Wolfspeed Inc (WOLF) 2027 Q1 法說會逐字稿

Hello, everyone. Thank you for joining us and welcome to the Wolfspeed, Inc. first-quarter fiscal year 2027 earnings call. On the call today from the Wolfspeed team is Chief Executive Officer Robert Fuerle; Chief Financial Officer Gregor Van Issum; and Dan Whalen, Vice President, Investor Relations.

各位好。感謝各位加入，歡迎參加 Wolfspeed, Inc. 2027 會計年度第一季財報電話會議。今天與會的 Wolfspeed 團隊成員包括：執行長 Robert Fuerle；財務長 Gregor Van Issum；以及投資人關係副總裁 Dan Whalen。

After today's prepared remarks, we will host a question-and-answer session.

在今天的事先準備發言之後，我們將進行問答環節。

I will now hand the conference over to Dan Whalen. Dan, please go ahead.

接下來我把會議交給 Dan Whalen。Dan，請開始。

Thank you, operator, and good afternoon, everyone. Welcome to Wolfspeed's first-quarter fiscal 2027 conference call.

謝謝接線員，各位下午好。歡迎參加 Wolfspeed 2027 會計年度第一季電話會議。

We encourage you to reference the slides that were published on our IR website today.

我們建議各位參考今天已發布在我們投資人關係網站上的簡報投影片。

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.

請注意，我們在今天的電話會議中將呈現非 GAAP 財務結果，我們相信這些資訊能為投資人提供有用的參考。非 GAAP 結果不符合 GAAP，且可能無法與其他公司提供的非 GAAP 資訊相互比較。

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 our other key metrics.

非 GAAP 資訊應視為依 GAAP 編製之財務報表的補充，而非替代。

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

今天的討論包含關於我們業務展望的前瞻性陳述，我們也可能在會議過程中提出其他前瞻性陳述。

Such forward-looking statements are subject to the 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.

此類前瞻性陳述受到眾多風險與不確定性影響。我們今天的新聞稿以及新聞稿中所提及的 SEC 申報文件，列示了可能導致實際結果出現重大差異的重要因素。

With that, I'll turn the call over to Robert.

接下來我把電話會議交給 Robert。

Thank you, and good afternoon, everyone. We appreciate you joining us today. We continue to build momentum with each passing quarter, my conviction, our strategy and team grow stronger.

謝謝，各位下午好。感謝各位今天加入我們。我們每一季都持續累積動能；我的信念、我們的策略與團隊也愈發強大。

First quarter revenue of $155 million marks another quarter of delivering on the commitments we have made, in this case, above the midpoint of all guidance range.

第一季營收為 1.55 億美元，再次展現我們履行既有承諾的成果；本季表現高於整體財測區間的中位數。

Our progress is anchored on our four strategic objectives: advancing technology leadership, diversifying our revenue and customer base, driving operational excellence and maintaining financial discipline. Together with our strengthened leadership team, these are translating into financial traction.

我們的進展以四項策略目標為核心：推進技術領先、分散營收與客戶基礎、推動營運卓越，以及維持財務紀律。在強化後的領導團隊帶領下，這些目標正轉化為財務面的實質進展。

Let me start with financial discipline. In October, we announced a conditional 30-year $1.5 billion. Loan commitment from the US Department of War to advance the domestic wide band gap supply chain. Upon closing, this would mark another significant milestone in optimizing our capital structure and financial foundation.

我先從財務紀律談起。10 月，我們宣布一項有條件的 30 年期 15 億美元貸款承諾。該承諾來自美國戰爭部（US Department of War），用以推進國內寬能隙供應鏈。若順利完成交割，這將是我們優化資本結構與財務基礎的另一個重要里程碑。

Gregor will elaborate on this later, but at a high level, Tranche A would refinance our outstanding higher-cost first lien senior 600 notes due in 2030, significantly reducing our cost of capital, increasing cash flow generation and extending the maturity of the refinance debt to 2056.

Gregor 稍後會進一步說明，但就高層次而言，A 期（Tranche A）將為我們現有、成本較高的第一順位擔保優先票據（first lien senior）6.00% 票息、2030 年到期之票據進行再融資，顯著降低資金成本、提升現金流創造能力，並將再融資後債務的到期日延長至 2056 年。

The tranches beyond Tranche A would give us the flexibility to fund a multi-year strategic investment program on a project basis, including scaling our established silicon carbide platform, establishing and expanding domestic GaN power device capabilities, advancing GaN on SiC RF materials technology and developing the domestic radiation hardening capabilities.

A 期以外的各期（tranches）將使我們能以專案為基礎，彈性資助一項多年期策略投資計畫，包括擴大我們既有的碳化矽（SiC）平台、建立並擴充國內氮化鎵（GaN）功率元件能力、推進 SiC 基板上的 GaN 射頻（RF）材料技術，以及發展國內抗輻射加固（radiation hardening）能力。

To be clear, this is not a program to build additional size or square footage. It's about capitalizing on our existing capabilities, IP, tooling and customer relationships we already have, which is fully aligned with the strategic objective we've discussed for several quarters.

需要說明的是，這不是一項用來擴建規模或增加廠房面積的計畫。這是要善用我們既有的能力、智慧財產（IP）、設備工裝（tooling）以及既有客戶關係；這與我們過去幾季所討論的策略目標完全一致。

Importantly, our manufacturing capacity is highly fungible and synergistic between SiC and GaN, and outside of targeted tooling investments, we can pivot existing capacity as appropriate and as needed.

重要的是，我們的製造產能在 SiC 與 GaN 之間具有高度可互換性與協同效益；除特定工裝投資外，我們可視情況與需求適時調整既有產能配置。

Put simply, this will broaden our portfolio to spend both SiC and GaN through complementary power technology that address different points on the voltage spectrum.

簡而言之，這將擴大我們的產品組合，使我們能透過互補的功率技術，同時布局 SiC 與 GaN，以涵蓋電壓頻譜上的不同區段。

Thick anchors the high-voltage power applications where we lead today, while GaN extends our reach into lower-voltage designs. Together, they give us two engines to drive high utilization across our sites and ultimately fuel both revenue growth and gross margin expansion.

SiC 鎖定我們目前領先的高電壓功率應用，而 GaN 則將我們的觸角延伸至較低電壓的設計。兩者結合，將形成兩具引擎，推動我們各據點的高稼動率，最終帶動營收成長與毛利率擴張。

To elaborate, we believe GaN is the next power technology of the future beyond silicon, with major growth drivers emerging in data center, power devices, and humanoids.

進一步說明，我們認為 GaN 是繼矽之後、面向未來的下一代功率技術，主要成長動能正出現在資料中心、功率元件以及人形機器人等領域。

Given our physical assets, our existing GaN IP position and operational synergies in manufacturing, we believe we've earned the right to compete in this market.

基於我們的實體資產、既有的 GaN 智慧財產布局，以及製造端的營運協同效益，我們相信我們已具備在此市場競爭的條件。

Regarding our AI data center or superintelligence opportunity, our dedicated data center team is becoming more deeply integrated into our go-to-market efforts and is leveraging long-standing customer relationships in Silicon Valley to drive medium and long-term sustainable growth. We're already engaging directly with hyperscaler customers on product innovation.

就我們在 AI 資料中心或「超級智慧」（superintelligence）的機會而言，我們專責的資料中心團隊正更深度地融入我們的市場推進（go-to-market）工作，並運用在矽谷長期建立的客戶關係，推動中長期可持續成長。我們已經開始直接與超大規模雲端業者（hyperscaler）客戶就產品創新進行合作。

We continue to view AI data centers as our highest growth end market, consistent with last quarter revenue more than doubled year over year on a trailing customer funds basis and our order book is accelerating, reinforcing its position as our fastest-growing market. Of course, our top AI data center OEMs relationships are building, and the trajectory keeps moving higher as these programs mature.

我們持續將 AI 資料中心視為成長最快的終端市場；與上季一致，按過去 12 個月（trailing）客戶資金基礎衡量，營收年增已超過一倍，且我們的訂單簿正在加速成長，進一步鞏固其作為我們成長最快市場的地位。當然，我們與主要 AI 資料中心 OEM 的關係正在深化，隨著這些專案逐步成熟，成長軌跡仍持續上行。

Share in HVDC high voltage direct current adoption as the architecture of the industry is moving towards a disaggregated power architecture. So high power density can be driven from a smaller footprint.

隨著產業架構正朝向解耦式（disaggregated）電力架構演進，HVDC（高壓直流）採用率的提升將帶動我們的市占機會。因此，可在更小的占地面積下實現更高的功率密度。

The architecture is evolving from a single rack carrying both GPU and power to a dedicated two-rack design, one rack for compute and a dedicated sidecar power rack alongside it. Our technology is at the core of enabling high power density with high efficiency.

該架構正從單一機櫃同時承載 GPU 與電力，演進為專用的雙機櫃設計：一個機櫃用於運算，旁邊另設一個專用的側掛（sidecar）電力機櫃。我們的技術是以高效率實現高功率密度的核心關鍵。

This opens up more space for power content in place directly to our strength as our components convert incoming power, enable backup power through conversion, protect against fault and step voltage down to what the AI data center servers require.

這也為電力相關內容（power content）釋出更多空間，並直接契合我們的強項：我們的元件可將輸入電力進行轉換、透過轉換實現備援電力、提供故障保護，並將電壓降至 AI 資料中心伺服器所需的水準。

In mid-September, MacMead, an emerging customer in the AI data center market present us with the highest honor, the Strategic Partner Award. This underscores the strength of the partnership we are building.

9 月中旬，AI 資料中心市場的新興客戶 MacMead 授予我們最高榮譽——策略合作夥伴獎（Strategic Partner Award）。這凸顯了我們正在建立的合作關係之強度。

We see significant growth potential here on actively providing technical, commercial supply support to ensure a smooth ramp.

我們看見此處具備顯著的成長潛力，並正積極提供技術、商務與供應支援，以確保順利放量爬坡（ramp）。

In automotive, we continue to make strides in this long-term high-volume market. As automators scale next-generation EV platforms, silicon carbide is increasingly essential to the efficiency, power density, and performance these architectures demand, further separating SiC from silicon, which is directly aligned with advancing our technology leadership and doubling down on core markets.

在汽車領域，我們持續在這個長期且高出貨量的市場取得進展。隨著車廠擴大下一代電動車（EV）平台，碳化矽對於這些架構所要求的效率、功率密度與性能愈發關鍵，進一步拉開 SiC 與矽之間的差距；這也與我們推進技術領先、加碼核心市場的方向高度一致。

Notably, we recently signed a majority share long-term supply agreement supporting BorgWarner's next-generation 800-volt slink carbide inverter platform. This deepens a long-standing collaboration while providing BorgWarner reliable long-term supply of high-performance SiC for next-generation EVs, which is directly aligned with advancing our technology leadership and dumping down on core markets.

值得注意的是，我們近期簽署了一項「多數份額」（majority share）的長期供應協議，以支援 BorgWarner 下一代 800 伏碳化矽逆變器平台。此舉深化了長期合作關係，同時為 BorgWarner 提供面向下一代電動車的高性能 SiC 之可靠長期供應；這也與我們推進技術領先並加碼核心市場的策略直接一致。

In aerospace and defense, we continue to leverage our established leadership in high-voltage SiC, which is anchored by the industry's first commercially available 10-kilovolt MOSFET into a new class of ultra-high voltage, high-current bipolar device architecture.

在航太與國防領域，我們持續運用在高電壓 SiC 的既有領導地位；此領導地位以業界首款商用 10 千伏 MOSFET 為基礎，並延伸至一個全新的超高電壓、高電流雙極性元件架構類別。

Our industry-leading materials expertise and advanced device capabilities to develop power semiconductors operating at unprecedented voltage and current levels. Continues to position us well to support the increasingly demanding power conversion applications.

我們具備業界領先的材料專業能力與先進的裝置能力，可開發在前所未有的電壓與電流等級下運作的功率半導體。這也持續讓我們處於有利位置，以支援日益嚴苛的電力轉換應用。

In materials, we continue to serve a broad range of power and RF customers. As you may have seen, we recently announced the expansion and extension of our long-term SiC wafer supply agreement with Infineon.

在材料方面，我們持續服務廣泛的功率與射頻（RF）客戶。如各位可能已看到的，我們近期宣布擴大並延長與英飛凌（Infineon）的長期 SiC 晶圓供應協議。

The expanded agreement adds 200-millimeter wafers to the existing 150-millimeter supply, building on a relationship spanning multiple decades. It also further cements our position as a leading Western materials manufacturer and highlights the value customers based on multiple suppliers across reliable geopolitical regions.

擴大的協議在既有 150 毫米供應基礎上新增 200 毫米晶圓，並建立在跨越數十年的合作關係之上。此舉也進一步鞏固我們作為領先西方材料製造商的地位，並凸顯客戶基於多家供應商、分布於可靠地緣政治區域的配置所帶來的價值。

We also recently announced the commercial introduction of our proprietary transparent silicon carbide technology, further expanding growth potential of silicon carbide. This proprietary TSiC technology, coupled with our extensive IP portfolio, will enable breakthroughs across augmented reality, quantum computing, and other emerging markets, a true testament to silicon carbide's versatility and transformative potential.

我們近期也宣布商業化推出自有的透明碳化矽技術，進一步擴大碳化矽的成長潛力。這項專有 TSiC 技術結合我們龐大的智慧財產權（IP）組合，將在擴增實境、量子運算及其他新興市場帶來突破，充分證明碳化矽的多用途性與變革性潛力。

I want to take a moment to further elaborate on where this technology can go beyond our core markets.

我想花一點時間進一步說明，這項技術如何能超越我們的核心市場。

For years, the industry vision of truly immersive, all-day augmented reality glasses has collided with the hard limits of optical materials. You simply could not deliver a wide field of view, high image quality and lightweight variable form factor all at the same time.

多年來，產業對真正沉浸式、可全天配戴的擴增實境眼鏡之願景，一直受限於光學材料的硬性極限。你不可能同時兼顧寬視野、高影像品質與輕量化且可變的外形規格。

We believe silicon carbide changes that equation. Its exceptionally high refractive index allows a single layer waveguide to do the work that once required stacked optics that kind of step change that can move AR from a novelty into everyday eyewear.

我們相信碳化矽能改變這個方程式。其極高的折射率使單層波導即可完成過去需要堆疊式光學元件才能達成的效果；這種躍升式變化可將 AR 從新奇玩具推進為日常眼鏡。

Our work on optical-grade TSiC is exactly the type of materials innovation that underscores the versatility of silicon carbide in the long-term optionality of our platforms in this powerful example of how the materials leadership that defines our power business can open entirely new markets overtime.

我們在光學等級 TSiC 上的工作，正是材料創新的典型例子，凸顯碳化矽的多用途性與我們平台長期的選擇權；這也是一個強而有力的例證，說明定義我們功率業務的材料領導力，如何能隨時間推移開啟全新的市場。

With that, I will turn it over to Gregor.

接下來我把時間交給 Gregor。

Thank you, Robert, and good afternoon, everyone.

謝謝你，Robert，各位下午好。

As you heard, we're making strong progress on multiple fronts, and we remain in the early stages of translating that into revenue growth and margin expansion.

如各位所聽到的，我們在多個面向都取得強勁進展，而我們仍處於將這些進展轉化為營收成長與毛利率擴張的早期階段。

As noted, we generated $155 million in total revenue for the quarter, slightly above the midpoint of our guidance.

如前所述，本季我們的總營收為 1.55 億美元，略高於指引區間的中點。

Materials revenue was approximately $38 million, (inaudible) revenue was approximately $117 million. Up 10% sequentially, driven largely by growth in the I&E end market, which includes our data center business.

材料營收約為 3,800 萬美元，（聽不清）營收約為 1.17 億美元。較前一季成長 10%，主要由 I&E 終端市場（包含我們的資料中心業務）的成長所帶動。

We believe fiscal 2027 will be a turning point and the start to more meaningful longer-term growth in both revenue and profitability.

我們相信 2027 會計年度將是轉捩點，並將成為營收與獲利能力在更具意義的長期成長之起點。

Adjusted non-GAAP gross margin was negative 12.8%, a 710 basis points sequential improvement on a slightly higher revenue base, reflecting the benefits of our operational improvement initiatives. This margin improvement was primarily driven by higher utilization as we largely completed our inventory reduction with a secondary benefit from a more favorable product mix in power.

調整後非 GAAP 毛利率為負 12.8%，在營收基礎略高的情況下，較前一季改善 710 個基點，反映我們營運改善計畫所帶來的效益。這項毛利率改善主要來自產能利用率提升，因我們大致完成庫存去化；其次，功率產品組合更有利也帶來額外助益。

Underutilization remains the primary driver of our gross margin profile and improving tractor utilization is one of the most important near-term levers to drive margin expansion.

產能利用不足仍是影響我們毛利率結構的主要因素，而提升工廠產能利用率是推動毛利率擴張最重要的短期槓桿之一。

Non-GAAP operating expenses were $64 million versus $62 million in the prior quarter as we positioned the company for growth.

非 GAAP 營業費用為 6,400 萬美元，前一季為 6,200 萬美元，因我們為成長做好公司布局。

Adjusted non-GAAP EBITDA was negative $55 million, an $8 million or 12% improvement sequentially. Gross capital expenditures were approximately $11 million.

調整後非 GAAP EBITDA 為負 5,500 萬美元，較前一季改善 800 萬美元或 12%。資本支出總額約為 1,100 萬美元。

Turning into cash flow, which remains a top priority, our operating cash flow was negative $84 million including $32 million of interest paid during the quarter. Changes in working capital contributed approximately $60 million to cash in the quarter, partially from further inventory reduction.

談到現金流（仍是首要重點），本季營運現金流為負 8,400 萬美元，其中包含本季支付的 3,200 萬美元利息。營運資金變動在本季為現金貢獻約 6,000 萬美元，部分來自進一步降低庫存。

Over the past five quarters, working capital improvements have contributed approximately $235 million to cash. At this point, we believe we have largely completed the working capital optimization initiatives we launched shortly after our joint offspeed.

過去五個季度，營運資金改善合計為現金貢獻約 2.35 億美元。目前我們認為，在我們合資分拆後不久啟動的營運資金最佳化計畫已大致完成。

Before turning to the outlook, I'll elaborate on Robert's comments regarding the conditional 30-year $1.5 billion loan commitment from the US Department of War. This is an important milestone that will provide long-term capital to support our strategy while strengthening our capital structure and one we believe is reflective of the importance of Wolfspeed's silicon carbide to the US National and Economic Security.

在談展望之前，我將進一步說明 Robert 對美國戰爭部（US Department of War）有條件 30 年期 15 億美元貸款承諾的評論。這是一項重要里程碑，將提供長期資金以支持我們的策略，同時強化我們的資本結構；我們也認為，這反映 Wolfspeed 的碳化矽對美國國家與經濟安全的重要性。

The initial $600 million Tranche A is expected to refinance the remaining balance of our high cost first lien senior secured notes due in 2030. This builds on the reduction we completed in March, which lowered our first lien debt from $1.1 billion to approximately $630 million and would complete our planned refinancing of these notes.

初始的 6 億美元 A 期（Tranche A）預期將用於再融資我們 2030 年到期的高成本第一順位留置權優先擔保票據之剩餘餘額。這是在我們於 3 月完成的降債基礎上延伸，該措施將第一順位留置權債務自 11 億美元降至約 6.3 億美元，並可完成我們對這些票據的既定再融資計畫。

The refinancing is expected to deliver more than $50 million in annual interest savings, and given the first five years of interest payments will be paid in kind, annual cash interest savings are expected to be approximately $100 million.

預期此項再融資每年可節省超過 5,000 萬美元的利息費用；且由於前五年的利息將以實物支付（PIK），預期每年現金利息節省約為 1 億美元。

Ultimately, we see this as a start of a meaningful financing partnership. This is a conditional milestone-based commitment that supports our existing strategy, improves our capital structure and funds the next phase of growth as we position the company to become the partner of choice in critical end markets, benefiting customers, shareholders and national security.

最終，我們將此視為一段具實質意義的融資合作關係之開端。這是一項以里程碑為條件的承諾，支持我們既有策略、改善資本結構，並為下一階段成長提供資金；同時在我們將公司定位為關鍵終端市場的首選合作夥伴之際，讓客戶、股東與國家安全共同受益。

The additional tranches are intended to support the strategic objectives Robert previously outlined. For more details, please see the presentation posted to the events and presentation section of our website.

其他期別（tranches）旨在支持 Robert 先前概述的策略目標。更多細節請參閱我們網站「活動與簡報」專區所張貼的簡報資料。

Turning to our outlook, we continue to see growth and are targeting second-quarter fiscal 2027 revenue in the range of $155 million to $175 million. We expect non-GAAP gross margin to improve sequentially and approach breakeven for the second quarter.

談到展望，我們持續看到成長，並將 2027 會計年度第二季營收目標訂在 1.55 億至 1.75 億美元區間。我們預期非 GAAP 毛利率將較前一季改善，並在第二季接近損益兩平。

Operating expenses are expected to be in the range of $65 million to $69 million, a modest sequential increase driven primarily by the investments to support anticipated AI data center growth.

預期營業費用將落在 6,500 萬至 6,900 萬美元區間，較前一季小幅增加，主要由支援預期 AI 資料中心成長的投資所帶動。

I'll also note that this quarter, we completed the previously planned workforce reduction of approximately 6%, further streamlining our organization.

我也補充說明，本季我們完成先前規劃約 6% 的人力精簡，進一步精實組織。

Before turning the call back to Robert, I'll echo his growing conviction in our strategy and long-term outlook.

在把電話交回給 Robert 之前，我也呼應他對我們策略與長期展望日益增強的信心。

With that, I'll turn the call back over to Robert for his closing remarks.

接下來我把電話交回給 Robert，請他做結語。

Thank you, Gregor. Before we open the call up for questions, it may reinforce my enthusiasm and conviction for what lies ahead.

謝謝你，Gregor。在我們開放提問之前，我想再次強化我對未來發展的熱忱與信念。

Our leadership additions are becoming more integrated across every level. We continue to deepen customer partnerships across the widening scope of the market. We're taking every necessary step to return Wolfspeed to a path of long-term growth and success, and that is the source of our increased conviction in Wolfspeed's future.

我們新增的領導團隊正逐步在各個層級更緊密整合。我們也持續在市場版圖擴大的範圍內深化客戶夥伴關係。我們正採取一切必要措施，讓 Wolfspeed 回到長期成長與成功的軌道上，而這正是我們對 Wolfspeed 未來更具信心的來源。

With that, operator, we're ready to take questions.

那麼，接線員，我們準備開始提問。

(Operator Instructions) Joshua Buchalter, TD Cowen.

（接線員指示）Joshua Buchalter，TD Cowen。

Good evening, gentlemen. This is [Sam] on for Josh. Congrats on the quarter of results.

各位先生晚安。我是代 Josh 出席的 [Sam]。恭喜本季的業績表現。

I was just curious if you could remind us the milestones for the $1.5 billion commitment that you're getting from the government, what hurdles do you still have to clear and roughly what timing should we think about in terms of that, the refinancing occurring this year?

我只是好奇，您是否可以提醒我們一下，政府將提供給你們的15億美元承諾，其里程碑是什麼？你們還需要跨越哪些門檻？以及就時程而言，我們大致應該如何看待——也就是今年內完成再融資的可能時間點？

And then secondarily, how has that dynamic shaped the relationship with your customers, either ongoing or new ones, perhaps using your BorgWarner deal as an example of how that's given potential customers more confidence in your ability as a long-term supplier?

其次，這樣的動態如何影響你們與客戶之間的關係——不論是既有客戶或新客戶？或許可以用你們與BorgWarner的合作案作為例子，說明這如何讓潛在客戶對你們作為長期供應商的能力更有信心？

Thank you.

謝謝。

Thanks. This is Gregor. Let me take your first question on the OSC loan. Obviously, a lot of work has been done by the government already before we went into the announcement that led to a very detailed LOI.

謝謝。我是Gregor。我先回答你關於OSC貸款的第一個問題。顯然，在我們發布公告之前，政府已經完成了大量工作，並促成了一份非常詳細的意向書（LOI）。

However, during this period, the government is further completing its detailed diligence. That's all well on track and we expect that this takes another couple of weeks to be able to do that, as well as finalizing the credit agreement as such.

不過，在這段期間，政府仍在進一步完成其詳細的盡職調查。一切都在正軌上，我們預期再需要幾週時間來完成這部分，同時也會把信貸協議本身定案。

Around the actual drawing of the tranches, there are several financial commitments, limited equity rates and some other de-risking measures that we have to take on the balance sheet. That's something we're looking at and discussing together with the US government that all in all we look to be well on track, this ideally before end of the year.

至於實際分期撥款（tranches）的動用，還有若干財務承諾、有限的股權比率，以及一些我們必須在資產負債表上採取的其他去風險措施。這些我們正在評估，並與美國政府共同討論；整體而言我們認為進度良好，理想情況是在年底前完成。

And let me just -- Robert here. Let me quickly comment on your question on the customer side. I mean, I would say this has been received very positively across the globe. I talked to a lot of customers, both in the United States, Europe, but also Asia Pacific. And I think the feedback has been very well received and they really support that strategy.

我補充一下——我是Robert。我快速回應你關於客戶端的問題。我的看法是，這在全球範圍內都獲得非常正面的回應。我和許多客戶談過，包含美國、歐洲，也包括亞太地區。我認為回饋非常正向，他們也確實支持這項策略。

Excellent. Thank you for the color there.

很好。謝謝你提供這些補充說明。

And then my follow-up, your gross margin guidance is approaching breakeven, obviously, as you said. Could you give us some guideposts to think about what breakeven looks like in terms of Mohawk Valley utilization or what kind of revenue levels we're talking about here just so we can kind of range bound when we might be breakeven on the gross margin line?

接著我的追問是，你們的毛利率指引顯然正接近損益兩平，正如你所說。你能否給我們一些參考指標，讓我們理解毛利損益兩平在Mohawk Valley的產能利用率大概會是什麼樣子？或是我們談的是什麼樣的營收水準？這樣我們才能大致框定毛利線何時可能達到損益兩平。

Yeah, let me comment on that. So last call I mentioned that you should think about the company as being around 200 million a quarter to be breakeven. Given the improvements we are making and the favorable end market mix, we think that breakeven point is a little bit lower than the 200 million. We'll to see exactly how that plays out, but we think that we are really well on track. Utilization of Mohawk Valley.

好的，我來回應。上次電話會議我提到，你們可以把公司視為每季約2億美元的規模可達到損益兩平。考量我們正在進行的改善，以及終端市場組合更有利，我們認為損益兩平點會比2億美元略低一些。我們還要看實際結果如何展開，但我們認為確實進展非常順利。至於Mohawk Valley的利用率——

To be able to achieve that, I would say wall-to-wall would be around 25% to 30%. On the equipment utilization, we believe we're well on track to be able to do that. That's a bit more difficult to comment on because the question is how do you measure that at BorgWarner or not. I would say we are well within capabilities more valid to be able to achieve that.

要達成那個目標，我會說「全廠端到端」（wall-to-wall）的利用率大約在25%到30%。就設備利用率而言，我們相信我們正朝著能達成的方向穩步前進。這部分比較難評論，因為問題在於你要如何衡量——例如在BorgWarner那邊是否用同樣方式衡量。我會說，我們的能力範圍內完全可以達成，而且相當可行。

Thanks so much.

非常感謝。

Christopher Rolland, Susquehanna.

下一位是Susquehanna的Christopher Rolland。

Hey, guys. Thank you for the question.

嗨，各位。謝謝讓我提問。

Some of our data around the silicon carbide market has actually shown an increase in lead times, as well as an increase in pricing.

我們掌握的一些碳化矽市場數據顯示，交期其實在拉長，同時價格也在上升。

So I guess my question for you guys is, do you think the market has kind of bottomed here in terms of both pricing, it seemed like it was a race to the bottom for a while there, but also this overcapacity situation. And if you could address maybe both the materials market and the device market and your perspective would be greatly appreciated.

所以我想問的是，你們是否認為市場在價格方面已經差不多觸底？之前看起來一度像是在進行價格下探的競賽；另外也包括這種產能過剩的情況。如果你們能同時談談材料市場與器件（device）市場，並分享你們的觀點，我將非常感謝。

Sure, this is Robert here. So let me answer that question. So what we see clearly is that the buildout of the power infrastructure for AI data center has created a very large additional consumer socket or end application for silicon carbide. And I think this really helped here kind of to make sure that the capacity which was built over the last years here kind of is getting more and more absorbed in kind of two large end markets.

當然，我是Robert。我來回答這個問題。我們清楚看到，AI資料中心的電力基礎設施建置，為碳化矽帶來了一個非常大的新增用量端口或終端應用。我認為這確實有助於讓過去幾年建置出來的產能，逐步在兩個大型終端市場中被更多吸收。

One is automotive. This is a very important market, and especially with the high gas prices, high energy prices, a lot of EVs are getting bought. And the other one is, again, the AI data center built out, especially with the 800-volt systems getting deployed, build drive, additional demand for certain cars.

其中一個是汽車市場。這是非常重要的市場，特別是在油價高、能源價格高的情況下，電動車的購買量正在增加。另一個則是——再次強調——AI資料中心的建置，尤其是800伏系統的部署，正在推動某些車款的額外需求。

I think this is something which a lot of people didn't have on the radar screen two years ago. And I think this will help you to get the market into a better supply demand balance --

我認為這是很多人在兩年前還沒有納入雷達範圍的因素。而我認為這將有助於讓市場回到更好的供需平衡——

Yeah, sorry, go ahead.

對不起，你繼續。

And what we clearly see is here also the RF business is something, which is very interesting. And we see a lot of announcements around satellite communication, and these type of applications. And of course, us being here now, a position in the United States with our unique capabilities is putting us in a pretty good situation for the materials business.

我們也清楚看到，射頻（RF）業務同樣非常有意思。我們看到許多關於衛星通訊等這類應用的公告。當然，我們現在在美國擁有獨特能力與布局，讓我們在材料業務上處於相當有利的位置。

Excellent. And for my second question, your entry into the GaN market seems really interesting. When might you have products coming, what end markets products or applications are you targeting for GaN as well?

很好。第二個問題是，你們切入GaN（氮化鎵）市場看起來非常有趣。你們大概何時會推出產品？另外，針對GaN你們鎖定哪些終端市場、產品或應用？

Let me start with the market and what we see is that we have two markets driving the demand for GaN with the low voltage GaN and one is the robotics, specifically. The other ones, of course, the voltage step down for the voltages and the recovering the voltage range, what silicon carbide can do.

我先從市場談起。我們看到有兩個市場在驅動GaN需求，主要是低電壓GaN：其中一個是機器人領域，特別是如此。另一個當然是電壓降階（step-down）以及電壓範圍的覆蓋，也就是碳化矽能做到的那一段電壓範圍。

And I think if you look at the low speed from a capability perspective, we have, core assets involved, where the tools are pretty fungible. Of course, there's some additional tools here to go around the dedicated GaN line, but a lot of tools are fungible between C and GaN.

我認為如果從能力角度看低電壓端，我們有一些核心資產可投入，其中許多設備工具其實具有相當的通用性（fungible）。當然，還需要一些額外工具來建立專用的GaN產線，但很多工具在SiC與GaN之間是可以共用的。

And then we have a very broad IT portfolio on GaN as well. That's why I believe it's a good way for us to expand pretty much the TAM or both as a general direction they look in addition to the carbide, we are also going into that market.

此外，我們在GaN方面也有非常廣泛的智慧財產（IP）組合。因此我相信，這是我們擴大整體可服務市場（TAM）的好方式；也就是說，除了碳化矽之外，我們也將進入那個市場。

Excellent. Thank you.

很好。謝謝。

(Operator Instructions)

（接線員指示）

There are no further questions at this time. This concludes today's call. Thank you for attending. You may now disconnect.

目前沒有其他問題。今天的電話會議到此結束。感謝各位參與。您現在可以掛線。