Wolfspeed Inc (WOLF) 2025 Q2 法說會逐字稿

Hello, everyone.

大家好。

Thank you for attending today's Wolfspeed Incorporated Q2 Fiscal Year 2025 Earnings Call.

感謝您參加今天的 Wolfspeed Incorporated 2025 財年第二季財報電話會議。

My name is Sierra, and I will be your moderator for today.

我的名字是 Sierra，今天我將擔任你們的主持人。

(Operator Instructions)

（操作員指令）

I would now like to pass the conference over to our host, Tyler Gronbach, VP, External Affairs.

現在，我想將會議交給我們的主持人、外部事務副總裁 Tyler Gronbach。

Thank you, operator, and good afternoon, everyone.

謝謝接線員，大家下午好。

Welcome to Wolfspeed's second quarter fiscal 2025 conference call.

歡迎參加 Wolfspeed 2025 財年第二季電話會議。

Today, Wolfspeed's Executive Chairman, Tom Werner; and Wolfspeed's CFO, Neill Reynolds, will report on the results for the second quarter of fiscal year 2025.

今天，Wolfspeed 的執行主席 Tom Werner； Wolfspeed 財務長 Neill Reynolds 將報告 2025 財年第二季的表現。

Also in attendance is Jay Cameron, our Head of Power Devices; and Rick Madormo, our Head of Sales and Product Marketing.

出席會議的還有我們的電源設備主管傑伊‧卡梅倫 (Jay Cameron)；以及我們的銷售和產品行銷主管 Rick Madormo。

Please note that we will be presenting non-GAAP financial results during today's call, which we believe provides useful information to our investors.

請注意，我們將在今天的電話會議上展示非 GAAP 財務結果，我們相信這為我們的投資者提供了有用的信息。

Non-GAAP results are not in accordance with GAAP and may not be comparable to non-GAAP information provided by other companies.

非 GAAP 結果不符合 GAAP，可能與其他公司提供的非 GAAP 資訊不可比。

Non-GAAP information should be considered as a supplement to and not a substitute for financial statements prepared in accordance with GAAP.

非 GAAP 資訊應被視為根據 GAAP 編制的財務報表的補充，而不是替代。

A reconciliation to the most directly comparable GAAP measures is in our press release and posted in the Investor Relations section of our website, along with a historical summary of our other key metrics.

我們在新聞稿中提供了與最直接可比較的 GAAP 指標的對帳表，並將其發佈在我們網站的「投資者關係」部分，同時也發布了我們其他關鍵指標的歷史摘要。

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

今天的討論包括有關我們業務前景的前瞻性陳述，我們可能會在電話會議中做出其他前瞻性陳述。

Such forward-looking statements are subject to numerous risks and uncertainties.

此類前瞻性陳述面臨許多風險和不確定性。

Our press release today and the SEC filings noted in the release mention important factors that could cause actual results to differ materially.

我們今天的新聞稿和新聞稿中提到的美國證券交易委員會文件提到了可能導致實際結果大不相同的重要因素。

Lastly, please note that all numbers presented today will be on a continuing operations basis.

最後，請注意，今天呈現的所有數字均以持續經營為基礎。

During the Q&A session, we would ask that you limit yourself to one question and one follow-up so that we can accommodate as many questions as possible during today's call.

在問答環節，我們要求您將自己限制在一個問題和一個後續問題上，以便我們可以在今天的電話會議中盡可能多地回答問題。

Also, any discussions surrounding our work to strengthen our balance sheet at least initially will take place pursuant to confidential non-disclosure agreements.

此外，至少在最初階段，有關我們加強資產負債表的工作的任何討論都將在保密協議下進行。

And therefore, we will not be addressing any specific questions on balance sheet initiatives involving Renesas, our convertible notes or Apollo during the Q&A session.

因此，我們不會在問答環節中回答涉及瑞薩電子、可轉換票據或阿波羅的資產負債表計劃的任何具體問題。

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

如果您還有其他問題，請在通話結束後隨時與我們聯絡。

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

現在，我想把電話轉給湯姆。

Good afternoon, and thank you for joining me today.

下午好，感謝您今天的來訪。

By way of introduction, I have been a member of the Wolfspeed Board for 19 years and have served as Chairman of the Board before assuming my current role.

首先介紹一下，我已擔任 Wolfspeed 董事會成員 19 年，在擔任現職之前曾擔任董事會主席。

Throughout my years with the company, I've had the opportunity to support the business in its transition into an established leader in silicon carbide, and have developed a solid understanding of the business, the technology, employees and the market.

在公司工作的這些年裡，我有機會支持公司轉型為碳化矽領域的領導企業，並對業務、技術、員工和市場有了深入的了解。

Since stepping into the role as Executive Chairman in November, I've dedicated my efforts to examining every aspect of the company with a fresh perspective, aggressively executing against our plan to achieve our financial and operational targets and ensuring we are intensely focused and accountable to improve financial performance.

自去年 11 月出任執行董事長以來，我一直致力於以全新的視角審視公司的各個方面，積極執行我們的計劃，以實現財務和營運目標，並確保我們高度專注並承擔責任。

I have visited both Mohawk Valley Fab and the Siler City locations multiple times.

我曾多次參觀 Mohawk Valley Fab 和 Siler City 分店。

I'm impressed with the advanced capabilities of both facilities and with the Wolfspeed teams that run them.

這兩個設施的先進能力以及運行它們的 Wolfspeed 團隊給我留下了深刻的印象。

This work is reaching the first phase of completion and it is now time to leverage the advantage of these facilities.

這項工作即將進入第一階段的完工階段，現在是時候利用這些設施的優勢了。

With that said, it is critically important that we continue to execute on the plan that was outlined on the last earnings call in early November to accelerate our path to profitability and optimize our capital structure.

話雖如此，至關重要的是我們要繼續執行 11 月初上次財報電話會議上提出的計劃，以加快我們的盈利之路並優化我們的資本結構。

This will allow us to leverage the best-in-class assets and capabilities we have already built and capitalize on the long-term opportunities that lie ahead.

這將使我們能夠利用已經建立的一流資產和能力，並利用未來的長期機會。

I, the Board and the management team have aligned on an operating plan driven by the key priorities that will be our focus over the coming months.

我、董事會和管理團隊已經就未來幾個月將重點關注的關鍵優先事項制定了一項營運計劃。

We believe focusing on these priorities in the immediate term will put Wolfspeed on a path toward long-term growth and profitability.

我們相信，短期內關注這些優先事項將使 Wolfspeed 走上長期成長和獲利的道路。

First, we must dramatically improve the financial performance of the company and accelerate our path to generate positive free cash flow.

首先，我們必須大幅改善公司的財務業績，並加快產生正自由現金流的腳步。

Second, we will continue to take aggressive steps to strengthen our balance sheet.

第二，我們將繼續採取積極措施加強我們的資產負債表。

And third, we will continue our efforts to raise cost-effective capital required to support our long-term growth plan.

第三，我們將繼續努力籌集支持我們長期成長計畫所需的經濟有效的資本。

Work on these initiatives is well underway, and I'd like to share some of the progress we've made thus far.

這些舉措的工作正在順利進行中，我想分享我們迄今為止的一些進展。

By focusing on our purpose-built 200-millimeter greenfield facilities, this is an opportunity to simplify our operating footprint and focus on best-in-class execution to improve our financial performance.

透過專注於我們專門建造的 200 毫米綠地設施，這是一個簡化我們的營運足跡並專注於一流的執行以提高我們的財務表現的機會。

We are continuing with the closure of our Durham 150-millimeter device facility and the closure of our 150-millimeter epi Farmers Branch facility.

我們將繼續關閉位於達勒姆的 150 毫米設備工廠以及位於法默斯布蘭奇的 150 毫米外延工廠。

We expect all these actions to be completed by the end of this calendar year supporting our plans to lower our breakeven point and accelerating our path to profitability.

我們預計所有這些行動將在今年年底前完成，以支持我們降低損益平衡點和加速獲利的計畫。

In addition, we are maintaining our outlook for reduced CapEx levels for fiscal 2025 at a midpoint of approximately $1.2 billion.

此外，我們維持 2025 財年資本支出水準降低預期，中間值約 12 億美元。

This level of CapEx allows us to continue to grow the top-line while maintaining the capability to ramp supply rapidly should a sharp turn-in demand materialized.

這種水準的資本支出使我們能夠繼續增加營業額，同時保持在需求急劇轉變時迅速增加供應的能力。

While we also minimized cash use for the remainder of fiscal 2025 to achieve our previously stated profitability goals.

同時，我們也將 2025 財年剩餘時間的現金使用量降至最低，以實現我們先前提出的獲利目標。

We expect further CapEx commitments to be close to zero.

我們預計進一步的資本支出承諾將接近零。

I credit the team with having the foresight to build these greenfield facilities in a modular manner, thereby allowing us to easily flex CapEx spend up and down with market dynamics.

我認為團隊具有遠見，能夠以模組化的方式建造這些綠地設施，使我們能夠根據市場動態輕鬆地調整資本支出。

However, we reiterate that for now, we have adequate supply to service current demand from our customers.

然而，我們重申，目前我們有足夠的供應來滿足客戶的當前需求。

We have also started work on additional cost reductions that will further reduce our breakeven point.

我們也開始著手進一步削減成本，這將進一步降低我們的損益平衡點。

We expect to start implementing these during fiscal Q3.

我們預計將在財政第三季開始實施這些措施。

We will focus on operational efficiencies, lower manufacturing costs and stricter cash management.

我們將注重提高營運效率、降低製造成本和加強現金管理。

This will result in the restructuring of several supply contracts, securing additional savings going forward.

這將導致幾份供應合約的重組，以確保未來的額外節省。

Regarding our second initiative, our work to strengthen the balance sheet continues.

關於我們的第二項舉措，我們將繼續致力於加強資產負債表。

We're scrutinizing every investment across the company to lower our cost structure and capital requirements, helping to accelerate our path to profitability.

我們正在仔細審查公司的每項投資，以降低成本結構和資本要求，幫助加快我們獲利的步伐。

We are working closely with Apollo to look at ways to improve our overall capital structure and Renesas to account for the current market dynamics.

我們正與阿波羅密切合作，尋找改善整體資本結構的方法，並與瑞薩電子密切合作，以適應當前的市場動態。

In addition, we've also begun the work to address our convertible notes.

此外，我們也已經開始處理可轉換票據的工作。

We will be working with the financial advisers to advance these efforts in the very near term.

我們將與財務顧問合作，在短期內推進這些努力。

Our plan is to complete this work as quickly as possible.

我們的計劃是盡快完成這項工作。

Turning to the US government support, we're working to finalize both direct funding agreement announced last October and the disbursement of certain CHIPS Act related cash tax refunds.

談到美國政府的支持，我們正在努力敲定去年 10 月宣布的直接融資協議以及某些與 CHIPS 法案相關的現金退稅的支付。

We're optimistic about achieving a definitive agreement particularly after completing our $200 million ATM earlier this month, an important milestone in the CHIPS funding process.

我們對達成最終協議感到樂觀，特別是在本月初完成 2 億美元 ATM 之後，這是 CHIPS 融資過程中的一個重要里程碑。

We maintain frequent, constructive dialog with the CHIPS program office, narrowing the remaining milestones to reach a final arrangement.

我們與 CHIPS 專案辦公室保持頻繁、建設性的對話，縮小剩餘的里程碑並達成最終安排。

We believe that the recent OMB memos issued this week do not impact our anticipated timeline to receive the first tranche of CHIPS Act funding in mid calendar year 2025.

我們相信，本週發布的最新 OMB 備忘錄不會影響我們預計在 2025 年中期收到第一批 CHIPS 法案資金的時間表。

We are actively monitoring the situation as it evolves.

我們正在積極監測事態的發展。

As part of our tighter cash management, we plan to have close to zero capital commitments until we have a direct funding agreement signed with the CHIPS program office.

作為我們更嚴格的現金管理的一部分，我們計劃在與 CHIPS 專案辦公室簽署直接融資協議之前，將資本承諾保持在接近零的水平。

With existing committed capital, we will still complete construction at the JP and have the wafer capacity to support the continued ramp at Mohawk Valley.

利用現有的承諾資本，我們仍將完成 JP 的建設，並擁有足夠的晶圓產能來支持莫霍克谷的持續產能提升。

Our congressional champions remain unwavering in their support of Wolfspeed and we're equally encouraged by the Trump administration's America First agenda and its emphasis on strengthening US supply chains, especially for silicon carbide technologies.

我們的國會支持者仍然堅定不移地支持 Wolfspeed，我們同樣受到川普政府的「美國優先」議程及其對加強美國供應鏈（特別是碳化矽技術）的重視的鼓舞。

Wolfspeed has long championed domestic manufacturing renaissance in semiconductors, particularly in North Carolina and New York, and we look forward to continuing alignment on these shared objectives.

Wolfspeed 長期以來一直倡導國內半導體製造業的復興，特別是在北卡羅來納州和紐約州，我們期待繼續就這些共同目標進行協調。

Putting it all together, when you combine US government support with the additional committed funding from our investor group, led by Apollo, Wolfspeed has access to a total of $2.5 billion funding package.

總而言之，如果將美國政府的支持與我們以 Apollo 為首的投資者集團的額外承諾資金結合起來，Wolfspeed 就可以獲得總計 25 億美元的融資。

At the same time, while we execute on these priorities, we continue to believe we are strategically undervalued, and the Board continues to examine ways to ensure that we are generating the most value for shareholders.

同時，在我們執行這些優先事項的同時，我們仍然認為我們的策略價值被低估了，董事會將繼續研究如何確保我們為股東創造最大的價值。

That said, at this point, management's core focus is on executing against the priorities I've just outlined to improve our financial performance, strengthen the balance sheet and raise additional capital.

話雖如此，目前，管理層的核心重點是執行我剛才概述的優先事項，以改善我們的財務業績，加強資產負債表並籌集更多資本。

Before I turn the call over to Neill, I would like to touch on our end markets and the competitive landscape.

在我將電話轉給尼爾之前，我想談談我們的終端市場和競爭格局。

We acknowledge that over the past few quarters, both we and the entire market have faced challenges in demand.

我們承認，在過去幾個季度中，我們和整個市場都面臨著需求上的挑戰。

This quarter, revenue from Mohawk Valley was $52 million, which we expect will grow again in the third quarter with the continued ramp of our previously announced design wins.

本季度，來自莫霍克谷的收入為 5,200 萬美元，隨著我們先前宣布的設計勝利的持續增加，我們預計第三季度的收入將再次增長。

Similarly, we are making strong progress at the JP and we remain on track to receive a certificate of occupancy in the first half of this year.

同樣，我們在 JP 方面也取得了長足的進步，並且預計在今年上半年獲得入住許可證。

We are extremely pleased with the yields of our 200-millimeter wafers and the performance of our devices from these wafers.

我們對200毫米晶圓的成品率以及基於這些晶圓生產的裝置的性能感到非常滿意。

This is a key competitive advantage as we are the first to begin commercial production on 200-millimeter substrates.

這是一個關鍵的競爭優勢，因為我們是第一個開始在 200 毫米基板上進行商業生產的公司。

As these new facilities mature, and we see less impact from startup and underutilization costs on our financials, unit economics will improve significantly.

隨著這些新設施的成熟，​​我們看到啟動和利用不足成本對我們財務的影響越來越小，單位經濟效益將顯著改善。

For our key end markets, although broader macroeconomic pressures in a slower-than-expected EV ramp have challenged I&E and auto demand in recent quarters, we continue to aggressively pursue stronger markets, including renewables and AI data centers.

對於我們的主要終端市場，儘管最近幾個季度，電動車成長低於預期帶來的更廣泛的宏觀經濟壓力對進出口和汽車需求帶來了挑戰，但我們仍在積極尋求更強大的市場，包括再生能源和人工智慧資料中心。

Our previous design wins are ramping, and as such, our power revenue will continue to grow over the balance of the year, largely driven by our EV customers where companies like GM are investing in their EV programs to support the long-term transition taking place in automotive.

我們先前的設計勝利正在不斷增加，因此，我們的電力收入將在今年剩餘時間內繼續增長，這主要得益於我們的電動車客戶，通用汽車等公司正在投資其電動車項目，以支持正在進行的長期轉型在汽車領域。

Demand in industrial and energy applications is showing some green shoots, but visibility remains limited.

工業和能源應用領域的需求正在出現一些復甦跡象，但能見度仍然有限​​。

While we're not out of the woods yet, we remain encouraged with what we are seeing so far.

雖然我們尚未脫離險境，但我們對目前所看到的情況仍然感到鼓舞。

Our channel inventory has dropped significantly over the last few quarters and we have even more confidence given the long-term demand drivers behind AI and data centers where billions are being invested in renewable energy, which will continue to see demand as the need for electricity generation storage increases rapidly.

過去幾個季度，我們的通路庫存大幅下降，考慮到人工智慧和資料中心背後的長期需求驅動因素，我們對再生能源的投入高達數十億美元，這將繼續被視為對發電的需求存儲量快速增加。

Silicon carbide is homegrown.

碳化矽是自產的。

American innovation at its core, pioneered by Wolfspeed scientists nearly 40 years ago in Raleigh, North Carolina.

其核心是美國創新，由 Wolfspeed 科學家近 40 年前在北卡羅來納州羅利市開創。

Although the EV market propelled silicon carbide from a niche technology into a multi-billion dollar industry, we believe we're still in the early stages of realizing its full potential.

儘管電動車市場將碳化矽從一項小眾技術推動成為一個價值數十億美元的產業，但我們相信，我們仍處於充分發揮其潛力的早期階段。

Many of the world's most advanced technologies in markets ranging from consumer products to aerospace and defense to e-mobility increasingly require silicon carbide for high voltage solutions due to its ability to operate at higher voltages, with higher efficiency and with higher power density and with greater ruggedness in extreme environments.

從消費品到航空航太和國防再到電動車等市場，世界上許多最先進的技術都越來越需要碳化矽作為高壓解決方案，因為它能夠在更高的電壓下工作，具有更高的效率和更高的功率密度，並且極端環境下的堅固性。

In these critical applications, reliability is paramount.

在這些關鍵應用中，可靠性至關重要。

The risk of failure is simply too great to depend on lower-grade materials, and this is why customers rate performance and quality at the top of their list when selecting a silicon carbide device partner.

依賴低等級材料故障的風險實在太大，這就是為什麼客戶在選擇碳化矽設備合作夥伴時將性能和品質放在首位。

And we are continuing to deliver more innovative device solutions to customers.

我們將持續向客戶提供更多創新的設備解決方案。

Last week, we introduced our new Gen 4 MOSFET, a highly flexible platform that supports long-term roadmaps for high performance, application-optimized products.

上週，我們推出了新一代 4 MOSFET，這是一個高度靈活的平台，支援高效能、應用優化產品的長期路線圖。

This new platform allows design engineers to create more efficient, longer lasting systems that perform well in tough operating environments at a better overall system cost.

這個新平台使設計工程師能夠創建更有效率、更持久的系統，這些系統在惡劣的操作環境下也能表現良好，並且整體系統成本更低。

Our Gen 4 platform will be delivered via our highly-efficient 200-millimeter wafers, which will enable us to deliver products on the scale not seen in this industry before.

我們的 Gen 4 平台將透過高效的 200 毫米晶圓交付，這將使我們能夠交付該行業前所未有的規模的產品。

Turning to the broader competitive landscape, we continue to track key industry developments, including the US Trade Representative's recent 301 investigation into China's semiconductors policies.

展望更廣泛的競爭格局，我們繼續追蹤關鍵產業發展，包括美國貿易代表最近對中國半導體政策進行的301調查。

We recognize that these issues remain front and center for our investors and stakeholders.

我們認識到這些問題仍然是我們的投資者和利害關係人關注的焦點。

And by participating in this process, we anticipate government actions will help level the playing field for American companies, making significant investments in advanced technologies.

透過參與這一過程，我們期望政府的行動將有助於為美國公司提供公平的競爭環境，並對先進技術進行大量投資。

Silicon carbide is critical to our national security.

碳化矽對我們的國家安全至關重要。

Wolfspeed has been at the forefront of advanced silicon carbide programs for US security.

Wolfspeed 一直處於美國安全先進碳化矽計畫的前沿。

We welcome the US government's efforts to safeguard American interest as these measures are vital to preserving our competitive edge in semiconductors.

我們歡迎美國政府維護美國利益的努力，因為這些措施對於維持我們在半導體領域的競爭優勢至關重要。

Silicon carbide is homegrown American IP that fuels economic growth and creates well-paying jobs.

碳化矽是美國本土的智慧財產權，可促進經濟成長並創造高薪就業機會。

We stand ready to engage and assist the US government as it advances their investigation.

我們隨時準備參與並協助美國政府推動調查。

Now, I'd like to turn the call over to Neill to discuss our quarterly financials and guidance in more detail.

現在，我想將電話轉給尼爾，更詳細地討論我們的季度財務狀況和指導。

Thanks, Tom, and good afternoon, everyone.

謝謝，湯姆，大家下午好。

Looking at our fiscal 2Q financial results, we generated $181 million of revenue for the quarter, slightly above the midpoint of guidance and down 7% sequentially.

縱觀我們第二季度的財務業績，我們本季創造了 1.81 億美元的收入，略高於預期中位數，季減 7%。

We recognized power device revenue of $91 million, down 6% sequentially, driven largely by ongoing weakness in the industrial and energy end markets.

我們確認的功率元件收入為 9,100 萬美元，環比下降 6%，主要原因是工業和能源終端市場持續疲軟。

Despite the lower revenue levels, we saw our EV revenue grow 92% year-over-year and we expect to see increased revenue in EVs as we look out into the back half of fiscal 2025.

儘管收入水平較低，但我們的電動車收入年增了 92%，我們預計 2025 財年下半年電動車收入將會增加。

Revenue contribution from Mohawk Valley was $52 million, up quarter-over-quarter, and we expect Mohawk Valley revenue to reach between $55 million to $75 million in the third quarter.

莫霍克山谷的營收貢獻為 5,200 萬美元，比上一季有所成長，我們預計莫霍克山谷第三季的營收將達到 5,500 萬至 7,500 萬美元之間。

We recognized materials revenue of $90 million, down 8% sequentially, driven by customers adjusting down their inventories to account for the current demand outlook.

我們確認的材料收入為 9,000 萬美元，比上一季下降 8%，原因是客戶調整庫存以適應當前的需求前景。

We expect materials revenue to trend in line with Q3 until end market demand begins to improve.

我們預計材料收入將與第三季保持一致，直到終端市場需求開始改善。

Moving to our margins, non-GAAP gross margin for the second quarter was 1.8%, down 160 basis points quarter-over-quarter, but above the midpoint of our November guidance.

談到我們的利潤率，第二季的非 GAAP 毛利率為 1.8%，季減 160 個基點，但高於我們 11 月指引的中位數。

This included $29 million or 1,600 basis points of underutilization costs, primarily related to Mohawk Valley.

其中包括 2900 萬美元或 1600 個基點的未充分利用成本，主要與莫霍克山谷有關。

Gross margins were also impacted by lower factory production rates in our Durham wafer fab and Durham materials operations as we successfully executed a maintenance shutdown previously communicated last quarter and lowered factory output in line with a lower demand outlook.

由於我們成功執行了上個季度之前溝通的維護停工，並根據較低的需求前景降低了工廠產量，達勒姆晶圓廠和達勒姆材料業務的工廠生產率下降也影響了毛利率。

The financial impact of the maintenance shutdown and the lower factory production was in line with our expectations.

維護停工和工廠產量下降所帶來的財務影響符合我們的預期。

This was partially offset by lower depreciation costs resulting from favorable 48D tax credit guidance issued during 2Q.

這被第二季發布的優惠 48D 稅收抵免指引導致的折舊成本降低部分抵消。

Operating expenses were $108 million in the quarter, below the midpoint of our guidance and down $11 million quarter-over-quarter, as we continue to reduce costs as part of our restructuring and simplification efforts.

本季營運費用為 1.08 億美元，低於我們預期的中位數，比上一季下降 1,100 萬美元，因為我們透過重組和簡化措施繼續降低成本。

Start-up costs in OpEx primarily associated with the JP materials facility were $23 million, an increase of $3 million versus prior quarter and in line with our outlook.

與 JP 材料工廠主要相關的營運支出啟動成本為 2,300 萬美元，比上一季增加 300 萬美元，符合我們的預期。

Operating expenses, excluding start-up costs, are now down $23 million or 21% in the first half of fiscal 2025, and we expect to continue to reduce these costs during the second half of the fiscal year.

不包括啟動成本的營運費用在 2025 財年上半年目前下降了 2,300 萬美元，降幅為 21%，我們預計在本財年下半年將繼續降低這些成本。

Adjusted EPS of negative $0.95 was better than the midpoint of our guidance.

調整後的每股盈餘為負 0.95 美元，優於我們預期的中位數。

This included an increase of 1.6 million shares on a weighted average shares outstanding basis related to our ATM equity offering.

這包括與我們的 ATM 股票發行相關的加權平均流通股數增加 160 萬股。

Excluding the equity offering, our EPS would have been negative $0.96, just ahead of the midpoint of our outlook.

不計股票發行，我們的每股盈餘將為負 0.96 美元，略高於我們預期的中位數。

Regarding our balance sheet, we ended the quarter with approximately $1.4 billion of cash and liquidity on hand.

關於我們的資產負債表，本季末我們持有約 14 億美元的現金和流動資金。

This included approximately $91 million of the total $200 million ATM equity offering that was completed in January of this year.

其中包括今年 1 月完成的總計 2 億美元 ATM 股票發行中的約 9,100 萬美元。

Including the $109 million raised in January after the quarter closed, our starting quarterly cash balance was $1.5 billion.

包括本季結束後 1 月籌集的 1.09 億美元在內，我們本季的期初現金餘額為 15 億美元。

Free cash flow during the quarter was negative $598 million, comprised of negative $195 million of operating cash flow and $403 million of capital expenditures.

本季自由現金流為負 5.98 億美元，其中包括負 1.95 億美元的營運現金流和 4.03 億美元的資本支出。

Operating cash flow was impacted by higher net working capital due to the timing of shipments in the quarter, cash restructuring charges and higher cash interest costs versus prior quarter, partially offset by improved profitability, driven by our cost reduction efforts.

由於本季出貨時間安排，淨營運資本增加，現金重組費用以及較上一季度更高的現金利息成本對營運現金流產生了影響，但我們的成本削減措施推動的盈利能力提高部分抵消了這一影響。

We expect to see significant improvement in our operating cash flow as we move into the second half of fiscal 2025 as we anticipate our cost-out measures, improved revenue linearity, stricter cash management and inventory reduction efforts will result in improved profitability and working capital performance.

我們預計，隨著我們進入2025 財年下半年，我們的營運現金流將顯著改善，因為我們預計我們的成本削減措施、收入線性改善、更嚴格的現金管理和庫存減少努力將提高盈利能力和營運資本績效。

CapEx was $403 million during fiscal 2Q, primarily comprised of facilities investments into the JP Materials facility.

第二財季的資本支出為 4.03 億美元，主要包括對 JP Materials 工廠的設施投資。

As we wind down the construction phase, we expect capital expenditures to fall-off sharply in the second half of fiscal 2025, and we forecast capital expenditures in fiscal 2025 to be approximately $1.2 billion, with dramatically lower CapEx in fiscal 2026.

隨著建設階段的結束，我們預計資本支出將在 2025 財年下半年大幅下降，並預測 2025 財年的資本支出約為 12 億美元，而 2026 財年的資本支出將大幅下降。

As Tom mentioned, these levels provide us adequate runway to deliver sustained revenue growth.

正如湯姆所提到的，這些水準為我們提供了足夠的跑道來實現持續的收入成長。

Last quarter, we outlined our financing and liquidity plans in conjunction with the announcement of a $2.5 billion funding package in line with our CHIPS grant preliminary memorandum of terms.

上個季度，我們概述了我們的融資和流動性計劃，同時宣布了一項 25 億美元的融資計劃，符合我們的 CHIPS 撥款初步條款備忘錄。

This included $750 million grant, $750 million of additional private secured term loan financing, and approximately $1 billion in 48D tax credits.

其中包括 7.5 億美元的贈款、7.5 億美元的額外私人擔保定期貸款融資以及約 10 億美元的 48D 稅收抵免。

In order to receive the funding tranches of the grants, we are required to achieve both financial and operational milestones.

為了獲得贈款的資金，我們必須實現財務和營運方面的里程碑。

From a financial milestone perspective, absent reaching some other accommodation, based on the preliminary terms, we are required to raise $300 million of non-debt capital and a portion of that to receive the first funding tranche, which we achieved by executing the $200 million ATM equity offering.

從財務里程碑的角度來看，如果沒有達成其他協議，根據初步條款，我們需要籌集 3 億美元的非債務資本，其中一部分用於獲得第一筆融資，我們透過執行 2 億美元實現了這一目標ATM 股票發行。

In addition, we will need to address our convertible debt, which will be our next primary focus.

此外，我們還需要解決可轉換債務問題，這將是我們下一個關注的重點。

Also, we will need to achieve operational milestones, which we remain on track to achieve.

此外，我們還需要實現營運里程碑，我們仍在穩步實現這一目標。

As it relates to the 48D tax credits, we have already accrued $865 million as of fiscal 2Q, and we have already submitted returns for $186 million of cash refunds from the federal government.

就 48D 稅收抵免而言，截至財政年第二季度，我們已經累計 8.65 億美元，並且已經向聯邦政府提交了 1.86 億美元現金退款的申報表。

We expect to request significantly more cash tax refunds under the 48D program in calendar 2025 when the JP goes into service this year, which we expect to receive in calendar 2026.

我們預計，當 JP 今年投入使用時，我們將在 2025 年根據 48D 計劃申請更多的現金退稅，並預計在 2026 年收到這筆退稅。

Also tied to improving financial performance, we continue to execute on our company's simplification and restructuring efforts that we expect to contribute to $200 million of annual cash savings as well as driving approximately $150 million of liquidity in conjunction with non-core asset sales.

此外，為了提高財務業績，我們將繼續執行公司的簡化和重組措施，預計這將帶來每年 2 億美元的現金節約，並結合非核心資產出售帶來約 1.5 億美元的流動資金。

The following is a status of the various initiatives related to those plants.

以下是與這些工廠相關的各項措施的現狀。

The closure of the Durham 150-millimeter wafer fab remains on track to close in the second half of calendar 2025.

達勒姆 150 毫米晶圓廠的關閉預計將於 2025 年下半年完成。

The Farmers Branch 150-millimeter epitaxy facility was closed at the end of December and is being prepared for sale.

法默斯布蘭奇150毫米外延設施已於12月底關閉，並準備出售。

The non-factory workforce reductions contributing to a 20% reduction in total company employment, along with the factory closures, remains on track with most of the reductions already completed at the end of fiscal 2Q.

非工廠勞動力削減以及工廠關閉導致公司總就業人數減少 20%，大部分裁員計畫仍在進行中，其中大部分裁員計畫已在第二季末完成。

Lastly, we continue to work on our divestiture of non-core assets, which we expect to generate approximately $150 million of cash proceeds in calendar 2025.

最後，我們繼續致力於非核心資產的剝離，預計到 2025 年將產生約 1.5 億美元的現金收益。

At this time, we have a clear line-of-sight to approximately $325 million of liquidity from our 48D cash tax refunds and non-core asset sales.

目前，我們可以透過 48D 現金退稅和非核心資產銷售獲得約 3.25 億美元的流動資金。

In total, if you combine this with the first tranche of the CHIPS grant and the additional funding committed by our lender group led by Apollo, we have up to three quarters of $1 billion of liquidity going forward, giving us ample opportunity to work on the three priorities Tom outlined at the top of the call.

總的來說，如果將這筆資金與CHIPS 撥款的首筆款項以及由阿波羅牽頭的貸款集團承諾的額外資金結合起來，我們將在未來擁有高達75 億美元的流動資金，這讓我們有充足的機會開展湯姆在通話開頭概述了三個優先事項。

Restructuring charges related to our company simplification and restructuring efforts are expected to be in the range of $400 million to $450 million in fiscal 2025, consistent with our previous communications.

與我們先前通報的一致，與公司簡化和重組工作相關的重組費用預計在 2025 財年達到 4 億至 4.5 億美元之間。

This included $188 million in charges recorded in fiscal Q2.

其中包括第二財季記錄的 1.88 億美元費用。

Please see the attachment in our earnings press release, which includes a table detailing the charges for this non-GAAP adjustment.

請參閱我們的收益新聞稿中的附件，其中包括一個表格，詳細說明了此非 GAAP 調整的費用。

The fiscal 2Q charges were comprised of severance costs, asset impairment costs, including write-offs related to the Farmers Branch facility and the previously proposed Saarland facility, accelerated depreciation, asset disposition costs and other-related expenses.

第二財季的費用包括遣散費、資產減損費用（包括與 Farmers Branch 工廠和先前提議的 Saarland 工廠相關的註銷）、加速折舊、資產處置費用和其他相關費用。

We continue to expect restructuring activities to be cash neutral in fiscal 2025 and start generating a significant amount of the annualized $200 million of cash savings in fiscal 2026.

我們繼續預期重組活動在 2025 財年將保持現金中性，並在 2026 財年開始產生大量年度化 2 億美元的現金節省。

Collectively, these measures allow us to improve our unit economics, deliver substantial annualized cash savings and enhance cash generation capabilities, reducing our non-GAAP EBITDA breakeven point to under $1 billion on an annualized revenue basis.

總的來說，這些措施使我們能夠改善單位經濟效益，實現大量年度現金節約，並增強現金生成能力，從而將我們的非 GAAP EBITDA 盈虧平衡點（按年度收入計算）降低至 10 億美元以下。

Finally, turning to our Q3 2025 guidance, we expect Q3 2025 revenue to be between $170 million and $200 million.

最後，談到我們的 2025 年第三季指引，我們預計 2025 年第三季的營收將在 1.7 億美元至 2 億美元之間。

We expect Q3 2025 non-GAAP gross margin of minus 3% to 7%.

我們預期 2025 年第三季非 GAAP 毛利率為負 3% 至 7%。

We expect Q3 2025 non-GAAP OpEx of $104 million to $99 million.

我們預計 2025 年第三季非 GAAP 營運支出為 1.04 億美元至 9,900 萬美元。

We expect Q3 2025 non-GAAP EPS loss of $0.88 to $0.76, which also accounts for the impact of issuing approximately 27.8 million shares of common stock under our ATM program.

我們預計 2025 年第三季非 GAAP EPS 虧損為 0.88 美元至 0.76 美元，這也考慮到了根據我們的 ATM 計劃發行約 2780 萬股普通股的影響。

Going forward, we expect our weighted average shares outstanding to be approximately 155 million as we exit fiscal 3Q.

展望未來，我們預計，在第三財季結束時，我們的加權平均流通股數將達到約 1.55 億股。

Thank you.

謝謝。

And I will now turn the call back over to Tom for closing remarks.

現在我將把電話轉回給湯姆，請他作結束語。

Thank you, Neill.

謝謝你，尼爾。

Throughout the remainder of my tenure as Executive Chairman, I want to reiterate that our management team, Board and I are all aligned on executing against the key priorities I outlined earlier.

在我擔任執行主席的剩餘任期內，我想重申，我們的管理團隊、董事會和我都將一致致力於執行我先前概述的關鍵優先事項。

Those are: dramatically improving the financial performance of the company and accelerating our path to generate positive cash flow from operations; second, aggressively pursue activities to strengthen our balance sheet; and third, raise the cost-effective capital required to support our long-term growth plan.

這些是：大幅改善公司的財務表現並加快我們從營運中產生正現金流的步伐；第二，積極採取措施加強我們的資產負債表；第三，籌集支持我們長期成長計畫所需的成本效益資本。

Also, the Board continues to work on identifying a CEO to lead Wolfspeed in its next chapter of growth, and they are pleased with the current slate of candidates.

此外，董事會繼續努力尋找一位執行長來帶領 Wolfspeed 開啟新的發展篇章，他們對目前的候選人名單感到滿意。

We are confident that our collective focus will place Wolfspeed on a path towards long-term growth and profitability and to capture the multi-decade growth opportunity in silicon carbide, and therefore, more closely reflect the strategic valuation of the company.

我們相信，我們的共同關注將使 Wolfspeed 走上長期成長和獲利的道路，並抓住碳化矽的數十年成長機會，從而更緊密地反映公司的策略估值。

Thank you, and we will now move to Q&A.

謝謝，我們現在進入問答環節。

(Operator Instructions)

（操作員指令）

Brian Lee with Goldman Sachs.

高盛的 Brian Lee。

Hey, guys.

嘿，大家好。

Good afternoon.

午安.

Thanks for taking the questions, and welcome back in the saddle.

感謝您回答問題，歡迎您再回來。

It's been a long-time, but good to hear from you.

雖然已經很久沒有收到你的來信了，但我很高興。

First one I had was just on maybe the demand environment.

我所想到的第一個可能只是需求環境。

A lot of folks worried about all the narratives around EV demand slowing and kind of long-term forecast.

許多人擔心有關電動車需求放緩的所有說法以及長期預測。

So, you guys have Mohawk ramping, maybe it's a bit slower-than-expected near-term, but I'd be curious, Tom, as you've been spending time with customers, what's the commentary been.

所以，你們的 Mohawk 業務正在加速發展，也許短期內會比預期慢一點，但我很好奇，湯姆，當你花時間與客戶相處時，你的評論是什麼。

What gives you confidence that medium- to longer-term demand will be there even as you fill Mohawk up to a fuller capacity level beyond where you're running right now?

為什麼您有信心，即使 Mohawk 的產能超過目前的水平，中期和長期的需求仍將存在？

Then, I have a follow-up.

然後，我有一個後續問題。

So, thank you, Brian, and it's good to be back working with you again.

所以，謝謝你，布萊恩，很高興再次與你合作。

So, on demand, first let me talk about EV and then I'll talk about I&E.

因此，根據需要，我首先談談 EV，然後再談談 I&E。

In terms of EV, we think of it as slowing growth.

就企業價值而言，我們認為這是成長放緩。

So, it's still growing, but not growing as fast as we and others had projected.

所以，它仍在成長，但成長速度沒有我們和其他人預測的那麼快。

The other way we think about this, we think about this specific OEMs and specific models.

我們從另一個角度思考這個問題，我們考慮特定的 OEM 和特定的型號。

And we have models that are ahead of the ramp plan that we thought or forecasted and there are other models that are ramping slower.

我們有一些模型比我們所想或預測的成長計劃要快，但也有一些模型的成長速度較慢。

And Neill can say a few words about the percentage or the models that we're in and the growth that we've seen.

尼爾可以簡要介紹我們所處的百分比或模型以及我們所看到的成長。

So, there are certain accounts though where we are or certain models where we are seeing demand increase.

因此，我們看到，在某些帳戶或某些模型中，需求正在增加。

In terms of I&E, as I mentioned in the prepared remarks, we are seeing some green shoots, specifically AI, data centers, energy, and on other markets like that.

在產業與環境方面，正如我在準備好的演講中所提到的，我們看到了一些復甦跡象，特別是人工智慧、資料中心、能源以及其他類似的市場。

So, we're in the early stages.

因此，我們還處於早期階段。

We're also benefiting because we've lowered our channel inventory over the last few quarters.

我們也受益匪淺，因為我們在過去幾季中降低了通路庫存。

And so, that gives us a particularly strong tailwind in that market.

因此，這為我們在該市場提供了特別強勁的順風。

Now, having said that, we don't see a V-shaped improvement in I&E, but we do see steady growth for us.

現在，話雖如此，我們並沒有看到進出口出現 V 型改善，但我們確實看到了穩定的成長。

Neill, do you want to add anything?

尼爾，你還有什麼要補充嗎？

Let me just add a couple of comments there, Tom.

湯姆，請容許我補充幾點評論。

We mentioned in the prepared remarks that EV growth in last quarter and the 2Q fiscal quarter grew 90% year-over-year.

我們在準備好的評論中提到，上個季度和第二季度的企業價值成長比去年同期成長了 90%。

We should expect that to expand 20% to 30% from EV perspective going into 3Q that would also be over 90% growth year-over-year.

從企業價值角度來看，我們預計第三季企業價值將成長 20% 至 30%，年成長率也將超過 90%。

If you take a step back, we just have a broad number of models going into production across a number of geographies.

如果你退一步考慮，我們只是在多個地區投入了大量的模型生產。

So, as Tom said, as the adoption rate is lower than we expected, our customer base essentially is broad and diverse, and that's what's driving kind of that significant year-on-year growth and kind of a weaker backdrop.

因此，正如湯姆所說，由於採用率低於我們的預期，我們的客戶群本質上是廣泛而多樣化的，這就是推動同比顯著增長和背景較弱的原因。

What that does give us is a certain level of diversity.

這確實為我們帶來了一定程度的多樣性。

So, when the market does come back with a number of models that we're shipping into, we've got a nice broad set of customers that we can ship into and take advantage of the market, EV adoption rates start to pick up again.

因此，當市場確實恢復正常，我們可以向其運送大量車型時，我們就會擁有一批廣泛的客​​戶，我們可以向其運送產品並利用市場，電動車的採用率就會再次回升。

Got it.

知道了。

One follow-up.

一次後續行動。

I know you guys alluded to competition during the prepared remarks.

我知道你們在準備好的發言中提到了競爭。

I didn't hear anything maybe directly related to 200-millimeter SiC wafer capacity out of China.

我沒有聽到任何可能與中國 200 毫米 SiC 晶圓產能直接相關的消息。

I feel like data points there continue to increase.

我覺得那裡的數據點持續增加。

So, I'd be curious again to hear your thoughts impact on the competitive environment given what's happening out there in China with respect to 200-millimeter.

因此，考慮到中國 200 毫米市場的現狀，我很好奇想聽聽您對於競爭環境影響的看法。

And then, what that does to your ability to sell merchant capacity out of Siler City?

那麼，這對您出售 Siler City 商販能力的能力有什麼影響？

Are you kind of sort of behind peers at this point?

目前你是否已經落後於同行了？

Just any thoughts there would be helpful.

任何想法都會有幫助。

Thank you.

謝謝。

So, we're acutely aware of what's going on in the competitive space or with competitors, and we're also acutely aware of developments in China.

因此，我們敏銳地意識到競爭領域或競爭對手的動態，我們也敏銳地意識到中國的發展。

In terms of specifically 200-millimeter, we are the only volume producer of 200-millimeter wafers and we're shipping thousands of them to our Mohawk Valley Fabs and we know the performance of the wafers and it's exceptional.

具體就 200 毫米晶圓而言，我們是唯一一家批量生產 200 毫米晶圓的生產商，我們正在向莫霍克谷晶圓廠運送數千片晶圓，我們了解這些晶圓的性能，而且非常出色。

So, we have a technology lead, and we have the credibility of shipping thousands of wafers on per week.

因此，我們擁有技術領先優勢，並且擁有每週運送數千片晶圓的信譽。

In addition to that, we have started to sample a number of customers and we are fully engaged with who you would expect us to be engaged with, the volume partners and the LTA partners.

除此之外，我們已經開始對一些客戶進行抽樣，我們正在與您期望我們合作的對象進行充分接觸，包括批量合作夥伴和 LTA 合作夥伴。

So, I think we're at the right place at the right time on 200.

所以，我認為我們在 200 這個目標上處於正確的時間和正確的地點。

Neill, do you want anything?

尼爾，你想要什麼嗎？

Nothing else to add.

沒什麼好補充的。

Jed Dorsheimer from William Blair.

威廉布萊爾 (William Blair) 的傑德·多斯海默 (Jed Dorsheimer)。

Hi, thanks.

嗨，謝謝。

Tom, I guess, first question is, I'm not sure if you caught any of the Senate confirmation.

湯姆，我想，第一個問題是，我不確定你是否了解參議院的任何確認消息。

Sounds like you might have been busy on the operational side, but Howard Lutnick was getting grilled today and a lot of his commentary was around looking at CHIPS Act with respect to national security.

聽起來你可能在營運方面很忙，但霍華德·盧特尼克 (Howard Lutnick) 今天受到了嚴厲質問，他的許多評論都是圍繞著從國家安全角度看待 CHIPS 法案。

And I know silicon carbide has been ruled that from a CFIUS perspective back in 2016.

我知道早在 2016 年，碳化矽就已被 CFIUS 裁定為禁止進口。

I'm just wondering if you could update us on, is obviously that's key to the liquidity part of the story, the transition phase and maybe share any context in terms of how that transition is progressing.

我只是想知道您是否可以向我們更新一下情況，這顯然是故事流動性部分、過渡階段的關鍵，也許您可以分享過渡進展的背景資訊。

And then, I have a follow-up.

然後，我有一個後續問題。

All right.

好的。

Thank you, Jed, for the question.

謝謝傑德提出的問題。

As I said in the prepared remarks, we are constructively engaged frequently with the CHIPS program office.

正如我在準備好的演講中所說，我們經常與 CHIPS 專案辦公室進行建設性的接觸。

And it's important to note that we're narrowing the issue list, which is usually a good sign when you're working on something like this.

值得注意的是，我們正在縮小問題列表，當您處理這樣的事情時，這通常是一個好兆頭。

In terms of -- and we work closely have started work closely with the new administration.

就——而言，我們已經開始與新政府密切合作。

And we did listen to Howard Lutnick's testimony today.

今天我們確實聽取了霍華德·盧特尼克的證詞。

And it was important to note, he talked about everything Wolfspeed is, American technology, American manufacturing, thousands of American jobs, billions invested and important to national security, never mind AI, never mind the importance of things like going to Mars.

值得注意的是，他談論了Wolfspeed 的一切，美國技術、美國製造業、數以千計的美國就業崗位、數十億美元的投資以及對國家安全的重要性，更不用說人工智慧，更不用說登陸火星之類的事情的重要性了。

So, if there's ever a fit for CHIPS ever maybe overstated, if there's a prototype of what you would want CHIPS to expand more of in America, we're it.

所以，如果 CHIPS 真的適合美國，也許這種說法有些誇大，但如果有原型，是你希望 CHIPS 在美國進一步推廣的，那麼我們就是其中之一。

So that gives us confidence as we engage with the new administration.

這給了我們與新政府接觸時的信心。

We think we're completely aligned.

我們認為我們的觀點是完全一致的。

Great.

偉大的。

Then just as my follow-up, Neill, just sticking with the theme of liquidity here for a second, looks like spending falls off and you've done a good job to kind of throttle that back.

然後，正如我的後續問題，尼爾，我們先繼續討論流動性的主題，看起來支出正在下降，而你在抑制支出方面做得很好。

As you did talk about some of the potential sources of cash, I didn't hear a 200-millimeter supply agreement is part of that.

正如您談到一些潛在的現金來源一樣，我沒有聽說 200 毫米供應協議是其中的一部分。

I'm just curious, have things changed.

我只是好奇，事情有改變嗎？

Are you still in discussions in negotiating the potential for that?

你們是否仍在就這可能性進行談判？

Maybe just update, or if that was purposely missed or whether or not what the expectations around an additional agreement might be?

也許只是更新，或者是否故意錯過了，或者對附加協議的期望是什麼？

Thanks.

謝謝。

So, Jed, I'll say a few comments and then we'll let Neill answer the majority of the question.

因此，傑德，我會發表一些評論，然後我們讓尼爾回答大部分問題。

So, we are managing 150 in terms of an inventory correction with our LTA, long-term agreement, partners, and we expect that the volume commitments will be fulfilled just over a long period of time.

因此，我們正在與 LTA、長期協議和合作夥伴一起管理 150 的庫存調整，並且我們預計數量承諾將在很長一段時間內履行。

As we think about 200, of course, we're working with those same partners and others.

當我們想到 200 時，當然，我們正在與相同的合作夥伴和其他人合作。

And as the only company that's producing 200-millimeter wafers in volume, we're the logical partner.

作為唯一一家大量生產 200 毫米晶圓的公司，我們是合乎邏輯的合作夥伴。

And so, they are they two come together.

就這樣，他們倆走到了一起。

In terms of timing, there's nothing to announce now, but there's constructive work being done that will bear fruit we believe in this calendar year.

就時間而言，現在還沒有什麼可以宣布的，但我們正在進行的建設性工作將在今年結出碩果。

Neill, maybe you can comment further.

尼爾，也許你可以進一步評論。

Yeah, just in terms of -- I think that's one element of it, Jed, but just kind of go and hit a little bit further on the first comment you made there in terms of driving towards our liquidity goals, first things first, and I think Tom laid it out in the prepared remarks.

是的，就這一點而言——我認為這是其中的一個要素，傑德，但我想再進一步談談你在第一條評論中所說的推動我們的流動性目標，首先要做的事情，我認為湯姆在準備好的發言中已經闡述了這一點。

Driving better financial performance and execution is kind of step one here.

提高財務績效和執行力是第一步。

And you can see the results from the restructuring and the simplification program that we put into place, that's already generating results.

您可以看到我們實施的重組和簡化計劃已經取得了成果。

We've seen the OpEx come down.

我們已經看到營運成本下降了。

And I think if you look into the second half of the year, we'll see nice performance in operating cash flow as a result of some of the working capital and the stricter cash initiatives that Tom laid out on the call.

我認為，如果你看一下今年下半年，我們會看到營運現金流表現良好，這是湯姆在電話會議上提出的部分營運資金和更嚴格的現金計畫的結果。

So that's kind of step one, focus on that consistent operating execution and financial performance.

所以這是第一步，重點在於一致的營運執行和財務表現。

Now, in addition to that, we laid out a couple of other things.

現在，除此之外，我們還列出了其他一些事項。

The first one is that we have clear visibility to roughly $325 million of liquidity between the 48D tax credits, which we've already completed our returns for, and we've been in conversations and correspondence with the federal government on those.

首先，我們清楚地看到 48D 稅收抵免之間的大約 3.25 億美元流動資金，我們已經完成了申報，並且一直就此與聯邦政府進行對話和通信。

Those have been received and they're being processed.

這些已收到並正在處理。

In addition, we're making progress on the $150 million of asset sales.

此外，我們在1.5億美元資產出售方面也取得了進展。

So, there's $325 million-plus related to that element.

因此，與該元素相關的金額超過 3.25 億美元。

And on top of that, we continue to work the CHIPS grant working with the CHIPS office closely, and that would result in another big portion of the grant or a solid portion of the grant along with the term loan financing for another more than $400 million.

除此之外，我們將繼續與 CHIPS 辦公室密切合作，爭取 CHIPS 撥款，這將帶來另一大筆撥款或相當一部分撥款，以及超過 4 億美元的定期貸款融資。

So, more than three quarters of $1 billion of visibility in terms of liquidity.

因此，就流動性而言，可見度超過 10 億美元。

So, step one, let's drive the operational performance, and then step two, we've got liquidity plans that we're focused on.

因此，第一步，讓我們推動營運績效，第二步，我們制定重點關注的流動性計畫。

Great.

偉大的。

Thanks guys.

謝謝大家。

George Gianarikas with Concord.

喬治·賈納里卡斯 (George Gianarikas) 與 Concord 合作。

Hello?

你好？

Can you hear me?

你聽得到我嗎？

Yeah, we can hear you, George.

是的，我們聽得到你的聲音，喬治。

Hello?

你好？

We can hear you.

我們能聽到你的聲音。

I'm sorry about that.

我很抱歉。

Thank you.

謝謝。

So, thank you for taking my question.

感謝您回答我的問題。

I'd just like to ask about your revenue breakeven.

我只是想問一下你的收入損益平衡狀況。

I think you said under $1 billion.

我認為您說的是低於 10 億美元。

If you could just sort of help us understand exactly when you think that's achievable, and how realistic you think those revenue targets are in the current environment?

如果您能幫助我們確切了解您認為何時可以實現這一目標，以及您認為在當前環境下這些收入目標有多現實？

Thank you.

謝謝。

Thank you.

謝謝。

George, I'll take the first part -- I'll say a few words and Neill will probably add something.

喬治，我來負責第一部分——我會講幾句話，尼爾可能會補充一些內容。

So, the first cost reduction program is ahead of plan that takes $200 million of cash improvement out of the company and gets us to lower than $1 billion of breakeven.

因此，第一個成本削減計劃提前完成了，它將從公司中拿出 2 億美元的現金改善，使我們的損益平衡點達到不到 10 億美元。

We have initiated another look at the company.

我們開始重新審視這家公司。

This time we are taking a fresh look as if we started the company from scratch, and we are looking at two businesses, the materials and powered business, and we are saying what would we build that business like from the ground up.

這次，我們以全新的視角，彷彿我們從零開始創辦公司，我們正在研究兩項業務，即材料和動力業務，我們正在考慮從頭開始將這項業務建設成什麼樣子。

That is likely to yield some efficiencies although we are in the beginning phases of that.

儘管我們尚處於起步階段，但這可能會提高一些效率。

And that is because we're going to be cautious about demand despite the fact that we believe -- despite our belief that we will see progressive or sequential growth in our power business over throughout the year.

這是因為我們對需求持謹慎態度，儘管我們相信——儘管我們相信全年我們的電力業務將逐步或連續成長。

But we want to take sort of a cautious look at revenue and base our expenses off of that, and that's what the second cost program is.

但我們希望謹慎地審視收入，並以此為基礎確定支出，這是第二個成本計畫。

And maybe Neill, you want to add something?

也許 Neill，你想添加一些內容嗎？

No, I think that's exactly right.

不，我認為完全正確。

I think our first and primary focus is to execute our operational initiatives around simplification of the business, driving our device business on to 200-millimeter, simplifying the business and driving the cost-out initiatives and the stricter cash management.

我認為我們的首要重點是圍繞簡化業務、推動我們的設備業務向 200 毫米發展、簡化業務、推動成本削減計劃和更嚴格的現金管理來執行我們的營運計劃。

I think that's step one.

我認為這是第一步。

And then, from a revenue perspective, we are seeing power device revenue grow into the back half of the fiscal year and we'll continue to see that grow.

然後，從收入角度來看，我們看到電力設備收入在本財年下半年成長，我們將繼續看到這種成長。

I agree though in terms of industrial energy, in terms of materials, the visibility is somewhat limited, but we are seeing growth into those periods.

我同意，儘管從工業能源和材料的角度來看，可見度有些有限，但我們看到這些時期的成長。

And as that revenue continues to grow along with these operational initiatives, that will give us a better kind of line of sight to breakeven points in operating cash flow out in time.

隨著收入和這些營運舉措的不斷增長，我們將能夠更好地及時了解營運現金流的損益平衡點。

And maybe as a follow-up, you traditionally discuss design-wins and design-ins.

也許作為後續，您傳統上會討論設計獲勝和設計導入。

How have those been trending and has the current state of your financials impacted customer interest?

這些趨勢如何？

And thank you.

謝謝你。

So, first, design-wins and design-ins, we published a set of slides on our website.

因此，首先，設計獲勝和設計插入，我們在網站上發布了一系列幻燈片。

It's got one of those two numbers, but I can give you the numbers for the quarter.

它有這兩個數字中的一個，但我可以給你該季度的數字。

It's $1.475 million for design-ins and $795 million for design-wins.

設計入圍費用為 147.5 萬美元，設計獲勝費用為 7.95 億美元。

And I do want to point out cumulatively design-wins, which is 20% of first-year revenue is the definition, is $12.2 billion cumulatively.

我確實想指出，累計設計勝利，即第一年收入的 20%，累計為 122 億美元。

And then, in terms of your second question, we are completely transparent and we are constantly communicating with our key customers, our OEM customers and customers like Arrow who are critical to our business, and we are completely aligned on the path forward for the company.

然後，關於你的第二個問題，我們完全透明，我們不斷與我們的關鍵客戶、我們的OEM 客戶和像Arrow 這樣對我們的業務至關重要的客戶進行溝通，我們完全同意公司的未來發展方向。

And we're talking about how in some cases, how do we increase supply for key parts of their business.

我們正在討論在某些情況下如何增加其業務關鍵部分的供應。

And they see things like our Gen 4 release that we just announced recently and they see the investments that we've made paying off in R&D.

他們看到了我們最近剛宣布的第四代產品，也看到了我們在研發方面的投資得到了回報。

And then, it's important to note as I listen to this call that our CapEx is largely implemented.

然後，當我聽到這次電話會議時，值得注意的是，我們的資本支出已基本實施。

So, we said close to zero new capital commitments, which means that the exact the existing capital commitments we made can satisfy meaningful demand increase and can satisfy our customers' demand.

因此，我們說新的資本承諾接近零，這意味著我們所做的現有資本承諾可以滿足有意義的需求成長並且可以滿足我們客戶的需求。

So, the profile of the company is substantially different as we look at it going forward and we are completely transparent and aligned with our customer partners.

因此，從我們未來的角度來看，公司的概況有很大不同，我們完全透明並與我們的客戶合作夥伴保持一致。

And just to clarify, that's $1.5 billion of design-ins and almost -- about roughly $800 million of design-wins that have gone in this quarter.

需要澄清的是，本季的設計投入金額為 15 億美元，設計訂單金額約為 8 億美元。

And Tom talked about the cumulative numbers that we have there.

湯姆談到了我們在那裡的累積數字。

So, I think we see what a large table of what we've talked about before design-ins.

所以，我認為我們看到了在設計之前討論過的一張大表。

We see a large table of those transitioning into design wins.

我們看到了一大堆轉變為設計勝利的東西。

But our focus right now goes back to the operational execution and transitioning those into real orders and shipments out of our factories.

但我們現在的重點還是回到營運執行上，並將其轉化為真正的訂單和工廠的出貨。

Samik Chatterjee with JPMorgan.

摩根大通的 Samik Chatterjee。

Yeah, thank you for taking my questions.

是的，感謝您回答我的問題。

Maybe to start with, in terms of the revenue contribution from Durham, which you're winding down, seems to us relative to the guidance you provided last quarter, the revenue from Durham did track towards the -- on the power products side, did track towards the higher end or higher than what you were sort of implying, and Mohawk did have more muted sort of increase.

也許首先，就你正在逐步減少的達勒姆的收入貢獻而言，我們認為相對於你上個季度提供的指導，達勒姆的收入確實朝著電力產品方面發展，追踪更高端或高於你所暗示的水平，而莫霍克確實有較溫和的成長。

The question really around that is, are we seeing a slower transition for some reason than you had expected 90 days ago?

真正的問題是，由於某種原因，我們是否看到了比 90 天前預期的更慢的轉變？

And is that sort of any change to the timeline relative to maybe how the ramp-down of Durham sort of feeds through the year?

這是否會對時間表造成任何改變，相對於達勒姆全年的衰退趨勢？

And for my follow-up, really the question is more around the CHIPS Act funding, which you mentioned the two things that you need to work on.

我的後續問題實際上是圍繞 CHIPS 法案的資金問題，您提到了需要努力的兩件事。

One is the convert, and then you have some operational milestones to achieve.

第一是轉換，然後你需要實現一些營運里程碑。

If you I guess you won't really talk about what those operational milestones are, but can you give us some sense about what is the timeframe in which you expect to achieve those operational milestones?

我想你不會真正談論這些營運里程碑是什麼，但是你能否告訴我們你預計在什麼時間範圍內實現這些營運里程碑？

Thank you.

謝謝。

Okay.

好的。

So, let me kick things off first.

那麼，首先讓我開始吧。

The answer is yes, we are on track to close North Carolina fab per our previous guidance, which is second half of this year.

答案是肯定的，我們正按照先前的預期，在今年下半年關閉北卡羅來納州的工廠。

Second part of that is, we, of course, forecasted demand for the fab and the forecast -- or the actual demand that we've seen is higher than what we forecasted.

第二部分是，我們當然預測了晶圓廠的需求，或者說我們看到的實際需求高於我們的預測。

The good news is we're seeing efficiencies -- the team is doing a fantastic job and we're seeing efficiencies as we satisfy that demand and we can satisfy that demand in a positive cash flow manner.

好消息是我們看到了效率——團隊做得非常出色，我們在滿足需求的同時看到了效率，而且我們可以以正現金流的方式滿足需求。

So, on track and going well.

因此，一切進展順利。

In terms of design conversions to our Mohawk Valley Fab, we've actually got a corporate objective to accelerate design conversions to our Mohawk Valley Fab and our plans are being implemented to significantly accelerate because these are customers that we want to work with for the long-term and they'll benefit from the better economics of our Mohawk Valley Fab.

就我們莫霍克谷工廠的設計轉換而言，我們實際上有一個企業目標，那就是加速我們莫霍克谷工廠的設計轉換，我們的計劃正在實施中，以顯著加快速度，因為這些是我們希望長期合作的客戶他們將受益於我們莫霍克谷工廠更好的經濟效益。

I think I got your questions there.

我想我已經知道你的問題了。

If not, Neill will make sure we cover them.

如果沒有，尼爾會確保我們覆蓋它們。

On the CHIPS Act, Neill will cover that in more detail, but an important milestone is the certificate of occupancy for Siler City, which we expect to happen by middle of this year.

關於《CHIPS法案》，尼爾將詳細介紹，但一個重要的里程碑是西勒城的居住許可證，我們預計該許可證將在今年年中頒發。

And it's important to note that despite close to zero new capital commitments, we will complete Siler City.

值得注意的是，儘管幾乎沒有新的資本承諾，但我們仍將完成 Siler City 的建設。

So, I wanted to double emphasize that.

因此，我想再強調一下這一點。

Neill?

尼爾？

Yes.

是的。

So, just to clarify, just on the North Carolina to Mohawk Valley transition, I wouldn't read into the levels of revenue between Durham and North Carolina fab.

因此，只是為了澄清，僅在北卡羅來納州到莫霍克山谷的過渡上，我不會研究達勒姆和北卡羅來納州工廠之間的收入水平。

There are parts that are transitioning now, so there are certain lots of inventory that are going to ship out of Durham that are co-qualified at Mohawk Valley.

現在有些零件正在轉換，因此有一定數量的庫存將從達勒姆運出，這些庫存已在莫霍克山谷獲得了共同認證。

So, you could see a little bit of mix variation between the two factories.

因此，你可以看到兩家工廠之間存在一些混合差異。

I think the thing to focus on though is a heavy amount of EV volume coming on quarter-over-quarter as you go from 2Q to 3Q, and a lot of that will come out of Mohawk Valley.

我認為需要關注的一點是，從第二季到第三季度，電動車銷量將逐季大幅成長，其中很大一部分將來自莫霍克山谷。

And at the midpoint of the guidance we gave, that's 20% or 25% increase in Mohawk Valley revenue quarter-over-quarter, which I think kind of underpins the ramp that we're seeing there and the ramp that we're seeing on EV.

在我們給出的指導中點，莫霍克谷的收入環比增長了 20% 或 25%，我認為這支撐了我們在那裡看到的增長，以及我們看到的電動車。

So, continued process and progress that Tom mentioned in terms of qualifying and transitioning parts over to Mohawk Valley.

因此，湯姆提到的在零件資格認定和移交至莫霍克山谷方面的進程和進展仍在繼續。

And agree on the CHIPS milestones from an operational perspective, very high confidence to reach the operational milestones, early in calendar 2025.

並從營運角度就 CHIPS 里程碑達成一致，非常有信心在 2025 年初實現營運里程碑。

Jack Egan with Charter Equity Research.

憲章權益研究公司的傑克伊根 (Jack Egan)。

Great.

偉大的。

Thanks for taking the question.

感謝您回答這個問題。

So after the -- over the past few quarters, there have been quite a few puts and takes on your revenue mix between automotive and industrial.

因此在過去幾個季度中，汽車和工業之間的收入組合發生了相當大的變化。

And on this call, you mentioned that automotive will grow through 2025.

在這次電話會議中，您提到汽車產業將會成長到 2025 年。

So, I was wondering if you could just level set us on how your device revenue breaks down by end market right now, and then also maybe go over how that might change over time just as a result of consolidating your fab footprint into Mohawk Valley.

所以，我想知道您是否可以向我們介紹一下目前您的設備收入如何按終端市場分佈，然後也許還可以介紹一下隨著將您的晶圓廠足跡整合到莫霍克山谷，這種情況將如何隨著時間的推移而改變。

And then, I had a follow-up.

然後我進行了後續跟進。

Hey, Jack, consistent with the other questions, I'll say a few words and then turn it over to Neill.

嘿，傑克，與其他問題一致，我會說幾句話，然後把它交給尼爾。

So, in fact, you're right, over the last year or two, the mix has gone from almost all I&E and a smaller percentage of auto to the inverse.

因此，事實上，您是對的，在過去的一兩年裡，投資結構已經從幾乎全部是 I&E，汽車所佔比例較小變成了相反的情況。

I think we'll see that stabilize a little bit as we go forward as I&E, as we said, we're seeing some green shoots.

我認為，隨著 I&E 的推進，我們會看到情況稍微穩定下來，正如我們所說的，我們看到了一些復甦的跡象。

I'll let Neill to mention it a little bit.

我會讓尼爾稍微提一下。

Yeah, I think that's exactly right.

是的，我認為完全正確。

I think we've seen the mix shift from heavy I&E to heavy automotive.

我認為我們已經看到了從重型進出口到重型汽車的轉變。

Right now, in the North Carolina fab, we're winding down our EV presence or EV shipments that are coming out of the fab.

目前，在北卡羅來納州的工廠，我們正在逐步減少我們的電動車業務以及從該工廠生產的電動車出貨量。

Most of our drivetrain parts have had their final shipments coming out of the North Carolina fab.

我們的大部分動力傳動系統零件的最終發貨均來自北卡羅來納州的工廠。

We're seeing some alternative other applications outside of the drivetrain still shipping out of there at this point in time.

我們看到，目前動力傳動系統之外的一些替代應用仍在從那裡發貨。

Should see those winding down in the kind of first half of calendar 2025 and you'll start to see more and more EV out of Mohawk Valley, but we're also transitioning the I&E portfolio there as well.

應該會看到這些在 2025 年上半年逐漸減少，然後你會看到越來越多的 EV 來自莫霍克山谷，但我們也會在那裡轉變 I&E 投資組合。

So, as we start to see some of these I&E products and applications start to transition over to Mohawk Valley and the market picks up, we'll start to see that balance come back to over time, back to a 70-30 split, EV and I&E revenue over time.

因此，隨著我們開始看到一些 I&E 產品和應用程式開始轉向莫霍克谷，並且市場回暖，我們將開始看到這種平衡隨著時間的推移逐漸恢復到 70-30 的比例，EV以及隨著時間的推移I&E 收入。

Hey, Jack, I did wanted to mention, I forgot when I talked about I&E previously, that the artificial intelligence data center is a big driver, energy, in general, because demand load growth is the highest it's been in decades.

嘿，傑克，我確實想提一下，我忘記了之前談到 I&E 時說，人工智慧資料中心是能源的一大驅動力，因為需求負荷成長是幾十年來最高的。

And then, from my previous market that I was in, battery energy storage is another increasing market that's driving the I&E and that will result in the mix that Neill mentioned.

然後，從我之前所在的市場來看，電池儲能是另一個推動 I&E 成長的市場，這將導致 Neill 提到的組合。

And we're ready for your second question.

我們已經準備好回答您的第二個問題。

Great.

偉大的。

Okay, thanks.

好的，謝謝。

That's helpful.

這很有幫助。

I guess, a bit of a longer-term one here then.

我想，這是一個比較長期的問題。

I was hoping you could talk a bit about wafer thickness.

我希望您能談談晶圓厚度。

So, some competitors toward the end of last year announced that their 8-inches wafers will be 350 microns thick versus the typical 500 micron thickness.

因此，一些競爭對手在去年年底宣布，他們的 8 吋晶圓厚度將為 350 微米，而典型的厚度為 500 微米。

And I believe Wolfspeed has that product in development to thinner wafers and maybe potentially qualification, too.

我相信 Wolfspeed 正在開發該產品，以適應更薄的晶圓，並且可能也具備認證資格。

So, I'm just curious as to how Wolfspeed's progressing in the development or qualification of that.

所以，我只是好奇 Wolfspeed 在開發或認證方面取得了怎樣的進展。

And then, I was wondering about the thinking there as it relates to both the wafers that you are using internally at Mohawk Valley as well as the external materials that you are selling to customers in the materials business.

然後，我想知道那裡的想法，因為它與您在莫霍克谷內部使用的晶圓以及您在材料業務中銷售給客戶的外部材料有關。

Yeah, I'll comment on and we may keep this brief because we don't have a lot to say, some of what you're asking about, we want to limit our comments, but I'd say that, yes, we are developing 350, and yes, we can sample it, and yes, we will convert over time to 350 in our internal operation.

是的，我會對此發表評論，我們可能會簡短一些，因為我們沒有太多話要說，對於你所問的一些問題，我們想限制我們的評論，但我想說，是的，我們我們正在開發350，是的，我們可以對其進行採樣，是的，隨著時間的推移，我們將在內部營運中轉換為350。

We have not converted yet.

我們還沒有轉換。

Craig Irwin with Wolf Capital Partners.

克雷格歐文 (Craig Irwin) 與 Wolf Capital Partners 合作。

Thank you for taking my questions.

感謝您回答我的問題。

So, Tom, it's nice to have your 19 years of history with Wolfspeed.

所以，湯姆，很高興你與 Wolfspeed 合作了 19 年。

I guess the first decade you were on the Board, the silicon carbide power business, so there was a line item nobody really cared about.

我想，在您擔任董事會成員的第一個十年裡，碳化矽電源業務是沒人真正關心的專案。

I guess, the company obviously cared, but there was a very interesting level of support,

我想，公司顯然很關心，但支援程度非常有趣，

I guess, even from the early 90s, from the US government for that business.

我想，甚至從 90 年代初開始，美國政府就開始涉足這一領域了。

Is there any reason to think that the interest and support for that business has changed over the last year?

是否有理由認為過去一年對該業務的興趣和支持發生了變化？

I mean, we did see additional funding into that business from the US government this last year in form of a grant.

我的意思是，我們確實看到美國政府去年以補助的形式向該業務提供了額外資金。

Do you think the appetite for these customers is growing or shrinking given the general impact from power across all areas of the economy?

考慮到電力對經濟各領域的整體影響，您認為這些客戶的需求是在成長還是在縮小？

Growing, and meaningfully so.

不斷成長，並且意義重大。

And you're right, the company has a long history of working with the US government and that continues today and we benefit from that because we know how to partner and how to how the government works and we know how to get things done.

您說得對，該公司與美國政府有著長期的合作歷史，這種合作一直延續到今天，我們從中受益匪淺，因為我們知道如何合作、如何了解政府的工作方式，也知道如何完成任務。

And as you pointed out, there's a technology shift to higher voltage, higher power, higher switching frequencies, which are exactly what we do well.

正如您所指出的，技術正在向更高電壓、更高功率、更高開關頻率轉變，這正是我們擅長的。

And of course, we practically invented this market.

當然，我們實際上發明了這個市場。

We were founded 40 years ago and as I mentioned, founded out of North Carolina state.

我們成立於 40 年前，正如我所提到的，成立於北卡羅來納州。

So, if you think about the defense agencies and what they'd want, they clearly want an American supplier.

所以，如果你考慮國防機構和他們想要什麼，他們顯然想要一個美國供應商。

So, we've got the credibility of four decades, the history and the shift in technology to applications that need silicon carbide.

因此，我們擁有四十年的信譽、歷史以及向需要碳化矽的應用的技術轉變。

So, a definitive strengthening or broadening.

因此，這是一種明確的加強或擴大。

Thank you.

謝謝。

My second question is about competitive dynamics.

我的第二個問題是關於競爭動態。

So, there's an assertion that's made out there that companies can switch suppliers.

因此，有人聲稱公司可以更換供應商。

And I think it's oversimplified as far as the quality of product available at other OEMs, at other semiconductor OEMs.

我認為，就其他 OEM 和其他半導體 OEM 提供的產品品質而言，這過於簡單化了。

And the challenges in changing suppliers, I think, are underappreciated.

我認為，更換供應商所帶來的挑戰還沒有被充分重視。

Could you maybe give us some color on what makes Wolfspeed chips special?

您能否向我們介紹一下 Wolfspeed 晶片的特殊之處？

What the challenges are for requalifying with another supplier?

重新獲得另一家供應商的認證面臨哪些挑戰？

And why we've seen your business be so sticky during this period of uncertainty as you work through repositioning the balance sheet?

在您重新定位資產負債表的不確定時期，為什麼我們看到您的業務如此陷入困境？

Normally other companies would see a fairly substantial drop in their revenue, but your revenue has actually held in pretty well, consistent with guidance and has actually surprised me for this quarter, given that the challenges have been very public.

通常情況下，其他公司的收入都會大幅下降，但你們的收入實際上保持得相當好，與預期一致，而且考慮到面臨的挑戰已經非常公開，本季度的收入實際上令我感到驚訝。

So, this is one that Neill will probably want to do a follow-up on, or at least potentially say.

因此，Neill 可能會對此進行跟進，或者至少可能會說這一點。

So, I'll say a few things.

因此，我要說幾句話。

The importance of the material quality to device performance is unbelievably clear and they are inextricably tied together.

材料品質對設備性能的重要性顯而易見，而且它們密不可分。

So, the quality of the wafer that you make a device out of will determine the characteristics of that device and can have as much as a 20% delta in yield.

因此，用於製造設備的晶圓的品質將決定該設備的特性，並且產量可能會有高達 20% 的差異。

So, switching material suppliers is risky business, because it has a big impact on -- can have a big impact on your yields.

因此，更換材料供應商是一件有風險的事情，因為它會對你的產量產生很大的影響。

And as we partner with customers and, of course, we isolate the materials business, as we partner with customers, you can only make that better.

當我們與客戶合作時，當然，我們會分開材料業務，當我們與客戶合作時，你只能做得更好。

We can correlate material quality to device parameters and we only get better over time as we work together.

我們可以將材料品質與設備參數關聯起來，隨著​​我們共同努力，我們會變得越來越好。

And so, the switching cost becomes higher over time.

因此，隨著時間的推移，轉換成本會變得越來越高。

And then, as you alluded to, we have long-term agreements with almost all of our 150-millimeter customers.

然後，正如您所提到的，我們與幾乎所有 150 毫米客戶都簽訂了長期協議。

And, of course, those are constructively we are working together as partners.

當然，這些都是我們作為合作夥伴共同進行的建設性工作。

In some cases, they may be spread out longer in time, but that's primarily what's happening in that market.

在某些情況下，它們可能會在時間上分散更長的時間，但這主要是該市場正在發生的情況。

Yeah, and I'd just add to that, Craig, if you look at devices that when we get these design-ins, we're working with these customers for several years on integration of our parts and the performance of those parts in either modules or in their systems.

是的，我只想補充一點，Craig，如果你看看我們得到這些設計時的設備，我們會與這些客戶合作好幾年，以整合我們的部件，以及這些部件在模組或其係統中。

So, if you look at just the breadth of what we were talking about in terms of we are seeing growth through a tougher cycle.

因此，如果你只看我們所談論的廣度，你會發現我們正經歷一個更艱難的周期，實現成長。

And part of that is that we've got good engagement and good integration with our customers based on the things that Tom talked about having good quality substrates, access to supply for those substrates over the long-term, having control over the integrated supply chain and having that capability across the portfolio.

其中一部分是，我們與客戶保持了良好的互動和整合，基於湯姆談到的擁有優質基材、長期獲得這些基材的供應、對集成供應鏈的控制並在整個產品組合中擁有這種能力。

So, that does create some stickiness with our customers and I think the breadth of those things and the breadth of the customers that we're working with kind of shines through even in a maybe a tougher backdrop from a demand perspective.

所以，這確實會在我們與客戶之間產生一定的黏性，我認為，即使從需求角度來看背景可能更為嚴峻，這些事情的廣度以及我們正在合作的客戶的廣度也會顯現出來。

Operator, we have time for one more question.

接線員，我們還有時間再回答一個問題。

Harsh Kumar with Piper Sindler.

哈什·庫馬爾 (Harsh Kumar) 和派珀·辛德勒 (Piper Sindler) 在一起。

Yeah.

是的。

Hey, guys.

嘿，大家好。

Thank you for squeezing me in.

謝謝你擠進我。

I had just two simple questions.

我只有兩個簡單的問題。

I just wanted a clarification.

我只是想澄清一下。

I think Neill or Tom, you might have mentioned that your breakeven for revenues will be $1 billion or a little under $1 billion call it.

我想 Neill 或 Tom 可能提到過，你們的損益平衡點收入將達到 10 億美元或略低於 10 億美元。

Does that the $250 million a quarter number, does that include startup and underutilization costs?

每季 2.5 億美元的數字是否包括啟動成本和未充分利用的成本？

That's a clarification that I wanted.

這就是我想要的澄清。

And then, you also said that your CapEx will fall quite dramatically.

然後，您也說過，您的資本支出將大幅下降。

Is it possible for CapEx to fall close to zero next year outside of maintenance CapEx?

除了維護資本支出外，明年的資本支出有可能降至接近零嗎？

And then, I had a quick one another one.

然後，我又快速地吃了一個。

Yeah.

是的。

So, thanks, Harsh, for the question.

所以，感謝 Harsh 提出這個問題。

Yes, it's fully inclusive of the full P&L.

是的，它完全包含了完整的損益表。

So, when I talk about the EBITDA and the operating cash flow, that's what we're talking about.

所以，當我談到 EBITDA 和經營現金流時，這就是我們所談論的。

From a CapEx perspective, the way to think about that next year is we gave about, I think, it's like -- a target of $200 million to $600 million if you look at fiscal year '26.

從資本支出的角度來看，明年我們給的目標是，如果你看 26 財年，那麼目標是 2 億到 6 億美元。

I think we're at the low end of that range or lower from a gross perspective, and we have the flexibility to continue to take that down.

我認為，從整體角度來看，我們處於該範圍的低端或更低，並且我們有靈活性來繼續降低這一水平。

And based on what Tom said, still have the ability to significantly ramp the device portfolio because we'll have a significant amount of utilization available to us coming out of Mohawk Valley and behind that from a substrate perspective.

根據湯姆所說的，我們仍然有能力大幅增加設備組合，因為從基板的角度來看，我們從莫霍克山谷獲得了大量的利用率。

So, we'll be able to see that come down.

因此我們將能夠看到其下降。

Now, the second thing I would add to that is we'll go back to the 48D credits.

現在，我要補充的第二件事是我們將回到 48D 學分。

We talked a lot about the near-term of what we've already essentially sent in returns for and expect payment for from the federal government in the short-term.

我們談了很多關於近期的事情，基本上我們已經給予了回報，並且期望聯邦政府在短期內支付這些費用。

In the longer-term, when the JP comes online in the first half of this year, next year we will essentially send an invoice or put it in our return to the IRS for north of $500 million of 48D tax credits as you look into 2026.

從長遠來看，當JP 在今年上半年上線時，明年我們將向美國國稅局發送發票或將其放入我們的納稅申報表中，以獲得超過5 億美元的48D 稅收抵免，正如你所看到的，2026 年。

So, we talk about those gross numbers.

因此，我們討論這些總數。

There's a significant amount of funding that can come in from 48D to even offset those.

48D 可以提供大量資金來抵消這些影響。

So, yes, the answer is you can get down from a gross perspective we can drive that down and then from a net perspective after federal incentives that can go down to zero or even lower.

因此，是的，答案是，從總量角度看，我們可以降低這個數字，然後從淨值角度看，在聯邦激勵措施之後，這一數字可以降至零甚至更低。

Okay.

好的。

Got it.

知道了。

Thank you.

謝謝。

And then, question on the underutilization charges on the start-up costs, at what point in time as a company in totality would you expect these to go away?

然後，關於啟動成本的未充分利用費用的問題，作為一家公司，您預計這些費用什麼時候會消失？

Is that a function of time, or is that a function of revenues?

這是時間的函數，還是收入的函數？

And if it's a function of revenues, what number are we looking at for JP and Mohawk Valley combined?

如果它是收入的函數，那麼 JP 和莫霍克谷的總和是多少？

Yeah.

是的。

So, it's a function of both.

因此，它是兩者的功能。

It depends on how fast you ramp the company.

這取決於公司發展的速度。

And as we ramp revenue over time, we'll start to see the startup on the underutilization costs start to fall away.

隨著我們收入的不斷增加，我們將開始看到未充分利用成本的啟動成本開始下降。

You can think about 70% utilization target being kind of a point in which we think them all kind of all of the underutilization and startup kind of all kind of fading away and we'll just kind of see them linearly start to fall off as we start to get to those levels of utilization.

你可以想像 70% 的利用率目標是一個點，在這個點上，我們認為所有的利用不足和啟動都逐漸消失，我們會看到它們開始線性下降，因為我們開始達到那些利用率水準。

Thank you, Neill.

謝謝你，尼爾。

Yeah, I want to end it here.

是的，我想在這裡結束它。

We appreciate you joining us for the call.

感謝您參加我們的電話會議。

I'll end with a repeat that we're intensely focused on improving the financial performance of the company, improving our balance sheet and economic investment in the company and we look forward to updating you over the quarter and the next call.

最後，我要重複一遍，我們正高度重視改善公司的財務業績，改善我們的資產負債表和對公司的經濟投資，我們期待在本季度和下次電話會議上向您通報最新情況。

Thank you very much.

非常感謝。

That will conclude today's conference call.

今天的電話會議到此結束。

Thank you all for your participation.

感謝大家的參與。

You may now disconnect your line.

現在您可以斷開線路了。