Wolfspeed Inc (WOLF) 2025 Q3 法說會逐字稿

Hello, everyone, and thank you for joining the Wolfspeed Inc third-quarter fiscal 2025 earnings call. My name is Megan, and I will be your coordinating your call today. I will now hand you over to your host, Tyler Gronbach, VP of External Affairs to begin. Please go ahead.

大家好，感謝您參加 Wolfspeed Inc 2025 財年第三季財報電話會議。我叫梅根，今天我要負責協調您的通話。現在我將把主持人、外部事務副總裁 Tyler Gronbach 交給您開始。請繼續。

Thank you, operator. And good afternoon, everyone. Welcome to Wolfspeed's third-quarter fiscal 2025 conference call. Today, Wolfspeed's Chairman of the Board, Tom Werner; Wolfspeed's CEO, Robert Feurle; and Wolfspeed's CFO, Neil Reynolds, will report on the results for the third quarter of fiscal year 2025.

謝謝您，接線生。大家下午好。歡迎參加 Wolfspeed 2025 財年第三季電話會議。今天，Wolfspeed 董事會主席 Tom Werner； Wolfspeed 執行長 Robert Feurle； Wolfspeed 財務長 Neil Reynolds 將報告 2025 財年第三季的業績。

Please note that we will be presenting non-GAAP financial results during today's call, which we believe provide useful information to our investors. Non-GAAP results are not in accordance with GAAP and may not be comparable to non-GAAP information provided by other companies. Non-GAAP information should be considered 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.

請注意，我們將在今天的電話會議上展示非公認會計準則財務結果，我們相信這將為我們的投資者提供有用的信息。非公認會計準則結果不符合公認會計準則，可能無法與其他公司提供的非公認會計準則資訊進行比較。非 GAAP 資訊應被視為依照 GAAP 編製的財務報表的補充，而不是替代。我們的新聞稿中提供了與最直接可比較的 GAAP 指標的對賬，並將其與其他關鍵指標的歷史摘要一起發佈在我們網站的投資者關係部分。

Today's discussion includes forward-looking statements about our business outlook, and we may make other forward-looking statements during the call. Such forward-looking statements are subject to numerous risks and uncertainties. Our press release today and the SEC filings noted in the release mention important factors that could cause actual results to differ materially. Also, please note that we will not be taking questions during today's conference call. Lastly, all numbers presented today will be on a continuing operations basis.

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。此類前瞻性陳述受到許多風險和不確定性的影響。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。另外，請注意，我們不會在今天的電話會議中回答問題。最後，今天呈現的所有數字都將以持續經營為基礎。

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

現在我想把電話轉給羅伯特。

Good afternoon, everyone, and thank you for joining us today. I'm very excited to have the opportunity to connect with you. Although I've been only in the role for a few days, I spent my time listening closer to our customers, employees, and leadership teams and reviewing our results, road map and strategic initiatives. One thing is abundantly clear. Wolfspeed is a company with enormous potential underpinned by strong foundational elements already in place.

大家下午好，感謝大家今天的參與。我很高興有機會與您聯繫。雖然我上任才幾天，但我花了很多時間仔細傾聽客戶、員工和領導團隊的意見，並審查我們的成果、路線圖和策略性舉措。有一件事非常清楚。Wolfspeed 是一家擁有巨大潛力的公司，其基礎要素已經到位。

As Tom and Neil will elaborate shortly, the Board has taken decisive steps to improve our financial foundation, including rightsizing of our operations and accelerating our past to cash flow breakeven. Mainly focus will be maintaining stability and continuity for all stakeholders and building upon our strength.

正如湯姆和尼爾稍後將詳細說明的那樣，董事會已採取果斷措施改善我們的財務基礎，包括調整我們的營運規模並加速實現現金流收支平衡。主要重點是維護所有利害關係人的穩定性和連續性並增強我們的實力。

First and foremost, Wolfspeed silicon carbide technology is second to none as long-term (and miles of) talent and the can-do spirit of the organization. I firmly believe Wolfspeed possesses the technology leadership required to drive the industry forward and develop solutions for new emerging applications. Additionally, Wolfspeed has already established and rightsized a best-in-class greenfield, fully automated 200-millimeter manufacturing footprint poised to deliver customers with cutting-edge silicon carbide solutions.

首先，Wolfspeed 碳化矽技術憑藉其長期（和廣泛的）人才和組織的進取精神而成為首屈一指的。我堅信 Wolfspeed 擁有推動產業進步和為新興應用開發解決方案所需的技術領導力。此外，Wolfspeed 已建立並調整了一流的綠地、全自動 200 毫米製造基地，準備為客戶提供尖端的碳化矽解決方案。

Drawing on my experience as an operator and leading through complex transitions as a very well prepared to support Wolfspeed as we enter a new era with new energy. I'm grateful for all the work that Tom and Neil and the rest of the leadership has done in improving the foundation of the company prior to my start. In coming weeks, I'll collaborate closely with our leadership team and Board to refine our operating plan with a clear emphasis on reaccelerating revenue growth and enhancing profitability. We've already taken initial steps that will aid these plans by reorganizing the company to improve teamwork, accountability and streamlining decision-making process.

憑藉我作為營運商的經驗以及帶領團隊經歷複雜轉變的經驗，我做好了充分的準備來支持 Wolfspeed 進入新時代和新活力。我非常感謝湯姆、尼爾和其他領導階層在我上任之前為改善公司基礎所做的一切工作。在接下來的幾週內，我將與我們的領導團隊和董事會密切合作，完善我們的營運計劃，明確強調重新加速收入成長和提高獲利能力。我們已經採取初步措施，透過重組公司來改善團隊合作、責任感和簡化決策流程，以幫助實現這些計劃。

From a product and customer-facing perspective, we are conducting an external search for a new EVP and Chief Operating Officer, a new position responsible for facilitating operational excellence, quality assurance, cost reduction and execution. Elif Balkas will now lead materials, empower business operations as our Chief Business Officer. And finally, Angelo Cancian, who previously led Wolfspeed EMEA sales team, will be our new Global SVP of Sales and Marketing.

從產品和客戶的角度來看，我們正在外部尋找新的執行副總裁和營運官，這個新職位負責促進卓越營運、品質保證、降低成本和執行。Elif Balkas 現在將擔任我們的首席商務官，領導材料業務並授權業務運營。最後，先前領導 Wolfspeed EMEA 銷售團隊的 Angelo Cancian 將擔任我們新的全球銷售和行銷資深副總裁。

I look forward to working with Angelo to [acquire] pursue opportunities in a rapidly scaling market such as AI data centers, energy storage, EVs, and aerospace and defense, among others. These are highly specialized markets where quality, reliability, efficiency matters most. In this environment, Wolfspeed's fully automated 200-millimeter manufacturing platform sets us apart.

我期待與 Angelo 合作，在快速擴張的市場中尋求機遇，例如人工智慧資料中心、能源儲存、電動車、航空航太和國防等。這些是高度專業化的市場，品質、可靠性和效率是最重要的。在這種環境下，Wolfspeed 的全自動 200 毫米製造平台使我們脫穎而出。

That's where our focus needs to be, serving our blue-chip customers in strategic verticals of the best-in-class product enabling Wolfspeed to both make and take market share and in turn, drive revenue reacceleration in our business. I look forward to sharing more details soon. For now, I want to express confidence in the work we already have underway and the path ahead us for Wolfspeed.

這就是我們需要關注的重點，為戰略垂直領域的藍籌客戶提供一流產品，使 Wolfspeed 能夠佔據市場份額，進而推動我們業務的收入加速成長。我期待很快分享更多細節。現在，我想表達對我們已在進行的工作以及 Wolfspeed 未來道路的信心。

With that, I'll hand over to Tom to discuss our recent progress and excellence in detail.

接下來，我將把時間交給湯姆來詳細討論我們最近的進展和卓越成就。

Thank you, Robert. On behalf of the entire Board, welcome. We look forward to your leadership. I'm pleased to report that our fiscal third-quarter financial performance met or exceeded the midpoint of our guidance ranges, and we continued our strong execution at Mohawk Valley which posted $78 million in revenue and sequential growth of 50%.

謝謝你，羅伯特。我代表整個董事會表示歡迎。我們期待您的領導。我很高興地報告，我們第三財季的財務業績達到或超過了我們指導範圍的中點，並且我們在莫霍克谷繼續保持強勁的執行力，實現了 7800 萬美元的收入和 50% 的環比增長。

I'd like to thank the team for continuing to improve the company's financial performance. Operationally, we made steady progress at the JP. We were granted a conditional certificate of occupancy in February and expect our full certificate of occupancy in June. Our 200-millimeter product from the JP continue to demonstrate industry-leading quality, a competitive advantage driving ongoing customer engagement and new contract opportunities. As a matter of fact, we are actively engaged with customers on sampling our 200-millimeter materials and pursuing new contracts for 200-millimeter wafer supply. We will begin significantly ramping production at the JP as market conditions improve.

我要感謝團隊持續提升公司的財務表現。在營運方面，我們在 JP 取得了穩步進展。我們在二月獲得了有條件的入住許可證，預計六月將獲得完整的入住許可證。我們來自 JP 的 200 毫米產品繼續展現出業界領先的品質和競爭優勢，推動持續的客戶參與和新的合約機會。事實上，我們正​​積極與客戶合作，提供 200 毫米材料的樣品，並尋求 200 毫米晶圓供應的新合約。隨著市場狀況的改善，我們將開始大幅提高 JP 的產量。

Moving on. Since the beginning of the year, we've consistently communicated that our primary objective is improving our capture to capitalize on Wolfspeed's competitive advantages and multi-decade growth opportunity in silicon carbide. To achieve this objective, we remain focused on these key priorities.

繼續。自今年年初以來，我們一直在傳達這樣一個訊息：我們的主要目標是提高我們的佔有率，以利用 Wolfspeed 的競爭優勢和碳化矽領域數十年的成長機會。為了實現這一目標，我們將繼續專注於這些關鍵優先事項。

First, continuing to take aggressive steps to strengthen our balance sheet. Second, continuing our efforts to raise cost-effective capital required to support our long-term growth plan. And third, dramatically improving the financial performance of the company and accelerating our path to generate positive free cash flow. I'm pleased to report that we made notable progress on these priorities this past quarter.

首先，繼續採取積極措施加強我們的資產負債表。第二，繼續努力籌集支持我們長期成長計畫所需的成本效益資本。第三，大幅改善公司的財務業績，加速實現正自由現金流。我很高興地報告，上個季度我們在這些優先事項上取得了顯著進展。

Related to improving our balance sheet, we received approximately a $192 million in cash tax refunds from the Section 48D advanced manufacturing tax credit, further boosting our liquidity. Additionally, we remain actively engaged with our lenders addressing our capital structure. Next, we continue to maintain a constructive dialogue with the Trump administration in the chips program office regarding federal funding.

與改善我們的資產負債表相關，我們從第 48D 節先進製造業稅收抵免中獲得了約 1.92 億美元的現金退稅，進一步增強了我們的流動性。此外，我們仍積極與貸款方合作解決我們的資本結構問題。接下來，我們將繼續與川普政府在晶片計畫辦公室就聯邦資金問題保持建設性對話。

Wolfspeed is positioned to help achieve some of this administration's important initiatives, leading the American semiconductor revolution, reshoring the manufacturing of critical mineral derivatives, boosting domestic production of technology critical to national security, and securing domestic supply chains. We believe Wolfspeed is the right company to support these initiatives and we look forward to working with the administration in these efforts.

Wolfspeed 致力於幫助實現本屆政府的一些重要舉措，引領美國半導體革命、將關鍵礦產衍生品的生產轉移回國內、促進對國家安全至關重要的技術的國內生產以及確保國內供應鏈的安全。我們相信 Wolfspeed 是支持這些措施的合適公司，我們期待與政府合作。

Finally, related to improving financial performance with external experts to continue to identify additional cost-saving measures beyond those already underway. This work will continue to optimize how the business is organized to better align with current customer demand and position the organization to pivot quickly as demand continues to improve. One of the first actions from this work is to reduce the senior leadership team by 30%.

最後，與外部專家合作改善財務績效，繼續確定除已在進行的措施之外的其他成本節約措施。這項工作將繼續優化業務組織方式，以更好地滿足當前客戶的需求，並使組織能夠隨著需求的不斷改善而快速轉變。這項工作的首批行動之一是將高階領導團隊縮減 30%。

Additionally, we are in the final stages of fully transitioning the business to 200-millimeter and simplifying our footprint. The move to 200-millimeter began back in 2019, well before the rest of the industry our plans to build what is now our Mohawk Valley Fab. This marked the company's strategic decision to begin building 200-millimeter capabilities, which is expected to result in lower-cost and higher-quality wafers. We recognized back then that the most compelling and high-growth areas of the silicon carbide market necessitated better quality and the highest value verticals where quality wins over price.

此外，我們正處於將業務全面轉型至 200 毫米並簡化足跡的最後階段。我們早在 2019 年就已開始向 200 毫米製程轉型，這遠早於業內其他公司計劃建造現在的莫霍克谷工廠的時間。這標誌著該公司開始建立 200 毫米產能的策略決策，預計將帶來成本更低、品質更高的晶圓。我們當時就認識到，碳化矽市場中最引人注目和高成長的領域需要更好的品質和最高價值的垂直領域，其中品質勝過價格。

Now that we have completed our fully automated 200-millimeter facility footprint, we can exit the more competitive and nondifferentiated 150-millimeter device market through the closures of our Farmers Branch 150-millimeter epitaxy facility, which is completed in our Durham 150-millimeter device facility, which remains on track for completion this calendar year.

現在我們已經完成了全自動 200 毫米設施的佈局，我們可以透過關閉 Farmers Branch 150 毫米外延設施退出競爭更激烈、差異化的 150 毫米設備市場，該設施已在 Durham 150 毫米設備設施中完工，該設施仍有望在今年完工。

Not only do we believe that these moves will help accelerate our path to profitability, but more importantly, they aligned the company to pursue growth in the end markets Robert mentioned earlier. The markets that have the most compelling tailwinds and those that will drive silicon carbide technology forward for years to come.

我們不僅相信這些舉措將有助於加速我們實現盈利的步伐，而且更重要的是，它們使公司能夠追求羅伯特先前提到的終端市場的成長。這些市場擁有最強勁的順風，並將在未來幾年推動碳化矽技術的發展。

We believe these combined efforts will reduce our non-GAAP EBITDA breakeven to approximately $800 million annually and will help position us to achieve our target of approximately $200 million of positive unlevered operating cash flow in fiscal 2026 based on our targeted fiscal 2026 revenue growth. Our actions, while at times difficult, are designed to best position the company for growth and set Robert up for success on a strong financial footing with the ability to aggressively pursue all the opportunities ahead of us.

我們相信，這些共同的努力將使我們的非 GAAP EBITDA 損益平衡點降至每年約 8 億美元，並將幫助我們實現 2026 財年約 2 億美元的正無槓桿經營現金流目標（基於我們 2026 財年的目標收入增長）。我們的行動雖然有時很困難，但目的是使公司處於最佳成長位置，並讓羅伯特在強大的財務基礎上取得成功，並有能力積極地追求我們面前的所有機會。

Now I'd like to turn the call over to Neil to discuss our quarterly financials 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。

Thank you, Tom. Turning to our third-quarter results. we generated revenue of $185 million, in line with our guidance midpoint and up 2.2% sequentially. Power revenue was $107 million, driven primarily by significant growth in our automotive revenue offset slightly by a decrease in industrial and energy revenues. Materials revenue was $78 million, largely due to the demand that our materials customers are seeing device market. Mohawk Valley contributed $78 million, up 50% sequentially and up over 175% year over year.

謝謝你，湯姆。談談我們的第三季業績。我們實現了 1.85 億美元的收入，與我們的指導中位數一致，環比增長 2.2%。電力收入為 1.07 億美元，主要得益於汽車收入的大幅成長，但工業和能源收入的下降略有抵消。材料收入為 7800 萬美元，這主要是由於我們的材料客戶對設備市場的需求。莫霍克山谷貢獻了 7,800 萬美元，比上一季成長 50%，比去年同期成長 175% 以上。

Non-GAAP gross margin was 2.2%, also in line with the midpoint of our guidance driven by incremental contribution from Mohawk Valley, offset by lower utilization at our Durham 150-millimeter device fab and lower revenues and utilization from our materials factories. Adjusted EPS was negative $0.72 per share, also above the high end of our guidance range. Our simplification and restructuring initiatives continue, targeting $200 million in annual cash savings and $150 million in liquidity through noncore asset divestitures.

非公認會計準則毛利率為 2.2%，也與我們的預期中位數一致，這得益於莫霍克谷的增量貢獻，但被達勒姆 150 毫米設備工廠的利用率下降以及材料工廠的收入和利用率下降所抵消。調整後的每股收益為負 0.72 美元，也高於我們預期範圍的高端。我們繼續推行簡化和重組舉措，目標是透過剝離非核心資產，每年節省 2 億美元現金，並增加 1.5 億美元的流動資金。

The Farmers Branch 150-millimeter epitaxy facility was closed at the end of December and is being prepared for sale. The closure of the Durham 150-millimeter wafer fab remains on track to close at the end of calendar 2025. The non-factory workforce reductions, along with the factory closures now contributing to approximately 25% reduction in total company employment remains on track with most of the reductions already completed at the end of fiscal 3Q.

法默斯布蘭奇 150 毫米外延設施已於 12 月底關閉，目前正在準備出售。達勒姆 150 毫米晶圓廠的關閉預計將於 2025 年底完成。非工廠員工的減少以及工廠的關閉目前已導致公司總員工人數減少約 25%，大部分裁員工作已在第三財季末完成。

Restructuring charges for fiscal 2025 are projected at $400 million to $450 million with $57 million incurred this quarter. These charges primarily reflect severance, asset impairments, accelerated depreciation, and related expenses. We anticipate restructuring to be cash neutral in fiscal 2025 and generate substantial annualized cash savings starting in fiscal 2026.

2025 財年的重組費用預計為 4 億至 4.5 億美元，本季發生的費用為 5,700 萬美元。這些費用主要反映遣散費、資產減損、加速折舊和相關費用。我們預計重組將在 2025 財年實現現金中性，並從 2026 財年開始產生大量年度現金節省。

Moving to our balance sheet. We ended the quarter with over $1.3 billion of cash and liquidity on hand inclusive of the full $200 million from our equity offering and the $192 million from our Section 48D cash tax refunds. As it relates to 48D as of the end of third quarter of fiscal 2025, the company had accrued more than $900 million in Section 48D tax credits, which is inclusive of the tax credits that have already been disbursed. Following the end of our fiscal year on June 30, 2025, we submit for a 48D tax credit refund of approximately $600 million.

前往我們的資產負債表。本季結束時，我們手頭上有超過 13 億美元的現金和流動資金，其中包括透過股票發行獲得的全部 2 億美元以及透過第 48D 條現金退稅獲得的 1.92 億美元。就 48D 而言，截至 2025 財年第三季末，該公司已累計獲得超過 9 億美元的第 48D 條稅收抵免，其中包括已經發放的稅收抵免。2025 年 6 月 30 日財政年度結束後，我們提交了約 6 億美元的 48D 稅收抵免退款。

Additionally, we continue to work on our divestiture of noncore assets. which we expect to generate approximately $150 million of cash proceeds in calendar 2025. Free cash flow during the quarter was negative $168 million, comprised of negative $142 million of operating cash flow and $26 million of capital expenditures, net of reimbursements from 48D and other incentives.

此外，我們繼續致力於剝離非核心資產。我們預計到 2025 年將產生約 1.5 億美元的現金收益。本季自由現金流為負 1.68 億美元，其中包括負 1.42 億美元的營運現金流和 2,600 萬美元的資本支出（扣除 48D 補償金和其他激勵措施）。

Turning now to our capital structure and liquidity. As Tom mentioned earlier, we continue to actively engage with our lenders to improve our capital structure. As we consider alternatives as it relates to these negotiations, as mentioned above, we closed fiscal 3Q with approximately $1.3 billion of cash and liquidity. Also, as previously mentioned, we expect to receive approximately $600 million of 48D cash tax refunds during fiscal year 2026, further improving our cash position.

現在來談談我們的資本結構和流動性。正如湯姆之前提到的，我們繼續積極與貸方合作，以改善我們的資本結構。如上文所述，當我們考慮與這些談判相關的替代方案時，我們在第三財季結束時擁有約 13 億美元的現金和流動資金。此外，如前所述，我們預計在 2026 財年將收到約 6 億美元的 48D 現金退稅，從而進一步改善我們的現金狀況。

Therefore, our current operating forecast allows us to continue to meet customer, supplier, and employee obligations. We do not anticipate the outcome of our debt negotiations to have a material impact on these stakeholders. However, as part of our lender negotiations, we may elect to pursue either in court or out-of-court options.

因此，我們目前的營運預測使我們能夠繼續履行客戶、供應商和員工的義務。我們預期債務談判的結果不會對這些利害關係人產生重大影響。但是，作為我們與貸方談判的一部分，我們可以選擇在法庭上或庭外進行解決。

Due to our contemplation of an in-court option, specifically, we expect to include required going concern language in the footnotes to the financial statements of our upcoming Form 10-Q. Optimizing our capital structure has been a stated priority and we have been engaged in constructive discussions with our financial stakeholders to finalize a plan that will support our long-term success. As such, we have filed certain materials today associated with those discussions. For more information, please review our Form 8-K filed this afternoon.

由於我們正在考慮法庭選項，具體來說，我們希望在即將發布的 10-Q 表財務報表腳註中加入所需的持續經營語言。優化我們的資本結構一直是我們的首要任務，我們一直與我們的財務利益相關者進行建設性的討論，以最終制定一項支持我們長期成功的計劃。因此，我們今天提交了與這些討論相關的某些資料。欲了解更多信息，請查看我們今天下午提交的 8-K 表格。

Before I hand it back over to Tom, I'd like to take a brief moment to acknowledge the announcement last week on my upcoming departure from Wolfspeed. This transition comes at a natural inflection point, both for me and for Wolfspeed. As I prepare to transition out of the CFO role, I'm committed to doing everything in my power to ensure stability and continuity particularly as we continue our important to strengthen the company's capital structure. I am focused on ensuring that Robert begins his tenure with the strongest financial foundation possible.

在我將權力交還給湯姆之前，我想花一點時間來確認一下上週我即將離開 Wolfspeed 的消息。對我和 Wolfspeed 來說，這種轉變都發生在一個自然的轉捩點。當我準備辭去財務長一職時，我致力於盡我所能確保穩定性和連續性，特別是在我們繼續重視加強公司資本結構的時候。我致力於確保羅伯特在任期開始時擁有盡可能強大的財務基礎。

Looking ahead, I'm confident in Wolfspeed's strategic direction and its potential for long-term growth. Under Robert's leadership, Wolfspeed is well-positioned to capitalize on the significant opportunities in the silicon carbide market and I look forward to following the company's continued progress.

展望未來，我對 Wolfspeed 的策略方向及其長期成長潛力充滿信心。在羅伯特的領導下，Wolfspeed 已做好準備，充分利用碳化矽市場的重大機遇，我期待著公司繼續取得進展。

With that, I'll turn it back to Tom.

說完這些，我就把話題轉回給湯姆。

Thanks, Neil. In my early conversations with Robert, one thing became immediately clear. We need to return to the core innovation that built Wolfspeed's leadership. That means recommitting to the technologies and markets where silicon carbide delivers the greatest impact where Wolfspeed has the clearest right to win. I'm encouraged by the fresh perspectives Robert is bringing to the company into the management team.

謝謝，尼爾。在我早期與羅伯特的談話中，有一件事變得非常清楚。我們需要回歸建構 Wolfspeed 領導地位的核心創新。這意味著重新致力於碳化矽能夠帶來最大影響的技術和市場，而 Wolfspeed 在這些技術和市場中擁有最明顯的獲勝權利。羅伯特為公司管理團隊帶來的新視野令我感到鼓舞。

I'm looking forward to working with him as I transition back into the role of Board Chair. Before I close, I would just like to state how proud I am of the entire Wolfspeed team and the work that we've accomplished during my tenure as Executive Chairman. We have made significant progress priorities we outlined in January, including hiring a new permanent CEO who shares the Board's vision of what Wolfspeed can become.

當我重新擔任董事會主席一職時，我期待與他共事。在結束之前，我只想說，我對整個 Wolfspeed 團隊以及我在擔任執行主席期間所完成的工作感到非常自豪。我們在 1 月概述的優先事項上取得了重大進展，包括聘請一位與董事會對 Wolfspeed 發展願景一致的新任常任執行長。

Completing our at-the-market equity offering and receiving our cash tax refunds to improve near-term liquidity, working closely with the current administration to secure federal funding, accelerating our transition to a pure-play 200-millimeter silicon carbide producer, reducing operating expenditures to lower our EBITDA breakeven point, reducing our CapEx levels to accelerate the path to positive free cash flow, and most importantly, progressing negotiations with our lenders on efforts to improve our capital structure and give Robert the strongest financial foundation possible as he looks to put his stamp on next-gen Wolfspeed.

完成我們的市場股票發行並獲得現金退稅以改善短期流動性，與現任政府密切合作以確保獲得聯邦資金，加速向純粹的 200 毫米碳化矽生產商的轉型，減少運營支出以降低我們的 EBITDA 盈虧平衡點，降低我們的資本支出水平以加速實現正自由現金流，最重要的是，與我們的貸方推進以及羅伯特的金融基礎上留下自己的印記。

With the right foundation in place, we believe we are positioned to execute and win. Thank you for your time today.

有了正確的基礎，我們相信我們有能力執行並取得勝利。感謝您今天抽出時間。

This concludes today's call. Thank you for joining. You may now disconnect your lines.

今天的電話會議到此結束。感謝您的加入。現在您可以斷開線路了。