $140 million. Now I'll turn it over to Gregg for some closing remarks.

第一季的淨非營運支出目標約為 4,100 萬美元。最後，我們的目標是非 GAAP 淨虧損在 1.38 億至 1.4 億美元之間。現在我將把它交給格雷格做一些結束語。

Thanks, Neil. We are encouraged by the positive results we are seeing in 200-millimeter. The productivity improvements in Building 10, the yield improvements in Mohawk Valley and the progress thus far at The JP are giving us further confidence in our ability to accelerate the transition of our device platform from 150-millimeter to 200-millimeter. We've already begun to align the pace of CapEx to our current balance sheet and identify areas of opportunities to reduce costs and improve profitability across all aspects of the business, and we'll outline our plans for this transition in greater detail during the next earnings call.

謝謝，尼爾。我們對 200 毫米技術所取得的正面成果感到鼓舞。 Building 10 生產力的提高、Mohawk Valley 產量的提高以及 JP 迄今取得的進展讓我們對加速設備平台從 150 毫米過渡到 200 毫米的能力更加充滿信心。我們已經開始將資本支出的步伐與我們當前的資產負債表保持一致，並確定在業務各個方面降低成本和提高盈利能力的機會領域，我們將在下一個階段更詳細地概述我們的過渡計劃財報電話會議。

We are driving the process of securing additional funding for the business, particularly with the CHIPS office, while at the same time, taking very deliberate actions to reduce our costs by aligning the pace of our investments and identifying new areas across the company to improve profitability. Thanks for your continued support, and now we'll move to Q&A.

我們正在推動為業務獲取額外資金的進程，特別是透過 CHIPS 辦公室，同時採取非常審慎的行動，透過調整投資節奏和確定整個公司的新領域來提高盈利能力來降低成本。感謝您一直以來的支持，現在我們將進入問答環節。

(Operator Instructions) Brian Lee, Goldman Sachs.

（操作員指示）Brian Lee，高盛。

This is actually Nick Cash on the line for Brian. I just kind of wanted to dive in to Durham a little bit. I guess how much of your outlook at Durham is still levered to I&E? And how much visibility do you have regarding the Durham Fab has finally troughed in terms of demand and margin profile?

這實際上是尼克卡什 (Nick Cash) 接聽布萊恩 (Brian) 的電話。我只是想深入了解達勒姆。我猜你對達勒姆大學的前景有多少仍然依賴 I&E？您對達勒姆工廠的需求和利潤狀況最終陷入低谷有多少了解？

And I guess how quickly into what level can that recover to? And I guess one more touching on, I guess, the equipment incident at the facility, you mentioned a possible $20 million impact to first quarter '25 revenue. Is that guide you guys gave inclusive of that $20 million impact?

我猜想恢復到什麼水平可以多快？我想再談一下該設施的設備事件，您提到可能對 25 年第一季的收入產生 2000 萬美元的影響。你們提供的指南包含 2000 萬美元的影響嗎？

Yes. Maybe I'll start with the answer, Nick, and then I'll turn it over to Neil for a little bit more detail. Visibility on it's cloudy. So right now, it's down. We're anticipating it being down for the better part of the rest of this calendar year. And there's no sign of it's all going to jump back really quickly or anything like that. So it's down, and it will eventually back up, but when we can't really predict. And then I'll maybe turn it over to Neill.

是的。也許我會從答案開始，尼克，然後我會將其交給尼爾以獲得更多細節。能見度為多雲。所以現在，它已經下跌了。我們預計今年剩餘時間的大部分時間它都會下降。沒有跡象表明一切都會很快恢復或類似的情況。所以它會下降，最終會回升，但我們無法真正預測。然後我也許會把它交給尼爾。

Yes. Let me just try to unpack a little bit the revenue and the gross margin trajectory. So we just guide of flat for the September quarter. As increases, I think, in our EV revenue in Mohawk Valley are being offset by, as you mentioned, lower I&E and lower Durham revenue. As you look out into the December quarter, we anticipate seeing other solid pickup in EV and Mohawk Valley revenue, but there will likely be a decline in some of the Durham and I&E volume.

是的。讓我試著稍微解釋一下收入和毛利率的軌跡。所以我們只是九月季度的公寓指南。我認為，正如您所提到的，莫霍克谷的電動車收入的成長被較低的 I&E 和較低的達勒姆收入所抵消。當您展望 12 月季度時，我們預計電動車和莫霍克谷的營收將出現其他穩定成長，但達勒姆和工業和電氣的部分收入可能會下降。

Kind of the I&E, as Gregg mentioned demand flattens and we start to burn off some inventory there. Just in anticipation of kind of I&E kind of recovery as you get into the first half of calendar next year. So I think that's kind of how to think about the revenue. From a September quarter impact from the fab event, I would say we were thinking we would be down a bit lower actually, that recovered, I'd say, halfway through the quarter, but we just elected to keep starts down just because of the impact of the lower I&E demand.

就像格雷格提到的那樣，需求趨於平緩，我們開始消耗那裡的一些庫存。只是預計明年上半年會出現 I&E 的復甦。所以我認為這就是考慮收入的方式。從9 月季度晶圓廠事件的影響來看，我想說，我們認為實際上我們的產量會下降一點，我想說的是，在本季度中途恢復了，但我們只是選擇保持開工率下降，只是因為I&E 需求下降的影響。

So we'll continue to manage through that and let inventory burn off there a bit. From a gross margin perspective, again, we've been impacted by the lower I&E mix, but also the lower utilization in the fab, these repair costs and lower yields in the fab from the June event impacted us. As I said in the prepared remarks, that was about 500 basis points in the June quarter. Now that the fab has kind of returned to normal operations, we've elected to keep those wafer starts down, just to manage inventory.

因此，我們將繼續解決這個問題，並讓庫存消耗。從毛利率的角度來看，我們再次受到了較低的 I&E 組合的影響，而且晶圓廠的利用率較低，這些維修成本和 6 月事件造成的晶圓廠產量較低也影響了我們。正如我在準備好的發言中所說，6 月季度的漲幅約為 500 個基點。現在晶圓廠已經恢復正常運營，我們選擇停止這些晶圓的開工，只是為了管理庫存。

Say both in the September quarter, both from the fab incident and the lower levels of utilization related to the lower industrial energy demand is about 1,000 basis points in the quarter. Have you looked at that underlying, we actually have a little bit of a margin pickup quarter-over-quarter, just as we start to see more volume flow through Mohawk Valley.

就 9 月季度而言，無論是晶圓廠事件還是與較低的工業能源需求相關的利用率較低，該季度的工業能源需求下降了約 1,000 個基點。您是否看過這個基本因素，我們的利潤率實際上比上一季略有上升，就像我們開始看到更多的流量流經莫霍克谷一樣。

Harsh Kumar, Piper Sandler.

嚴厲的庫馬爾，派珀桑德勒。

But Gregg, let me ask you the loaded question that's on every investor's mind here. I think the market has sort of liquidity concerns about both Wolfspeed and it's kind of evident in the stock price decline here. So my question for you is, what is the bare minimum that you have to spend on JP assuming the Mohawk Valley is not equipped. And so is there a way that you could materially cut down the CapEx? And then I think you also mentioned that you're looking at positive free cash flow by early 2026. Could you maybe help us bridge that between now and then?

但格雷格，讓我問你這裡每個投資人都在思考的一個重要問題。我認為市場對 Wolfspeed 都有一定的流動性擔憂，這在股價下跌中就很明顯。所以我問你的問題是，假設莫霍克山谷沒有裝備，你在 JP 上花費的最低限度是多少。那麼有沒有一種方法可以大幅削減資本支出呢？然後我想您也提到您希望在 2026 年初實現正自由現金流。

Okay. Thanks for the question, Harsh, and I'll kick it off. First off, the progress we're seeing out of Building 10 is exceptional. And the fact that we now know that we can feed Mohawk Valley up to 30% wafer start utilization quite frankly, puts a big pressure off of trying to get The JP up and running at some kind of super fast speed, so it obviously helps us with that. we're going to be finished with the fixed cost basically build out of The JP by the end of this calendar year.

好的。謝謝你的提問，Harsh，我就開始吧。首先，我們看到 10 號樓的進展非常出色。坦白說，我們現在知道我們可以為莫霍克谷提供高達30% 的晶圓起始利用率，這給試圖讓JP 以某種超快的速度啟動和運行帶來了巨大的壓力，所以這顯然對我們有幫助與此。我們將在今年年底前完成基本由 JP 建造的固定成本。

And as Neil said in his remarks, we then can build out the tools and the equipment and so forth at a pace that's aligned with what we're going to need wafer start wise out of Mohawk Valley, especially with the fact that Building 10 is able to support a significantly higher percentage maybe, Neil, you can hit some of the other details.

正如尼爾在演講中所說，我們可以按照與我們在莫霍克谷進行晶圓啟動所需的速度相一致的速度建造工具和設備等，特別是考慮到 10 號樓是也許能夠支持更高的百分比，尼爾，你可以觸及一些其他細節。

Yes, Harsh. I just think as you start to look forward from an operating perspective, I think as we talked about in the prepared remarks, we're going to look at driving several things here. One is obviously lower CapEx. We're going to manage that with what we're looking at from a market perspective, from a CapEx efficiency viewpoint. Secondly, we're going to the operating efficiencies within the business as well.

是的，嚴厲。我只是認為，當你開始從營運角度展望未來時，我認為正如我們在準備好的發言中所討論的那樣，我們將著眼於推動這裡的幾件事。一是資本支出明顯較低。我們將從市場角度、資本支出效率角度來管理這個問題。其次，我們也將關注企業內部的營運效率。

So what that will do is drive towards EBITDA positive as we get into the back half of the year and then drive towards operating cash flow positive as you get into fiscal year 2026. And then from a funding perspective, we talked a lot in the prepared remarks, it's about these 48D tax credits. And these are things that we've already accrued $640 million for. We anticipate getting those by 2026, a significant amount of them, to help fund the business as well.

因此，這將在我們進入下半年時推動 EBITDA 為正值，然後在進入 2026 財年時推動營運現金流為正值。 48D稅收抵免的。我們已經為這些項目籌集了 6.4 億美元。我們預計到 2026 年將獲得這些資金（其中很大一部分），以幫助為業務提供資金。

So I think it's important right now that we continue to execute our build-out within the parameters we talked about. We're seeing better capital efficiency right now just because of the performance of 200-millimeter and we'll continue down that path. But we still remain focused, I think, from a funding perspective, as you look at the overall liquidity in the business, really focused on finishing our work with the CHIPS funding and working through that process, which we still feel optimistic about.

因此，我認為現在重要的是我們繼續在我們討論的參數範圍內執行我們的建置。由於 200 毫米的性能，我們現在看到了更好的資本效率，我們將繼續沿著這條道路走下去。但我認為，從融資的角度來看，我們仍然保持專注，當你看到業務的整體流動性時，我們真正專注於用CHIPS 資金完成我們的工作，並完成這個過程，我們仍然對此感到樂觀。

Samik Chatterjee, JP Morgan.

薩米克‧查特吉，摩根大通。

This is Joe Cardoso on for Samik Chatterjee. Just curious like the potential closure of the Durham Device Fab would be quite a shift in strategy relative to prior closures. I think $400 million of revenue was coming from that footprint when it's fully loaded.

我是喬·卡多佐 (Joe Cardoso) 替薩米克·查特吉 (Samik Chatterjee) 發言。只是好奇，與之前的關閉相比，達勒姆設備工廠的潛在關閉將是戰略上的重大轉變。我認為滿載時 4 億美元的收入就來自於這個足跡。

So just curious if you could just dive into that or flesh it out a bit more what the exact thought process here is to close -- around closing that fab and take it out of the long-term model? And then maybe the second part of that question is, what does that imply for the existing footprint there in Durham?

所以只是好奇你是否可以深入研究這個問題或進一步充實它，這裡要關閉的確切思維過程是什麼——圍繞關閉該工廠並將其從長期模型中剔除？也許這個問題的第二部分是，這對達勒姆現有的足跡意味著什麼？

Thanks for the question. First, obviously the plan to ramp down 150-millimeter and transition to 200-millimeter really made this decision very straightforward is the progress and productivity we're seeing across the entire 200-millimeter platform. Output from Building 10, now we're able to support 30% wafer start utilization, yields in Mohawk Valley ahead of plan. The economics of Mohawk Valley substantially more compelling than Durham, and finally, weren't scheduled to ramp to JP and seeing great results from the initial crystal run.

謝謝你的提問。首先，顯然，縮減 150 毫米並過渡到 200 毫米的計劃確實讓這個決定變得非常簡單，因為我們在整個 200 毫米平台上看到了進步和生產力。從 10 號樓的輸出來看，現在我們能夠支援莫霍克谷 30% 的晶圓開工利用率，產量提前於計畫。莫霍克谷的經濟狀況比達勒姆更引人注目，最後，沒有計劃擴展到 JP，並從最初的水晶運行中看到了巨大的成果。

So combine this with the fact that the industrial inter-business is down, starting this process of transitioning the fab when we're not swimming upstream against the whole bunch of demand from I&E certainly gives us breathing room to make this happen. The key decision though, was all about the progress and productivity that we see across 200-millimeter. We're super excited about that. It's actually quite an amazing accomplishment that the team has been able to do. And Neil, you can get into a little bit of detail, but that progress and productivity also gives us ability to absorb that revenue in our current footprint.

因此，將這一點與工業間業務下滑的事實結合起來，在我們沒有逆流而上對抗工業與工程的全部需求時啟動晶圓廠轉型過程，肯定會給我們喘息的空間來實現這一目標。不過，關鍵的決定是關於我們在 200 毫米領域看到的進步和生產力。我們對此感到非常興奮。這實際上是團隊能夠取得的相當驚人的成就。尼爾，你可以詳細介紹一下，但這種進步和生產力也使我們有能力在我們目前的足跡中吸收這些收入。

So let me just break down a little bit just a bit of the capital efficiency that we're seeing. So One thing I talked about is taking the CapEx level down from $1.2 billion to $1.4 billion during fiscal year 2025 and then dropping it down dramatically in fiscal year '26. So I think as Gregg said, the facility spend being complete, we can really manage our CapEx for tools going forward. And that facility will be the facilities costs will likely be complete by December of this year.

因此，讓我稍微分解一下我們所看到的資本效率。所以我談到的一件事是在 2025 財年將資本支出水準從 12 億美元降低到 14 億美元，然後在 26 財年大幅下降。因此，我認為正如格雷格所說，設施支出完成後，我們可以真正管理未來工具的資本支出。該設施的設施成本可能會在今年 12 月之前完成。

So we plan these factories for great economies of scale, building up modularly, and we're starting to see the benefits of that as we start to exit that facility spend. The second thing is our capital investment model is working as expected. So the good yields and the efficiency across the 200-millimeter supply chain is just resulting in a lower required amount of CapEx for each incremental dollar of revenue, so we're seeing some good performance there. So when you think about what that would mean longer term for the revenue, Joe, as you start to think about moving on beyond the Durham Fab one day, that $200 million to $600 million of fiscal year 2026 CapEx could support 50% to 60% utilization out of Mohawk Valley.

因此，我們規劃這些工廠以實現巨大的規模經濟，以模組化方式建造，當我們開始退出該設施支出時，我們開始看到這樣做的好處。第二件事是我們的資本投資模式正在如預期中發揮作用。因此，整個 200 毫米供應鏈的良好產量和效率只會導致每增加一美元收入所需的資本支出較低，因此我們看到了一些良好的表現。因此，當你考慮這對收入的長期影響時，喬，當你開始考慮有一天超越達勒姆工廠時，2026 財年的 2 億至 6 億美元資本支出可以支持 50% 至 60%莫霍克谷的利用。

So I think it's a real testament to the amount of revenue we can absorb through Mohawk Valley, and you start making that trade from 150-millimeter to 200-millimeters. So I think here in the medium term, if we go down that path, I think Mohawk Valley will have significant capability to absorb a lot of that revenue. And of course, the trade-off from industrial and energy 150 to 200 is actually a very, very good mix shift from that perspective. So we believe that the Mohawk Valley Fab will really be able to incorporate a lot of that revenue just mentioned.

因此，我認為這確實證明了我們可以透過莫霍克谷吸收的收入量，並且您開始從 150 毫米到 200 毫米進行交易。因此，我認為從中期來看，如果我們沿著這條路走下去，我認為莫霍克谷將有強大的能力吸收大量收入。當然，從這個角度來看，從工業和能源 150 到 200 的權衡實際上是一個非常非常好的混合轉變。因此，我們相信莫霍克谷工廠確實能夠吸收剛才提到的大量收入。

As we tighten up these plans and give more of an update, we'll let you know how that impacts the long-term model, but we're clearly bullish on the ability of Mohawk Valley to absorb that.

當我們加強這些計劃並提供更多更新時，我們會讓您知道這對長期模型有何影響，但我們顯然看好莫霍克谷吸收這一影響的能力。

Colin Rusch, Oppenheimer.

科林‧魯施，奧本海默。

In terms of monetizing these tax credits that you've accrued. Are there operational metrics that you need to meet? Or are those things that you can actually just cut and monetize in the market? And can you talk a little bit about potential transferability on those grants?

就將您獲得的這些稅收抵免貨幣化而言。您是否需要滿足營運指標？或者這些東西是你實際上可以在市場上切割和貨幣化的東西嗎？您能談談這些贈款的潛在可轉讓性嗎？

Yes, thanks for the question. So on the tax credits, these are tax credits that were passed through the CHIPS Act, so very much aligned to those, but don't really have much operational impact other than you just have to have the assets placed into service and then you can administer those. Those get administered through your tax return process through the IRS, so that's basically how it's get out today. Some of the final terminology in terms of how that's going to work, is pending, but it's passed into law, and we have very high confidence in terms of ability to monetize those in time.

是的，謝謝你的提問。因此，在稅收抵免方面，這些稅收抵免是透過《CHIPS 法案》通過的，因此與這些稅收抵免非常一致，但實際上並沒有太大的營運影響，除了您只需將資產投入使用，然後您就可以管理那些。這些都是透過美國國稅局（IRS）透過納稅申報流程進行管理的，所以這基本上就是今天的處理方式。關於如何運作的一些最終術語尚待確定，但它已通過成為法律，我們對及時將這些術語貨幣化的能力充滿信心。

Tradability, et cetera, not so much from that perspective, but I think that if you think about our facility spend being largely done our CapEx coming down, during this year and into next year. A lot of what we've accrued and what we'll accrue during the coming year should start to come to fruition to us during

從這個角度來看，可交易性等並不是那麼重要，但我認為，如果你考慮到我們的設施支出大部分都完成了，我們的資本支出在今年和明年都會下降。我們已經累積的以及我們在來年將累積的許多東西應該在

Jed Dorsheimer, William Blair.

傑德·多斯海默，威廉·布萊爾。

Just help me with a little back of the envelope math here. If I carry your margins in the Materials business, and then I back out underutilization in the start-up, I get about $3 million spread between Mohawk Valley and Durham.And if I use the 500 basis points it looks like a negative or gross profit dollar loss in derm of about $5 million. Is that correct? And that would imply about a 20% margin for Mohawk Valley. I just want to make sure I'm looking at that correctly.

請幫我做一些簡單的數學計算。如果我在材料業務中保留你的利潤，然後我在初創公司中取消未充分利用，我會在莫霍克谷和達勒姆之間獲得大約300 萬美元的利差。看起來像是負利潤或毛利真皮損失約 500 萬美元。這是正確的嗎？這意味著莫霍克谷的利潤率約為 20%。我只是想確保我正確地看待這一點。

Yes, Jed, I think I can't talk to the specifics between the different factories. But what you can gather is that the profitability coming out of Mohawk Valley is significantly better than what we're seeing at 150-millimeter in Durham. We've talked about it many times, Mohawk Valley highly automated fab with superior capability and state-of-the-art capability, and just significantly better from that perspective. So you can imagine that the profitability is significantly better, which obviously plays a heavy role in informing that decision.

是的，傑德，我想我無法談論不同工廠之間的具體情況。但您可以得出的結論是，莫霍克谷的獲利能力明顯優於達勒姆 150 毫米的獲利能力。我們已經多次討論過，莫霍克谷高度自動化的晶圓廠具有卓越的能力和最先進的能力，而且從這個角度來看，它的性能要好得多。因此，您可以想像，盈利能力明顯更好，這顯然在為決策提供資訊方面發揮著重要作用。

Joshua Buchalter, TD Cowen.

約書亞‧布查爾特 (Joshua Buchalter)，TD 考恩 (TD Cowen)。

I wanted to ask about the Mohawk Valley ramp and time lines of revenue. Is the right rule of thumb still when you reach those utilization levels, you get revenue, I think it's roughly two to three quarters later, because that would imply that you're in the fiscal third quarter of 2025, a number comfortably above $100 million out of Mohawk. And then maybe as a follow-on to that question, what's the time line to get to the 30% beyond that? And how does that coincide with The JP layering in as well?

我想詢問莫霍克谷的坡道和收入時間表。當你達到這些利用率水準時，你會獲得收入，這仍然是正確的經驗法則嗎？輕鬆超過1 億美元出於莫霍克。也許作為該問題的後續問題，達到 30% 以上的時間線是什麼？這與 JP 的分層是如何吻合的？

Yes. So first of all, thanks for the question. And I think as we laid out before, from a utilization perspective, there is a couple of quarter lag between the time you start a wafer to the time we start to see revenues kind of get process through the fab and then through the back-end operations as well and then eventually out to customers, so that time frame you laid out is correct. The other thing that impacts utilization and translation into revenue is the mix between automotive parts and in industrial and energy parts.

是的。首先，感謝您提出問題。我認為，正如我們之前所闡述的，從利用率的角度來看，從開始生產晶圓到我們開始看到收入通過晶圓廠然後通過後端的過程之間存在兩個季度的滯後運營以及最終交付給客戶，以便您安排的時間框架是正確的。影響利用率和轉化為收入的另一件事是汽車零件與工業和能源零件之間的組合。

The revenue per wafer, so to speak, is just much higher than industrial energy part, generally than an automotive part. If you look at the Mohawk Valley revenue just for the June quarter, for instance, we were 85% to 90% EV. If you transition that into the September quarter here, we'll be 95% plus EV and we expect it to remain that way as we push more and more of our qualified park to Mohawk Valley. On the flip side, we'll just see the Durham Fab consistently see the EV percentage of revenue start to come down over time.

可以說，每片晶圓的收入遠高於工業能源零件，通常高於汽車零件。例如，如果您只查看莫霍克谷 6 月季度的收入，您會發現我們的電動車比例為 85% 至 90%。如果您將其過渡到 9 月季度，我們將實現 95% 以上的電動車，並且隨著我們將越來越多的合格公園推向莫霍克谷，我們預計這種情況將保持不變。另一方面，我們只會看到達勒姆工廠的電動車收入百分比隨著時間的推移而開始下降。

So as that translates into revenue, I think we talked about with heavier auto, 20 translates closer to $80 million and close to $100 million is the kind of the normal mix. So I think that's the way to think about it moving forward. As we think about maybe transitioning to Durham Fab, we've put a lot more industrial and energy revenue into Mohawk Valley, which as I said before, will be a good trade for us. And then we get back to the kind of, I think, normal economics of thinking about a $2 billion fab and the percentages of supply that are capable at various levels of utilization.

因此，當這轉化為收入時，我認為我們談到了重型汽車，20 輛相當於接近 8000 萬美元，接近 1 億美元是正常的組合。所以我認為這就是思考未來發展的方式。當我們考慮過渡到勒姆工廠時，我們已經向莫霍克谷投入了更多的工業和能源收入，正如我之前所說，這對我們來說將是一筆很好的交易。然後我們回到正常的經濟學，考慮價值 20 億美元的晶圓廠以及能夠滿足不同利用率水準的供應百分比。

Joe Moore, Morgan Stanley.

喬摩爾，摩根士丹利。

I think you gave an EV number in terms of the percentage growth, but I didn't hear an absolute number. I wonder if you could help us kind of size where you are now with EV and what you're classifying as EV?

我認為您給出了增長百分比的 EV 數字，但我沒有聽到絕對數字。我想知道您是否可以幫助我們了解您現在使用電動車的規模以及您將什麼分類為電動車？

Yes. So on the EV revenue, as you said, EV revenue was up two times in the quarter, three times year-over-year and the outlook for the September quarter. It's also gone, by the way, from representing about 25% of our Power Device revenue a year ago to over 50%, even the mid-50% of our Power Device revenue here in June. And if you look here in the September quarter, more than 60% of our Power Device outlook. So we expect that to grow even further as the year goes on.

是的。因此，就電動車收入而言，正如您所說，電動車收入在本季度增長了兩倍，同比增長了三倍，並且對 9 月份季度的展望也是如此。順便說一句，它也從一年前占我們 Power Device 收入的約 25% 上升到超過 50%，甚至 6 月占我們 Power Device 收入的 50% 左右。如果您查看 9 月季度的數據，我們的 Power Device 展望將超過 60%。因此，我們預計隨著時間的推移，這一數字將進一步增長。

So while we've seen some moderation, I would say, the overall EV growth rates, this has been well documented and reported and supply and demand are more matched up. We do continue to see some significant growth into the December quarter and into the first half of calendar year 2025.

因此，雖然我們看到電動車整體成長率有所放緩，但這一點已得到充分記錄和報告，而且供需更加匹配。我們確實會繼續看到 12 月季度和 2025 年上半年的顯著成長。

Christopher Rolland, Susquehanna.

克里斯多福羅蘭，薩斯奎哈納。

Are there any more details on the incident in Durham? What exactly happened there? You guys had mentioned when you were initially ramping Mohawk that you didn't have redundant lines or backup equipment there. Has this changed like over time over the past year? And do you feel comfortable that you guys would be able to absorb an equipment failure or a similar problem in Mohawk?

關於達勒姆事件的更多細節嗎？那裡究竟發生了什麼事？你們在最初升級莫霍克時曾提到，那裡沒有多餘的線路或備用設備。隨著時間的推移，這種情況在過去一年裡有變化嗎？你們對於能夠解決莫霍克的設備故障或類似問題感到滿意嗎？

Yes. So a couple of things. First off, the facilities issue, with the issue in the June quarter in the Durham Fab was a facilities issue, it's been rectified and repaired and it's behind us. From a Mohawk Valley perspective, there are significant amounts of redundancies, including power fees in, I don't know the exact percentage, but the vast majority of the tools have second of a kind tools. And so if one tool goes down, there's another tool that can pick up for it. We're going to be at 100% very soon.

是的。有幾件事。首先是設施問題，達勒姆工廠六月季度的問題是設施問題，它已經得到糾正和修復，已經過去了。從莫霍克谷的角度來看，有大量的裁員，包括電費，我不知道確切的百分比，但絕大多數工具都有第二種工具。因此，如果一種工具發生故障，另一種工具可以彌補它。我們很快就會達到 100%。

I don't know exactly that date, but we have a significant amount of redundancy the Mohawk Valley Fab. And you would actually expect that out of a modern fab. Our fab here in Durham is a few decades years old. And we've got a modern highly automated fab in Mohawk Valley. So we're very confident in its ability to withstand different incidents that might happen.

我不知道確切的日期，但我們在莫霍克谷工廠有大量的冗餘。您實際上會期望現代晶圓廠能夠做到這一點。我們位於達勒姆的工廠已有幾十年的歷史。我們在莫霍克谷擁有一座現代化的高度自動化工廠。因此，我們對其承受可能發生的不同事件的能力非常有信心。

Thank you for your question. There are no additional questions waiting at this time. So I'll pass the call back to George Lowe, CEO, for any closing remarks.

謝謝你的提問。目前沒有其他問題等待。因此，我會將電話轉給執行長喬治·洛 (George Lowe)，讓其發表結束語。

Thanks, everybody, for your participation today. We look forward to updating you on our next call. Thank you.

謝謝大家今天的參與。我們期待下次通話時向您通報最新情況。謝謝。

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。現在您可以斷開線路。