Wolfspeed Inc (WOLF) 2026 Q2 法說會逐字稿

Good afternoon. Thank you for standing by, and welcome to the Wolfspeed, Inc. second-quarter fiscal year 2026 earnings call. (Operator Instructions) Please note today's call is being recorded.

午安.感謝您的耐心等待，歡迎參加 Wolfspeed, Inc. 2026 財年第二季財報電話會議。（操作員指示）請注意，今天的通話將會被錄音。

I would now like to pass the conference over to your first speaker today, Tyler Gronbach, Vice President of Investor Relations. Please go ahead.

現在，我謹將會議交給今天的第一位發言人，投資者關係副總裁泰勒·格倫巴赫。請繼續。

Thank you, operator, and good afternoon, everyone. Welcome to Wolfspeed's second-quarter fiscal 2026 conference call. Today, Wolfspeed's Chief Executive Officer, Robert Feurle; and Chief Financial Officer, Gregor Van Issum, will report on the results for the second quarter of fiscal year 2026.

謝謝接線員，大家下午好。歡迎參加 Wolfspeed 2026 財年第二季電話會議。今天，Wolfspeed 的執行長 Robert Feurle 和財務長 Gregor Van Issum 將公佈 2026 財年第二季的業績。

We would also encourage you to reference the slides that were published on the IR website today as we will be referring to them during the call today.

我們也建議您參考今天在投資者關係網站上發布的幻燈片，因為我們將在今天的電話會議中引用它們。

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.

請注意，我們將在今天的電話會議上公佈非GAAP財務業績，我們相信這將為我們的投資者提供有用的資訊。非GAAP績效不符合GAAP準則，可能與其他公司提供的非GAAP資訊不具可比性。非公認會計準則資訊應被視為依照公認會計準則編製的財務報表的補充，而不是替代。

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

與最直接可比較的 GAAP 指標的核對結果已在我們的新聞稿中公佈，並發佈在我們網站的投資者關係部分，同時還附有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. Such forward-looking statements are subject to numerous risks and uncertainties. Our press release today and the SEC filings noted in the release mention important factors that could cause actual results to differ materially.

今天的討論包含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發表其他前瞻性陳述。此類前瞻性陳述受許多風險和不確定因素的影響。我們今天發布的新聞稿以及新聞稿中提到的美國證券交易委員會文件中提到了一些可能導致實際結果與預期結果有重大差異的重要因素。

Now I'll turn the call over to Robert.

現在我把電話交給羅伯特。

Thank you, Tyler, and good afternoon, everyone. We appreciate you joining us on today's call.

謝謝你，泰勒，大家下午好。感謝您參加今天的電話會議。

As you can see on slide 3, we have continued to build solid momentum across the business since reporting our fiscal first quarter results from achieving 50% quarter-over-quarter growth in AI data center revenue to producing a 300-millimeter silicon carbide wafer, securing key customer wins and most recently, completing CFIUS clearance, we have been moving the business forward on multiple fronts.

正如您在投影片 3 中看到的，自從我們公佈第一財季業績以來，我們一直在各個業務領域保持強勁的發展勢頭，從人工智慧資料中心收入實現 50% 的季度環比增長，到生產 300 毫米碳化矽晶圓，再到贏得關鍵客戶，以及最近完成 CFIUS 審批，我們一直在多個方面推動業務向前發展。

Under our refreshed leadership team, Wolfspeed has sharpened its operational discipline and strategic focus to ensure consistent execution. Since I've joined the company, we've brought in top-tier talent from across the semiconductor industry, people who recognize our unique position in the silicon carbide market and helping us scale execution to better serve our customers and meet future market demand.

在煥然一新的領導團隊的帶領下，Wolfspeed 加強了營運紀律和策略重點，以確保持續穩定的執行。自從我加入公司以來，我們從半導體行業引進了頂尖人才，他們認識到我們在碳化矽市場的獨特地位，並幫助我們擴大執行規模，以便更好地服務客戶並滿足未來的市場需求。

As we outlined on our last call and cover on slide 4, we're concentrating in a few key areas: strict financial discipline, advancing our technology leadership and driving operational excellence. A central theme across these priorities is diversifying our revenue base, particularly in industrial and energy, including applications tied to AI-related power demand and grid modernization by continuing to support our broad base of automotive and other device and material customers.

正如我們在上次電話會議和幻燈片 4 中概述的那樣，我們正集中精力於幾個關鍵領域：嚴格的財務紀律、提升我們的技術領先地位和推動卓越營運。這些優先事項的核心主題是使我們的收入基礎多元化，尤其是在工業和能源領域，包括與人工智慧相關的電力需求和電網現代化相關的應用，同時繼續支援我們廣泛的汽車和其他設備和材料客戶。

During Q2, we continued to fortify our sales, marketing and product teams, adding experienced leaders with deep semiconductor knowledge and strong customer relationships. These hires are already helping us extend our reach into emerging power device opportunities. More on this later.

第二季度，我們繼續加強銷售、行銷和產品團隊，增添了具有深厚半導體知識和強大客戶關係的經驗豐富的領導者。這些新進員工已經開始幫助我們拓展在新興電源設備領域的業務。稍後會詳細說明。

First and foremost, we are making solid progress in applying strict financial discipline across the organization. Following our financial restructuring, Wolfspeed has a stronger capital structure with net debt of approximately $600 million, annual cash interest expense lowered by approximately 60% and a strong liquidity, which includes approximately $700 million in 48D cash tax refunds we recently secured.

首先，我們在整個組織內推行嚴格的財務紀律方面取得了實際進展。經過財務重組，Wolfspeed 的資本結構更加穩健，淨債務約為 6 億美元，年度現金利息支出減少了約 60%，流動性強勁，其中包括我們最近獲得的約 7 億美元的 48D 現金退稅。

Our cash position is $1.3 billion. As we move forward, we are operating with strict financial discipline, aiming to maintain our balance sheet strength and stability through diligent execution. Consistent with this focus, our second priority is advancing technology leadership across the entire silicon carbide value chain.

我們的現金儲備為13億美元。展望未來，我們將秉持嚴格的財務紀律，力求透過認真執行來維持資產負債表的穩健性和穩定性。與此重點一致，我們的第二個優先事項是提升整個碳化矽價值鏈的技術領先地位。

As you can see on slide 5 of our presentation, we've positioned the company to win in both devices and materials, leveraging our vertically integrated 200-millimeter footprint. Central to extending our technology leadership is our approach to deploying our R&D resources. We streamlined R&D to focus exclusively on high-return programs in the highest growth markets.

正如您在我們簡報的第 5 張幻燈片中看到的那樣，我們已經使公司在設備和材料方面都取得了成功，充分利用了我們垂直整合的 200 毫米規模。擴大我們技術領先地位的關鍵在於我們部署研發資源的方式。我們精簡了研發流程，專注於高成長市場的高回報項目。

Our third priority centers on our commitment to driving operational excellence with focus on differentiating through quality, customer responsiveness, time to market and supply chain resilience. As shown on slide 6 of our presentation, this secure and scalable infrastructure remains a core differentiator for the company as we execute our strategy and support growing customer demand.

我們的第三個優先事項是致力於推動卓越運營，重點是透過品質、客戶回應速度、上市時間和供應鏈韌性來實現差異化。正如我們在簡報第 6 頁中所示，這種安全且可擴展的基礎設施仍然是公司執行策略和支援不斷增長的客戶需求的核心差異化優勢。

We remain focused on driving costs out of our footprint, processes and products, even as we navigate underutilization headwinds. We have officially completed the shutdown of all 150-millimeter device production in our Durham campus, roughly a month ahead of schedule, transitioning our entire device platform to a higher efficiency 200-millimeter manufacturing.

即使面臨產能利用不足的不利因素，我們仍將專注於降低我們生產活動、流程和產品的成本。我們已正式關閉了位於杜倫園區的所有 150 毫米裝置生產，比原計劃提前了大約一個月，並將我們的整個裝置平台過渡到效率更高的 200 毫米製造。

We continue to improve production efficiency and speed to optimize the earnings potential of the business. The results of these efforts will be even more apparent when demand accelerates and we begin to increase fab utilization. As I mentioned earlier, a central theme across these three priorities is diversifying our revenue base in key verticals where I believe we can extend our leadership position, particularly in mid- to high-voltage applications.

我們不斷提高生產效率和速度，以最大限度地發揮業務的獲利潛力。當需求加速成長，晶圓廠利用率開始提高時，這些努力的成果將會更加明顯。正如我之前提到的，這三個優先事項的核心主題是使我們的收入基礎在關鍵垂直領域多元化，我相信我們可以在這些領域擴大我們的領先地位，尤其是在中高壓應用領域。

To accomplish this, we have organized our go-to-market strategy around four verticals that we believe will drive growth in our business in the near to midterm, auto, industrial and energy, aerospace and defense and materials, and we are already seeing strong traction from these early efforts.

為了實現這一目標，我們圍繞著四個垂直領域制定了市場進入戰略，我們相信這四個領域將在近期到中期內推動我們業務的成長：汽車、工業和能源、航空航天和國防以及材料，而且我們已經從這些早期努力中看到了強勁的進展。

Our first vertical, automotive, remains a core market despite muted EV demand due to a mix of macro and structural factors, which include higher interest rates in the US and Europe, the elimination of certain government incentives in the US, excess supply across the market and intensifying competition globally, including China.

儘管由於宏觀和結構性因素（包括美國和歐洲利率上升、美國取消某些政府激勵措施、市場供應過剩以及全球（包括中國）競爭加劇）導致電動車需求疲軟，但我們的第一個垂直產業——汽車產業——仍然是核心市場。

Despite weaker near-term demand, our portfolio is aligned with OEMs that provide us efficiency, range and power density. A great example of this is our recently announced partnership with Toyota, one of the most respected and quality-driven automakers in the world to power the onboard charging systems for their BEVs. Thanks to the efforts of our leadership team, we are strengthening our relationship with the top global EV OEMs, and we are now sampling across several key strategic programs.

儘管近期需求疲軟，但我們的產品組合與能夠為我們提供效率、續航里程和功率密度的原始設備製造商 (OEM) 保持一致。一個很好的例子是我們最近宣布與豐田汽車建立合作夥伴關係，豐田是世界上最受尊敬、最注重品質的汽車製造商之一，我們將為其純電動車提供車載充電系統。感謝我們領導團隊的努力，我們正在加強與全球頂級電動車OEM廠商的關係，目前我們正在幾個關鍵戰略項目中進行抽樣測試。

While these headwinds are creating a softer demand environment in the near term, silicon carbide remains a foundational technology for EV and other platforms.

儘管這些不利因素在短期內造成了需求疲軟的環境，但碳化矽仍然是電動車和其他平台的基礎技術。

As highlighted on slide 7, silicon carbide continues to capture share in high-voltage applications where performance, reliability and system-level efficiency are critical, positioning it as the preferred technology over both silicon and GaN.

如幻燈片 7 所示，碳化矽在高壓應用中繼續佔據市場份額，在這些應用中，性能、可靠性和系統級效率至關重要，使其成為優於矽和氮化鎵的首選技術。

In I&E, our second vertical, we are leveraging our expertise to expand our reach, concentrating on AI data center power, grid storage, solid-state transformers and broader grid modernization applications. We have the expertise to extend our knowledge into the AI data center opportunity, which operates at significantly higher voltages in legacy data centers.

在 I&E 領域（我們的第二個垂直領域），我們正在利用我們的專業知識來擴大我們的業務範圍，專注於 AI 資料中心電源、電網儲能、固態變壓器和更廣泛的電網現代化應用。我們擁有將我們的知識擴展到人工智慧資料中心領域的專業知識，人工智慧資料中心的運作電壓比傳統資料中心高得多。

As I mentioned, as voltages increases, we believe an increasingly larger portion of this addressable market will be better served with silicon carbide technology, the legacy silicon-based solutions from grid to rack.

正如我之前提到的，隨著電壓的升高，我們相信，碳化矽技術（從電網到機架的傳統矽基解決方案）將更好地服務於這個目標市場中越來越大的一部分。

As you can see on slide 8 and 9 of our presentation, Wolfspeed has a strong momentum in this area. The AI revolution is fundamentally reshaping data center requirements and accelerating the shift from general purpose facilities to purpose-built AI infrastructure that demands unprecedented power density and efficiency, playing directly into Wolfspeed's strength. Our devices are already embedded in critical AI data center power systems, and we have doubled our data center revenue in the last three quarters with 50% quarter-over-quarter growth from Q1 to Q2.

正如您在我們簡報的第 8 頁和第 9 頁幻燈片中看到的那樣，Wolfspeed 在該領域擁有強勁的發展勢頭。人工智慧革命正在從根本上重塑資料中心的需求，並加速從通用設施轉向專用人工智慧基礎設施的轉變，這需要前所未有的功率密度和效率，而這正是 Wolfspeed 的優勢所在。我們的設備已經嵌入到關鍵的人工智慧資料中心電源系統中，並且在過去三個季度中，我們的資料中心收入翻了一番，從第一季到第二季度環比增長了 50%。

Further, we are actively collaborating with a broad ecosystem of partners to support the industry transition from legacy 400-volt architectures to next-generation 800-volt AI platforms. Data center build-outs and widespread electrification have driven a surge in global energy demand.

此外，我們正在積極與廣泛的合作夥伴生態系統合作，以支援產業從傳統的 400 伏特架構向下一代 800 伏特 AI 平台的過渡。資料中心建設和電氣化進程的加速推動了全球能源需求的激增。

There are two key solutions to rising energy needs. The first was bringing online new energy sources like wind and solar. We're already seeing silicon carbide adoption across wind and solar applications as evidenced by our recently announced collaboration with Hopewind to advance the next generation of wind power solutions.

應對日益增長的能源需求有兩個關鍵解決方案。第一點是將風能和太陽能等新能源投入使用。我們已經看到碳化矽在風能和太陽能應用中得到應用，最近我們宣布與 Hopewind 合作推動下一代風能解決方案，就證明了這一點。

Turning to our third vertical, aerospace and defense. We believe there is a growing opportunity due to the tailwinds from defense modernization and electrification, including direct energy platforms. US government has already recognized silicon carbide as strategically significant to national security with both the Department of War and the Department of Energy designating it as a critical material.

接下來我們來看第三個垂直領域：航空航太和國防。我們認為，由於國防現代化和電氣化（包括直接能源平台）帶來的利多因素，存在著越來越大的機會。美國政府已經認識到碳化矽對國家安全具有重要的戰略意義，戰爭部和能源部都將其指定為關鍵材料。

Additionally, the US government has emphasized the strategic importance of secure domestic semiconductor supply chains for national security applications. And we believe Wolfspeed is best positioned to support those needs.

此外，美國政府也強調了安全可靠的國內半導體供應鏈對於國家安全應用的戰略重要性。我們相信 Wolfspeed 最有能力滿足這些需求。

As you can see on slide 10, Wolfspeed is not only entrenched in established high-voltage markets like 800-volt automotive, solar and industrial, but we believe we are also positioned to lead in the next wave of emerging high-growth applications from AI data centers and grid modernization to aerospace and heavy equipment. These opportunities demand material innovation that silicon carbide can deliver, which brings us to our fourth vertical, materials.

正如您在第 10 張幻燈片中看到的那樣，Wolfspeed 不僅在 800 伏特汽車、太陽能和工業等成熟的高壓市場站穩了腳跟，而且我們相信，我們也有能力引領下一波新興高成長應用浪潮，從人工智慧資料中心和電網現代化到航空航天和重型設備。這些機會需要材料創新，而碳化矽可以滿足這項需求，這就引出了我們的第四個垂直領域──材料。

In materials, we're executing a clear two-pronged strategy, scale and strengthen 200-millimeter leadership for power devices today while advancing 300-millimeter capabilities to expand our long-term addressable opportunities.

在材料方面，我們正在執行一項清晰的雙管齊下的策略：一方面擴大和加強目前在功率元件領域 200 毫米的領先地位，另一方面推進 300 毫米技術的發展，以擴大我們長期可實現的機會。

First, on 200-millimeter, material quality is increasingly critical as customers push into higher voltage, higher power density applications. Substrate performance influences everything that matters downstream, device yield, reliability and system efficiency. So our priority is delivering high-quality 200-millimeter wafers at commercial scale.

首先，在 200 毫米波段，隨著客戶向更高電壓、更高功率密度的應用領域發展，材料品質變得越來越重要。基板效能會影響下游所有重要因素，包括元件良率、可靠性和系統效率。因此，我們的首要任務是以商業規模交付高品質的 200 毫米晶圓。

Because Wolfspeed moved earlier to commercialize 200-millimeter in a scaled manufacturing environment, we believe we're best positioned to support not only our internal device roadmap, but also merchant demand as the market continues to mature.

由於 Wolfspeed 在規模化生產環境中較早實現了 200 毫米技術的商業化，我們相信我們不僅能夠更好地支援我們內部的設備路線圖，而且隨著市場的不斷成熟，我們也能更好地滿足商家的需求。

Second, we are very proud to have recently produced a single crystal 300-millimeter silicon carbide wafer, a meaningful milestone that clearly demonstrates Wolfspeed's long-standing materials innovation. Importantly, our view of 300-millimeter is not that it replaces 200-millimeter for power devices in the near term. This helps lay the groundwork for silicon carbide beyond power, but different end markets can value material properties like thermal conductivity and optical performance.

其次，我們非常自豪地宣布，我們最近生產出了單晶 300 毫米碳化矽晶片，這是一個意義重大的里程碑，清楚地表明了 Wolfspeed 在材料創新方面的長期成就。重要的是，我們認為 300 毫米不會在短期內取代 200 毫米用於電力設備。這有助於為碳化矽在電力以外的應用奠定基礎，但不同的終端市場可能會重視材料的導熱性和光學性能等特性。

One example is optical grade silicon carbide for next-generation AR/VR systems. The compact lightweight designs demand a high brightness and effective thermal management. Taken together, this combination industry-leading 200-millimeter materials for power today plus early validation of a 300-millimeter platform that can unlock emerging applications over time, reinforces our belief that Wolfspeed can maintain and extend its leadership in silicon carbide materials.

例如，光學級碳化矽可用於下一代 AR/VR 系統。小巧輕巧的設計需要高亮度和有效的散熱管理。綜合來看，目前業界領先的 200 毫米動力材料，以及對 300 毫米平台的早期驗證（該平台可以隨著時間的推移解鎖新興應用），更加堅定了我們對 Wolfspeed 能夠保持並擴大其在碳化矽材料領域領先地位的信念。

Our efforts against our three strategic priorities, coupled with our vertical go-to-market strategy, enable Wolfspeed to capitalize on the incredible opportunity, created by the transition from silicon to silicon carbide.

我們圍繞著三大戰略重點所做的努力，加上我們的垂直市場進入戰略，使 Wolfspeed 能夠抓住從矽到碳化矽的過渡所帶來的巨大機會。

Now I'd like to turn it over to Gregor, who will walk through our financial performance for the quarter and provide more details on our path forward.

現在我想把發言權交給格雷戈爾，他將詳細介紹我們本季的財務業績，並進一步闡述我們未來的發展方向。

Thank you, Robert, and good afternoon, everyone. I'll begin with a brief overview of our second-quarter performance, then I'll walk through the key financial impacts from our restructuring and the adoption of fresh start accounting. And finally, I will share our outlook for the fiscal third quarter.

謝謝你，羅伯特，大家下午好。我將首先簡要概述我們第二季的業績，然後詳細介紹我們的重組和採用全新會計準則帶來的主要財務影響。最後，我將分享我們對第三財季的展望。

Starting with an update on some highlights of our second quarter, which we've illustrated on slide 12 of our presentation are as follows. We continue to make progress implementing strict financial discipline, focusing on the aspects of the business within our control. The closure of the Durham 150-millimeter device fab one month ahead of schedule is a good example of that. We upsized and collected the $700 million cash tax refund in Q2.

首先，讓我們回顧一下第二季度的一些亮點，這些亮點已在簡報的第 12 張幻燈片中進行了說明，具體如下。我們繼續推動嚴格的財務紀律實施，專注於我們可控範圍內的業務方面。杜倫 150 毫米裝置製造廠提前一個月關閉就是一個很好的例子。我們擴大了規模，並在第二季收到了 7 億美元的現金退稅。

We also improved $89 million in working capital management, excluding the headwind of final payments linked to our restructuring and further reduced both operating expenses and CapEx investments.

我們也改善了 8,900 萬美元的營運資金管理，不包括與重組相關的最終付款帶來的不利影響，並進一步降低了營運費用和資本支出投資。

Now I'll review our quarterly financial results and speak to some of these updates in more detail, which you can see on slide 13 of our presentation. We generated $168 million of total revenue, in line with the midpoint of the guidance range we provided last quarter. Power revenue was $118 million, of which Mohawk Valley contributed approximately $75 million. This includes some of the last-time buy shipments from Durham campus are ahead of the closing I referenced earlier.

現在我將回顧我們的季度財務業績，並更詳細地談談其中的一些更新，您可以在我們簡報的第 13 頁上看到這些內容。我們實現了 1.68 億美元的總收入，與我們上個季度提供的預期範圍的中點相符。電力收入為 1.18 億美元，其中莫霍克谷貢獻了約 7,500 萬美元。這其中包括我之前提到的關閉之前，從杜倫校區發出的一些最後採購貨物。

As Robert mentioned, the revenue tracking is a mix between a weaker automotive market and fast-growing mid- to high-voltage revenue. This is linked to the good traction in AI and data center space.

正如羅伯特所提到的，收入追蹤情況是汽車市場疲軟和中高壓收入快速成長共同作用的結果。這與人工智慧和資料中心領域的良好發展勢頭密切相關。

Materials revenue was $50 million, driven largely by a tightening demand environment and increased competition in the marketplace. Non-GAAP gross margin for the second quarter was negative 34%, which included several adverse effects.

材料收入為 5000 萬美元，主要原因是需求環境趨緊和市場競爭加劇。第二季非GAAP毛利率為-34%，其中包括一些不利因素。

First of all, a $39 million drag related to fresh start accounting, $23 million of which is related to inventory step-ups, which we digested in the quarter as well as a recurring $60 million increase related to amortization for intangible assets. Furthermore, we recorded $4 million of costs related to specific inventory reserves, which further adversely affected the margins in Q2. The impact of underutilization in our manufacturing sites stood at approximately $48 million in Q2.

首先，與新會計準則相關的 3,900 萬美元拖累，其中 2,300 萬美元與存貨增值有關，我們在本季度已消化了這部分，此外還有與無形資產攤銷相關的 6,000 萬美元經常性增加。此外，我們還提列了 400 萬美元的特定庫存準備金成本，這進一步對第二季的利潤率產生了不利影響。第二季度，我們製造基地產能利用不足造成約 4,800 萬美元的損失。

As Robert noted, we completed the closure of the Durham 150-millimeter device fab at the end of November, one month ahead of schedule, which improved gross margins by $5 million in the quarter. We'll continue to see benefits going forward as we focus on our 200-millimeter device manufacturing in Mohawk Valley.

正如羅伯特所指出的，我們在 11 月底完成了達勒姆 150 毫米裝置製造廠的關閉，比原計劃提前了一個月，這使得該季度的毛利率提高了 500 萬美元。我們將繼續受益於我們在莫霍克谷的 200 毫米設備製造業務。

We've continued to reduce non-GAAP operating expenses, which are now $200 million lower on a run rate base versus last year.

我們持續降低非GAAP營運費用，目前以年率計算，比去年減少了2億美元。

At the same time, we continue to invest in R&D to reestablish and extend our technology leadership. The GAAP operating expenses totaled $83 million in the quarter, including approximately $24 million of restructuring and transition-related items.

同時，我們將繼續加大研發投入，以重新確立和擴大我們的技術領先地位。本季 GAAP 營運費用總計 8,300 萬美元，其中包括約 2,400 萬美元的重組和過渡相關項目。

Adjusted EBITDA for the second quarter was negative $82 million and included the impact of the previously discussed fresh start accounting implications as well as the underutilization. Adjusted EBITDA is largely unaffected by fresh start accounting impacts on a go-forward basis.

第二季調整後的 EBITDA 為負 8,200 萬美元，其中包括先前討論過的重新開始會計處理的影響以及產能利用不足的影響。調整後的 EBITDA 在很大程度上不受新會計準則的影響。

Now I'm turning to cash flow, which remains one of our top priorities. We are making strides in reducing our working capital by reducing inventory and receivables. Our disciplined focus contributed approximately $90 million to ending cash, partially offset by the final liability management payments of $64 million we made in Q2.

現在我要談談現金流，這仍然是我們最重要的優先事項之一。我們正透過減少庫存和應收帳款來大幅降低營運資金。我們嚴謹的專注為公司貢獻了約 9,000 萬美元的期末現金，但部分被我們在第二季支付的 6,400 萬美元最終負債管理款項所抵銷。

Our operating cash flow for Q2 successor period was negative $43 million. As you can see on slide 14, we have also continued to reduce CapEx, which was just $31 million in the second quarter, which were primarily linked to prior commitments. This is a substantial improvement from the approximately $400 million of CapEx in the second quarter of last year. Looking ahead, we remain committed to a disciplined capital allocation strategy and drive CapEx further down over time as prior commitments start to fall off.

第二季後續期間的營運現金流為負 4,300 萬美元。正如您在第 14 張幻燈片中看到的那樣，我們也繼續減少了資本支出，第二季僅為 3,100 萬美元，這主要與先前的承諾有關。與去年第二季約 4 億美元的資本支出相比，這是一個巨大的進步。展望未來，我們將繼續堅持嚴格的資本配置策略，隨著先前承諾的逐步取消，我們將逐步降低資本支出。

As announced earlier, we have received $700 million of 48D tax credit in the quarter. We have used a part of our cash to reduce $175 million of our first lien debt. In addition to retiring some of our first lien debt, approximately 1.5 million shares have been converted from our second lien convert, resulting into a debt reduction of approximately $18 million.

正如先前宣布的那樣，我們本季已收到 7 億美元的 48D 稅收抵免。我們已動用部分現金來減少1.75億美元的優先擔保債務。除了償還部分優先擔保債務外，我們還將約 150 萬股從次級擔保可轉換債券轉換為優先擔保債券，減少了約 1,800 萬美元的債務。

Together, these form a first step to further improve our balance sheet post emergence and will deliver $25 million in annual interest savings. We ended the quarter with $1.3 billion in cash and short-term investments. This stronger liquidity position enables us to pursue our strategic priorities with confidence.

這些措施共同構成了我們在重組後進一步改善資產負債表的第一步，並將每年節省 2,500 萬美元的利息支出。本季末，我們持有現金和短期投資13億美元。更充裕的流動性使我們能夠更有信心地推進我們的策略重點。

We have made significant progress in addressing our capital structure thus far, and we recognize that we have further work to do in this area. We believe our results in Q2 reflects meaningful progress in improving our operations, enhancing capacity and improving our earnings potential, but there is still work ahead of us to improve further with factory utilization as one of the main levers.

到目前為止，我們在解決資本結構問題上已經取得了顯著進展，我們也意識到，我們在這一領域還有進一步的工作要做。我們相信，第二季的業績反映了我們在改善營運、提升產能和提高獲利潛力方面取得的實質進展，但我們仍需努力進一步改進，其中工廠利用率是主要手段之一。

Next, I'll review the impacts on the financials as a result of the adoption of fresh start accounting. I would also encourage you to reference our press release, slide 15 and 16 of our presentation and Form 10-Q for additional details on this topic. As you know, over the past year, we took important steps to strengthen our capital structure, positioning Wolfspeed to emerge from our restructuring on firmer financial footing.

接下來，我將回顧採用全新會計制度對財務狀況的影響。我還建議您參考我們的新聞稿、簡報第 15 和 16 頁以及 10-Q 表格，以了解有關此主題的更多詳細資訊。如您所知，在過去一年中，我們採取了重要措施來加強我們的資本結構，使 Wolfspeed 能夠以更穩固的財務基礎從重組中走出來。

As part of these efforts, it is required that we adopt fresh start accounting, which marks a true reset for Wolfspeed. With fresh start accounting, our income statement for the second fiscal quarter of 2026 is split between a predecessor period ending on September 29, 2025, which reflects activity up to and including our emergence from Chapter 11 and a successor period beginning September 30, 2025, which reflects our results after emergence.

作為這些努力的一部分，我們需要採用全新的會計制度，這標誌著 Wolfspeed 的真正重置。採用新的會計方法，我們 2026 年第二財季的損益表分為兩個期間：一個是截至 2025 年 9 月 29 日的前期期間，反映了我們從破產法第 11 章中解脫之前及之後的活動；另一個是截至 2025 年 9 月 30 日的後繼期間，反映了我們解脫之後的業績。

We were able to emerge from Chapter 11 on the first day of the fiscal quarter. So our successor period effectively includes all operating income for the quarter. Unless I say otherwise, the details that I will outline in a moment pertain to the successor period only because fresh start accounting requires that fair values are estimated for company's assets, liabilities and equity as of the date of emergence.

我們在財政季度的第一天就擺脫了破產保護（第 11 章）。因此，我們的後續期間實際上包括了該季度的所有營業收入。除非另有說明，我稍後將概述的細節僅與繼任期間有關，因為重新開始會計要求對公司資產、負債和權益在成立之日進行公允價值估計。

Certain pre- and post-emergence financial and operating results will not be comparable. All adjustments related to fresh start accounting are noncash. As part of the fresh start process, we remeasure our assets and liabilities to fair value, anchored to the court approved enterprise value at the midpoint of $2.6 billion. Our new debt measured at fair value replaced the legacy debt.

某些重組前後的財務和經營業績將不具可比性。所有與新會計相關的調整均為非現金調整。作為重新開始流程的一部分，我們將資產和負債重新計量為公允價值，以法院批准的企業價值中點 26 億美元為基準。我們以公允價值計量的新債務取代了原有債務。

We also recorded a $1.1 billion gain from emergence, which reflects approximately $3.7 billion in debt forgiveness, offset by approximately $2.6 billion of net adjustments to assets, primarily property, plant and equipment. Looking ahead, we expect a net reduction of approximately $30 million per quarter in depreciation and amortization compared to pre-emergence Wolfspeed due to the lower property, plant and equipment on the balance sheet, partially offset by the step-up in intangibles.

我們也記錄了11億美元的重整收益，其中約37億美元的債務豁免被約26億美元的資產淨調整所抵消，主要包括物業、廠房和設備。展望未來，由於資產負債表上的固定資產減少，我們預計與重組前的 Wolfspeed 相比，每季折舊和攤銷淨額將減少約 3000 萬美元，但無形資產的增加部分抵消了這一減少。

The application of fresh start accounting also results in fair value adjustments to step up work in progress and finished goods and step-downs in our raw materials. The $23 million step-up related to work in progress and finished goods was recognized in COGS during the second quarter, resulting into a onetime headwind, as I mentioned earlier in my gross margin comments. The favorability from the $170 million step-down related to raw materials will only be realized in the P&L over the next several quarters.

採用重新開始會計方法也會導致公允價值調整，進而上調在製品和成品的價值，並下調原料的價值。第二季度，與在製品和成品相關的 2300 萬美元成本增加額計入銷售成本，這造成了一次性不利影響，正如我之前在毛利率評論中提到的那樣。原物料成本下降 1.7 億美元的好處，要到未來幾季才能在損益表中體現。

While fresh start accounting limits comparison across the predecessor and successor period, I want to reiterate that adjusted EBITDA is largely unaffected by fresh start accounting impacts, except for this quarter.

雖然新會計準則限制了前後兩個時期之間的比較，但我還是要重申，除本季度外，調整後的 EBITDA 基本上不受新會計準則的影響。

Lastly, we received final clearance from CFIUS to allocate equity shares to Renesas in connection with our previously approved restructuring agreement. This regulatory approval enabled the release of approximately 16.85 million shares of new common stock to Renesas. In addition, we completed the distribution of the final 2% equity recovery, representing approximately 871,000 shares to our legacy pre-petition shareholders. Our total shares outstanding are now 45.1 million.

最後，我們獲得了美國外國投資委員會 (CFIUS) 的最終批准，可以根據我們先前批准的重組協議向瑞薩電子分配股權。此次監管部門的批准使得瑞薩電子得以發行約 1,685 萬股新普通股。此外，我們完成了最後 2% 股權回收的分配，相當於向我們破產申請前的老股東分配了約 871,000 股。我們目前已發行股份總數為 4,510 萬股。

Finally, let's turn to our outlook on slide 17 of our presentation. While the automotive end market remains volatile in the near term, we are encouraged by the growing momentum in key strategic areas such as AI data centers and other industrial and energy applications. These emerging opportunities represent meaningful long-term growth drivers, but they will take time to scale and offset the continued softness in EVs.

最後，讓我們來看看簡報第 17 頁的展望。儘管汽車終端市場短期內仍將波動，但我們對人工智慧資料中心以及其他工業和能源應用等關鍵策略領域的成長勢頭感到鼓舞。這些新興機會代表著重要的長期成長動力，但它們需要時間才能擴大規模並抵消電動車持續疲軟的影響。

During the third quarter of fiscal 2026, we expect revenues between $140 million and $160 million. The decline is driven primarily by accelerated customer purchases in our first fiscal quarter as certain customers build up inventory by placing orders from the Durham fab prior to its planned closure.

我們預計在 2026 財年第三季度，營收將在 1.4 億美元至 1.6 億美元之間。此次下滑主要是由於第一財季客戶加速採購所致，因為某些客戶在達勒姆工廠計劃關閉之前通過下訂單來增加庫存。

Certain customers pursuing second sourcing of products during Wolfspeed and weaker EV demand. The company expects OpEx to be flat to slightly down sequentially as we remain confident in controlling operating costs through actions already implemented.

在 Wolfspeed 和電動車需求疲軟的情況下，一些客戶尋求第二供應商。公司預計營運支出將環比持平或略有下降，因為我們對透過已實施的措施控制營運成本仍然充滿信心。

Lastly, due to the ongoing fresh start accounting impacts, Wolfspeed will not yet provide a numeric gross margin guide, but does expect further quarter-over-quarter improvements driven by ongoing operational actions.

最後，由於持續的新開始會計處理的影響，Wolfspeed 暫時不提供具體的毛利率指引，但預計在持續的營運措施推動下，季度環比將進一步改善。

However, gross margin is expected to remain negative in fiscal Q3. As we mentioned on last quarter's call, we expect to provide an update on our long-range plan in the first half of calendar 2026, where we will give an update on the long-term financial targets and capital allocation plans.

然而，預計第三財季毛利率仍將為負值。正如我們在上個季度電話會議上所提到的，我們預計將在 2026 年上半年提供長期計畫的最新進展，屆時我們將公佈長期財務目標和資本配置計畫的最新進展。

With that, I will return the call back over to Robert.

這樣，我就可以把電話轉回給羅伯特了。

Thank you, Gregor. Across the business, our team is working tirelessly to drive progress against our strategic priorities and to mobilize our scale and technology advantages. All of these efforts are intended to strengthen our ability to capture the next wave of growth in silicon carbide. While the near-term demand picture remains dynamic, two trends remain clear.

謝謝你，格雷戈爾。在整個業務範圍內，我們的團隊正在不懈地努力，推動策略重點的進展，並調動我們的規模和技術優勢。所有這些努力都是為了增強我們抓住下一波碳化矽成長浪潮的能力。儘管短期需求情勢依然瞬息萬變，但兩大趨勢依然清晰。

First, electrification is happening across new markets every day. Second, voltages will continue to increase, necessitating more power density and increased energy efficiency. We are building a stronger, more resilient Wolfspeed. With an improved financial foundation, experienced leadership team and our vertically integrated platform, we're strategically positioned to drive long-term growth and value as we define the future of silicon carbide technology.

首先，電氣化正在各個新興市場日新月異地發生。其次，電壓將持續升高，這需要更高的功率密度和更高的能源效率。我們正在打造一個更強大、更有韌性的Wolfspeed。憑藉更穩固的財務基礎、經驗豐富的領導團隊和垂直整合的平台，我們已做好策略準備，在定義碳化矽技術的未來的同時，推動長期成長和價值。

Operator, we are now ready to take questions.

操作員，我們現在可以開始接受提問了。

(Operator Instructions) Brian Lee, Goldman Sachs.

（操作說明）布萊恩李，高盛。

Thanks for the updates here. I appreciate the slide deck as well. A lot of new information. So maybe the first question, just thinking about the strategy, you mentioned the diversification away from EVs, key segments like A&D, grid modernization, AI, data centers. Maybe just walk through a little bit of how that's going to work and then what it requires for you to change how you go to market and maybe the time line involved?

感謝您提供的最新消息。我也很欣賞這份幻燈片。很多新資訊。所以，第一個問題，就戰略而言，您提到了從電動車領域多元化發展，重點領域包括航空航太與國防、電網現代化、人工智慧、資料中心等。或許可以簡單介紹一下具體操作流程，以及您需要改變哪些市場策略，還有相關的時間安排？

And then I had a follow-up.

然後我還有後續跟進。

Yes. Thanks, Brian. At the end of day, look, what we're doing is we're pretty much looking into pivoting away from being a one-trick pony focused on EVs. So this means when I started, I kind of turned the organization, the go-to-market organization to be application-oriented from -- coming from a product-oriented setup, which means we're really looking into now automotive, industrial energy and aerospace and defense and pretty much take these application requirements into what does it take to build these products.

是的。謝謝你，布萊恩。歸根結底，我們所做的，基本上就是考慮如何擺​​脫只專注於電動車這一單一領域的局面。所以這意味著，當我開始的時候，我把組織，也就是市場推廣組織，從以產品為導向的模式，轉變為以應用為導向的模式，這意味著我們現在真正關注的是汽車、工業能源、航空航太和國防領域，並將這些應用需求轉化為建構這些產品所需的條件。

And I think what you can see here with our progress quarter over quarter in AI data centers that, that revenue growth here is really starting to pay off. In addition to that, it's also to get the right sales organization and the right channel strategy in place, right? This means a clear tiering of what are the key accounts in this respective application segment, but also especially I&E segment, these are -- it's a large number of customers.

我認為，從我們在人工智慧資料中心每季的進展可以看出，這裡的營收成長真的開始產生回報了。除此之外，還要建立合適的銷售組織和合適的通路策略，對吧？這意味著要對各個應用領域的關鍵客戶進行明確的分級，尤其是在 I&E 領域，這些客戶數量龐大。

So really getting a channel strategy around distribution and specifically for the US, a rep structure in place. This is all in progress as we brought in some really good new talent from the outside from other big semiconductor companies.

所以，真正需要圍繞著分銷制定通路策略，特別是針對美國市場，建立代理商架構。這一切都在進行中，我們從其他大型半導體公司引進了一些非常優秀的新人才。

Great. That's helpful color. And then maybe just a follow-up on the financials and the balance sheet. A lot's changed and maybe more is going to change. But could you guys remind us, is there any expected interest rate step-up on the first lien this year or next year?

偉大的。這是個很有幫助的顏色。然後或許可以再跟進一下財務狀況和資產負債表。很多事情已經改變，也許未來還會有更多改變。各位能否提醒一下，今年或明年第一順位抵押貸款的利率預計會有上漲嗎？

And then I think until recently, the 2031 converts were sort of in the money, but are you contemplating doing any sort of additional financing strategic maneuvers with respect to the first lien and the converts, just given the equity and where it's been trading?

然後我認為直到最近，2031 年到期的可轉換債券都算是盈利的，但考慮到股權及其目前的交易情況，您是否考慮對第一順位抵押權和可轉換債券採取任何額外的融資戰略舉措？

Greg?

格雷格？

Maybe, Robert, I can take that one. Yes. So you're right. So we took obviously first big steps with emerging from Chapter 11 and restructuring the balance sheet in that process. And then we focus very much on collecting the cash from 48D and using the first paydown of the L1s, but that's just the first step. And we are very much aware of the situation and opportunity potential in the convert area, which we're deeply looking into at the moment alongside other options that we have.

羅伯特，或許我可以接受這個挑戰。是的。你說得對。因此，我們顯然邁出了擺脫破產法第 11 章束縛並在此過程中重組資產負債表的第一步。然後，我們將重點放在從 48D 收取現金和使用 L1 的第一筆還款上，但這只是第一步。我們非常清楚轉換領域的現狀和機會潛力，目前我們正在深入研究該領域以及我們擁有的其他選擇。

So as I mentioned in the script earlier is that we realize there's more work to be done. And over the next period, we will be very actively looking at that. Very concretely, the interest rate will step up around the middle of calendar year 2026. And at that moment, also some of the make-whole premiums step down. So in our view, that is definitely a very high cost of capital there and something to be looked at.

正如我之前在劇本中提到的，我們意識到還有更多的工作要做。接下來一段時間，我們將積極關注此事。具體來說，利率將在 2026 年年中左右上調。同時，部分補償金也會減少。因此，我們認為，那裡的資金成本絕對非常高，值得關注。

For the rest, we continue to focus a lot on the strict financial discipline. So you've seen we focus a lot on getting more cash out of working capital. I hope to make some further improvements there as well. And we believe that with the long maturity and the strong cash balance, we do have the time to look into this refinancing topic in a structured and yes, good way.

至於其他方面，我們將繼續非常注重嚴格的財務紀律。所以你們已經看到，我們非常注重從營運資金中獲取更多現金。我希望在那方面也能做出一些進一步的改進。我們相信，憑藉較長的到期期限和強勁的現金餘額，我們確實有時間以結構化且合理的方式研究再融資問題。

Christopher Rolland, Susquehanna.

克里斯多福羅蘭，薩斯奎哈納。

So I also wanted to dig in, in some of these other opportunities, particularly AI data center. I think from a power perspective, it's pretty interesting right now. If you guys can talk about kind of what your AI data center revenue consists of today that was up 50% quarter over quarter.

所以我也想深入研究一下其他一些機會，特別是人工智慧資料中心。我覺得從權力角度來看，現在的情況相當有趣。如果你們能談談今天人工智慧資料中心的收入組成，就會知道這個數字環比成長了 50%。

And then going forward, kind of your top sockets. Is it going to be SSTs or in the power supply or we're hearing even potentially for substrates. Would love to know about your competitive position there and how big this thing could be for you guys eventually?

然後繼續向前，就像你的頂部插座。是會用於SST（固態電晶體）還是電源部分，或者我們甚至聽說它有可能用於基板？很想了解你們在該領域的競爭地位，以及這件事最終對你們來說意義有多大？

Thanks, Chris. I mean, it's really a very, very good question. So let me kind of take them one step at time. I think what's happening in the AI data center space, especially on the rack side is that today, you're around about the 100 kilowatt-ish per rack. That's kind of moving in two years from now to like 600 kilowatt per rack into like a megawatt rack like in the 2029, 2030 timeframe.

謝謝你，克里斯。我的意思是，這真是一個非常好的問題。那我就一步一步來吧。我認為人工智慧資料中心領域，尤其是在機架方面，目前每個機架的功耗大約在 100 千瓦左右。這意味著兩年後，每個機架的功率將從 600 千瓦增加到 2029 年、2030 年左右的兆瓦級機架。

This means you have to go figure out how do you power these racks and how do you get the energy from the energy generation to that rack.

這意味著你必須想辦法為這些機架供電，以及如何將發電廠產生的能量輸送到機架。

And I think this is where exactly Wolfspeed can play to the full advantages coming from the energy generation, which is pretty much really going into the -- from the kilowatts, stepping that voltage down -- and then as more and more renewables come into the mix, you need also a lot of energy storage systems in between to kind of buffer glitches and these type of things. So that's kind of the next portion where we are focused on.

我認為這正是 Wolfspeed 可以充分發揮其能源生產優勢的地方，它實際上是從千瓦級發電，降低電壓——隨著越來越多的可再生能源加入其中，你還需要大量的儲能係統來緩衝故障和這類問題。所以，這就是我們接下來要重點關注的部分。

And then, of course, you need to get this energy into the data center with transformers, right? And there is a transition happening from traditional transformers to solid-state transformers where also silicon carbide is the perfect solution, I would say. That transition is starting to happen here. So we're really playing in terms of energy generation, energy storage system, solid-state transformers.

當然，接下來還需要用變壓器將這些能量傳送到資料中心，對吧？目前正經歷從傳統變壓器到固態變壓器的過渡，我認為碳化矽也是完美的解決方案。這種轉變在這裡已經開始發生了。所以我們其實是在能源生產、能源儲存系統、固態變壓器方面進行研究。

But then also you look in the data center, there is the UPS. So the uninterrupted power supply is a big application. And then again, 40% of the energy in the data center is, let's say, consumed for cooling devices, another way to say, hey, can you build these systems more effective. So you see this is not just one application. These are multiple applications. spanning across the whole power range.

但是，你再看看資料中心，那裡也有UPS（不間斷電源）。因此，不間斷電源是一個很大的應用領域。此外，資料中心 40% 的能源被消耗在冷卻設備上，換句話說，嘿，你能把這些系統做得更有效率嗎？所以你看，這不僅僅是一個應用程式。這些應用涵蓋了整個功率範圍，涉及多種應用場景。

So I think this is something what we're very actively working on, and we got multiple excellent customer engagements and partner engagements on that side. We announced a new package just recently, kind of the topside cooling package here, really looking to build specific products for that application.

所以我覺得這是我們正在積極努力的方向，而且我們在這方面已經與客戶和合作夥伴進行了多次非常成功的合作。我們最近發布了一個新的軟體包，有點像頂部冷卻軟體包，我們確實希望為該應用程式打造專門的產品。

Coming to your questions on the substrate. So what we are seeing is that silicon carbide from a materials perspective has unique properties. And one unique property is thermal conductance, right? I mean it is one of the best materials for thermal conductance and has great optical properties. And I think here, there's clear interest to explore now to see is there a way to use the thermal conductance in some type of improvement for the system architecture.

現在來回答您關於基質的問題。因此，我們看到，從材料學的角度來看，碳化矽具有獨特的性能。而熱導率是它獨有的特性，對吧？我的意思是，它是導熱性能最好的材料之一，並且具有優異的光學性能。我認為，現在顯然有理由去探索是否可以利用熱導率來改善系統架構。

This is why we've also kind of pioneered this space on developing a single crystal 300-millimeter wafer here. And we have very early ongoing discussions with key partners in the industry to say, hey, with us not being able to produce really large-scale single crystal silicon carbide here, kind of what could be a potential solution?

正因如此，我們也率先在這個領域開發了單晶 300 毫米晶圓。我們正在與業內主要合作夥伴進行非常早期的持續討論，探討“嘿，由於我們無法在這裡大規模生產單晶碳化矽，有什麼可能的解決方案？”

I mean, this is something where I cannot give you an exact time line on revenue coming into the company, but this is something where we again have very good interest and working with partners, various partners in the industry.

我的意思是，我無法給出公司收入的具體時間表，但我們對這方面非常感興趣，並且正在與業內各界合作夥伴合作。

Excellent. Sounds very exciting. My second question is around just kind of stability moving forward and then eventually growth. And I think you guys talked about the fiscal first half customer purchases from Durham transition Obviously, it sounds like a pull-in of orders.

出色的。聽起來非常令人興奮。我的第二個問題是關於未來的穩定發展，以及最終的成長。我想你們談到了杜倫過渡時期上半年的客戶採購情況，顯然，這聽起來像是訂單的湧入。

Where are we in digesting those orders and alleviating that overhang? And when do you think you have confidence in the bottom and then building growth on top of that bottom again? What -- how should we think about these different dynamics?

我們目前在消化這些指令和緩解這一壓力方面進展如何？你認為什麼時候才能對底部有信心，然後在此基礎上再次實現成長？我們該如何看待這些不同的動態？

Yes. I think there are various topics playing into this. The one was clearly the kind of the transition from 150-millimeter devices to 200-millimeter devices. As such a fast transition, you always have customers purchasing more for end-of-life in the parts, right? I think so that is pretty much -- the end of lighting is done, right?

是的。我認為這其中涉及多個方面。其中一件顯然是150毫米設備過渡到200毫米設備的那種。由於過渡期如此之短，總會有客戶購買更多報廢零件，對嗎？我覺得差不多就是這樣了──照明的時代結束了，對吧？

The 150-millimeter factory is shut down. We took the cost out of the company, also the running cost out of the company. And I believe with that step also, we are really the first company in the Western world who is completely only manufacturing on 200-millimeter devices. And then, of course, it comes a question to demand, right?

150毫米工廠已關閉。我們從公司中剔除了成本，也剔除了營運成本。而且我相信，透過這項舉措，我們真正成為西方世界第一家完全只生產 200 毫米設備的公司。然後，當然就會出現一個要求的問題，對吧？

And I think we talked about this also in the earnings call. It's a very dynamic market environment, especially around the EV side here. And it's really hard to predict in terms of visibility of kind of how that will develop.

我認為我們在財報電話會議上也討論過這個問題。這是一個非常動態的市場環境，尤其是在電動車領域。而且，從可見性的角度來看，這種情況將如何發展，真的很難預測。

On the long run, I think, look, the electrification of the drivetrain is continuing, right? I mean if you see, I just recently saw a market research forecast, right, slightly over 90 million cars getting sold, around about 20% of these cars being EVs. And that portion of EVs is just going to grow, right, towards the end of the decade, I saw some forecasting around about 50% of the cars being sold end of the decade are EVs, right?

從長遠來看，我認為，你看，動力系統的電氣化進程仍在繼續，對吧？我的意思是，如果你看看，我最近看到一份市場調查預測，對吧，汽車銷量將略高於 9000 萬輛，其中約 20% 是電動車。而且電動車的這一比例還會繼續成長，對吧？到本十年末，我看到一些預測說，到本十年末，售出的汽車中大約有 50% 是電動車，對吧？

And then in these EVs, you have kind of two dominant voltages for the batteries. The one is an 800-volt platform, the other one is a 400-volt platform. And for the 800-volt platform, I mean, the primary solution is to do the traction and silicon carbide. So I think so the overall trend long term of adopting silicon carbide using this in EVs.

在這些電動車中，電池有兩種主要的電壓。一個是 800 伏特平台，另一個是 400 伏特平台。至於 800 伏特平台，我的意思是，主要解決方案是採用牽引和碳化矽。所以我認為，從長遠來看，在電動車中使用碳化矽的整體趨勢是存在的。

And also again, we talked about the data center opportunity, it's real, right? Can I tell you exactly kind of short term what will happen? No, with all the macroeconomic factors playing into this.

而且，我們之前也談到了資料中心的機遇，這是真的，對吧？我可以告訴你短期內具體會發生什麼事嗎？不，這其中涉及所有宏觀經濟因素。

Jed Dorsheimer, William Blair.

傑德·多爾斯海默，威廉·布萊爾。

I guess first one for you, Gregor. Just a follow-up to Brian's previous question is it would seem like dealing with L1s in some capacity might be the lowest hanging fruit. So I'm just curious, have you kind of looked at what the potential savings in interest could be?

我想第一個應該是你，格雷戈爾。針對布萊恩之前的問題，我想補充一點：處理 L1 級別的問題似乎是最容易實現的。所以我很好奇，你有沒有考慮過潛在的利息節省金額是多少？

I'm just wondering in terms of -- as you explore different options, are you talking about sort of a $50 million to $100 million annual savings? Are you talking $150 million? Like what is the scope of that? And then I have a follow-up.

我只是想問一下——當您探索不同方案時，您指的是每年節省 5000 萬至 1 億美元嗎？你說的是1.5億美元嗎？那它的範圍究竟有多廣？然後我還有一個後續問題。

Yes. I think it depends a little bit on how we would execute some portion of the refinancing of the L1. As said, there are several options and it depends a bit on what is available given the specifics and nature of just emerging for Chapter 11. So we are very actively looking at that.

是的。我認為這在一定程度上取決於我們如何執行 L1 再融資的一部分。如前所述，有幾種選擇，具體選擇取決於根據破產法第 11 章的具體情況和性質所能獲得的資源。所以我們正在積極研究這個問題。

Our cost of capital is right now very high, and there will be a further step up. So that is something that we are looking forward to address head on. I think the exact amount of interest reduction will really depend on the instrument we will use and the size of the first step we can make.

我們目前的資金成本非常高，而且還會進一步上漲。所以這是我們期待正面解決的問題。我認為具體的減息幅度將取決於我們將使用的工具以及我們能夠採取的第一步的規模。

And I think it's a bit premature to indicate exactly how big that would be, but I'm looking for making, let's say, material first steps there, but it's probably not going to be in a one go transaction.

我認為現在就斷言規模究竟有多大還為時過早，但我希望能夠邁出實質的第一步，但這可能不會是一次性完成的交易。

It does. Yes. I mean I think you addressed sort of scope. I guess, second question would be for you, Robert. With respect to Siler City and just -- I know you can't guide or it's premature to frame around the 300-millimeter for virtual lens opportunities, but that would seemingly be the fastest way to fill that fab.

確實如此。是的。我的意思是，我認為你已經談到了某種程度的範圍。我想，第二個問題應該要問你，羅伯特。關於 Siler City，我知道現在就圍繞著 300 毫米鏡頭構圖來尋找虛擬鏡頭的機會還為時過早，但這似乎是填補這個空缺的最快方法。

So I'm just wondering, is there any framework to think about timing of utilization should that AR/VR type opportunity ramp? How should we be thinking -- how should people be thinking about that?

所以我想知道，如果AR/VR類型的機會逐漸增多，是否有任何框架可以用來考慮利用時機？我們該如何思考──人們該如何思考這個問題？

Look, I mean, at the end of the day, we're always adjusting kind of the production to the demand, right? And we're going to be scaling this up as demand picks up. And at the end of the day, this is really dependent on customer adoption of the technology, right?

你看，我的意思是，歸根結底，我們總是根據需求調整生產，對吧？隨著需求的成長，我們將擴大生產規模。歸根結底，這真的取決於客戶對這項技術的接受程度，對吧？

And then, of course, we are ready to scale. I mean, the good thing is here with Wolfspeed here, we got really the facilities. We got the CapEx, which was spent here pretty much in both the device fab up in Mohawk Valley.

當然，之後我們就做好了擴大規模的準備。我的意思是，好處在於，有了 Wolfspeed，我們擁有了非常完善的設施。我們獲得了資本支出，這筆錢幾乎全部花在了莫霍克谷的設備製造廠。

And also, as you said, on the material side here, we got capacity in Durham, but also in Siler City. The factories are built, right? So this means at the end of the day, it is really now looking into how do we get customers, how do we get pretty much new applications to drive that growth.

而且，正如你所說，在材料方面，我們在達勒姆和錫勒城都有產能。工廠都蓋好了，對吧？所以歸根結底，這意味著我們現在真正要考慮的是如何獲得客戶，如何獲得新的應用程式來推動成長。

Is this something we completely have in our hand? No, because we need to make -- the customer need to make an architectural choice, right? And then, of course, we need to go -- we get this qualified and wrap. This is why I think diversifying the customer base, the go-to-market and also how we think about understanding the end application is such an important piece of getting Wolfspeed here into the right position.

這件事我們完全能掌控嗎？不，因為我們需要做出──客戶需要做出架構選擇，對吧？然後，當然，我們需要離開──我們得把這件事辦妥，然後結束。這就是為什麼我認為，客戶群多元化、市場推廣方式多元化以及我們對最終應用的理解多元化，對於讓 Wolfspeed 佔據正確的市場地位至關重要。

Samik Chatterjee, JPMorgan.

Samik Chatterjee，摩根大通。

This is Joe Cardoso on for Samik. Maybe for my first, I just wanted to follow up on the EV comments you made, but maybe less on the market itself. And just more curious how we should think about Wolfspeed's positioning in the market today, particularly following a somewhat turbulent 12 months or so, but also kind of on the heels of the recent announcements like the one you mentioned with Toyota?

這裡是喬·卡多索替薩米克報道。或許我第一次只是想就您之前提到的電動車問題進行一些補充說明，而不是過度談論市場本身。我很好奇我們應該如何看待 Wolfspeed 目前的市場定位，尤其是在經歷了過去 12 個月左右的動蕩之後，以及最近像您提到的與豐田的合作等消息發布之後？

Just curious what you're seeing across customer conversations and dialogues and any incremental color you can provide on that front? And then I have a follow-up.

我很好奇您在與客戶的對話和交流中觀察到了哪些情況，能否提供一些新的見解？然後我還有一個後續問題。

Sure. So look, again, we announced the partnership with Toyota, right, which is pretty much showing we're diversifying here also globally. And clearly, Toyota is a very well-known brand for quality. So I think this is also a testament to the great collaboration between the two companies. And then, of course, we're really looking into diversifying here globally, but also in terms of within the EV makers.

當然。所以你看，我們再次宣布了與豐田的合作關係，對吧，這充分錶明我們也在全球多元化發展。很顯然，豐田是一個非常知名的優質品牌。所以我認為這也證明了兩家公司之間良好的合作關係。當然，我們正在積極尋求在全球範圍內實現多元化發展，同時也在電動車製造商內部尋求多元化發展。

As I said, right, I mean, really the emergence of the 800-volt battery platform is really the perfect fit for the silicon carbide in the traction inverter. And this is what we're really, really focused on. A lot of them are valuing our vertical integration, right?

正如我所說，沒錯，我的意思是，800伏特電池平台的出現確實與牽引逆變器中的碳化矽完美契合。而這正是我們真正、真正關注的重點。他們中的很多人都看重我們的垂直整​​合，對吧？

I mean, if you saw also what happened recently around rare earth, you saw kind of what happened last year also around gallium and pretty much all of a sudden, certain countries restricted these materials from being exported, right? A lot of customers are valuing, okay, Wolfspeed, you have the manufacturing capabilities, you have the capacity and you have this right here in the United States, right?

我的意思是，如果你也看到了最近稀土領域發生的事情，以及去年鎵領域發生的事情，你會發現，幾乎是突然之間，某些國家限制了這些材料的出口，對吧？很多客戶都很重視 Wolfspeed，你們有製造能力，有產能，而且這一切都在美國本土，對吧？

I mean, if you see kind of our footprint, it's pretty much, first of all, very lean, but it's also something which we have under our control. There is pretty much between North Carolina, Mohawk Valley and our device and module site in Arkansas, right?

我的意思是，如果你看看我們的業務規模，首先，它非常精簡，而且這也是我們能夠控制的。大致來說，北卡羅來納州、莫霍克河谷和我們在阿肯色州的設備和模組生產基地之間就是這樣，對吧？

I mean, we can really move very fast, and we have this all under one roof. So this is really something where a lot of customers like it. And we have, again, here a lot of sampling ongoing with various key customers here for programs.

我的意思是，我們可以行動非常迅速，而且所有這一切都在我們同一個屋簷下。所以很多顧客都很喜歡這個功能。而且，我們這裡也正在進行許多針對各個重要客戶的專案抽樣測試。

So that concludes today's Q&A. I would now like to pass the call back for any closing remarks.

今天的問答環節到此結束。現在我想把電話轉給對方，請各位作總結發言。

Thanks, everybody, for joining us on the call today here. Thank you.

感謝各位今天參加我們的電話會議。謝謝。

Thank you for your participation, and enjoy the rest of your day.

感謝您的參與，祝您今天餘下的時間愉快。